From Bloomberg:
Home Prices in U.S. Cities Decline More Than Forecast, Case-Shiller Says
Residential real estate prices dropped more than forecast in the year ended October, showing a broad-based decline that indicates the housing market continues to be weighed down by foreclosures.
The S&P/Case-Shiller index of property values in 20 cities dropped 3.4 percent from October 2010 after decreasing 3.5 percent in the year ended September, the New York-based group said today. The median forecast of 27 economists in a Bloomberg News survey projected a 3.2 percent decrease.
The real-estate market is bracing for another wave of foreclosures that may keep pressure on home prices, indicating any housing recovery will take time to develop. Nonetheless, rising builder confidence, a pickup in construction and fewer unsold new properties for sale are among signs the industry that triggered the last recession is steadying.
“Home prices at the national level clearly remain depressed, dragged down by areas of the country that remain weighted down by a large inventory of foreclosed properties,” Peter Newland, a U.S. economist at Barclays Capital Inc. in New York, said before the report. “However, other areas are beginning to see stabilization and some price gains.”
Estimates in the Bloomberg survey for the price change ranged from declines of 2.4 percent to 3.6 percent. The Case- Shiller index is based on a three-month average, which means the October data were influenced by transactions in August and September.
From CNBC:
Home Prices Fall in Most Major US Cities: Case-Shiller
U.S. home prices fell in most major cities for the second straight month, further evidence that the housing recovery will be bumpy.
The Standard & Poor’s/Case-Shiller index shows prices dropped in October from September in 19 of the 20 cities tracked. Prices in a majority of cities declined for the second straight month. Prior to that, they had risen for five consecutive months in at least half of the cities tracked.
Atlanta, Detroit and Minneapolis posted the biggest monthly declines.
Prices in Atlanta and Las Vegas fell to their lowest points since the housing crisis began. Prices rose in Phoenix after three straight monthly declines.
Good Morning New Jersey
From Bloomberg:
Deutsche Bank Among Firms Giving U.S. Plans to Rent Seized Homes
Fortress Investment Group LLC and Deutsche Bank AG, whose executives played roles in the housing bubble, are among the hundreds of firms that responded to a U.S. government request for proposals to rent out foreclosed homes.
The Federal Housing Finance Agency asked for ideas as Fannie Mae and Freddie Mac, the mortgage companies seized by the government in 2008, seek to reduce losses, stabilize neighborhoods and support housing values by turning into rentals a portion of the more than 180,000 repossessed homes in their inventory. The submissions were due by Sept. 15.
Carrington Holding Co., Barclays Capital Inc., Neuberger Berman Group LLC, Ranieri Partners LLC and UBS AG also were among the financial and investment companies that responded to the FHFA, according to a list of 439 proposals. The agency released the names in response to a Freedom of Information Act request filed by Bloomberg News.
“We’re obviously big proponents of this program,” Rick Sharga, executive vice president of Carrington, said in a telephone interview from his office in Santa Ana, California. “We think it meets a market need.”
Demand for rentals is rising as more homeowners lose their properties to foreclosure and fewer buyers qualify for mortgages. About 6 million homes with a current market value of $750 billion will be repossessed by banks or sold at distressed prices by 2016, according to Oliver Chang, a San Francisco-based analyst at Morgan Stanley. FHFA’s plans for a foreclosure-to- rental program are significant because Fannie Mae and Freddie Mac service more than half of U.S. home mortgages, he said.
…
“In our opinion, this is the most important housing- related program under consideration,” Chang wrote in a Dec. 6 note to investors. “The hope is that a larger unified program is established that could move the needle a year or two down the road.”
Is today the day that cs ny metro goes to 1?
Sears to close 100-120 Kmart, Sears Full-line stores
1 in 6 Amerikans on food stamps. Very promising.
http://abcnews.go.com/Business/wireStory/ap-survey-economy-pick-vulnerable-15237107#.TvnFJDVSS3N
No problem ,moving in the right direction
http://market-ticker.org/post=199744
for the parents out their
#6 – The Eurozone would like to extend a welcome to it’s newest member state.
Washing machine broke, repair was near cost so landlord said to just buy a new one. Order it from Sears. They give me a delivery window of 7am-9pm. Any wonder why their business is down the tubes.
“The housing market is evidently making a turn for the better,” said Richard DeKaser, deputy chief economist at the Parthenon Group Inc. in Boston. “November saw some pretty strong momentum heading into yearend, with consumers looking up.”
Translation:
“I have no idea what I’m talking about, I just read some other guys stuff online and I guess he must be important because he had this fancy sounding title and I just repeated what he said,” said Richard DeKaser, deputy chief economist at the Parthenon Group Inc. in Boston. “I heard that people love to spend every last dollar on sh1t they can’t afford and Black Friday looked pretty rocking to me when I went to the mall.”
1 in 6 Amerikans on food stamps. Very promising.
Hope and Change.
http://online.wsj.com/article/SB10001424052970203479104577122653132438154.html?mod=ITP_newyork_0
Jimmy got his man
From MarketWatch:
U.S. home prices fell 1.2% in October to take the 12-month drop to 3.4%, according to the S&P/Case-Shiller 20-city composite home price index released Tuesday. Nineteen of 20 cities saw price drops, and the index is now down 32.1% from its peak in 2006.
Hope and Jobs have died. Well at least Bob Hope and Steve Jobs. However, all signs point towards a good 2012.
BTW has anyone ever bought Ibonds? The Inflation bonds that are like savings bonds from US Govt. They are paying 3.6% which I read is highest short time low risk rate out there. Got some cash for kids for Xmas, and although I buy and sell risky stuff all the time if someone gives my kids money I like to keep it safe and earn at least some interest. ING Direct is less than one percent taxable and that is a joke, even more so when I bonds are exempt from state and local taxes and federal tax is deffered till you cash in and you can in some cases you the money tax free for college. Only catch I read is 5K max per SS number per year.
Anyone of you guys do it. Seems like great alternative for rainy day, house savings fun. There is a penalty if you cash in early of three months interest. But considering rate is 4 times a one year very high yield bank cd not bad.
http://hosted.ap.org/dynamic/stories/U/US_HOME_PRICES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
Presented for Gary’s reading pleasure
NY Metro area prices down 2% year over year in October.
http://www.bloomberg.com/news/2011-12-27/home-prices-in-u-s-cities-decline-more-than-forecast-case-shiller-says.html
Detroit gaining the most. When are Camden/Plainfield/Newark/ Trenton going to make the most gained list?
Unfortunately, the NY Metro High Tier (over $463,441) is down less than 1 percent year over year. The big declines, 7%, were in the low tier areas (under $287,277).
Grim [16];
Fear not… Sellers will just get their number in the Spring. Or they’ll just keep the house. They didn’t really want to sell anyway. Yeah, that’s the ticket…
But remember you get to borrow at 4% to invest in an asset that went down 2%.
At start of 2011 I said buy muni bonds not a house. Lets run tale of tape.
100K invested in muni bonds Jan 2011 would net you a 10% gain or 10K on your investment.
A 500K home purchased January 2011 with 100K down and a 400K mortgage cost you. 19,200 in interest income. Plus home price fell 10K, plus you lost out on 10K interest as principal was tied up. Total loss is $39,200. Lets home year two is better. Catching a falling knife is dangerous, until it hits bottom you never know how close we are to the bottom.
Realtors should stop marketing houses as an investment. Buying a brand new Jaguar is about as much as an investment as a house.
grim says:
December 27, 2011 at 9:17 am
NY Metro area prices down 2% year over year in October.
Case-Shiller data is out. In general, it looks bad again.
But one thing I noticed that hasn’t received attention on this blog is the resilience of the New York metro condo prices. While home prices have declined in most markets over the past 2 years, condo prices in this area have remained stable. The decline from peak is modest – about 15%. Prices are at 2005 levels.
Grim, can you resume posting the chart showing Case-Shiller prices for the New York metro, including the house price tiers and the condos?
Nyrereport experts – is the Case-Shiller condo data just plain wrong, or are prices holding up better than condo haters predicted in 2005?
JJ [20],
But remember you get to borrow at 4% to invest in an asset that went down 2%.
The masses are too f*cking stupid to realize they’re getting bilked.
18 grim – you forgot to mention the condo prices. They rose slightly year-over-year.
Very stable .
http://www.people.com/people/article/0,,20556788,00.html
18 days of marriage
I wouldn’t last 18 hours with that Pope Hating Psycho.
Just in case anyone was wondering how far we have fell as a nation. Sadhttp://washingtonexaminer.com/entertainment/movies/2011/12/porn-film-condom-proposal-qualifies-la-ballot/2037376?utm_source=feedburner+dcexaminer%2FApContentFeed&utm_medium=feed+AP+Content+Feed&utm_campaign=Feed%3A+dcexaminer%2FApContentFeed+%28AP+Content+Feed%29feed&utm_content=feed&utm_term=feed
http://ewallstreeter.com/jets-not-interested-in-peyton-manning-3704/?utm_source=dlvr.it&utm_medium=twitter
freedy [26],
Bullsh1t. They’d take Manning in a New York second. Sanchez would be laying with Jimmy Hoffa in the area of the old east endzone.
My bro is married to Czech nanny. They ‘ve been together for about 8 years and he is seeing an uptick in the request for nanny referrals. Her one friend that wants to break into the nanny biz is pricing herself out at $20/hr.
Foodstamps up. Nannies up. Real estate?
Don’t worry,,, Everybody knows that this news does not apply to NJ, We’re doing great here, no price declines, In fact home prices are rising and everything is wonderful in the great state of NJ. I was thinking of putting my 60 year old 3/2 ranch up for sale for about (oh 1 million dollars cause that’s what I NEED,,, SO that’s what my home has to be worth,,,,after-all I’m not giving my castle away) and then I’m going to pay off all my bills and move to somewhere like NC or FLA where home prices have declined and I’ll be living happily for the rest of my life on the money.
I can do this cause this is NJ and I’m a F***king dreamer.
Can Starbucks replace Kmart/sears stores ?
Funnel No.29 Fairy tales can come true they can happen to you! Love Mickey
Mike,
LOL!!
Nineteen of the 20 cities posted declines in October, with Phoenix the only exception. Prices went up there 0.3% compared with September.
Any Questions?
http://www.tmz.com/2011/12/27/joe-bodolai-saturday-night-live-dead-dies-suicide/#.Tvng2DVSS3M
Antifreeze/gatorade great combo to finish it
If you really want to piss off your wife just marry your nanny.
prtraders2000 says:
December 27, 2011 at 10:01 am
My bro is married to Czech nanny. They ‘ve been together for about 8 years and he is seeing an uptick in the request for nanny referrals. Her one friend that wants to break into the nanny biz is pricing herself out at $20/hr.
Foodstamps up. Nannies up. Real estate?
Home prices will end 2011 4.1 percent below a year ago for the second year in a row, as measured by the Federal Housing Finance Administration Home Price Index. Prices will lose a total of 8.2 percent over two years running but here is more bad news to come, according to Fannie Mae’s economists.
Fannie’s experts predict 2012 prices won’t be much better, falling an additional 2 percent during the first quarter and ending with a 0.89 percent year-over-year decline before home prices finally stabilize, turn the corner and slowly begin to improve the following year. They see prices increasing 2 percent in 2013.
16% or 309000 houses in NJ are currently under water and the foreclosure pipeline is clogged. Any questions?
Gary: Bergen county doing just fine. It’s close to NYC ,, does not apply
http://ht.ly/8b8Qd Happy Kwanzaa from Barry
10.7 million, or 22.1 percent, of all residential properties with a mortgage were in negative equity at the end of the third quarter of 2011.
No high paying jobs + increase in taxes + higher living costs = decline in house price.
http://www.msnbc.msn.com/id/45795148/ns/business-retail/?google_editors_picks=true
What were the odds that K-Mart and Sears would get hammered this holiday season? I have not been in a K-Mart in years until the other day. I had some Christmas lights burn out and needed to replace them. My usual sources were sold out so i went to K-Mart. Man, it was depressing. The store felt like it was lifted from 1975.
The only times I have been in a Sears store in recent memory is to return something that Little Shore received from Lands End. Their whole, everything-under-one-roof approach is as outmoded as the old general store. Rightly or wrongly, people do not seem to want to buy clothes from a store that also sells tires and hammers.
Got a great deal on a TV from Sears on the day before black Friday. Clearly they were gutting their margins even before the holiday shopping season had started.
Sagging home prices and 8.6 percent unemployment continue to weigh on U.S. consumers, Chris Christopher, an IHS Global Insight economist, said in a telephone interview yesterday.
“It’s not going to be a gangbusters Christmas,” said Christopher, who is based in Lexington, Massachusetts. “People are not doing that well. What’s happening with personal income and consumption is disheartening.”
re: #23 – InvestorX – Condo prices in Hoboken averaged monthly about 560 a sq ft back in 2007. Today we are down about 20% from peak to 465 a sq ft with monthly average prices starting in Jan 11 at 456 sq ft down to to 429 a sq ft and back up to $465 sq ft. We may end up with a $9 a sq ft yoy price increase in the hottest condo market in NJ? The numbers show 601 sales thru November. Inventory is high with allot of listing removed and the ones that did close show a discount off the ask. It is still a buyers market, the trend is flat but with a chance of decline especially with all of the changes down on Wall St, jobs that won’t be coming back as banks shudder entire units. The Euro Banks have to deleverage quite a bit. I doubt we will be hearing much from the Brits, French, Italians and others from Europe that have made Hoboken their home. Good news or Bad? I call it bad, but then again I have been on this blog way to long to find a silver lining in the condo market.
JJ – my tickets are up to $560 Section 134 double my money or go to the game?
Retail shuddering stores means bad news for the Fed they are going to have to buy up more commercial MBS.
Mike #31
I can really justify the million bucks,,,,If only you people would listen to me,,,,
I just put a brand new Delta faucet $189 retail in the kitchen, I changed a handle on the toilet $8.99, and planted a fern in the back yard $20 bucks. My sweat equity has to be worth something.
All I want for 2012 is to see Eddie Lampert on food stamps.
Or, he gets kidnapped again. By people who know what they’re doing.
Gotta spend this week building a &%%$#? Trampoline, downloading things, and trying to figure out this upgraded android keyboard.
And working off all the booze, prime rib, and cheesecake I ate.
I would first put them up for around $700 a ticket for a few minutes while you search recent sales. Stubhub only lets you search recent sales if you have tickets listed for that game. After you look at recent sales and see what they are actually going for. List prices don’t mean much then decide if you should list or go.
Other alternative is singles last minute go cheap, if you want sell and go by your self. However, that is only cool if you have someone to tailgate with and meet up with at halftime.
Juice Box says:
December 27, 2011 at 11:10 am
JJ – my tickets are up to $560 Section 134 double my money or go to the game?
I still have (somewhere in my mess of an office) a mass solicitation letter from Eddie Lampert, offering “select” KMart/Sears RE for sale. Too bad he waited to try offloading it until about 10 minutes before the entire market collapsed.
(40) shore
I’m waiting for the first survival preppers megastore to open up in some dying mall.
Nompounds r us?
I wouldn’t go to a Jets game unless they were giving away sniper rifles at the turnstiles.
plume (51)-
Great idea, but how would the store be able to handle sales of grenades and land mines?
Sears?
KMart?
I have to get my Air Jordan kicks somewhere. Ill just goto Walmart. Its great.
charts….charts, we need charts on case shiller. where r the charts?
Sears and Kmart are the only large general merchandise stores in Key West but hey you can’t have everything. The beach was full of bikini clad beauties this morning.
Local grocery store near me just put up a large sign out front. Food stamps now accepted.
This should be an excellent boon to local businesses.
This society is hopeless.
We need to gather all resources left and build a colosseum for gladiator battles. First battle will be Jon “The Bearded Bandit” Corzine vs Gerald Celente. Interesting tag teams could also be developed. That would be far more interesting than the Jets. Fans would be able to interact with the outcome. If the crowd favorite loses then the crowd could vote for the next opponent.
jj
Regarding I bonds. Where do you get them? I’m too skittish to even think about market investing right now….
Btw- found a nice all inclusive place right on the beach in delray – back to NJ in the morning!
sl
Funnel No. 46 New toilet handle?? OK would you take 975,000 and guarantee the kitchen faucet for life?
I could go for a little key west right now
Escapee, 56
Great opportunity to sell sunblock on the beach with free application included…I want to convince my son to become a dermatologist in s Fla.
sl
WASHINGTON (Reuters) – The White House plans to ask Congress by the end of the week for an increase in the government’s debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday.
The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.
The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.
I bonds are direct from the US Treasury. Pay 3.6%. Wall Street Journal was talking about them as they pay the highest risk free shorter term interest rate out there. Big catch is 5k only per SS number. So year end is good time to buy if you havent already. If the bonds are in your name tuition can be deferred till you sell and if you use it for tuition for your kid up to a certain income limit it is tax free. However, still always free from state and local taxes. I need to park like 50K in safe money but bank is crazy with rates and savings bonds and short term treasuries pay nothing
still_looking@the beach in delray says:
December 27, 2011 at 11:58 am
jj
Regarding I bonds. Where do you get them? I’m too skittish to even think about market investing right now….
Btw- found a nice all inclusive place right on the beach in delray – back to NJ in the morning!
sl
grim come on down and join us for new years day brunch on Little Palm Island
Sold for $849,000 in October, 2005, currently asking $600,000 – 140 days on the market:
http://www.trulia.com/property/3015678856-Single-Family-Home-Franklin-Lakes-NJ-07417
Any Questions?
“The beach was full of bikini clad beauties this morning”
Yes, but being so far from Manhattan, and with that distance incomes being so much lower, I hear that many of those beauties cannot even afford tops for their bikinis and need to lounge on the beach topless. It just sounds so sad to have to witness such a thing. I know you are green with envy when you think of those living on a midtown direct train line.
“The beach was full of bikini clad beauties this morning”
Yes, but being so far from Manhattan, and with that distance incomes being so much lower, I hear that many of those beauties cannot even afford tops for their bikinis and need to lounge on the beach t0pless. It just sounds so sad to have to witness such a thing. I know you are green with envy when you think of those living on a midtown direct train line.
With all the girls in bikinis on the beach the guys must be real losers if they are using their palms.
NjescaPee says:
December 27, 2011 at 12:08 pm
grim come on down and join us for new years day brunch on Little Palm Island
$850k with that kitchen? Good lord, it’s tiny, has cheap appliances, and still has the damn soffits. Even at $600k that kitchen is a joke.
Boat drinks
Boys in the band ordered boat drinks
Visitors scored on the home rink
Everything seems to be wrong
Lately, newspaper mentioned cheap air fare
I gotta to fly to saint somewhere
Im close to bodily harm
Twenty degrees and the hockey games on
Nobody cares they are way too far gone
Screamin boat drinks, something to keep em all warm
This mornin, I shot six holes in my freezer
I think I got cabin fever
Somebody sound the alarm
Id like to go where the pace of lifes slow
Could you beam me somewhere mr. scott?
Any ol place here on earth or in space
You pick the century and I’ll pick the spot
Oh I know, (I know)
I should be leaving this climate
I got a verse but can’t rhyme it
I gotta go where it’s warm
Boat drinks
Waitress I need two more boat drinks
Then Im headin south fore my dream shrinks
I gotta go where it’s warm (I gotta go where it’s warm)
I gotta go where it’s warm (I gotta go where it’s warm)
I gotta go where it’s warm!
I gotta go where there aint any snow
Where there aint any blow
Cause my fin sinks so low
I gotta go where it’s warm
jj- thanks!
Escapee- no Keys for us this trip, but probably next trip- we’ll see….
sl
Mike #59
Done deal,,, I’ll even throw in a good cleaning,,,,, Free of charge, See how easy it is to sell in NJ and people say we’re in a recession…. Happy holidays Mike
Thanx for the laughs….
Lets throw some gas on the fire, Can’t wait to see the responses to this one: Who’s going to be losing to the Steelers in this years superbowl ?????? Giants ? Jets? Green Bay???
gary (65)-
That place has 429K written all over it.
Funnel 71 Snow White will be so happy! A place for her Dwarfs to call home and Pluto has a yard to run about. I’ll have my lawyer Mr. Donald Duck get in touch with you for a very happy closing.
I could use a Belgian-style brew from St. Somewhere right about now.
SL we checked out the new Shula-burger in Islamorada last night on the drive back home from Ft Luderdale. Excellent blue cheese burger
Gary [65]; Grim [68];
My vote for most egreggious misuse of a fish-eye lens this holiday season.
Con’t [76];
Oh, and because the listing agent didn’t want it widely known (otherwise they would not have concealed it in the listing);
>the address of MLS 1130891 is 524 HADDON PL, FRANKLIN LAKES, NJ.<
[that's for the benefit of the search engine bots].
Sears going down the tubes. Consolidate and close the underperforming stores while stealing the decorum and ambience from Macy’s and Abercrombie & Finch and you’ll be competitive again. Make each section of the store appeal to sight and smell and you’ll have people picking up items for purchase. You get the idea. Sears still looks like… well… Sears. Change the logo to something modern and chic’. Why is this such a mystery?
Moose [77],
I’ve had agents in the past outright deny me to look at listings because they said I’m not allowed to see the address. Not just deny, but f*cking nasty about it. Just another reason why I hope most of the them are relegated to eating cup-a-soups in the back seat of a ’96 Ford Fiesta.
Moose – Whenever I see a listing with no address I always get skeptical. Honest question for agents on the board, what is the benefit of not listing the address? It’s not as if someone is going to buy the house without seeing it?
I have also noticed that the DOM section has been removed from listings on realtor.com. Another lame attempt at controlling reality. If I was really interested in a listing I would get my realtor to pull the MLS history for me, so what do these realtor’s think they are hiding?
More on Sears: If you’re audience are 22 year old chicks, place targeted lighting, make it look like a club, pump Ga Ga through a sound system. If it’s a 12 year old boy, make the clothing section look like a skate board rink, paint some NYC style graffiti on the walls. Get the picture?
But the realtor has a charming hound and a suit. Also, he got his hair cut just for the Glamour Shot. That’s gotta be worth at least a 25k mark up and a no haggle closing.
Many Realtors I know wear a blue smock with a happy face on the front these days.
Water always finds its own level.
[58] SL
IS there still a bar called Boston’s on Delray beach?
[53] meat,
“Great idea, but how would the store be able to handle sales of grenades and land mines?”
See DIY kits without the stuff dat go boom. They get their own black powder, C4, whatever.
I was there around a year or so ago, great bands play there. Right across street from Marriot Delray Beach
Comrade Nom Deplume says:
December 27, 2011 at 3:01 pm
[58] SL
IS there still a bar called Boston’s on Delray beach
[85] SL redux
Forget my question. In this day and age, it’s easier to google.
http://www.bostonsonthebeach.com/
Looks like they renovated since I was there last during spring break in the early 80’s. We had a family member’s place in Delray for spring break (free is good), and as soon as we landed, we went to Boston’s. What I remember was talking to this cute thing with a vague southern accent and asked where she was from. She said “Boston”. I said “really?” or something to that effect, but she persisted. So I decided to have some fun with her and just gushed about wanting to go to Boston, and what should I see, and where in Boston did you grow up? (she said “East Side.” There is an East Boston but no one calls it East Side, and due east of downtown is a harbor). Finally, she got a little curious about my cross examination so I showed her a Mass. license.
Then her friend came over, and I asked her where she was from, and in the worst imitation of a Boston accent ever by a southern belle from Auburn, she said “Bawstahn.” I could hardly keep a straight face, and her friend told her “sugar, don’t try it. They’re from there.”
Anyway, they were cool and stuck around. Good time. That’s what I remember of Delray Beach.
realtor in my nieghborhood favors flippers. I noticed houses that go for lowest prices are all she gets them at a good price and flipper agrees to use her on the resale. She was an exclusive on an estate sale a few months ago and took first offer from flipper friend on first day for around 4K below market value at 310 and flipper used her on resale at 440K. That way she got commission on 750K instead of holding out for lousy extra 30K
[87] JJ
And I bet you wore your Jets hat. Hey, its all good. And I don’t need to ask if you have a good war story or too from Boston’s.
This is classic!
http://www.youtube.com/watch?v=gh9dfaSOn5o&feature=player_embedded
When the “patriotic millionaires” went to Congress to argue for higher taxes on the 1%, the reporter, with iPad in hand set to the appropriate IRS website page, asked if they would make contributions to the US Treasury. What ensues is hilarity.
Payback’s a bitch!
“HELENA, Mont. (AP) — An Indian reservation in the heart of Montana’s farm country may seem an unlikely place to borrow a quick $600, but the Chippewa Cree tribe says it has already given out more than 121,000 loans this year at interest rates that can reach a whopping 360 percent.
As more states pass laws to rein in lenders who deal in high-interest, short-term loans, Indian tribes like the Chippewa Cree and their new online lending venture, Plain Green Loans, are stepping in to fill the void. The Internet lets them reach beyond the isolated Rocky Boy’s Indian Reservation to borrowers across the nation, while tribal immunity has allowed them to avoid bans and interest-rate caps several states have set. . . . ”
/snip
http://finance.yahoo.com/news/tribes-high-interest-online-lending-164851304.html
JJ, imagine not paying back these guys. They won’t blow off your kneecap, they’ll scalp you!
Democracy never lasts long. It soon wastes, exhausts and murders itself. There was never a democracy that did not commit suicide.
John Adams, Letter, April 15, 1814
US diplomat & politician (1735 – 1826)
“There are two ways to conquer
and enslave a nation.
One is by the sword.. The other
is by debt.”
John Adams 1826
The United States has accumulated more debt
in the last (4) years then from 1776 to 2000.
80 – Politburo says it was always about security for the seller. Online photos gave criminals an easy way to case out prospects, especially when photos or floor plans were included. When a house is for sale, and the neighbors know, signs of activity that might have been considered suspicious in the past are typically ignored. In addition, mom might be more inclined to open up the door to a stranger when she is alone with the kids. It isn’t a long shot, it’s happened. As an agent, we’re responsible for the security of the property. It’s why we have the radio-connected lockbox keys that record who was at the property and when. I’d like to say there is some sense of mutual property protection across agents and listings, but I know this really isn’t the case.
The MLS systems don’t constitute public information that is being hidden from you, as a buyer. It’s information that is the property of the members of the MLS, held as such to be able to facilitate broker cooperation (and more sales).
In reality? It’s about control of information. Isn’t that everything these days? Old schoolers would hate giving away addresses, as sellers would drive by something they liked, and just called the number on the sign and bought the place using another agent who didn’t do anything but answer the phone.
But, sometimes, Sellers opt out of providing that information, or opt out of having a sign on their front lawn, or their name attached to the listing too. It isn’t always the agent hiding information from you.
I haven’t been around here much in the last 6 months or so, with a new job and a house to take care of :/
Good to see Gary is still raging and Meat is still kicking. :)
We’re still in Milwaukee. Drove home to visit the folks in Ringoes over thanksgiving. Rt 80 in eastern PA is like a freaking Bavarian Autobahn compared to the crap roads we have out here, and I really miss the twisty back roads in Hunterdon Cty.
Anyway, last week we refinanced our 4.95% $207k 30 yr to 4.125% with USBank. I’m on pace to pay it off in 15 yrs, and was sorely tempted to do a 3.375% 15yr, but played it safe since we’re working on making kiddies.
Despite some minor maintenance issues and the $7k tax bill we don’t regret buying our house at all in Milwaukee.
Great backyard (bought a huge grill/smoker that saw plenty of use), huge garage for the cars and workshop, lovely kitchen and overall living space. We were very lucky to find such a place, otherwise we’d still be happily renting downtown.
The parents are still re-doing bathrooms and the basement on their place in NJ.
Back in 2006 I suggested they sell the place in and get a small condo or something… but they’re happy and not in any rush to retire.
How’s your place working out Grim? Sorry to have not been keeping up, surely you’ve been posting occasional updates. Any pics of the (completed?) kitchen?
81 – I thought JC Penney was actually doing a pretty good job of keeping up with the times. They replaced their archaic makeup and fragrance department with in-store Sephora mini-stores. I hear they’ve just inked a big deal with Martha Stewart to buy a minority stake that would allow them to add in Martha Stewart branded mini-stores. And didn’t they just buy the Liz Claiborne brand?
Did they finally bring in Ron Johnson (Apple CEO credited with their retail strategy), and Target marketing officer Michael Francis?
96 – I should post some new pics, I haven’t since we finished the kitchen/baths.
snowblowers – seeking recommendations on brand, model, hp, features etc.
new home has 2 car wide driveway that is about 75 feet long at its longest. Imagine it will be a pain if I don’t have a good enough snow blower before the inevitable big one hits us this winter….
Nom [91],
Funny, though it’s the “press” so you have to wonder how much editing went into it.
From CNN e-mail:
The Obama administration will formally ask Congress later this week to raise the nation’s debt ceiling by $1.2 trillion, a Treasury Department official tells CNN.
The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August. It’s expected to come on December 30 — the day the debt is projected to fall within $100 billion of the current $15.194 trillion ceiling. The new request asks that the ceiling be raised to $16.39 trillion.
According to the terms of the debt ceiling agreement, Congress has 15 days to pass a joint resolution disapproving of an increase, which President Obama is authorized to veto.
The new debt ceiling is expected to satisfy U.S. debts until the end of next year, according to the Treasury Department official.
i guess it is good news that another 10% in debt will get us through an entire year. Yippee. Praise the Lord and start the immolation.
Shore, it’s only paper chill man, everything is gonna be alright happy new year
NJE,
A trillion for every family! Why not. It is only electrons in a computer.
Why not? That should be.
Theo,
I have an Ariens and have been very happy with it. I would go with an electric start and get one size bigger than the biggest size you can see yourself needing. Also, with a drive that large, I would suggest one that has a light on it. In the final analysis, it is the HUGE snow storms when you will most need the machine; so, make sure it is up to the task.
shore (102)-
All fiat is dying. Soon, it will all be dead.
Real money will prevail.
Beggar thy neighbor is not sound monetary policy.
Yield must be paid.
All bad debts must be acknowledged and written off.
The machine of perpetual credit expansion will break down.
#74 Meat
I recommend St. Bernadus Abt 12.
Happy Holidays everybody!
99.Theo says:
December 27, 2011 at 5:23 pm
snowblowers – seeking recommendations on brand, model, hp, features etc.
new home has 2 car wide driveway that is about 75 feet long at its longest. Imagine it will be a pain if I don’t have a good enough snow blower before the inevitable big one hits us this winter….
If money is no issue, a 28″ Honda, otherwise a 28″ Ariens. I’ve had both.
beer (108)-
Guzzled a St. Bernardus Prior 8 last night. Nice call.
Then again, a Trappistes Rochefort 10 will always do in a pinch…
Let the games begin:
By Ramsey Al-Rikabi
Dec. 28 (Bloomberg) — Oil traded near the highest level in six weeks after Iran threatened to block crude transportation through the Strait of Hormuz, increasing concern that global supplies will be curbed amid shrinking U.S. stockpiles.
snip
Shore [112];
http://youtu.be/AjPBp6DOwgU
Nose; face, etc. They need to sell the oil more than we need to buy it. If they try to make it a partial blockade, we make it total. Then again, it might be handy to have a pipeline to the Alberta tar sands as backup. I remember the about ten years ago the last time there was a dust up over allowing drilling in ANWR – the greens poo-pooed it because we wouldn’t see any oil for ten years or more. That was only about what… 10 years ago?
Moose,
If you are going to post such a link, you should at least make clear what it is so that those of us who want to avoid such trash can avoid it.
Escapee,
How was the burger? I miss the keys…
Delray is okay and I loved being close enough to spit an olive pit on the sand from the hotel. Great for kids being that close.
sl
Nom, 88
Sorry, I just got to this right now- looks like you found it already.
We spent most of the time either on the beach or at relatives…I like the cool bar story.
sl
Nom,92
The interest rate is the real scalping!
sl
Meat,
My sister decided to sign up for sommelier training. Works in sales for drug co. But figures if they find a cure, she’ll eventually be out of a job. She’s an oenophile- collects all sorts of wine.
sl
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