From HousingWire:
CoreLogic: Clogged foreclosure pipeline in Northeast slowing recovery
Real estate data firm CoreLogic says recent employment growth, low mortgage rates and home affordability are signs of a breakthrough in the American economy.
CoreLogic released its latest MarketPulse report, showing new mortgage originations rose to $108 billion in October compared to $60 billion in May. Refinancings rose, as well, and represented 74% of all mortgage origination activity.
The Northeast provided the fewest regions to the list of top 50 housing markets. According to study co-author Sam Khater, this is due to the backlog of distressed properties on the market, adding that recovery will be slow until this “foreclosure clogging” is rectified.
CoreLogic listed the number of foreclosures per REO in 10 housing markets in the Northeast.
Good Morning New Jersey
Totally renovated – radiant heat, hardware floors, yada, yada. This was originally listed at $685,000 a year ago, currently at $559,000. Tick… tick…
http://www.trulia.com/property/3048230270-103-Elmwood-Ave-Allendale-NJ-07401
This sold for 740K in September, 2007. Currently, it’s listed at 577K which is less than what it sold for in 2003 at a price of 586K. 10 years, negative equity. Did Sue research this? I guess trying to impress friends and neighbors has a price. It’s going on its 3rd owner in 7 years.
http://www.trulia.com/property/3075302287-66-Gilbert-Rd-Ho-Ho-Kus-NJ-07423
Sold for $605,000 in Nov., 2007; currently listed at $435,000. Any Questions?
http://www.trulia.com/property/1043694817-827-Riverdell-Rd-Oradell-NJ-07649
Sorry, don’t have the number for Roto-Rooter. Anybody got some advice for removing the plunger handle that’s stuck up my arse?
Nice property, nice exterior appeal, some things I like inside, some I don’t. It was just reduced by $50,000 off the list. I’d be curious enough to actually tour the inside and of course, tell the realtor that the price isn’t there yet.
http://www.trulia.com/property/3074221258-3-Edgren-Way-Montvale-NJ-07645
4 – do you think that is fairly priced now? i am not that familiar with pricing in oradell.
Was at 588K six months ago, currently at 499K. Bilevels are nothing more than a raised ranch and have wasted space. I hate them but if the price creates pause, then anything is doable. This has a way to go, price wise:
http://www.trulia.com/property/3059648711-35-Amy-Ct-Woodcliff-Lake-NJ-07677
seif [7],
It’s on the corner of a busy street and the taxes are approaching 11K. I think the price is competitive but hey, the buyer dictates so why not let it sit. :) 3B follows that area closely so he could probably weigh in.
This is on a busy main road and just dropped 30K to 459K. They have a way to go.
http://www.trulia.com/property/3045396374-458-Forest-Ave-Paramus-NJ-07652
Careerbuilder CEO on CNBC says number of Finance jobs up 30% YOY and IT jobs up 18% YOY. February jobs number @ 8:30.
Could it be a better time to buy? God isn’t making any more real estate in Midtown-Direct towns. People are again spending more than they earn so housing is sure to take off like a shot soon. Buy now or be priced out forever.
Sold for 577K in mid 2004, currently asking 569K. Taxes are 15K…. taxes are 15K…. taxes are 15K. Any questions?
http://www.trulia.com/property/3065008104-13-Hampshire-Rd-Midland-Park-NJ-07432
Shore [12],
I heard that a friend of a friend of a realtor said that interest rates are at an all-time low and it’s never been a better time to buy. :o
13 – Buyers just LOVE those white formica kitchen cabs with the oak rails, especially when they can get them for under $600,000. They were SO HOT in the 80s.
Almost as sexy as the 1/2″ plain white laminate euro-style cabs with the bent-tube D-shaped handles, you know the kind. Most had the brass-colored (and now have a wonderful patina) handles, but the real players had the colored versions. Red stands out as particularly desirable these days.
grim [15],
When I saw the kitchen, I said “ugh”!
looks like it is in the Drug Free School Zone
Gary,
You are lucky to know people who are so well informed, otherwise you could get left standing on the sidelines when your friends are moving into their new property-tax-generating units, um, I mean houses.
Gary (6):
Holy ugly kitchen design and I would bet it was done recently.
20 – 80s as well, I know the style, that’s an old sub zero too, so it wasn’t a cheap kitchen back then. If you had the time, I bet you could take those cabinets back down to bare, refinish them a distressed black, replace the appliances, light gray granite countertops (marblish-look), cheap marble backsplace, replace that top trim with crown, lay down some dark cherry distressed laminate, and it’d look halfway decent.
Sold for 812K in late 2006, currently listed at 695K. And since it has a 70s style beamed ceiling in a wasted room, the seller needs to be slapped and reduce the price another 10% while begging for forgiveness:
http://www.trulia.com/property/3070264787-35-Glen-Hook-Rd-Hillsdale-NJ-07642
The problem with pricing is that all it takes is one imprudent person overpaying for a house in a given town or area for all the other sellers to conclude that they are “entitled” to a similar price. For those lucky enough to fid a sucker, I say good for you. For those hanging on in the hopes that they also find a sucker, I say good luck. As for the people who want to buy and do not want to over pay, I say there are worse things than not buying a house in THE PERFECT (insert geographic region here — County, town, neighborhood, street, yadda, yadda).
I have the property I need. Are there others I want, you better believe it. Nevertheless, overspending on a house is not like overpaying on dinner or a bottle of scotch. It is too big an expense to become dissociated from economic reality.
#2 Gary:
Sold in ’96 for $175,000. Hard to believe. Someone got a deal.
Jobs: +227 K
227k jobs in February, December revised up to 223k from 203k, January revised up to 284k from 243k
Unemployment unchanged at 8.3%
#23 – DING! DING! DING!
there are buyers for a lot of reasons and one guy who steps in because he can/needs/to/whatever can f it up for everyone else.
POS [24],
Yeah, but it’s different here. Salaries increase 5% YOY, only blue ribbon produce is sold at the food markets, every child gets a pony and it rains only on Tuesdays.
#7/8 gary/seif: Corner of a busy street as noted and 11k taxes, not there yet price wise. IMO 350-375K, tops. And if they get 375k they should be over joyed. Also the funding issue fight with River Edge needs to be watched closely.
Listed my sister’s house for sale. By the weekend, 5 houses in town reduced their price to be competitive. One of the LA’s for a house a few blocks away stopped by to take a look, she was clearly ticked, since her listing has absolutely no chance of selling with this on the market (crap flip job priced a whole lot higher).
grim [31],
You’re a menace! A rogue agent! Nice work! :)
U-6 did fall to 14.9% from 15.1% though, despite an increase in participation rate (which is why the headline U didn’t fall).
There/Clot: Thanks for the contact info from yesterday.
A granite topped wet bar in basement!! Quick, breakout the Burt Bacharach records and pour me a Martini and Rossi! And, there’s a sewer easement running through the property! Ugh!
http://www.trulia.com/property/3055122126-167-Ivanhoe-Dr-Paramus-NJ-07652
If you would rather a house but a shack will have to do, then the below listing is for you!!!
Taxes are a very 1990’s like $6500.00 Sold for 225k in 01, 159K in 19998
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1207834&dayssince=&countysearch=false
35 – Pink and floral patterns make me violently angry.
Seriously?
http://www.trulia.com/property/3070747059-97-Stony-Ridge-Dr-Hillsdale-NJ-07642
38 – Absolutely, it’s a gorgeous Tandy and Allen Ranch with so much to offer!
Tandy and Allen need to offer a kidney, a lung, some financial compensation and some hookers and blow.
News outlets will spin this as a good thing. “See it hasn’t gone up. O is doing his job holding the line.”
27.grim says:
March 9, 2012 at 8:32 am
Unemployment unchanged at 8.3%
Dont laugh. I am having trouble finding people to hire. Everybody good has a good job or wants a big raise.
You ask what about all those people in Finance who got let go in 2008/2010? They left the industry, became housewives, retired or are still looking and the stink of unemployment has left them unemployed.
Recruiters are only looking for currently employed people in finance who never lost their jobs during 2008-2011 or newly minted college and MBA grads who work cheap.
The long term unemployed skill set has dimished and are highly bitter. They are a toxic brew. Most employers would rather have a fresh faced kid out of school cheap or pay a highly paid experienced guy big bucks and get it turn key.
gary says:
March 9, 2012 at 7:51 am
Careerbuilder CEO on CNBC says number of Finance jobs up 30% YOY and IT jobs up 18% YOY. February jobs number @ 8:30.
Re: ugly laminate kitchen cabinets
When I bought my house years ago the kitchen cabinet exteriors had ugly Formica laminate glued on the sides of solid wood cabinets and Formica laminate doors (made of particle board) – think Euro look. But the interiors of the cabinets themselves (shelves, the box itself) were gorgeous custom built furniture-grade solid wood (I think maple). So I left them alone.
But where do I go to get the crappy doors replaced and the sides of the cabinets refaced/redone? Any recommendations ? ( I’m in the Verona/Montclair area.)
There is no way I am getting rid of the cabinets themselves – those shelves/cabinets are so well built that they hold amazing amounts of stuff. I can’t even imagine the cost these days of buying new cabinets of that good quality .
gary: You made my entire day….nice job this morning….I can skip the coffee….
Steal talent from another firm. It happens here all the time. They usually leave right around bonus time. They collect the check, cash it, and see ya…
42.Brass Balls AKA JJ says:
March 9, 2012 at 9:20 am
Dont laugh. I am having trouble finding people to hire. Everybody good has a good job or wants a big raise.
You ask what about all those people in Finance who got let go in 2008/2010? They left the industry, became housewives, retired or are still looking and the stink of unemployment has left them unemployed.
Recruiters are only looking for currently employed people in finance who never lost their jobs during 2008-2011 or newly minted college and MBA grads who work cheap.
The long term unemployed skill set has dimished and are highly bitter. They are a toxic brew. Most employers would rather have a fresh faced kid out of school cheap or pay a highly paid experienced guy big bucks and get it turn key.
Really can’t you just make the doors. I did this a few years ago on a house. Just took shelf out went to a lumber yard bought same nice interior wood then used ugly doors as template to cut new doors. Took an afternoon. Now stripping the sides which take getting cabinets off wall onto sawhorses and stipping sides and restaining. Really a weekend job. Do it your self like 200 bucks. Hiring someone like at least 2,500 bucks.
Sima says:
March 9, 2012 at 9:27 am
Re: ugly laminate kitchen cabinets
When I bought my house years ago the kitchen cabinet exteriors had ugly Formica laminate glued on the sides of solid wood cabinets and Formica laminate doors (made of particle board) – think Euro look. But the interiors of the cabinets themselves (shelves, the box itself) were gorgeous custom built furniture-grade solid wood (I think maple). So I left them alone.
But where do I go to get the crappy doors replaced and the sides of the cabinets refaced/redone? Any recommendations ? ( I’m in the Verona/Montclair area.)
There is no way I am getting rid of the cabinets themselves – those shelves/cabinets are so well built that they hold amazing amounts of stuff. I can’t even imagine the cost these days of buying new cabinets of that good quality .
Don’t want “flatleavers” I want someone who is at a horrible place that makes you work late
Brian says:
March 9, 2012 at 9:44 am
Steal talent from another firm. It happens here all the time. They usually leave right around bonus time. They collect the check, cash it, and see ya…
#39: Why on earth do listing agents insist on “marketing” properties with dark, blurry photos? Jeez. Also…why highlight the crap furniture of the current owners? If I have to sell my house, I want it staged. My stuff isn’t good enough to highlight like this. As for a “Tandy Allen Ranch”, I’ve seen enough stuff at Retro Renovations blog that if everything was original, they’d call it a “time capsule house.”
Dima #43: Sima: You can do the refacing yourself. It is not difficult, and there are plenty of places to get the stuff. I got mine here: http://www.kitchendoorsonline.net/. They were great, worked with me on measuring, good prices.
The choices were very limited when I got my supplies, so I ended up with oak, but as oak goes it’s pretty nice. I ended up getting laid off in 2008 and landed in a job where I work 80 hours a week so haven’t had time to finish it, but you can see some of what I did here: http://www.flickr.com/photos/8864751@N02/sets/72157627486699406/
No need to hire people to do this. Pick up a copy of Herrick Kimball’s book on refacing cabinets and follow the instructions. You can do a better job than any pro will do, because Kimball shows you how to wrap the veneers around the face frames, which the pros don’t do.
E-mail me if you have questions: brilliantatbreakfast at gmail.
gary [8] I grew up in a Morris County neighborhood that had a mix of mid 60’s house designs. Many were bilevels, but more like a bilevel on steroids. They had two car garages kicked completely out from under the house making the lower level the same size living area as the upper level. On top of the garages was a huge concrete patio off the kitchen. They ran about 3000 square feet of living area, but had the typical half flight up/down entrance of a regular Bilevel.
I lived in Long Island in the mid 90’s and a lot of realtors insisted on calling Bilevels raised ranches. It used to irk me.
Bilevels are nothing more than a raised ranch and have wasted space. I hate them but if the price creates pause, then anything is doable. This has a way to go, price wise:
gary (11)-
This is a guy who advertises with monkeys. Simply talking his own book.
gary [38] – You pretty much have to list that house at close to $700K, otherwise someone will think something is wrong with it if it’s listed too cheap but still has a $16K tax bill.
Seriously?
http://www.trulia.com/property/3070747059-97-Stony-Ridge-Dr-Hillsdale-NJ-07642
ChiFi [44],
I’ll be back to doom and gloom and ranting soon enough. :)
Reality diverges from propaganda yet again.
“While not shocking to most, the jump in temporary workers that we cited earlier is perhaps the biggest indicator of job ‘quality’ gains. As we discussed here last month, the US market economy remains mired in a low quality (“first-fired, first-hired categories rather than the type of core hiring that would build a stronger foundation for income growth,” as FTN’s Jim Vogel describes it) recovery. About 160k of private jobs added in Feb are ‘low-paying work’ which left average hourly earnings up only 0.1% (notes David Ader at CRT) – hardly the recipe for a sustainable recovery and perhaps the slow leak in stocks post the number is the rude awakening to that reality. As w enoted before, “not only is America slipping ever further into a state of permanent “temp job” status, but that a “quality analysis” of the jobs created shows that the US job formation machinery is badly hurt, and just like the marginal utility of debt now hitting a critical inflection point, so the “marginal utility” of incremental jobs is now negative”
http://www.zerohedge.com/news/part-time-economy-redux
I want everyone to read what Meat posted [54] above. Read it until you have it memorized. I’ve been living this existence for over 3 years now and preaching the word almost every day. It’s coming to a theater near you very soon.
Bunch of BS. We all know the average salary in Blue Ribbon Train Station Bergan County towns are at least 500K a year, even the maids have maids, heck even the maids maids have maids, the streets are paved with gold out there.
gary says:
March 9, 2012 at 10:17 am
I want everyone to read what Meat posted [54] above. Read it until you have it memorized. I’ve been living this existence for over 3 years now and preaching the word almost every day. It’s coming to a theater near you very soon.
Sounds like you are looking for Gary.
47.Brass Balls AKA JJ says:
March 9, 2012 at 9:47 am
Don’t want “flatleavers” I want someone who is at a horrible place that makes you work late
Post #54 is absolutely correct. I don’t know of anyone getting a “real full-time job” at any level – only freelance or contract jobs (with zero benefits). This is for people in their 20s, 40s, and 50s – in the fields of pharma, advertising, IT, insurance, and video.
But I recently read 2 long articles in Fast Company (Feb.2012) about how people mainly in their 20s and 30s are the “Generation Flux” and how they jump from wonderful job to wonderful job, not holding any longer than a few years, and how this is the wonderful new normal. It was all portrayed in glowing terms, and I just kept thinking to myself – how come the downsides of all this is not discussed? Brainwashing for the sheeple…
By the way – thanks for the cabinet refacing info. and advice.
“floral patterns make me violently angry.”
Ahh, the Laura Ashley defense.
The jumping around is insane. I’ve been at my current gig since early 99. Before that, I got my toes wet for over 5 years at a boutique agency where I did pretty much everything.
I noticed it happens more often in the finance business. Not so much my line of work. A company may want to sell a new product that’s hot or they want to diversify their product line so they steal an expert in that product from a competing firm. Recently 2 PM’s here went to Pimco to help them start up an equity value fund. As soon as they collected their bonus checks, they were gone. People here were saying ’tis the season’.
Libtard in Union says:
March 9, 2012 at 10:44 am
The jumping around is insane. I’ve been at my current gig since early 99. Before that, I got my toes wet for over 5 years at a boutique agency where I did pretty much everything.
Stu,
Are you heading over to Düsseldorf for the show later this spring?
Oil climbed for a third day in New York after the U.S. boosted payrolls more than forecast, bolstering optimism that the world’s largest economy and fuel demand will grow.
Heating oil, gas for car, cost to take a cruise or buy a plane ticket are crazy up in just the last month alone. If it keeps up I can’t imagine March numbers are going to be as good as Jan/Feb when fuel costs were a lot less.
In other news, it has been discovered that you can’t buy a house on the income from three part-time menial jobs.
Get back to work, drones.
If Greece was a nation of tax evaders before, imagine what’s going to happen now…
Clot,
In Greek, doesn’t “tax” mean “tip”? So, a tax is something one gives freely, or not, depending on how pleased one is with government’s service.
More Boomers Selling Homes, But Who Will Buy Them?
http://www.cnbc.com/id/46667801
Baby Boomers putting their house up for sale could flood the market in coming years, while the younger generations may not be interested in buying, a new report says.
“It’s already happening in some states like Michigan,” says Rolf Pendall of the Urban Institute and a co-author of the report by the Bipartisan Policy Center.
“Seniors there are already putting their homes on the market and the absorption of housing is less and creating more inventory,” Pendall explains. “There’s hesitancy on the buyer’s part.”
As boomers downsize because of retirement, finances, health or death, they’re expected to release some 26 million homes onto the market by 2030, according to the Policy Center paper.
The problem is that echo-boomers, or Generation Y—those born between 1982 and 1995—may not be buying up the inventory, says Pendall, whose retired mother is trying to sell a home and downsize.
“Whether it’s jobs, confidence, tight credit or a slowdown in immigration, there could be a real slowdown in buying from the younger generation,” Pendall explains.
The Bipartisan Policy Center’s report states that young adults are struggling with higher levels of credit card and student loan debt than their elders—some of which could take decades to pay off.
Couple that with the current housing struggles and the report concludes that young people are just not in the buying mood—now or anytime soon.
“Certain areas of the country are better off than others,” Pendall says. “But if we look at the Northeast and Midwest, seniors are going to be putting homes on the market and moving to warmer climates. That means more inventory to sell. Housing will depend on the echo-boomers, and it’s not known what they will do.”
But some analysts don’t see the explosion of seniors selling homes as a hit on housing.
“It’s not that big because when you look at the market, it’s pretty good right now and getting better,” says Walter Maloney of the National Association of Realtors (NAR).
“Besides, seniors have been selling homes for years, and overall inventories are going down. We believe there is pent-up demand,” Maloney adds.
Some experts say a final verdict on any kind of senior housing glut is too hard to make right now.
“The extent to which baby boomers unload their homes is a projection at this point,” says Greg McBride, senior analyst at Bankrate.com.
“I think it ignores the impact of foreign investors buying homes in the U.S.,” McBride argues. “The decline of the dollar and the global expansion of the middle class is bringing in plenty of buyers.”
But even as domestic and foreign investors help improve housing markets such as Miami there may not be enough of them to soak up the homes, says Pendall.
“The sheer number of retirees putting homes on the markets will be overwhelming,” Pendall says. “Investors can’t make up the whole difference.”
The number of homes on the market has declined in the last year. Some 2.3 million are currently for sale—down from 4.4 million in July of last year, according to the NAR. It also takes a much shorter time to sell a house—24 percent of homes on the market are selling in less than three months, down from six months in early 2011.
But other numbers are going up. Since 2011, an estimated 10,000 people in the U.S. turn 65 every day, according the Bureau of Labor Statistics. That’s up from 7,000 in 2010. Meanwhile, about 6,000 to 10,000 people retire each day.
Many of those seniors will vacate their current residence to move into nursing homes or be forced to sell because of financial reasons, the death of a spouse or because the house is just too big to maintain.
Admitting that it’s hard to say exactly what will happen to housing in the years ahead, Pendall argues that some sort of national housing policy is needed that will help both buyers and sellers at any age.
“It’s government and markets too. We need to look at the financial system, tax incentives and why credit is so hard to get these days,” says Pendall. “We need to prepare for what’s ahead.”
Sell? Sell to whom?
[67] As boomers downsize because of retirement, finances, health or death…
LOL
All my boomer friends have 2-4 kids, you would think there would be plenty of people to sell to. 1985-1987, 1993 to 2001 and 2004 to 2008 were big birth years when economy was good. They are all coming to the market as boomers retire.
#60 Lib: On another note, fighting with my self again, 20% down FHA, (with insurance) piggyback, loan??? Can you give me your thoughts again on the pros and cons?
Shore [23]; seif [28];
That’s the bad part about shopping in the spring. You’re not competing with other buyers, you’re competing with the seller’s wet dreams about the two suckers about to walk through their door and start a bidding war.
I can acecpt and even compete with reality; not with fantasy.
Lots of sellers come home to Jesus at Christmas.
I thought in yesterday’s post people were complaining the immigrants were buying up the homes in their neighborhood. Either people are buying or they aren’t. Which one is it?
70.Brass Balls AKA JJ says:
March 9, 2012 at 11:56 am
All my boomer friends have 2-4 kids, you would think there would be plenty of people to sell to. 1985-1987, 1993 to 2001 and 2004 to 2008 were big birth years when economy was good. They are all coming to the market as boomers retire.
#54: You cannot have a housing recovery with this kind of job insecurity. Hubbie is jumping through hoops just to get 6-month contracting jobs for twenty-five bucks an hour. “Temp to hire” means that they hire you “permanently” for twenty bucks an hour to pay for the benefits that they still don’t give you — and that’s if they even hire. If I wasn’t working where I’m working, we’d have to put the house on the market as is, price it at $250K and hope we could dump it. Then it’d be move to NC or Florida and hope we could find employment at Trader Joe’s. He has over 20 years tech support experience WITH keeping up with current technologies, I have a master’s in MIS and varied background in IT, marketing, copywriting, and a million other things. And without my current jobs I am at best in a Hawaiian shirt on my feet all day extolling the virtues of frozen linguini in clam sauce (which IS very good, actually, I might add…).
Brian [73];
I thought in yesterday’s post people were complaining the immigrants were buying up the homes in their neighborhood. Either people are buying or they aren’t. Which one is it?
I was out-of-pocket yesterday, but it seems to me that if what few sales there are, are sold to imigrants, well there you have it.
My experience is that the sold/ask spread this Spring is wider than ever. The only thing selling is what sells cheap – either trash that needs extensive fixing or a capitulated buyer (2+ years on the market). LAs reaching WAY up to justify their asking prices.
Jill [74];
Go Galt!
[b][url=http://www.jambase.com/Fans/BlogPost.aspx?UN=lobuedry1eye&StoryID=84492
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[67] escapee
Interesting. I had made a prediction about 17 years ago that we would see this.
I wish I put my money where my mouth was.
Don’t worry…Romney will be building Foxconn-style dorms for all Americans soon:
But in an answer warning against the dangers of over-regulation, Romney chose a curious example to tout free enterprise: China.
I got the chance after I lost to John McCain last time, to go over to — that was the good part of losing — I got to go to the Olympic Games in China. It’s pretty impressive over there how quickly they can build things, how productive they are as a society. You should see their airport compared to our airports, their highways, their train systems. They’re moving quickly in part because the regulators see their job as encouraging private people. It’s amazing. The head of Coca-Cola said the business environment is friendlier in China than in America. And that’s because of the regulators. That’s because of government.
They’re also moving quickly, of course, because China’s communist government can seize property by fiat and marshal state-owned industries to build large projects. While much of China’s economy is capitalist, Romney’s praise of infrastructure projects like roads and airports seemed to be an odd defense of centrally-directed economics.
“Are you heading over to Düsseldorf for the show later this spring?”
Shore…They don’t even let me go to Chicago anymore. I used to travel a lot. Now the farthest I go is Tewksbury, Mass.
Looking for a contract job can be frustrating beyond belief, especially when the recruiters for the job are located in another country and can barely speak English, and don’t know jack about the jobs being discussed or where they are actually located (for example, to them Maryland is located next to New Jersey – it’s as if all the states are neighboring towns). And their obsession with age. The worst was when my husband appied for a contract job in Wayne and had his fate decided by a clueless person in India.
Downward spiral……
http://www.nj.com/news/index.ssf/2012/03/casinos_end_aces_express_train.html
When does it all end?
reality tv show Jill or rich second husband. that is how ladies in NJ make money.
I know you have an MIS but in grad school the MRS is a better degree.
Actually Trader Joes pays pretty well and gives benefits. But pretty well is for a college kid. Sadly housewives have it the worse. When they want to go back to work after staying home 15 years the best they can get is Trader Joes. Hubbie is like really that weeks paycheck is like two days interest income, and I got to come home to a dirty house for this.
Luckily bull market is back and housing is recovering so we can all go back to day trading and flipping houses.
Jill says:
March 9, 2012 at 12:40 pm
#54: You cannot have a housing recovery with this kind of job insecurity. Hubbie is jumping through hoops just to get 6-month contracting jobs for twenty-five bucks an hour. “Temp to hire” means that they hire you “permanently” for twenty bucks an hour to pay for the benefits that they still don’t give you — and that’s if they even hire. If I wasn’t working where I’m working, we’d have to put the house on the market as is, price it at $250K and hope we could dump it. Then it’d be move to NC or Florida and hope we could find employment at Trader Joe’s. He has over 20 years tech support experience WITH keeping up with current technologies, I have a master’s in MIS and varied background in IT, marketing, copywriting, and a million other things. And without my current jobs I am at best in a Hawaiian shirt on my feet all day extolling the virtues of frozen linguini in clam sauce (which IS very good, actually, I might add…).
http://www.nj.com/news/index.ssf/2012/03/shooting_at_woodbridge_center.html
Careful when you in those malls
http://www.nj.com/news/index.ssf/2012/03/31_charged_with_fraudulent_col.html
Yo,whats the problem?
funny bank loan story
My brother in law is buying a restaurant, and I’m coming in as a minority partner. I need to bring some money to the table, but I don’t want to deplete my entire bank account. I figured getting a loan would be pretty easy considering:
1) I rent, therefore no mortgage
2) I am fully employed in a fairly well-paid and unrelated occupation
3) I have enough cash in the bank to fully collateralize the loan
So I’ve been to two local banks so far, and one said it will be difficult, and the other said it will be impossible to get a loan. We’re talking about a loan that is less than 1/3 of my annual income and fully collaterlized by cash. I’m astonished.
Also, to the NJ homebrewers that read, there are two fairly new shops in the area I just heard about, Cask and Kettle in Boonton and Love2Brew in North Brunswick. I plan on hitting Love2brew this weekend for some bottling supplies.
3B,
You’ve just got to run the numbers. If you really (not like marriage which is a 50/50 proposition) plan to be in that house for the long haul (don’t need mobility for your career), avoid paying the insurance as you are throwing the money away. After 20 years, and especially if you’re handy, it’s cheaper to own a depreciating asset than it is to rent. Unless of course, you bought at the peak (right Gary?). The advantage of the piggy back 80/10/10, is that you avoid insurance and pretty much have 5 years to see if mortgage rates go lower or if housing prices drop further (you only have 10% of your own skin in the game) since you only put 10% at risk. Truthfully, I doubt anyone here except for Freedy is willing to default anyway. The time for this to have made sense is probably long gone now anyhow.
I haven’t looked into the details of the new FHA changes (reduced insurance), but you still end up paying more interest as the loan is larger when you put down less of your own money.
Once again, I would break out the calculator and look up what the monthly nut looks like for each scenario. I’m guessing the 80/10/10 will still be the smartest move for someone with the 20% down and good credit. It costs the same as an 80/20, but you get a chance to refi again with little penalty if the rates change in your favor. If housing implodes again, you walk away losing 50% of your DP instead of 100%, but really…you’re not buying a home to walk away from it.
[86] You want to collateralize a loan with cash? Isn’t that like leaving a dump truck full of topsoil as collateral for taking another dump truck full of topsoil away and paying interest until you return the topsoil a wheelbarrow at a time?
…and then take your own topsoil back?
jill (74)-
Imagine how bad it’s going to be when it gets to the point where we can’t even sell each other hamburgers and overpriced craft beer.
[86] daddyo
North Bruns? I think I may just see you there.
[80] libtard
“Now the farthest I go is Tewksbury, Mass.”
My sympathies. I’d rather be stuck at O’Hare than in Tewksbury.
[79] seif,
We are also going in that direction (centrally planned economy) under Chairman O, but the only difference is that the major employers in China are domestically owned, and ours won’t be.
daddyo (86)-
They aren’t making the loan to you because it is for a restaurant.
The fail rate for new restaurants is close to 100% within five years.
If AQ had real guts, they’d cap Bojangles and the Mormon wacko at the same time for us.
plume (93)-
You’re confusing employment with slavery.
[79] seif,
Something like these?
http://en.wikipedia.org/wiki/File:Ccc_michigan_camps.jpg
3B [71];
Depends on the situation. I was looking for a piggyback 80-10-10 on one property because I needed to keep cash in reserve for renos after closing. Was not happy with the options presented. Turns out it was cheaper/easier to eat an up-front MI premium rolled into the principal, which is the way I wanted to go until the seller shat his brains out his arse and spiked the deal.
If you’re putting 20% down (or really, anything more than 3%), why f— w/FHA? Is it a rehab?
#87Lib: Thanks again for the insight. I will run the numbers over the weekend.
#98 Anon: I could do 20% but don’t want to put all that money down as I believe prices will continue to fall, and I like my money. FHA is 3.5 down (as you know), but than another $300.00 a month in insurance. I could do 80/10/10 and avoid the insurance, or 80/15/5 but than there is PMI, or 80/10/10 and avoid the PMI.
Also I just finished paying for one college and I am paying now for another, so I would like to preserve cash too.
Sima #81: Looks like we have more in common than just cabinet refacing. ;-)
Love2brew is on just off Rt1 in North Bruns.
And I’m scared of restaurants too, but he has a great track record, and the loan is a personal loan against me, not one in which I can hand them the keys and walk away.
Glad we made our exit early.
Comrade Nom Deplume says:
March 9, 2012 at 12:56 pm
[67] escapee
Interesting. I had made a prediction about 17 years ago that we would see this.
I wish I put my money where my mouth was.
““Now the farthest I go is Tewksbury, Mass.””
Tewksbury, MA, whose City Motto is: “Tewksbury. At least we’re not Camden, NJ”
Check your fees if you are talking piggyback, also make sure you understand what you are paying for that piggy in the long term (what’s the rate, how much are you paying in interest?).
It may make more sense to go 90/10 with PMI and aggressively pay down when you get the chance (tax returns, bonuses, etc). PMI goes away when you hit the 80% mark, so you aren’t chained to it like FHA. Financing is typically much easier as well. I’ve never seen preferential rates for 80/20 vs 90/10 either, so if you are talking about long haul, you are locking in at the same cost.
Jill #101 – Yup…. contract jobs and refacing cabinets go hand in hand.
It’s called really stretching the dollar. Forget about anything new – that’s a nice memory.
Multiply this reality for all the unemployed/contract/freelance/underemployed Americans – in the end I just don’t see how the economy can recover with noone able to spend money.
#106: If you decide to try refacing yourself, let me know what you do with the interiors…I can’t for the life of me decide what to do.
Just as an aside: You might consider just painting the boxes and getting doors to match. I’m still considering painting mine white or cream just because I haven’t even finished and I’m sick of oak already.
OR…if you are really good at visuals, you can check out Green Demolitions on Rt. 46 west in Fairfield and pick up a high-end kitchen for pretty cheap.
Jill [74],
I could not agree with you more! Well said!
I got a brand new $2000 dining table from Green last week for $500, great place.
When I redo the laundry room, I’ll be picking up cabs from there too.
Jill #107 – I still don’t know what to do about the refacing – I’ll probably mull it over for a while.
But thanks for the Green Demolitions store tip. I’ll go check it out soon.
Sima [81],
Ditto! Just saw your post as well! Another truth, well said!
#05 grim: Thank you for your insights. I appreciate it. Just want to line everything up, and review the alternatives prior to speaking to clot’s mtg guy.
112- Say hi to Bob and Kandy for me, talked to them yesterday.
[104] shore,
Tewksbury isn’t a sh1thole by any measure. It’s just boring as sh1t and not close to anyplace you care to be.
I tried getting rid of my PMI in the 90’s.The hassle of paying an appraiser to prove to the bank you hit the 20%.I f not,you can still be stuck with PMI.
Borrowing from 401k is pretty easy and you pay your self the interest.Just make sure you have the cash to pay the whole amount,if you part ways with your employer.
115 – Homeowner protection act of 1998 changed all that. No appraisal required, lender must automatically cancel pmi at 78%, borrower can request cancel at 80%.
Yo [115];
Should be able to lift it once you pay down to 80% based on the original principal balance. Appraisal should only be required if you want to use appreciation equity to float your boat.
http://news.yahoo.com/blogs/sideshow/governor-chris-christie-idiot-student-damn-man-m-221915452.html
So CC gets into it at a town hall road show with a Democratic law student from Rutgers-Camden (can’t swing a cat there without hitting a dozen of them, but I digress) over the school’s name change.
Fox News reports that during Friday morning’s town hall press conference, Christie called on 34-year-old law student William Brown. The two got into a debate over a plan to rename Rutgers University, Rutgers Camden-Rowan. Brown, who is active in Democratic Party politics, says the merger and name change would negatively affect the university’s reputation.
Hmmm. I’m afraid I have a little bad news for Mr. Brown if he is concerned about his school’s reputation.
WHAT: A Federal house with six bedrooms, six and a half baths and a guest apartment, on nearly 14 acres
HOW MUCH: $1,595,000
SIZE: 6,311 square feet
PRICE PER SQUARE FOOT: $252.73
SETTING: Dorset is a town of about 2,000 residents in the southwestern corner of Vermont, surrounded by the Green Mountain National Forest. This house is on a flat, tree-lined road dotted with the occasional converted farmhouse and pasture, about three miles from the town green. Situated around the green are businesses, a playhouse, a department store, a nursery and a country store where, in the words of the listing agent, “you can get both Dom Pérignon and milk.” Marble quarries are a substantial part of Dorset’s history. A church near the green is marble, as are several walkways that thread the town.
INSIDE: The three-story house, whose oldest section dates to the 1820s, was built using local chestnut, pine and oak and marble quarried on the property. Its exterior is marble. Wings were added in 1918 and 1926 by previous owners, including the financial journalist and ambassador Edwin Lefèvre. Most of the architectural details are original.
On the first floor, there’s a living room with a wood-burning fireplace, a library nook lined with built-in bookshelves, and a dining room paneled with pine from a nearby tavern. Off the dining room, a walk-through pantry leads to the kitchen, which was renovated within the past four years by the current owners. Its counters are made from pumpkin pine. At the back, there’s an office and an additional sitting room.
The second floor has six bedrooms. The master bedroom adjoins a sitting room with a wood-burning fireplace and a vaulted wood-beamed ceiling. The third floor is set up as a guest quarters or mother-in-law suite, with a bedroom, a kitchenette and a living room.
OUTDOOR SPACE: The house is set on nearly 14 acres. The grounds feature a three-tiered Italianate garden, perennial gardens, a spring-fed fountain and a pond at the site of a marble quarry. There are also several marble walkways, walls and a marble-supported pergola. An adjacent undeveloped 24-acre lot is for sale by the same owner for $795,000.
TAXES: $22,450
CONTACT: Elena M. Atwill, Lang McLaughry Spera, (802) 362-4551 ext. 8020, liondavis.com.
VENICE, CALIF.
WHAT: A two-bedroom, two and a half bath contemporary
HOW MUCH: $1,595,000
SIZE: 2,693 square feet
PRICE PER SQUARE FOOT: $592.27
SETTING: Venice is a beachfront section of Los Angeles, about 20 miles from downtown. This house is on the corner of a short street about a mile from the Pacific Ocean. The house’s neighbors include a boutique graphic design firm, a couple of condominiums, a cafe and a tax preparation office. One block away is a commercial corridor, Abbot Kinney Boulevard, lined with palm trees, restaurants, boutiques and other local businesses. Along the beach, a pedestrian-only promenade attracts a colorful array of characters, including street vendors, palm readers, musicians and roller skaters.
INSIDE: The house was designed in 2003 by the architect Mark Mack. The property is zoned for residential and commercial use, and the first floor was designed as flexible space that could function as an office or studio. This level has polished concrete floors and a double-height ceiling. A two-story glass-paneled garage door rolls open to a patio, merging the indoors with the outdoors. The second floor has a kitchen, a dining area and a living room that overlooks the first floor. Both bedrooms are on the third floor, which also has a laundry area.
OUTDOOR SPACE: The house has a roof deck with treetop views of the neighborhood. A patio is off the first floor.
TAXES: $19,937.50
CONTACT: Tami Pardee, Pardee Properties, (310) 907-6517, pardeeproperties.com.
SAN ANTONIO, TEX.
WHAT: A 1929 house with five bedrooms and three and a half baths
HOW MUCH: $1,590,000
SIZE: 5,801 square feet (in the main house)
PRICE PER SQUARE FOOT: $274.10
SETTING: This house is in Olmos Park, a former suburb enveloped by San Antonio. Most of its upscale residences are single-family houses built in the 1920s, many modeled after English country houses and Tudors, and set on curving streets under canopies of oak trees. The business district, two blocks away, has restaurants, convenience stores, cafes and boutiques. There’s a grocery store under a mile away. Downtown San Antonio is about four miles south.
INSIDE: The house was built in 1929 and has retained many of its original details, including wood-beamed ceilings, stucco walls and stained-glass windows. It was renovated within the past decade by previous owners. On the first floor, there’s an entryway with a checkered marble floor, a living room, a kitchen with a breakfast area, a formal dining room and a family room. The living room has a vaulted ceiling, a slate floor, built-in bookshelves and a fireplace. The family room — added on in the 1980s — has marble floors and opens to the patio. The current owners laid down cherry floors in the kitchen, which is equipped Wolf and Sub-Zero appliances.
The downstairs bedroom is part of a suite with a sunroom that overlooks the pool. The remaining four bedrooms are upstairs. The master suite has vaulted 30-foot ceilings, a gas fireplace and French doors that open onto a balcony. It also has a small office in a loft. Separate from the main house, there’s a two-bedroom, two-bath guesthouse.
OUTDOOR SPACE: Behind the house, there’s a patio, a pool and a hot tub. There’s also an outdoor kitchen.
TAXES: $31,417.91
What do these states have in common…VT. TX. CA…see article above…high’ish taxes.
clot: good or crap?
http://wiemer.com/
Good.
Its official:
http://www.forbes.com/sites/afontevecchia/2012/03/09/on-greece-defaults-and-the-future-of-derivatives/
[b][url=http://emeryferrell821.over-blog.com/pages/staffing-and-recruitment-for-you-6941473.html
]staffing
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119: blow it out of your ass moose!
tell us all again the housing bubble was not the fault of those saintly banks, but the fault of those deadbeat bagholders!
damn….I am not a nice person when I have not had my first cup of coffee!
Stu: need to pick your brain about tax assessements.
[b][url=http://www.diigo.com/user/php33programmer?domain=www.myplick.com
]php programmer
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Current list price: $799,000
Original list price (one year ago): $1,050,000
1999 Purchase Price: $740,000
Your reaction: Priceless
http://www.trulia.com/property/1079957058-56-Deerhaven-Rd-Mahwah-NJ-07430
Imagine if this was the other way around, Rev. Al & Jesse J. would have a march through the center of Cranford. Because it was only an inside joke WITH HIS NINE YEAR OLD SON that makes it OK. http://www.nj.com/news/index.ssf/2012/03/cranford_township_administrato.html
Sorry that was his adult son but still don’t make it right.
#131 1990’s pricing!!!
It’s not easy being Satan.
“Through my role as the co-founder of the Commodity Customer Coalition and pro bono counsel for some 8,000+ customers whose property it looks like your institution may be holding without their consent, I have loudly advocated for JPMorgan Chase to return this property. In response to this, rather than doing the right thing, you closed all of my personal and corporate bank accounts and my personal credit card. I have been told by multiple members of the media that JPMorgan Chase has called them and stated that if their media outlet has me on television again, that JPMorgan Chase will pull their advertising from the offending network.
These bully tactics have only strengthened my resolve to protect my clients whom you have knowingly wronged and continue to wrong by improperly holding their property. It has made me delve deeper into what I have found is a pattern of such malicious conduct across JPMorgan Chase’s business groups. JPMorgan Chase bribed officials in Jefferson County, Alabama, one of the poorest counties in the United States, to enter into a disastrous derivative transaction that bankrupted the county and caused an increase of 400% in sewage prices, forcing these poor people to have to choose between food and clean water. JPMorgan Chase designed an overdraft processing system that intentionally prioritized higher dollar transactions so that as many transactions as possible would overdraft, again generating usurious-like fees on the bank of those who can ill afford it. Let’s not forget about robo-signing, forging foreclosure documents, or, getting back to the futures world, failing to properly segregate customer funds.”
http://www.zerohedge.com/news/guest-post-open-letter-jamie-dimon
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You can call local credit unions for Information on your type of loan, but I would start by opening a savings account and show regular deposits every pay period.