From the Wall Street Journal:
Home-Sales Index Shows More Clouds on Horizon
An index that tracks contracts to buy previously owned U.S. homes fell 1.2% in August, clouding an already-bleak outlook for the housing sector, the National Association of Realtors said Thursday.
The index of pending home sales, which reflects contracts signed but deals not yet closed, fell to 88.6 from 89.7 in July. That is higher than August 2010—but last year’s levels plummeted after a federal tax credit for homebuyers expired.
The Northeast saw the biggest declines, which the trade group partly blamed on Hurricane Irene delaying deals. NAR chief economist Lawrence Yun also cited tight credit conditions and Americans’ hesitance to form households, such as college graduates and new entrants to the work force still living with their parents, amid an uncertain economy.
Citing record-low interest rates and rock-bottom home prices, economists say the housing market should be much further along in recovering. “It’s a pretty good time to get involved in the market, but a lot of people are unable to take advantage of this situation,” said Paul Dales, senior U.S. economist for Capital Economics, a macroeconomic consultancy.
Mr. Dales partly blamed the weak labor market and stagnant income growth. “There also is a general decrease in the desire of people to own a home,” he said. “Under normal times, the housing market would rebound very quickly. But the legacy of recession and the financial crisis means that won’t happen.”
The housing market has remained sluggish despite mortgage rates that have fallen to their lowest levels in more than 60 years. The 30-year fixed-rate mortgage averaged 4.01% for the week ended Thursday, according to a survey by Freddie Mac.
Also from the WSJ:
Behind the Numbers: Pending Sales Prompt Concern
Here’s what industry watchers had to say:
Joshua Shapiro, economist, MFR Inc.: “In absolute terms this is a very depressed level, and with prices in most areas either still declining or flat, there is little incentive for buyers to be aggressive. Therefore, the overhang of unsold homes (particularly with huge amounts either in the foreclosure process or soon to be in it) is likely to persist for a prolonged period of time.”
Dan Oppenheim, builder analyst, Credit Suisse: “It is still clear that heightened economic concerns are taking a toll on already-fragile homebuyer confidence, offsetting the benefits of favorable affordability. Additionally, our checks suggest the intention to keep rates at low levels for a prolonged period and little expectation for a near-term rebound in home prices is leading to a lack of urgency among buyers.”
Adam Rudiger, builder analyst, Wells Fargo: “Despite very attractive mortgage rates (the average Freddie Mac 30-year fixed rate mortgage rate in August was 4.27% versus 4.55% in July and 4.43% in August 2010), turnover in the existing market remains depressed.”
Michael Rehaut, builder analyst, J.P. Morgan: “We continue to believe that housing demand effectively remains near its cyclical trough and is unlikely to retest its [fourth-quarter 2008/first-quarter 2009] lows, absent another material recession. Moreover, we believe supply continues to remain manageable, as existing homes for sale are 22% below peak levels and foreclosures continue to liquidate at a moderate pace.”
Good Morning New Jersey
From the NY Times:
Determining a Home’s Value
AGAIN and again, you hear about mortgage rates hitting historic lows; now you’re thinking it’s time to refinance. But one hitch may hold some homeowners back: declining property values.
“Homes have lost equity,” said Kathleen Bowen-Ha, the owner-broker and an appraiser for Global Keepers in Dobbs Ferry, N.Y.
Millions of homeowners nationwide have either no equity or negative equity in their homes, and they can usually refinance their mortgages only by paying extra at the closing, or what’s known as a cash-in mortgage.
Those considering refinancing will need to determine the current valuation, comparing it with the mortgage balance. If the balance is at least 15 to 20 percent higher than what you owe, you’re ready to refinance without what would amount to a second down payment.
To obtain a good valuation, some homeowners hire an appraiser, at a cost of $300 to $600, or more on a very large or expensive property. This may be informative, but most lenders will require an official appraisal anyway, and that will have to be conducted by someone on their approved lists, said Diane V. Christiana, a senior appraiser at the Appraisal Consultants Group in Livingston, N.J.
Another, less costly option before a homeowner approaches a lender is to check the “comps” — comparable homes in the neighborhood that have sold in the last three to six months. “You can get a pretty good sense if you’re underwater or not, just based on what’s sold in your neighborhood,” Ms. Christiana said.
Look for recent sales on Web sites like Homegain, Trulia or Zillow, or check local sites produced by real estate companies or run by Multiple Listing Services. Many of these show homes for sale or rent; to gain access to data on sold properties, you can check with local agents.
Ms. Christiana also suggests going to the county assessor’s office and looking up specific homes that have sold recently in your neighborhood.
If you’re looking at comps yourself, consider homes with amenities and square footage similar to yours, said Alan Rosenbaum, the founder and chief executive of Guardhill Mortgage in New York, an independent mortgage brokerage. Mr. Rosenbaum says he prefers sites like Zillow and Streeteasy when doing quick checks on comps for apartments in New York.
Then, after you’ve completed your price analysis with comps, share your findings with the bank’s appraiser to try to ascertain the amount you want to borrow, Mr. Rosenbaum suggested.
What rock bottom prices douche bags? The ones in the flood zones Citing record-low interest rates and rock-bottom home prices, economists say the housing market should be much further along in recovering. “It’s a pretty good time to get involved in the market, but a lot of people are unable to take advantage of this situation,” said Paul Dales, senior U.S. economist for Capital Economics, a macroeconomic consultancy.
“Pending home sales disappoint in August”
unexpected?
Rock-bottom? Ha! Things are just heating up.
The stench of death is pervasive. Nowhere to run, nowhere to hide.
Latest Mike Krieger.
“As most of you know, I spend almost as much time studying social changes and geopolitics happening around the world as I do studying markets. While carefully observing those areas are always important to a macro investor such as myself, when you are smack in the middle of a Fourth Turning they take on an increased level of importance. What has shielded the U.S. from a lot of the social strife sweeping the rest of the globe at the moment has been the U.S. dollar’s reserve status since this allows us to print seemingly infinite amounts of paper dollars and shove them down the throats of the rest of the world for their resources. This keeps the populace fat, happy and most importantly asleep and apathetic. Well I am pleased to announce that those days are OVER. The American populace is now in the very beginnings of a state of open peaceful rebellion against the criminal oligarchic mafia that runs the nation through fraud and corruption. The status quo is likely to become increasingly defensive as a result and may lash out aggressively like a cornered rat, but they cannot and will not win. They can only really win when they own your mind and that battle has already been lost. Six months from now the state of rebellion will have moved from just beneath to the surface to the forefront of everyone’s mind. It will be a peaceful and constitutional rebellion and it will end with new ways of doing things, more freedoms and a very long road toward rebuilding a safe, fair, free and localized society once TPTB’s prison planet grid of control has been torn down forever.”
http://www.zerohedge.com/news/mike-kireger-rebellion-has-arrived-america
Morning Mike
Rock bottom real estate prices do not matter when buying a house makes you a slave to the taxman. Your paying up to a $1000 grand a month in property taxes on a fixer upper and they wonder why people do not want to own homes in NJ. A buddy of mine just replaced a deck on his house. The town came out to inspect, then sent him a letter adjusting his property taxes $19 because of the new deck. Taxes are already in the 13K range. Just shows how much these scumbags care about there residents.
#61 (yesterday’s thread) Moose – Screw the principals? The listing agent represents the seller. Their job is to get the seller the best price available. If the buyer uses the listing agent to present their offer and it is disclosed to the buyer that the listing agent represents the seller, the “principals”(buyer/seller) are not being screwed.
If you want to describe the situation correctly, the listing agent is inappropriately using inside information to their advantage. Ethically it is a slippery slope. Legally, all offers have been presented and the seller has received the highest price available.
I try to offer an inside peek at what really goes on in the real estate business to the regulars here. Moose, you should thank me for my honesty and straight approach. My impression is that you are no Boyscout and this is not shocking information to you. Likely there are people you work with who engage in far more ethically questionable conduct than I have described here, possibly even you.
You should give us all a break from your judgemental bullsh*t! I’m not speaking on behalf of agents. I believe everyone here chuckles a little every time you try to take the moral or ethical high ground.
Hobo with a shotgun #6
I Liked your article a couple months back about 223 ammo being the new currency better, I get it, but This one was a little to philosophical for my brain pan. Good Article though keep em coming>
Thank God for our fearless leaders for standing up for the People.
http://www.forbes.com/sites/halahtouryalai/2011/09/29/bofas-new-5-debit-card-fee-blame-dodd-frank/
“The inevitable happened today. Bank of America said it will start charging customers a $5 monthly fee on debit card purchases.
Where’s this coming from? Well, anyone paying attention to the Durbin Amendment (which came out of the Dodd-Frank Act) as it was moving through Congress would have seen this fee coming. ”
We are the Government and we are hear to help you.
Does anyone get the sense that things are accelerating downward, picking up the pace / momentum a bit?
No job creation, another leg down on housing, wondering if we are getting ready for a drop that has been larger than in the last 2 years. Not just housing mind you, everything.
30 Year (8)-
Moose is a self-loathing wannabe oligarch. He has no problem with banksters and courts robbing people blind, but somehow in his mind, the simple act of a REO agent plying his trade is inherently corrupt.
funnel (9)-
Nothing too philosophical about Occupy Wall St. getting bigger every day & picking up support. I also have no doubt that gubmint infiltrators will turn the whole thing violent within a week or two.
Once again MSM picks up a few weeks after Zero Hedge points out another problem:
Morgan Stanley Seen as Risky as Italian Banks
http://www.bloomberg.com/news/2011-09-30/morgan-stanley-seen-as-risky-as-italian-banks-in-swaps-market.html
Good thing MS is hedged on all their Europe exposure. Bad thing, just like Goldman in the AIG scam, a hedge isn’t worth sh*t if your counterparties are all insolvent:)
They’re all insolvent. Whether primary or counterparty, it doesn’t matter. It’s all a giant kabuki of failure.
There is no one occupying wall street, just gates, I did see some pilots. In fact half the people on wall street have been let go in past four years. Even they don’t occupy it.
There Went Meat says:
September 30, 2011 at 7:59 am
funnel (9)-
Nothing too philosophical about Occupy Wall St. getting bigger every day & picking up support. I also have no doubt that gubmint infiltrators will turn the whole thing violent within a week or two.
My expectation is a very rough Winter for real estate in North Jersey. I expect both transactions and prices to be down. Only exceptionally motivated buyers and sellers will participate. All deals will be fragile and only sellers who are willing to capitulate from offer to closing will be able to sell successfully.
Ok I’ve been reading this blog for a good part of the 7 years I spent searching for a house and I have benefited tremendously from the info here…most importantly I saw others here who didn’t get sucked into the bubble mentality and for that I didn’t feel alone. A month ago I purchased my first house because I believe the benefit was greater than the cost. I’ve read some posts where others on this blog made the same leap, as well as the blog’s founder. Combine that with the fact that this blog has become much less RE focused and much more political…prices are down about 1/3 from the peak nationally…I think its a decent time to buy if u can. For those reading this that are still searching, I will validate that 99.44% of houses you see have some major issue (usually a ridiculous price). I have viewed thousands of houses online, seen over a hundred in person, offered on a dozen, had my offer accepted twice, and finally closed on one house.
So my point is that if you want to buy a house, have the means and the energy to buy a house, its not a horrible time, especially if you consider house prices in inflation adjusted terms with today’s mortgage rates. Hopefully those who are exhausted from looking will find something soon…
All deals will be fragile and only sellers who are willing to capitulate from offer to closing will be able to sell successfully.
TICK… TICK… TICK… TICK…
Yun also cited tight credit conditions and Americans’ hesitance to form households, such as college graduates and new entrants to the work force still living with their parents, amid an uncertain economy.
Can someone tell me how Mr. Yun would assume that college graduates would be in nay way shape or form be able to buy to buy a house today. Or a new entrant to the work force!!! Does he read this krap before it is published??
The Northeast saw the biggest declines, which the trade group partly blamed on Hurricane Irene delaying deals.
Of course.
#21 gary: Irene and recent college graduates.
The house in Bergenfield I have commented about several times is now an unofficial comp killer. Original sale 2/17/06 $645,000. Under contract 9/28/11 $385,000. OUCH! House is in very good condition.
http://www.npr.org/2011/09/25/140784004/new-boom-reshapes-oil-world-rocks-north-dakota
“Two years ago, America was importing about two thirds of its oil. Today, according to the Energy Information Administration, it imports less than half. And by 2017, investment bank Goldman Sachs predicts the US could be poised to pass Saudi Arabia and overtake Russia as the world’s largest oil producer. Places like Williston are the reason why.”
#23 30 Year: Thats gotta hurt!!!Below is a pending comp killer. Sold in June of 2005 for 645K, came on the market at 494K, just reduced to 484K. Taxes 11k.
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1127042&dayssince=&countysearch=false
ChiFi: (from yesterday). We are well aware that when the mortgage broker offers a no-out-of-pocket cost loan, we are not getting the best interest rate possible. But when we did the math on what 1/8th less on the APR (the best rate we could find online) would save us over the duration of the loan, it really wasn’t worth it to go elsewhere. Especially considering how leveraged we currently are and the fact that we have a history with this broker which makes him work harder to get the loan approved. I fear that if we went the route of a new broker, we would have ended up with the same eventual 3.875 on a 20-year, but having to pay the closing costs as well. Regardless, I always appreciate you looking out for me.
3b [25],
A 25% reduction and that’s if it closed at full asking. Simply amazing that anyone was talked into signing a contract at 645K.
#27 gary: I am assuming it closes for around 450K (if the seller is lucky) take off another 30K or so for brokers commission realty transfer tax etc. bringing the net proceeds to 420K. that would be a 225K loss, or around 35%!!!
Sr. Schizo [12];
30 Year (8)-
Moose is a self-loathing wannabe oligarch. He has no problem with banksters and courts robbing people blind, but somehow in his mind, the simple act of a REO agent plying his trade is inherently corrupt.
What you described as “plying his trade”, 30-yr himself admitted is really “the listing agent [] inappropriately using inside information to their advantage.” I can’t make my case any better than the insiders here can make it for me.
Gotta love how the media is now pouring it on over a measly 10 Billion in debit card fee “losses” to the Visa, MC and banks (approx 45% reduction due to the new Dodd Frank rules implemented by the Fed ) and how BAC has perhaps the worst timing ever in implementing it’s new monthly few structure for debit cards.
Banks are sore losers. They were beat fair and square in Congress by the Retailers, with both sides spending over $30 million in lobbying. The banks aren’t going to give up much of the rents they extract from the economy without a fight.
A little history on the lobbying for Debit Card Fees.
http://www.bloomberg.com/news/2011-06-28/how-wal-mart-swiped-jpmorgan-in-16-billion-debit-card-battle.html
Can someone tell me what the status of #2851481 is? It dropped off GSMLS. Thanks.
Funny part is only way bank can guarantee they get all offers is to not use a real estate agent. Back in the RTC days I use to be able to speak directly to loss mitigation department. I recall I was interested in two properties in the Hamptons. I called the banks loss mitigation department and they set up an appointment for me in person to meet with the officer assigned to two properties. I then a few days later drove to an office building in Great Neck Long Island and he gave me copies of deed, survey etc and directions and pictures of two homes. I then drove to Hamptons that weekend with brother in law and brother who were going in on it with me. Got back to Bank and they told me the five acre property was five acre zone and I could only build one house and would have to be in back of lot as there was underwater stream in front. That plot was 120K cash only as no financing would be available from any bank given no house or fact underwater stream in front and hill would make building difficult. The 1/2 acre saltbox best price was 180K, I would need to give them a check for 25% to secure home and I could get financing from another bank. No lawyer, appraiser, realtor was even needed. No offers over phone had to go in and talk to them. Bank got to look me in eye. I had to dress nice, show proof of income. Honestly the realtor and internet in the middle makes it harder. Too many games involved. Sadly the Five acre plot someone else bought in Bridgehampton and it sat empty till 2005 when the owner sold it for three million. Dang. only had a few hundred in property tax. So owner was only in for 135K. The salt box fell apart when a sibling backed out and my gf found out I need someone to go 1/4 in and she had the cash. She was like this is great. We would own 50% of the house together and my family and your family could enjoy it!!! I then said well I don’think it is a good idea as what if we break up and for some reason meanwhile she thought we were going to get engaged!!!! Lost house and GF on that deal. But still pleasure to deal with bank in a serial transaction.
Moose, in order for the transaction to happen the broker needs to game the system a little, it is a necessary evil. Without subtle manipulation banks don’t sell, it’s part of the game. Always use the listing agent in an REO or shortsale.
If that was the case than shouldnt private party and fsbo sales take up a greater percentage of the overall market?
Mano a Mano?
Deal done with a firm handshake. Who even needs the bank?
jamil problems with that NPR article……..
http://www.nytimes.com/2011/09/27/business/energy-environment/in-north-dakota-wasted-natural-gas-flickers-against-the-sky.html?_r=1
I bought my first place at an RTC auction by raising my finger, handing over a 25% deposit and within five minutes was a homeowner!!! No realtor, no lawyer, no inspection. When I bought my house at the open house the realtor was there, but me and owner ten minutes into open house talked in kitchen for few minutes back and forth on price and what he would threw in and shook hands on price and I gave him a check and signed a binder. In that case it was a flat fee realtor so she had no interest in getting in middle of deal and breaking it up. I did sell a house on an FSBO and had asians as bidders and a hand shake is all you needed. My handshake is more important that me signing a contract. I have no issue backing out of a contract. But my word is my word.
grim says:
September 30, 2011 at 10:21 am
If that was the case than shouldnt private party and fsbo sales take up a greater percentage of the overall market?
Mano a Mano?
Deal done with a firm handshake. Who even needs the bank?
Does anyone here even use debit cards? If so, why?
Actually if individual owners were allowed to advertise on the MLS website there would be more of FSBOs and private party transactions.
MLS is really only a Stubhub type of tool. Realtors are like ticket scalpers. So lets say foorball season ticket holders were not allowed to go on Stubhub, ebay or NFL Ticketexchange or Ticketmaster to sell tickets. Only licensed ticket scalpers could list a ticket online. Well in that case I would hire a ticket scalping company to sell my tickets and pay them a fee when I can’t go to a game. Or be forced to sell them cheap or on craigs list where I could get ripped off. Realtors control of MLS website should be illegal.
I know you are on top of this stuff. From my perspective it is a matter of tactics.
To the extent that this loan is permanent, then you may as well go with the lowest deal possible…you work all the variables and figure out what combination of fees and interest rate are best. However, if there was a thought that this contract could be refi’ed, then it may be a bargain to take the higher rate, since you effectively have it both ways (i.e. don’t pay the fees and then duck the higher interest rate). If another refi is in the works in the next 12-24 months, then it is shrewed. Is there a penalty for prepayment for a set period?
Libtard in the City says:
September 30, 2011 at 9:30 am
ChiFi: (from yesterday). We are well aware that when the mortgage broker offers a no-out-of-pocket cost loan, we are not getting the best interest rate possible.
Sovereign Bank gave me $10 to use it 3 times in September. I used it at Dunkin Donuts for coffee.
Libtard in the City says:
September 30, 2011 at 10:44 am
Does anyone here even use debit cards? If so, why?
Libtard [37],
A salesperson in PC Richards was shocked that I wrote a check last week. If checks aren’t used or debit cards, what the he11 else is used? I only use a credit card if I have to.
“shouldnt private party and fsbo sales take up a greater percentage of the overall market?”
Grim,
When one is buying a FSBO, one is dealing with someone who is likely to have an emotional investment in the property. When a seller points out flaws or for other reasons offers a price below what the seller is asking, the seller is likely to take it personally. Banks may be soulness but that makes it easier to deal once they decide it is time to unload.
Use a credit card for every transaction. The benefits are monstrous as long as you are together enough to not carry a balance.
Benefits:
1) Double the warranty on most purchases
2) Price Protection
3) Fraud Protection is much better on CC then on Debit Card
4) Interest made on the float (albeit, it’s pennies these day)
5) Rewards that really add up (Gator and I save approximately $4-$5,000 per year doing this.
6) Having the ability to dispute a charge to get an unruly retailer in line.
Debit Cards:
1) Only advantage is to the bank and there are huge fraud risks due to the PIN.
I guess it is a mark of progress that the pending home numbers were not “unexpected.”
Back to the salt mine.
#29 Moose – Why can’t you just admit that every industry has similar ethical questions and breaches based upon human nature? It is laughable that you continue to posture that your views and comments come from moral high ground and not from bitter personal experiences that may or may not be related to agent ethics.
43,
Agree.
Checks are going the way of the buggywhip, I use like 12 a year. Automated payments, credit cards and electronic money transfers have pretty much relegated checks to occasional use. Hell I almost use interbank wires as much as checks.
30 yr, yes people suck, we should move on. I’ve experienced all types of realtors, there are good and bad in all professions. It so happens in professions involving sales, the bad tend to flock. Things like wall street brokerages and real estate will always attract the skeezy people, because they are opportunistic.
Tard – “as long as you are together enough to not carry a balance.” Average balance in the US is about 15k, lots of suckers paying north of 20% interest too.
Debit cards for those not using all credit, about 1.5 trillion a year in USA debit card purchases. Volume is very high as well about 37 Billion swipes a year, mostly small purchases. You can see why the retailers were hating paying $44 cents per small purchase.
I use my debit card for coffee and sometimes a quick meal like a sandwich at a deli when I am low on cash. If I don’t have cash I will find one of my banks and take out enough to last for weeks and pay no fee. When I go on vacation I use debit cards to get the lower FX rate and hopefully a lower fee than the bodega like FX stores charge.
A good Realtor is worth the cost. Especially since they handle all the details and BS. I would never sell a house without one. As far as buying it is simple IMO, make your offer, the Realtor presents it, if the seller does not like it walk away;rinse and repeat.
JCer, it is not that I do not admit or recognize that there are unethical or incompetent agents. I have a bigger issue with these agents than buyer or sellers do. These agents make people listen to people like Moose and take him seriously rather than recognize him for what he is.
Re: WSJ article leading off today’s post …
“It’s a pretty good time to get beheaded, but a lot of infidels are unable to take advantage of this situation,” said Ayman al-Zawahri, senior al-Qaeda deputy for Capital Punishments, a tribal consultancy.
I sold two places without one. But both times I had a lawyer so once we agreed on price the lawyers did the dickering. When I bought with a realtor it was annoying. I would call realtor, who would call owner, who would call back realtor who would call back me. Was a big daisy chain, after a few weeks I just called owner directly.
3B says:
September 30, 2011 at 11:14 am
A good Realtor is worth the cost. Especially since they handle all the details and BS. I would never sell a house without one. As far as buying it is simple IMO, make your offer, the Realtor presents it, if the seller does not like it walk away;rinse and repeat.
30 yr, I’m agreeing with you. Holding contempt for people of a particular profession is not a productive thing, realtors exist for a reason, just as bankers do. People who are unethical are contemptible regardless of what they do for a living.
Chi: A refi is always in the cards :P Especially with the significant interest break that the 15-year offers when compared with a 20-year.
We are really close to a refi on our multi too. Need to see about 1.50 on the ten-year for it to make sense for us.
The only caveat is the gubmint’s discussions on reducing tax breaks for people with investment property. Of course, the whole concept is loopy and fraught with moral hazard. Where are you going to house those fools who bought homes when they couldn’t afford them if you take the incentive of people to make a profit through renting out investment property in an environment where out-of-control property taxes are already destroying the incentive?
30-ye [52];
JCer, it is not that I do not admit or recognize that there are unethical or incompetent agents. I have a bigger issue with these agents than buyer or sellers do. These agents make people listen to people like Moose and take him seriously rather than recognize him for what he is.
So is your problem with me that I am not one of the ‘tribe’? Only insiders like you and Clot are allowed to mention the obvious warts?
JJ already mentioned the biggest problem with the industry — monopolization (and manipulation) of the listing data. If the DoJ wasn’t currently headed by Marc Rich’s pardon bag man (funny how you don’t see Mr. “Americans are Cowards” in the media much), and the antitrust division could find two balls and a brain amongst the lot of them, there might be as chance at some movement on this.
Moose #57 – Please read #46 again! I’ll be happy to write a long list of my personal issues and bitter experiences with attorneys, but it would lack objectivity and just be me whining. It is important to differentiate.
With regard to MLS and anti-trust; there are multiple MLS’s serving many areas. Your contention is that individual homeowners should be entitled to MLS access. What does that have to do with anti-trust?
[56] “Where are you going to house those fools who bought homes when they couldn’t afford them if you take the incentive of people to make a profit through renting out investment property in an environment where out-of-control property taxes are already destroying the incentive?”
Why, in government-controlled Obamaville housing projects, of course! It’s time we took the residential rental market out of the hands of the greedy investors and gazillionaires and gave it back to working families through the help of the government. Yes we can!
Instead of the Lawyers and Realtors fighting with each other here online perhaps you should head down to Wall St and punch a hippy?
“It’s Going to Get a Lot Worse”: ECRI’s Achuthan Says New Recession Unavoidable
Yes… We… Can!!
http://finance.yahoo.com/blogs/daily-ticker/going-lot-worse-ecri-achuthan-says-recession-unavoidable-141929160.html#more-id?sec=topStories&pos=main&asset=&ccode=
I knew a girl in the UK who did this, Cruella DeVille has more compassion than her. http://mobile.nytimes.com/2011/09/25/magazine/lives-the-closer.xml
nwnj : 31
Your MLS 2851481 went Under Contract on 9/28 (Wed).
This was an Estate Sale – Original List Price was $320K on the Market for 159 Days and Last Asking Price was $269K. The Anticipated Closing Date is 10/14….so this may be a Cash Sale.
[10] jamil
What the populace fails to understand is that the banks don’t value them as depositors. In fact, if banks could do without them, they would not have depositors. Deposits are a liability on the bank’s balance sheet. Depositors are creditors. In fact , the only reason a bank has to seek them is to meet requirements for deposit to loan ratios. Thus, when you see banks eager to solicit your deposits, it is because they must have the requisite deposits to cover the loans they are making.
Further, it costs money to service these creditors. You have to maintain branches and ATMs, sometimes in places you don’t want to be. A lot of bank branches lose money.
Finally, in BofAs case, there is the deposit cap, a national limit on the percentage of deposits one bank holding company can control. BofA has come up against it in recent years, and has had to curb seeking new deposit business.
30-yr [58];
With regard to MLS and anti-trust; there are multiple MLS’s serving many areas. Your contention is that individual homeowners should be entitled to MLS access. What does that have to do with anti-trust?
The MLS is operated by an association of its users, not some unrealted third-party service or information provider (of which there are several). There is little if any practical difference between the MLS and the agents & brokers, and no legal one.
The regional MLSs are a division of territory. Dividing territory among competitors is a recognized form of price-fixing, per se.
“[R]estraints as to territory or customers, vertical or horizontal, are unlawful if they are “ancillary to the price-fixing” [citation omitted] or if the price-fixing is “an integral part of the whole distribution system.” [citation omitted] In those situations, it is needless to inquire further into competitive effect because it is established doctrine that, unless permitted by statute, the fixing of prices at which others may sell is anticompetitive, and the unlawfulness of the price-fixing infects the distribution restrictions.” UNITED STATES V. ARNOLD, SCHWINN & CO., 388 U. S. 365 (1967)
Of course, since you’re only presuming I am a lawyer, and you are not a client of mine, this is not legal advice.
[62] fabius
Cruella DeVil was the nickname my family and friends had for one of my ex-girlfriends. Apparently, they could see what I could not.
[60] juice
“Instead of the Lawyers and Realtors fighting with each other here online perhaps you should head down to Wall St and punch a hippy?”
may get to do that tonight.
NOM – Radio Head may show up for a jam session.
JCer (33)-
Moose might say to you that banks need to “game the system” (hey, what’s a little robosigning between friends?) a little in order to create sufficient standing to FK or sell a note or offload an REO.
Of course, Moose will also draw the distinction that forgery and criminal conspiracy are no big deal when committed by banksters…but an REO agent who games the system in order to make a sale should be summarily executed.
Were Moose not such a laughable, self-dealing simpleton, he would be scary in his inconsistency.
wish your things here and there it Undecided fireside sales foil in Dignified | Starting a Jersey Actually being or existing Fortune
plume (66)-
How can you grudge fcuk a girl with a nickname like that?
“Cruella DeVil was the nickname my family and friends had for one of my ex-girlfriends. Apparently, they could see what I could not.”
Meat [69];
Were Moose not such a laughable, self-dealing simpleton…
High praise, indeed, considering the source. If you were still in the real estate business I’d expect a job offer.
If I was 19 I would be in that park every day banging hippie girls. Free Pizza, free place to stay in the city, nice.
I use my Costco Amex at all opportunities. Lots of cash back every year, paid off every month so no interest ever. Extra points back from shopping at Costco more than covers the annual fee.
Debit cards became popular long after I’d already become able to not run CC balances. Credit cards otherwise have an advantage over debits in every single respect.
I guess most people in the US with CCs still carry balances.
moose (72)-
Whatever the business, I don’t hire nincompoops.
re # 73 – The park owners put up the no tent rule for just that reason JJ.
And if you credit-card savvy folks have not noticed… we now get to pay $1.50 per month… when we don’t carry a balance – which for me is NEVER – At least for me and my beloved Amazon cards (Chase). I run all my business travel expenses through the card and anything else I can.
jj (73)-
You should go down there @ 4:00, listen to Radiohead and put some of your “A” moves on those questionable-hygiene hippie chicks.
Talk about dafunk…
Nom #64
Morgan Stanley’s reliance on the debt markets, instead of depositors, to provide funding for its assets may be one cause of concern, some analysts said. Morgan Stanley and Goldman Sachs, which were the second-biggest and biggest U.S. securities firms before converting to banks, both got less than 10 percent of their funding from depositors as of June 30, according to company filings with the SEC.
By contrast, Bank of America and JPMorgan Chase & Co. (JPM), the two largest U.S. banks by assets, funded more than half of their balance sheets with retail deposits at the end of June, filings show.
“The market is just very sensitive to anybody considered to be wholesale funded,” John Guarnera, a financial analyst at Societe Generale in New York, said in a Sept. 23 telephone interview. “If you’re a bank, you can fall back on the fact that you have a strong retail deposit base. Morgan Stanley has deposits, but not like you’d see out of a BofA or a JPMorgan.”
http://www.bloomberg.com/news/2011-09-30/morgan-stanley-seen-as-risky-as-italian-banks-in-swaps-market.html
“the only reason a bank has to seek them is to meet requirements for deposit to loan ratios. Thus, when you see banks eager to solicit your deposits, it is because they must have the requisite deposits to cover the loans they are making.”
The only time Captain Cheapo carries a balance is when the credit card companies offer a 0% interest rate with no transaction fee on a cash advance. Currently, I have $12,000 out on them offers with an Ally online account where I deposit about $800 per month so when the offer expires I can pay off the free loan. Otherwise, no credit card debt here. Although, we average about 40K per year on CC spending overall.
No one will be worrying about debit card fees when the real currencies become shiny and .223.
I only use 2 of my cards;American Express blue and ATT universal card never have to pay a monthly fee.They make money on the transaction fee from the merchant,they don’t need my $1.50
spyderjacks says:
September 30, 2011 at 1:54 pm
And if you credit-card savvy folks have not noticed… we now get to pay $1.50 per month… when we don’t carry a balance – which for me is NEVER – At least for me and my beloved Amazon cards (Chase). I run all my business travel expenses through the card and anything else I can.
#82 I don’t carry a balance either.Pay it off every month
Still waiting for Goldman to start a Christmas Club and passbook savings accounts.
And, will I ever get as much as a goddam toaster from them for giving them my business? There are S&Ls in Texas that will give you a rifle for opening a checking account.
Chase offered me a $7000 check 10 years ago.I can do anything with it and it’s a zero interest for the life of the loan.I deposited it making 4.5% with my money market during that time.I said to myself,what is the catch?so,I covered myself.Made them take an automatic payment through my checking,and never use the card for purchases.I figured if I use it for purchases that is where they will get me or they can nail me with a late payment if they send the bill late and I will not have time to make the payment.Sure enough,they tried to pull me the latter.I send them the copy of the offer and told them I can not be late you are suppose to take the payment automaticallly.They reverse it.To this day they are still taking less than $20 a month on my checking.Balance is about $750.00.Not bad when you can be ahead from a Bank once in awhile.
Libtard in the City says:
September 30, 2011 at 1:58 pm
The only time Captain Cheapo carries a balance is when the credit card companies offer a 0% interest rate with no transaction fee on a cash advance. Currently, I have $12,000 out on them offers with an Ally online account where I deposit about $800 per month so when the offer expires I can pay off the free loan. Otherwise, no credit card debt here. Although, we average about 40K per year on CC spending overall.
Bloomberg lays out his cards.
“We’ll See” If The City Will Let Occupy Wall Street Continue
http://blogs.villagevoice.com/runninscared/2011/09/mayor_bloomberg_28.php
That article about CDS just killed MS down 8%.Peers down 2%
Then your made a consistent choice…..
Libtard in the City says:
September 30, 2011 at 11:30 am
Chi: A refi is always in the cards :P Especially with the significant interest break that the 15-year offers when compared with a 20-year.
re # 79 – I wonder if the analyst at Societe Generale is allowed to rate his own bank? El-Erian from PIMCO said they were in even worse shape and could bring down Europe if not bailed out. Of-course El-Erian is probably talking his own book. I wonder how many $25 million dollar CDS bets did he place on them?
Government backed mortgages rolling back saturday for Jumbo Loans
Eastman Kodak Co. has hired law firm Jones Day for restructuring advice as it faces growing concerns from investors over its turnaround prospects, people familiar with the matter said.
The move to hire restructuring lawyers signals Kodak is intensifying efforts to ensure it has the financial wherewithal to complete a difficult strategic and financial revamp. Shares in the 131-year-old company have lost around a third of their value this week following Kodak’s disclosure that it pulled $160 million from a credit line.
That drawdown heightened concerns about the company’s cash flow and triggered downgrades of its credit rating. On Friday, …
Back in the day I knew a girl like that. One of those come to the city and protest type girls, I let her use my shower once or twice and next you know she was like ready to move in. It was a no win situation. Dont want it before shower and after shower your leverage is gone.
There Went Meat says:
September 30, 2011 at 1:55 pm
jj (73)-
You should go down there @ 4:00, listen to Radiohead and put some of your “A” moves on those questionable-hygiene hippie chicks.
Talk about dafunk…
Amex Blue kicks @ss. Besides the sick British Airways Chase Visa deal that we are $5,000 away from hitting the 30K we need to get the matching reward travel certificate, we buy our gas and groceries to get the 5% back from Amex.
This year, we essentially got back between 15 and 20% on all of our purchases if you count Frequent Flyer miles at 2 cents per mile. The other way you can look at it is how much does it cost to fly 3 people round trip in first class Europe. That’s what we are getting for $33,000 in purchases, not to mention the 5% back on gas and groceries.
Yet the ignorant will now keep on using that debit cards, even while paying for the privilege.
#18 RU:
Congrats and good luck!
I agree.
My story is quite parallel to yours. I bought about a year ago. After looking at over 50 homes over the years, we finally found “the one”: 5 bdrm, 1-1/2 bath, nice neighborhood and no regrets.
Thanks to this Grim and his blog, as well as many here, I went into this eyes wide open.
I guess I am no longer pricedOut!
92:
JJ,
Selectivity must have been pre-Pagan chicks?
Advice to Wall Street Protesters: Shower, shave & dress like someone anybody might want to listen to.
http://www.reddit.com/r/politics/comments/kw3fx/to_all_occupy_wall_street_participants_here_is/
Grievance No. 1 of the Wall Street “Occupiers’ ” Manifesto:
They have taken our houses through an illegal foreclosure process, despite not having the original mortgage.
“Our” houses paid for with their money which has yet to be paid back.
Tells me all I need to know.
Moose – give the hippies a break, they don’t even realize that Russel Simmons who was down there yesterday beating a drum and doing meditation has his own line of Debit card called the RushCard with massive fees. They should have called him Uncle Tom and sent him packing.
Con’t [97];
Oh, forgot to link to the Manifesto:
http://nycga.cc/2011/09/30/declaration-of-the-occupation-of-new-york-city/
Juice [98];
That would presume that any of them know something, anything, about the topic(s) they are spouting off about.
Only one Pagan chick. BTW she said most guys don’t usually drive them home afterwards. That was weirdest drive ever!!!! 3am pitch black LIE Friday Morning dense fog, jacked up 14 year old car with tinted windows and red posi rear and I was cooking at 80mph just me and two 18 year old pagan girls in a dense fog made worse by my tinted windows. Don’t know whether cop would arrest me or shake my hands. Almost as scary as in same car I cut off some guys I was racing on nichols road at over 100 mph and got too close
relo says:
September 30, 2011 at 3:04 pm
92:
JJ,
Selectivity must have been pre-Pagan chicks?
Con’t [100];
Click though my link in [99] if you have any lingering doubt about that.
Lingering doubt – Only doubt I have is if Bloomberg will allow them to send in the horses to trample the hippies after they tear gas the crowd by the end of next week.
Video of NYPD crowd control practicing for this.
http://www.youtube.com/watch?v=84t76fZn5c8
101. !!
Off Topic. Is anyone familiar with the Berkshires in Mass for a min get away? I heard it is supposed to be beautiful this time of year. Recommendations on where to stay, what to do, that kind of thing?
#05 Sorry mini get away.
re: JJ – were they singing Boys Don’t Cry?
Hello October trading!!Hope for a better month
Libtard,
What is your impression on pulling some equity and putting in an S&P or a bond? Too risky? Other option is to put in a 5-yr CD at 2.3% (net loss, but more liquid cash on hand).
THIRD-QUARTER ROUNDUP
Dow -11% Oil -16%
S&P 500 -14% Gold 9%
dax -25% 10-year -122 bps
Yo 108 Oct was great , what you talking about. There is always someone on the other side.
Oops Yo ,Sept was great, need some quite around here.
Typos are us , quiet!
Video of the U.S. Treasury printing money….
http://www.youtube.com/watch?v=aA7iAMTAWHM&NR=1
yo #110,
moral of the story is sell gold and buy S&P or oil on the dip? or buy more gold cuz it went up a bit?
stu, you can use my gmail account for the investment club mtg… prof.mcdullard — gator knows the first name/last name combo — firstname.lastname@gmail.com should also work.
Barbara says:
September 30, 2011 at 4:34 pm
Oil based poly nightmare follow up. I was advised to buff the floors down with mineral spirits and clean cotton rags. It’s working well, getting rid of the cloudy smudging from foot traffic and keeping it completely smudge free thereafter. I was really going to call in a resand today if this didn’t work. I still have spot sanding and repairs to do but so long as this stuff behaves normally Fter it dries, I think I can save this DIY disaster. Still, I will never use this stuff again on wood floors.
Stu /gator I am refi-ing my recent. Appraisal and comps are 1 month old, will I be able to use these along with the title insurance and termite inspection?
On the tpopic of credit cards, I too dumped debit card and now do all credit for travel rewards, pay off every month. What is the best card specifically for travel points?
ROFL
A few short months into the future….charging a higher monthly fee to have a debit card than the value of a you stock price is the New Killing It at the Bank of New York.
re # 118 – Barb depends, depends depends. I use Continental for most of my flights so I use their card via Chase and try and buy miles when it makes sense to keep my elite status, get free baggage check, cut the lines and bump up to first class when it makes sense. Usually my annual Ski Trip is mostly paid for when all is said and done at the end of the year.
Comparison can be found here.
http://frequentflier.com/card-air2.htm
—begin Friday public service announcement—
Everyone – take 28 minutes out of your life and listen to this video clip of a law professor stressing why you should never talk to police:
http://www.youtube.com/watch?v=i8z7NC5sgik
Never.
Do not refer any questions on this to Gary, just watch the video
Never.
Did you get that? Never.
—end Friday public service announcement—
Barb 116 Glad you have them at least liveable.
take the yanks
Re: Debit cards –
I haven’t used a debit cards in years, but have three kids in college who live off campus and use them. Don’t want them to have credit cards – even if they could get them. So this is going to cost $15 a month, unless they waive the fee for certain acct relationships – otherwise, this really annoys me.
Re: Credit cards – I think Chase Freedom is good because I just get cash. I use it for absolutely everything. I got tired of figuring out miles etc. Instead I request a check once a year.
California AG out of Robo/Forclosure settlement with the big banks..
105) 3b
only place is worth staying in the berkshires are stockbridge or lenox.
I’m going to be in midtown in about 45 minutes to meet some wall street protesters that want to sight see.
anyone want to help me abuse them let me know
(71) meat.
Easy. She had a great body and was something of a nympho maniac. I’d deal.
plume (128)-
Excellent. Inquiring minds have been waiting all afternoon for your answer to that one.
(129) meat,
Half expe.cted JJ to comment
JJ too busy planning escape routes out of his building when the unwashed horde commandeers his office.
nice post !
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I love your blog!
No Rise in Home Prices Until 2020: Bankers
Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday.
The survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years. Only 21 percent of respondents said they would.
The findings, which authors called “a decidedly pessimistic outlook”, are a sharp reversal from cautious optimism the survey respondents expressed late last year and in early 2011.
In addition, 73 percent of surveyed bankers say they expect mortgage defaults to remain elevated for at least another five years. And 46 percent believe mortgage delinquencies will increase over the next six months.
Only 15 percent of respondents expect mortgage delinquencies to decline during that period.
“While the housing sector will almost certainly gain strength during the next nine years, many bankers clearly believe prices will remain depressed for half a generation,” said Andrew Jennings, chief analytics officer at FICO.
/snip
http://www.cnbc.com/id/44735283
97 moose
“Manifesto”?
Is the first name of the author Karl?
I bet Van Jones is there too.
I started to say something and then simply lost the thread.
And now I simply must go. this is my last thread. Karl! Coming honey!
Oh stop it, you naughty little minx. You said this thing was off!!!
I think I like playful Jamil a lot more than moron than the sheep he usually plays.
Fake jamil from 136
Grim, post the ip address of that poster and see what nickname he has been using earlier
Probably letarded
Though some intelligence implied is posts..so not letarded
Sorry letarded
No problem Jamil. And it wasn’t me. It was obviously a member of one of Obama’s many death panels.
Baa, baa!
Best move the hippies have made so far.
Rep Charlie Rangel tried to come to the start of the #OccupyWallSt march this afternoon, but was booed away.
140. Stfu Donny.
134. “many bankers clearly believe prices will remain depressed for half a generation”
Sounds about righty!
Did some kayaking near Cow Key Channel. Nice breeze today and saw manatees. Was very cool.
146. Sweeeeeeeeeeeeeeet.
So the NYPD arrested 400 more Occupy Wall Street protestors today in what was according to the NY Times possibly a trick to get them off the sidewalks and onto the roadways, so they had a reason. Over 500 arrests in only a week. I wonder how the very liberal NY judges are going to react to this.
Grim,
Here is a good topic:
House Is Gone but Debt Lives On
LEHIGH ACRES, Fla.—Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it.
In June, he learned otherwise. A phone call informed him of a court judgment against him for $192,576.71.
It turned out that at a foreclosure sale, his former house fetched less than a quarter of what Mr. Reilly owed on it. His bank sued him for the rest.
The result was a foreclosure hangover that homeowners rarely anticipate but increasingly face: a “deficiency judgment.”
Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after a foreclosure sale. The economics of today’s battered housing market mean that lenders are doing so more and more.
snip
http://online.wsj.com/article/SB10001424053111904060604576572532029526792.html
“Did some kayaking near Cow Key Channel. Nice breeze today and saw manatees”
Yea, yea, yea. Admit it, you wish you lived in closer proximity to NY.
“The station that reaches the beaches”
http://www.wmmr.com/listen-live/
What an oasis in the middle of a radio wasteland. Started listening in ’74 and have never looked back. WNEW was good, but MMR was superior.
I met Alison Steele back in ’69 Iused to deliver stuff to the station on Park Ave when I was messenger in NYC. One of my many summer jobs.
NJE,
I LOVED her voice.
The Night Bird, right? She was, as I recall, older than most DJs of the era buy BOY, what a voice.
buy=but. On an Android, anyway.
The Night Bird!
Yes she was the Night Bird. Used to listen to her a lot. She played a lot of King Crimson, Fairport Convention, Pentangle and of course Zappa.
Don’r forget Riders on the Storm when it was raining out.
Awsome voice. Still, Joe Bonadonna is probably my all-time favorite DJ. Perhaps it is because of hearing him do his thing back when I was coming of age. Nevertheless, Steele’s voice definitely used to appeal to this lad. One thing I loved about her show was that she did not feel the need to blabber.
She had a great voice. I always liked Scott Muni as well. And remember Vin Scelsa?
And Dave Herman and Pete Fornatale. 102.7… Where Rock Lives! It was the best rock station ever!!
Dave herman is a former MMRer, I believe. And I do remember the others. That was back when I had to walk six miles to school, up-hill, both ways, in the snow.
Despite likeing several other stations MMR, was tops in my book. There also used to be a station in DesMoines, KGGO, as I recall, that was outstanding.
Radio is pretty bad down here at least what I get to hear. Very limited local programming. We get a lot of stuff from Cuba and Radio Marti, It is a different world.
And Meg Griffin and Carol Miller!! We’re dating ourselves! Hang in there, Njescapee!
XM. XM. XM.
NJE,
XM radio, especially channel 21 The Underground Garage is a lifeline to good music. When I travel, it is often the only way to get decent music. The price is reasonable and the variety of music available outstanding.
Names that bring a flood of memories. Now, if I could only remember where I put my keys.
Gary, I work from home so no more commute and no opportunity to listen to the car radio. It’s been over 6 years since I’ve traveled to the office on a regular basis.
Oh, and one can also get an internet feed from XM as well. it is something like an additional $2 a month. A price even Stu could approve.
Shore, that sounds great. I’ll Check it out. Hey we stopped in at the yacht club on Stock Island. The place is going to become members only and was very nice. We were the only 2 couples there for happy hour. Food and wine was very good.
Nice. Did you ever get the e-mail I sent you about boats?
Shore, yes I did thanks. We’re actually looking at a boat timeshare at the marina at the yacht club. I’ll keep you posted
Shore,did you choose a place in the Carolinas?
We skulked from the VA border, in the four-wheel area of Carolla all the way down to around Wilmington. We found a few spots we really like. In the spring we will likely look from the NC/SC border up to Wilmington. I don’t know that I could live there full time but, splitting time between NC and someplace else is very enticing.
Best of luck in your search.
Maybe Key West/NC.
Nom,
Here is something that sounds familiar:
http://online.wsj.com/article/SB10001424052970204138204576601000374936460.html
Driving the Rich Into the Sea
Megaship ahoy! To escape higher taxes, the wealthy could relocate…to open waters
Shore, this place is on Stock Island http://marinas.com/marina_slideshow/full_slideshow?id=2635
Ouch! Some welcome to the Big 10:
http://msn.foxsports.com/collegefootball/story/wisconsin-badgers-defeat-nebraska-cornhuskers-in-historic-big-ten-debut-100111
You could just about walk there.
It’s a 5 minute bike ride.
149.Shore Guy says:
October 1, 2011 at 9:00 pm
Grim,
Here is a good topic:
House Is Gone but Debt Lives On
It is interesting that with all the talk about strategic default & jingle mail, very little was ever said about deficiency judgements.
Confused 180 I guess we never keyed on it. There are implications for the country as many Americans will be saddled with judgements they can never pay.
Non-Recourse States.
Alaska (AK)
Arizona (AZ)
California (CA)
Connecticut (CT)
Idaho (ID)
Minnesota (MN)
North Carolina (NC)
North Dakota (ND)
Oregon (OR)
Texas (TX)
Utah (UT)
Washington State (WA)
Recourse States
Alabama (AL)
Arkansas (AR)
Colorado (CO)
Delaware (DE)
District of Columbia (DC)
Florida (FL)
Georgia (GA)
Hawaii (HI)
Illinois (IL)
Iowa (IA)
Indiana (IN)
Kansas (KS)
Kentucky (KY)
Louisiana (LA)
Maine (ME)
Maryland (MD)
Massachusetts (MA)
Michigan (MI)
Montana (MT)
Mississippi (MS)
Missouri (MO)
Ohio(OH)
Nebraska (NE)
Nevada (NV)
New Hampshire (NH)
New Jersey (NJ)
New Mexico (NM)
New York (NY)
Oklahoma (OK)
Pennsylvania (PA)
Puerto Rico (PR)
Rhode Island (RI)
South Carolina (SC)
Tennessee (TN)
Vermont (VT)
Virginia (VA)
West Virginia (WV)
Wisconsin (WI)
Wyoming (WY)
http://www.forecloseddreams.com/recourse_states
“One little hitch: the federal government cares. Don’t walk away if your child is in college or approaching it and you’re counting on a large, low-cost federal PLUS loan (at 7.9 percent) to pay the costs. Your child will still be able to borrow through the federal Stafford Loan program, but a mortgage default blocks you from getting a PLUS loan for the next five years. You’ll be thrown on the tender mercies of private lenders, who will stick it to you.”
College bubble anyone…………….
Lying with Statistics?
According to the latest CNN/Orca International Poll, “an overwhelming number of Americans — 90% — say that economic conditions remain poor.”
Many U.S. government statistics, meanwhile, suggest otherwise.
Given the fact that sentiment and statistical data loosely tracked one another up until about a year-and-a half ago, it would seem that something is out of whack.
http://www.financialarmageddon.com/2011/09/lying-with-statistics.html
Interesting chart. Makes me wonder how much of an impact the rosey government generated statistics have on algorithmic trading.
If I’m not mistaken, a mortgage for a new purchase is non-recourse but a refi loan is recourse in NJ. This should then be a factor in the refi decision, but I never hear anyone discussing it. So does refinancing a loan to save some money put one at higher risk for a deficiency judgement.
I also had some fun reading the comments on that article…
(175) shore,
I loved it. Not a new idea BTW. The ship actually exists for this purpose.
Still need a dirt based passport from a tax haven though.
My prediction is that more small countries, and perhaps even some mid sized asian countries, will capitalize on this by providing economic citizenship to wealthy individuals, especially now that the commonwealth countries are looking to abolish preferential taxation of non dom citizens.
Nom,
Are people going to Panama for tax purposes?
It seems like it may be trying to be the Switzerland/Singapore of Latin America.
Is this realistic?
184
There is a guy in scotland who bought an island and declared it independent. He claims to have studied archives and claims UK never formally acquired it.
He is offering citizenships, printing passports and selling small pieces of land. There may even be oil.
My secret backup plan is to get citizenship there, then seize power, loot the treasury or redistribute the wealth.
I expect not to sign any treaties with the US.
RU 183 That is the way I understand it also, good point on the refi. Went through some of the comments, entertaining.
#184 Nom: Thanks for the comments on the Berkshires. We are going to go to Gettysburg instead. Neither one of us has ever been there, so we will take a couple of days down there.
That WSJ article on deficiency judgements – one of the commenters said something about time limits.
“..also most states, such as NJ and NY, have strict time limits as to when the bank can sue for a DJ. In NJ and NY they have 90 days from the sheriff sale to do so. After that they CAN NOT sue for a DJ. And if they do sue for a DJ then then they must allow the borrower another 6 months to be able to make up the payments and reclaim the house. So state-by-state it can get complicated and messy. This is the real reason why DJs are almost never sought after. And a DJ is also dispensible in bankruptcy court. So why should the bank bother? In fact, it is better for the bank to try to work with the borrower to help them stay in their home. After all, most homes that are taken over by the bank are NOT sold and instead lay vacant. And as they lay vacant the bank is fully responsible for their upkeep, insurance and all taxes.
Yes, DJs may seem tempting but in reality they are not the best option for lenders. I am afraid that as the US economy continues its downward spiral that lenders will simply give fewer and fewer home loans, and thus things will only get worse at a faster clip.”
If it’s true that the time limits are that short, maybe that explains why so few DJs (??)
The law in New Jersey does allow lenders to pursue deficiency judgments after foreclosure, but there are strict time limits as to how long your lender has to file, and unless you have lots of assets and will be likely to repay your deficiency your lender is not likely to pursue you. Under current New Jersey law:
•New Jersey only allows judicial foreclosures, which means they have to take place in a court proceeding.
•Your lender does have the right to file a deficiency judgment.
•The deficiency can only be the difference between your mortgage and fair market value of the house, regardless of how little the house sells for after the foreclosure.
•The lender has only three months to file for a deficiency judgment
One reason the lender might go after a DJ is being able to sell the DJ to a collector at .10 on the dollar and let the collector torment you.Is the 3 months filing the same for Credit Cards?And if you filed BK can the collector still torment you?
186. I hope you eat a poisoned mushroom and slowly die.
(185) west
Yes. Panama has an active expat tax haven industry.
OK, all you finance guys: My DH and I have IRAs with Morgan Stanley. How much trouble are they in? Is it time to yank it out yet? What should we be looking for in terms of red flags that say “MOVE IT NOW”? And where the heck would we put it?
JC [194]
You are as safe as with any other IRA, assuming your funds don’t contain any MS stock or bonds.
Grim, can you pass my email address to 30 year realtor?
JC…Yup. IRA’s are insured against the failure of the brokerage. Though, they are not insured against your poor investment choices.
[175] shore guy
To wit:
http://aboardtheworld.com/our_story
[175] shore
and this:
http://www.utopiaresidences.com/residences/index.php.
So, you can get a residence on a private cruise ship, economic citizenship in some tax haven, and your assets offshore, and you don’t have to worry about nompounds or where to live.
[185] A. West.
While the criteria bar has been raised a bit (and they would be susceptible to some pressure from Washington), one of my preferred tax havens is Canada (yes, Canada).
Here is an article that describes the process and reasoning pretty well, although it is a bit dated.
http://www.escapeartist.com/passports/passport_facts2.html
Spot on with this write-up, I actually suppose this web site wants way more consideration. I’ll most likely be once more to read much more, thanks for that info.
There is noticeably a bunch to identify about this. I suppose you made some good points in features also.