From Bloomberg:
Home Sales Probably Increased in January
Home sales in the U.S. probably climbed in January to the highest level since May 2010, adding to evidence the housing market is regaining its footing, economists said reports this week will show.
Combined purchases of new and existing houses rose to a 4.97 million annual rate from 4.92 million in December, according to the median forecast in a Bloomberg News survey. Claims for jobless benefits held near the lowest level since 2008, bolstering consumer confidence, other reports may show.
A strengthening job market, combined with record affordability driven by the drop in home prices and mortgage rates, will probably keep underpinning demand. Nonetheless, the Federal Reserve and Obama administration are striving to find ways to lend the industry additional assistance amid concern that mounting foreclosures will continue to hinder the recovery.
“Home sales have bottomed, and from here on, we should see a moderate pickup,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York. “Hiring is improving slowly, so that’s helping.” More policy efforts are needed as “we still can’t rely on housing to recover on its own,” she said.
The National Association of Realtors will release data on existing house sales on Feb. 22. Purchases increased 0.9 percent to a 4.65 million annual rate, following a 4.61 million pace in December, according to the Bloomberg survey median.
All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.
John Adams
Read more: http://www.brainyquote.com/quotes/authors/j/john_adams.html#ixzz1mv6BKqRt
From the Star Ledger:
N.J. plan to turn foreclosed homes into affordable homes has potential
Vacant houses are the bad boys on the block: They inspire vandalism and other crimes, diminish surrounding house values and place entire communities at risk. The number of these eyesores multiplied as foreclosures mounted during the mortgage crisis and the recession, dragging down entire neighborhoods in some New Jersey cities.
Now, Sens. Raymond Lesniak (D-Union) and Barbara Buono (D-Middlesex) have introduced a bill that could turn this around by restoring and selling these homes, putting them back on the tax rolls and providing affordable housing at the same time. It’s a promising and creative approach.
The money to carry out the plan is there: More than $200 million is sitting unused in municipal housing trust funds across the state. It’s no secret that many towns would rather sit on the money than use it to build low-cost housing, but now they face a deadline: Use it by July or lose it to the state.
Enter the Foreclosure Relief Corp., which the Lesniak-Buono bill would launch to purchase unoccupied foreclosed properties, using, in part, those municipal housing trust funds. Municipalities have first dibs on the fund to purchase and market the foreclosed homes themselves. Or they can defer to the new corporation, which would use trust fund dollars and leverage additional millions of federal and state dollars to purchase, fix up and deed-restrict the homes for affordable housing for 30 years. Towns will get credit toward their obligation for low-income housing.
From Reuters:
Foreclosure abuse rampant across U.S., experts say
A report this week showing rampant foreclosure abuse in San Francisco reflects similar levels of lender fraud and faulty documentation across the United States, say experts and officials who have done studies in other parts of the country.
The audit of almost 400 foreclosures in San Francisco found that 84 percent of them appeared to be illegal, according to the study released by the California city on Wednesday.
“The audit in San Francisco is the most detailed and comprehensive that has been done – but it’s likely those numbers are comparable nationally,” Diane Thompson, an attorney at the National Consumer Law Center, told Reuters.
Across the country from California, Jeff Thingpen, register of deeds in Guildford County, North Carolina, examined 6,100 mortgage documents last year, from loan notes to foreclosure paperwork.
Of those documents, created between January 2008 and December 2010, 4,500 showed signature irregularities, a telltale sign of the illegal practice of “robosigning” documents.
It’s good that the Depression is over.
Good morning New jersey
I guess its time to Rush to your local realtor ‘s office and start . Hurry , prices will
never be this low. Spring selling season will be a boomer .
Can anyone answer a Social Security statement question for me? I know they will not be sending them out anymore to save costs. From the last one that came out in 2010 under estimated benefits it tells you at your current earnings rate if you continue working until you are 66 and 10 months old you will get about X amount of dollars and at 70 another X amount of dollars. MY QUESTION is where it says “If you stop working and start receiving benefits at age 62 your payment will be get X amount of dollars” Does this mean if I stop working now and don’t collect for another seven years etc. that is what my estimate is based on? Or you have to continue working until 62 to get that estimated amount? In the previous sentence it says “continue working” this one does not. Check your statement it can be taken either way.
Mike use the calculator at ssa.gov. It calculates based on employment info.
Maybe not so rosy for RE in China.
“New data shows a sharp slowdown in China’s property market, with prices generally flat or lower and one report showing no new homes were sold in Beijing during the recent weeklong Lunar New Year holiday. SocGen thinks the correction has further to run, while BofA/Merrill says the deterioration is supported by other data, including a slump in apartment sales.”
Mike ,they stopped sending the statements out because they know people now know it’s all a lie
This one is at 214 days on the market. The current asking is at 699K down from 725K. In 10/2010, it sold for $605,000. Previously, it sold for $650,000 in 06/2007. That’s three years and a $45,000 loss but hey, we’re all prestigious and have witnessed unicorns copulating.
I think it was renovated inside and out; thus, the asking price. Taxes are at 11K plus but we all know that’s a load of bullsh1t until you get the actual tax bill.
http://www.trulia.com/property/3058594888-21-Kayeton-Rd-Allendale-NJ-07401
The asking price on this one is about $100,000 higher than where it should be and the listed taxes are at $16,000 plus:
http://www.trulia.com/property/3032080122-7-Beresford-Rd-Allendale-NJ-07401
NJE No. 8 Thanks I didn’ t know that existed. You can enter differnent scenarios. Amazes me that there’s not much of monthly payout difference between now and then for me if I stop working. Maybe having paychecks going back to when I was 14 helps the situation. Thanks again.
A strengthening job market, combined with record affordability driven by the drop in home prices and mortgage rates, will probably keep underpinning demand. Nonetheless, the Federal Reserve and Obama administration are striving to find ways to lend the industry additional assistance amid concern that mounting foreclosures will continue to hinder the recovery.
“Home sales have bottomed, and from here on, we should see a moderate pickup,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York. “Hiring is improving slowly, so that’s helping.” More policy efforts are needed as “we still can’t rely on housing to recover on its own,” she said.
There are so many holes in the statements above, I don’t know where to begin.
Let me throw one tidbit out here: in the IT industry for the fortune 500s, I’m seeing salaries in a range for most roles that are 60% to 70% of what they were 5 or 6 years ago. In that time, the price of gas has doubled, property taxes have increased around 75% and asking prices for houses are reflecting a range that’s not that far from 2006. My common sense tells me that all industries are experiencing the same symptoms in regards to salaries. So, the question remains for housing in our area: who’s buying?
Gary: Its ok, everyone has a smart phone. Can they afford it? That’s another question
>>>The former have condemned Assad for the bloodshed and called for him to step down. Beijing and Moscow say all sides are to blame for the violence and the crisis should be resolved through talks, not foreign intervention.
China’s Communist Party mouthpiece the People’s Daily, in a front page commentary Monday, said: “If Western countries continue to fully support Syria’s opposition, then in the end a large-scale civil war will erupt and there will be no way to thus avoid the possibility of foreign armed intervention.”
A Chinese envoy met Assad in Damascus Saturday and backed his plan to hold a referendum this coming Sunday on a new constitution which would lead to multi-party parliamentary elections within 90 days.<<<
http://news.yahoo.com/syrian-security-forces-clamp-down-damascus-031120777.html
See this is what you get when the damn commies and the damn terrorists get together. What the hell does China mean about "foreign intervention" and what the hell is Iran doing sending damn ships to Syria? Tell you what, all of them have crossed a damn line as far as I'm concerned each and everyone of them needs their damn ass spanked. That stinking Putin is having his own election problems and has stolen it like this dirtbag Assad. There's no difference between the stinking commies and the terrorists and they all need to be treated the same.
#15 gary: Gary, gary, gary, the job market is feeling better. And we all know that as soon as someone gets a job the first thing they do is go out and buy a house.
Once you work 10 years, you fill all the potential buckets for SS (the program term is “Quarters of Coverage” of which you have 40 (10 years x 4)). The way you increase the payout is replacing a smaller bucket entry with a larger one. So your old jobs with low salaries cease to have an impact. The way you can increase your benefit should you have all the buckets filled with the highest eligible salary through the program is to defer taking payments. One you choose to annuitize the payments, the calculation is based on how long you are expected to live given your age.
Mike says:
February 20, 2012 at 9:07 am
NJE No. 8 Thanks I didn’ t know that existed. You can enter differnent scenarios. Amazes me that there’s not much of monthly payout difference between now and then for me if I stop working. Maybe having paychecks going back to when I was 14 helps the situation. Thanks again.
Tell you what, these damn people in Greece need to get the hell out of the damn street and take this damn austerity like a man. The poor banks got taken advantage of by a liberal spendthrift government and now it’s time to pay the hell up. That’s what you get when liberals are in control of any damn thing. They love to tax and spend like no damn tomorrow. The whole damn world will be better once this liberal scourge has been removed from office.
Hell, they’ve even tried to invade the republican party, but everyone got wise to this wolf in sheep’s clothing named Romney. You don’t get the damn people all excited with damn tea and then give them a liberal like Romney. Hell no and that’s why he’s got problem. Hell, even Santorum is a tad bit too liberal for my taste. Lindsay Graham would be just right for this damn country. I’d love to see him run with Sarah Palin as veep. Now that’s a winning ticket!
Essentially, a double wide, listed at $724,900 and taxes just north of $16,000 per year. I’m still waiting for a member of the RE industry who lurks here but doesn’t post to come out of the closet and provide justification:
http://www.trulia.com/property/3051539927-354-Pleasant-Ln-Haworth-NJ-07641
reinvestor101,
Please… seriously… it’s so annoying anymore it’s approaching torture. At least come up with a new handle and a new angle.
From SSA.gov:
Your retirement benefit is based on your highest 35 years of earnings and your age when you start receiving benefits.
If you stop work before retirement age
If you stop work before you have 35 years of earnings, we use a zero for each year without earnings when we do our calculations to determine the amount of retirement benefits you are due.
Even if you have 35 years of earnings, some of those years may be low earnings years. Those low earnings years will be averaged in, creating a lower benefit than if you had continued to work.
If you stop work between age 62 and full retirement age
You can retire before reaching full retirement age and receive reduced benefits. The earliest age you can start receiving retirement benefits is age 62. If you retire when you reach full retirement age, you will receive full retirement benefits.
If you stop work after full retirement age
If you choose to work beyond your full retirement age, you have two options:
You can work and get full retirement benefits no matter how much you earn,
or
You can delay getting retirement benefits and earn credits that increase your benefit amount.
#21 gary: Brooke Shields was born in Haworth?
3b [24],
I guess that’s the justification? :)
To Gary #15
You are correct. It’s not just IT, but healthcare & public safety. Nut it started a long time ago.
Used to be an EMT through the late 80’s and mid 90’s. I was one of the last to get hire with full benefits and pension credit in the last town I work for. Everyone hired after a year or two where “Per Diems” – aka -hourly & as needed. By the way the town I used to work for, about 2 yrs ago hired “Special” aka Per Diem Cops – 2 of them already arrested and one quit. Last time it happened in the 80’s led to corruption.
Later on I started to work in the Allied Health field in hospitals – All of the NJ Hospitals would hire only Per Diems with out benefits, hourly wage was a bit higher. NYC is different because of strong 1199 union does not tolerate it in its contracts.
But unless there is a strong union, or set civil service rules – most hospitals having doing this for over a decade.
Gary,
First of all, the place has nice windows onthe garage door. Second, it is the original owners who are selling, and it was “lovingly cared for.” Please ignore the fact that the place is vacant.
Gary,
In that 21 Kayeton Rd. property, when they say “practically every update done for you!” is that a reference to sticking the stove into a dreadful location in a corner right near an entrance to the kitchen or was tht a reference to installing a room air conditioner into the one wall (translation, this is the one spot in the house where you won’t sweat to death in summer)?
Not Gary [26],
I posted my updated resume on all the major job sites a few days ago. I received four phone calls this morning; all are per diem (temp) opportunities. There’s fewer and fewer permanent jobs and even less that offer benefits packages. I’ll survive, we’ll survive but our children are screwed.
Shore [28],
It’ll sit for another 214 days until the seller realizes there’s no one coming to bail them out.
If you really can’t afford Haworth , try the “white beaches”section of Dumont for a
double wide. Only 10k in taxes.
freedy [31],
Why, of course! And just a mile or so south of that, I can have a taste of diversity included in the price! ;)
re: #31 – Freedy here is white beeches most famous former resident, don’t worry the FBI dug up the yard so there won’t be any surprises if you dig for a pool.
http://en.wikipedia.org/wiki/Richard_Kuklinski
NSFW Valentines greetings from Lilyhammer and Steve Van Zandt:
http://www.youtube.com/watch?v=FHy3nNbvIpQ&feature=youtu.be
>>>>gary says:
February 20, 2012 at 11:05 am
reinvestor101,
Please… seriously… it’s so annoying anymore it’s approaching torture. At least come up with a new handle and a new angle.<<<<
If you're feeling tortured, that makes me pretty damn happy. Only liberals feel tortured when red meat eating conservatives speak the truth about the damn issues in the world. There's no one on the right who has any issues with what the hell I'm saying.
Tell you what—recant your liberal ways and join us on the right. That will do wonders for you, your family and your damn love life.
Dear All:
I invite you to go look at this property in Montclair. Before you go, look long and hard at the pictures of the house. When you get there the difference from the website to the actual house is something to behold. I could tell you but it would spoil the suprise!
http://www.realtor.com/realestateandhomes-detail/19-Franklin-Pl_Montclair_NJ_07042_M57439-54751
“There’s no one on the right who has any issues with what the hell I’m saying. ”
Hey Nancy boy. Theres noone onthe right who can decipher what you say. Kind of like Ted kennedy face down in his own vomit in bcak seat of my dads limo. it took me days to clean the crush velour to.
>>>Hey Nancy boy. Theres noone onthe right who can decipher what you say. Kind of like Ted kennedy face down in his own vomit in bcak seat of my dads limo. it took me days to clean the crush velour to.<<<
WTF? Another stinking damn liberal. Let's get something damn straight you liberal scum—I'm a red meat eating rock ribbed American and that means that I put America first and that's the whole damn thing us on the right understand and that's why no one on the right has any problem with people like me. People like you subscribe to the hate America first theory. You and your ilk disgust me. In this next election, we're going to rid America of this liberal scourge that has left us in debt with this stinking socialist welfare state. You make me want to throw the hell up.
Wuss.
gary [29],
If you go to major companies’ website directly, you will find some permanent IT positions. I got my job by submitting my resume to my company directly several years ago. If there is a company you would like to work for, try to contacting them directly.
Bob [39],
Thank you! :)
#13 Mike
You are only required to work and contribute for 10 years to be able to collect SS.
California thinks having foxes live in town is a big deal: http://www.latimes.com/news/local/la-me-kit-fox-20120220,0,2922454.story I wonder what they would think of NJ’s unicorns?
test
we have foxes in the keys
no unicorns though. do trannies count?
strange. Trying to post a 3 or 4 paragraph comment. I keep getting an error that reads, “Not Found
Apologies, but the page you requested could not be found. Perhaps searching will help.”
Come in, Stu… do you read us?
On occasion.
Upper west side. Nat Hist Mus. With two high maintenance girls. Oh the joy.
Hey Clot,
Are you writing uunder the name Michael Katz?
http://www.theatlanticcities.com/politics/2012/02/what-dont-americans-riot-anymore/1274/
Why Don’t Americans Riot Anymore?
America hasn’t had a rash of mass urban violence in a generation. In fact, the scene of burning inner cities is commonly linked with a single, now distant moment in U.S. history, at the height of racial unrest in the 1960s.
Urban riots, though, have periodically broken out around the world since then. Athens is on fire again. London combusted last summer, right around the same time violent protesters assembled in the streets of manufacturing cities in southern China. And then there was Paris in 2005. In many ways, it’s curious this hasn’t happened more recently in U.S. cities (or with the Occupy movement for that matter).
“Alienation, youth unemployment, distrust of police,” says University of Pennsylvania historian Michael Katz, “these things are surely as prevalent in the U.S. as they were in France.”
If anything, the conditions that fuel urban violence – income inequality, poverty, joblessness – are as disheartening in America as ever, in the wake of a deep recession.
“So why,” Katz asks, “had collective violence more or less disappeared from the streets of American cities?”
He tackles this question in a new book, Why Don’t American Cities Burn?, which he discussed Friday in Washington at a forum hosted by the New America Foundation. What’s so striking about his answer is that many of the trends implicated in our quiet streets are not necessarily good ones. It’s true, American cities aren’t burning. But we shouldn’t pat ourselves on the back just yet.
snip
3b.
Brooke Shields home sits on the corner of Haworth ave and Myrtle Street. Don’t know if she still lives there.
if you bing map it with birds eye view its the gated one with the turret.
49. Nom,
This is one of the reasons why God gave us grapes and yeast and brains to figure out how to make wine.
44
but yours look better in bikinis than the ones in the article from California.
Nom [49];
Doing the same thing Fri. Let me know how you fare. I made it the end of week so its a carrot to motivate my 6yo to not drive her mother to distraction while home from school this week.
http://molawyersmedia.com/blog/2012/02/20/mo-senator-wants-to-make-evictions-easier/
Ok seriously, wtf is up with this entire state? Do we need a full 6 years of recession before these people realize no one is going to pay them an ultrahigh price for their broken down updated in the 70s piece of trash home? I really don’t get it.
HALLELUJAH!!!!!!! Re:56 I am sick and tired of getting f”d by deadbeats. Doesn’t happen often but once is too much, especially if you go through the complete court systems.
I had an argument once with a judge, who threatened me with being out of order, even though tenant beat me out of $2,100.
All I asked him was how am supposed to pay my real estate taxes if he is giving the tenant an additional 3 weeks to get out.
[55] moose,
I wanted to slip valium into everyone’s ice cream, including my own.
More John Adams wisdom:
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There is never a democracy that did not commit suicide.”
“Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.”
Useful weblog, I actually watch for fresh news by you.
Again it’s boom in real estate section.. there has been lot of buying and sold of houses are taking place
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