From the Press of Atlantic City:
Rents in New Jersey the third-highest in the nation
A new survey has found that state residents continue to pay some of the highest rents in America, making it difficult to afford an apartment on average wages.
The survey, by the National Low Income Housing Coalition, found New Jersey overall to be the third-most expensive place to rent in the nation, behind Hawaii and California, with a $52,081 yearly household income needed in order to afford a two-bedroom unit. The figures assume 30 percent of income is used for housing.
The most expensive housing in the state was generally concentrated closer to New York, however, with local housing costs less expensive.
The housing crisis of recent years has had a particularly profound effect in certain parts of the country, said the report “Out of Reach 2012: America’s Forgotten Housing Crisis.”
In rural areas and other places with higher unemployment, the report said, flattened incomes have made it more difficult to afford housing. At the same time, wealthier regions have seen more families thrown into the rental market, driving up prices in places that have historically seen less rental housing. The report said 33 percent of state households were renters from 2006 to 2010.
…
This should not surprise anyone, said Russell Graves, executive director of Consumer Credit and Budget Counseling of Marmora, a nonprofit consumer financial counseling agency that works with clients in Cape May, Cumberland and Atlantic counties.“This is the most expensive state to live in,” Graves said. “We have the highest taxes, and those taxes have to be filtered down to the renters.”
While the rents may be lowest in these three southernmost counties, Graves said the poverty and unemployment rates were also among the highest.
…
“This report is just another example of how expensive New Jersey is,” said Conor G. Fennessy, vice president of government affairs for the New Jersey Apartment Association, which represents apartment owners. “It’s not just an expensive place to live in,” Fennessy said. “It’s an expensive place to do business in.”
Bergen-Passaic MSA checks in at $60,590 needed to rent a 2br.
From BusinessWeek:
US home-buying season finally signaling a recovery
Five years after the U.S. housing bust sent sales and prices plunging, the spring home-buying season is pointing to a long-awaited recovery.
Reduced prices, record-low mortgage rates, higher rents and an improving job market appear to be emboldening many would-be buyers. Open houses are drawing crowds. A wave of foreclosures is leading investors to grab bargain-priced homes.
And many people seem to have concluded that prices won’t drop much further. In some areas, prices have begun to tick up.
…
“The biggest challenge that we’ve had over the past four years is fear — fear that the economy is collapsing, that property values are collapsing, that the world is coming to an end,” says Mark Prather, a broker at ERA Buy America Real Estate in La Palma, Calif. “The fear factor is all but gone.”
From the WSJ:
Lenders Fear Impact of New Mortgage Rule
U.S. mortgage lenders and real-estate agents are growing concerned a new set of mortgage-lending standards under development by a new consumer regulator will imperil the fledgling housing recovery and limit the availability of home loans.
In recent weeks, after meetings with consumer bureau officials, several real-estate industry groups and some consumer advocacy organizations have grown worried about how the Consumer Financial Protection Bureau could interpret the mortgage lending rules, which it is aims to finish by this summer.
In a letter to be sent to the consumer bureau Monday, 33 lobbying groups, including the National Association of Realtors, Mortgage Bankers Association and American Bankers Association, warn against an overly restrictive interpretation of the “qualified mortgage” lending rules, which are required by the 2010 Dodd-Frank financial overhaul law.
The rules are intended to protect consumers from the kind of risky loans that spurred the housing bust and ensuing financial crisis. Lending standards have tightened since the housing market went bust, and the lobbying groups are concerned the consumer bureau’s rules could make lenders even more cautious.
“An unnecessarily narrow definition…that covers only a modest proportion of loan products and underwriting standards and serves only a small proportion of borrowers would undermine prospects for a housing recovery and threaten the redevelopment of a sound mortgage market,” the organizations wrote.
The qualified mortgage is expected to be a broad set of standards for what kinds of loans are—and aren’t—available to most borrowers in the $10.3 trillion U.S. mortgage market.
Good Morning New Jersey
“This is the most expensive state to live in,” Graves said. “We have the highest taxes, and those taxes have to be filtered down to the renters.”
Quite often posters here say that purchasing a home in NJ is crazy because of the property taxes involved and that somehow renting circumvents this expense. I never really understood that logic, I guess the only way to really avoid the taxes is to leave NJ all together. Screwed either way I suppose.
NJ believes only 18% of your rent consistutes property taxes:
http://www.state.nj.us/treasury/taxation/njit35.shtml
Clearly owners receive the more beneficial tax policy, being able to deduct 100% of taxes up to $10k.
… but that is like saying getting a lolipop for donating your kidney (really, waking up in a bathtub full of ice water in Bangalore) is a good deal.
“making it difficult to afford an apartment on average wages.”
As everyone living near Manhattan is above average, how can this be a problem?
Don’t forget beautiful too.
From the Record:
Foreclosure auctions on the rise in Bergen and Passaic
New Jersey’s foreclosure pipeline — which nearly froze in 2011 while mortgage servicers dealt with reports of abuses — has started moving again.
Bergen and Passaic counties have both seen an increase in properties sold at sheriff’s auction in the first three months of this year. And RealtyTrac, a California company that follows the foreclosure market, recently reported that foreclosure activity in New Jersey rose almost 72 percent from March 2011 to March 2012.
“We have resumed foreclosure filings in New Jersey,” said Veronica Clemons, a spokeswoman for Wells Fargo, adding that the bank tries to help customers find ways to keep their homes.
However, Kevin Wolfe, an official with the state Administrative Office of the Courts, said that he has not seen a rise in new foreclosure filings. He speculated that lenders may be trying to figure out how to comply with a $25 billion national settlement between five large lenders and state and federal authorities over allegations of “robo-signing,” where lenders’ representatives were accused of signing legal documents without checking them, in their rush to evict homeowners.
Because of last year’s slowdown in foreclosure activity, troubled mortgages are piling up in New Jersey. The Mortgage Bankers Association recently reported that a record 16.7 percent of mortgages in the state are either late on monthly payments or in foreclosure, compared with 12.5 percent nationwide.
The uneven pace of foreclosure activity suggests that New Jersey will not quickly clear the market of distressed properties, which tend to sell at a discount.
The Bergen County sheriff auctioned a total of 74 properties in the first three months of this year, up from only 15 in the same period in 2011. The Passaic County sheriff auctioned a total of 60 properties in the first quarter, up from only nine in the same period in 2011.
In both counties, however, auction activity remained well below the levels of the first quarter of 2010, when more than 185 properties were auctioned off in each of the counties.
“Clearly owners receive the more beneficial tax policy, being able to deduct 100% of taxes up to $10k.”
If you are in the 30%tax bracket.getting back 30 cents for every dollar you deduct is not a bargain without the Homestead Rebate.Imagine people that are in the lower tax bracket.I would rather see a lower Property Tax or bring back the Homestead Tax Rebate and keep a 2% cap on annual increase.
First
http://www.businessinsider.com/robert-shiller-housing-is-not-an-investment-2012-4
Housing is not an investment ?
Wasn’t the top end limit for the homestead rebate $75k (taxable income per couple)? Based on the timing and delivery, seems like the homestead program was more about pandering for the low income and retiree vote.
Didn’t the checks hit the mailboxes, literally weeks before the elections, signed by the incumbant governor of course?
Mittens says he wants to eliminate the mortgage interest deduction and property tax deduction. I guess Willard needs more houses that he can pick up for cheap.
A broad elimination of MID? Not a chance in hell.
Although I do think there should be stronger limitations. Possibly reduce the maximum mortgage amount from $1 million to something a bit more reasonable ($500k?), as well as possibly eliminating MID for second/vacation properties (although this is highly unlikely).
[14] Jill,
Did he say anything else? In my modest tax policy experience, such proposals are typically part of a larger policy structure. For example, lose deductions but lower rates.
BTW, if you think the dems want to keep Sec 121, I suggest you research it again.
[15] grim,
You would at least see new business creation. No jobs but lots of new companies and trusts.
A new survey has found that state residents continue to pay some of the highest rents in America, making it difficult to afford an apartment on average wages.
Rent now or be priced out forever. B1tch!
Five years after the U.S. housing bust sent sales and prices plunging, the spring home-buying season is pointing to a long-awaited recovery. Reduced prices, record-low mortgage rates, higher rents and an improving job market appear to be emboldening many would-be buyers. Open houses are drawing crowds. A wave of foreclosures is leading investors to grab bargain-priced homes.
What about the property taxes here in Jersey? What part of the discussion does that enter? I want to hear the “experts” chime in regarding taxes. Realtors, what are you telling your clients? Stop hiding behind your sales pitich and tell us what you’re telling buyers and sellers. You call yourselves pros, so f*cking belly up.
In a letter to be sent to the consumer bureau Monday, 33 lobbying groups, including the National Association of Realtors, Mortgage Bankers Association and American Bankers Association, warn against an overly restrictive interpretation of the “qualified mortgage” lending rules, which are required by the 2010 Dodd-Frank financial overhaul law.
The rules are intended to protect consumers from the kind of risky loans that spurred the housing bust and ensuing financial crisis. Lending standards have tightened since the housing market went bust, and the lobbying groups are concerned the consumer bureau’s rules could make lenders even more cautious.
In other words: “How are we supposed to bilk, swindle and hoodwink people if you’re trying to implement a set of rules and protection devices?”
News from the Job Scene: It appears that I was getting more action in IT/Finance related jobs even during and immediately after the Wall Street crash. The only positions in fair number are highly specialized such as seasoned Java developers, level III support with heavy development, etc. And of those specialized jobs, the descriptions are asking for those roles to handle level I and II as well as incident management. They’re looking for a 3 for 1 deal, per diem on W2. Those looking for stability and growth need not apply. When does the hope and change kick in?
grim,
Delete d0uche post # 22 [Travesti]. Maybe that poster’s meds will kick in soon.
[14] Jill,
MSNBC reports that Mitt suggested phasing out MID for the wealthy. Not for everyone.
When MSNBC makes this distinction for a republican, I believe it.
Gary No more Starbucks , Now go outside and brush your pony!
Mike,
It’s x@nax and Starbucks… get it straight! And I’m still waiting for my pony. :)
WASHINGTON (Reuters) – The U.S. economy is in a better position to deal with high gasoline prices, Treasury Secretary Timothy Geithner said on Sunday, adding that unseasonably warm winter had lowered overall energy costs for consumers.
“The economy is in a much better position to deal with those pressures … because natural gas prices are down, the overall cost of energy for consumers is down,” Geithner said on ABC’s “This Week” program.
Now, this is what you call comedy!
They call him Flipper, Flipper, faster than lightning,
No one you see, is smarter than he,
And we know Flipper, lives in a world full of wonder,
Flying there under, under the sea!
24
Comrade,
What kind of tax structure reforms would you support? Oh crap, speaking of which, maybe I should file that ole 1040 today.
Nom [23];
MSNBC reports that Mitt suggested phasing out MID for the wealthy. Not for everyone.
When MSNBC makes this distinction for a republican, I believe it.
When they report about a Democrat proposing a tax change (rate hike, deduction rollback, etc.), its implicitly assumed that they mean to the detriment of the “rich” only — no need to qualitfy the statement.
Every month when our rent checks come in the mail, I still can’t believe what people are paying to live in our multi. Boggles the mind. Our long term tenants will be leaving over the next few months and our realtor actually suggested that we list the place for about $400/month more than they are currently paying us. Crazy indeed.
Attended family functions over the weekend. This is what I learned:
1. From retired civil servants, the mtg mess was caused by poor people.
2. The Republicans will save the economy when they win in November, there is no discussion on that, they will win;period. If you politely point out that you have spent your idea career in the world of finance and economics and that you follow it closely, and you assume that they all know and went to College and Grad school( and they did not) and all the rest, than you are an elitist big know it all.
3. We have to cut, cut, cut entitlements and all the rest, except their pensions and free medical which they will be collecting for decades to come.
4. We have to go to war with Iran, and Iraq and Afghanistan were and are worth it.
5. Any one that disagrees with the above is a Liberal.
6. You need to say that you don’t like the direction the country is going in, because it sounds informed, but when asked to explain why, you cant, and than you the questioner is branded a Liberal.
7. If you say you agree with alot of Ron Paul’s stands they respond he is crazy, and you are crazy, but they do not know why?
The above 7 items as noted I have learned from the huge knowledge base of retired civil servants. Keep in mind retired civil servants are experts on the economy and politics in general.
In addition I have also learned away from what the retired civile servants taught me the following.
If you have focused on college for your children years ago, and planned accordingly, ( AP courses SUPA courses SAT Prep courses college applications and so on )and then hit some road bumps over the years, and still rebuilt yourself and paid in full for one college education, and are paying for another one now, nobody cares.
7. If you finally decided a month ago (literally making zero effort at all!!!) that you should focus on college now since the kid will be going in September, you cry about how expensive it is, and what will we do, everyone feels bad for you and offers all sorts of encouragement. Then you sit and listen to these same people sprout all sorts of nonsense and misinformation, while the heads nod in agreement. Of course everyone seems to forget that you and your spouse actually went to college, have one child already done, and working on the second.
So for all the people out there who get up and do everyday what you are supposed to do, you are foolish. You get much more respect and sympathy if you cry and moan and complain.
There is no hope for this country.
In other news Home builder index drops.
http://www.marketwatch.com/story/nahb-home-builder-index-drops-3-points-in-april-2012-04-16
But retail sales rise.
http://www.marketwatch.com/story/us-stocks-open-higher-on-upbeat-retail-data-2012-04-16-936130
31 – great post. thanks for sharing. sounds like you are family with some of the people on this board…but seriously, family can drive you a special kind of crazy. again, great post.
curious…do those family members that dropped that knowledge on you fall into a tight age range or is it wide swath?
31 – “There is no hope for this country.”
They now want Romney in after voting for Hope n’ Change and yet they still pray for Christie to have an acute myocardial infarction.
Ratcheting up the pressure on DeMarco.
Will we get an October surprise when everyone with a GSE backed mortgage gets a no doc, no questioned asked principal reduction refi in the mail?
“Officials from eleven states have formally petitioned the Federal Housing Finance Agency (FHFA) to reverse its opposition to mortgage loan principal reduction on the part of Freddie Mac and Fannie Mae. The Attorneys General of California, Delaware, Illinois, Iowa, Maryland, Massachusetts, Minnesota, New Mexico, New York, Oregon, and Vermont sent a letter to the agency’s Acting Director Edward J. DeMarco with this request on Thursday.”
Gator [30];
No knock on you or Lib — just to point out that the gubmint would have us believe that inflation is only 2.7% last year.
[31] 3b – Hopefully the food was good?
#34/35 seif: It was both sides of family, back to back;too much in one weekend. The ages run from late 30’s to 40’s to early 50’s and some 60’s 70’s.
The younger ones were worse. Somehow if you do what you are supposed to do, there is no value left on it, if you don’t than you get sympathy.In the case of my spouse and I we were never complainers, and we are too old to start now. So I guess it is a backhanded complement to us from family, but you know once in a while it would be nice to at least have it acknowledged.
Ironically when we used to talk about these subjects going years back, nobody cared, eyes rolled etc.
Now these people are in my house (as in my areas of interest) talking about subjects that I have always been passionate about and interested in, and they are the experts!!! I would never pontificate or claim to be an expert about the Yankees vs.Mets, Giants vs Jets, ( I am a Rugby fan)American Idol, The Voice, those Kardashian sisters, MTV, super sales, gambling, and all sorts of other things. I am not criticizing them, just no interest in it.
In the case of the college situation decisions are being made, without a whole lot of understanding (as in how will it be paid for)
#39 Food was good!!! And thankfully there was plenty of beer!!
[37] Juice – I have a Freddie Mac owned mortgage here in Massachusetts, but I also have about 65% equity. If that passed would I get a pony too? If so, I’d like a principal reduction based on the original 2005 principal amount, not the much lower number we’ve paid it down to. That would be nice. We haven’t refied even though we’re at 5.75% because we’re knocking down principal so fast it really isn’t worth the closing costs. Sure would be nice if Obama pays off a big chunk of the remainder for us.
Three times I have seen a doctor with in three months,2 from a specialist and today from my primary,wants to do a blood test and an EKG.I over heard the next room was getting the same.Is this how Doctors make money now?
I believe there is a life time cap amount the insurance will pay.I wonder what effect this small charges do when you need the real care.
#36 Juice: The NJ cops from what I was told despise him. Cuts made to State and PA cops etc.
#31
It is worst if family’s motto is “Live life like you will die today”And to them living life is about spending.Taking walks in the park is not something enjoyable.
[28] joyce,
That is a lot more complex to answer than you might imagine. In broad strokes, I would favor:
Territorial system for corporate income taxation
Allow corporations to deduct dividends paid
Flatten rates and eliminate many deductions (personal and business)(goal is flat tax, which is proportional and does not violate horizontal and vertical equity)
Reduce, but not elminate Estate tax (suggest MTM tax equiv. to LTCG rate on gains and step-up in basis).
Elminate AMT
I would also consider a VAT
[28] Joyce,
I am doing what every person in my position is doing today and tomorrow. Filing extensions.
Gives me more time to cook the books (kidding!!!)
re#42 – Expat the lobbyists were able to get one Bill sponsored in Congress right now, it states “principal balance that exceeds the value of the dwelling subject to the mortgage by more than 20 percent”. That Bill won’t pass, it will be up to Demarco or his successor to implement the October surprise.
[40] 3b,
Serves you right for going there. I just nod and say I am not getting into it, and please pass the gravy.
[36] Juice
“They now want Romney in after voting for Hope n’ Change and yet they still pray for Christie to have an acute myocardial infarction.”
Don’t know about wanting Romney, but the latter is absolutely true. One old timer in my Jaycees group was fulminating about Christie. Really wanted him dead. Wife was a teacher or administrator and he was absolutely furious that she had to kick in a few hundred more a year in health care costs. And his argument was absolutely jaw-dropping in its self-interest (dare I say greed?) and illogic. I decided against getting into it with him.
Nom the only way I would consider a VAT is if they capped it at a certain level in conjuntion with repealing the 16th amendment. would never happen, the pigs have to eat after all.
My sister and BIL in NJ are paying full boat, about $55K/year, for their first daughter to attend Penn, she’s a freshman. They have another daughter who is a HS junior who will be right behind. They’ve also lost $575K in equity in their house, not phantom equity, that was their down payment. So between two ivy league educations and their once $1.6 million dollar house now worth about $1 million they’re parting with $1 million of their savings over a 10 year period just on equity loss and educational expenses. They’re in their 50’s and also making payments on their $1 million mortgage. Oh yeah, they have an 8 year old son too. They’re not complaining either. Not to me, anyway.
re #44 – 3B – They all do (hate Christie) especially the teachers. There are several in my family were were down in Trenton last summer, and were livid about the changes.
They did not listen about the housing bubble, they won’t listen now about the unfunded liabilities especially their pensions, so I will just change the subject if and when it comes up from now until November 6th. I have to get through a few Baptisms,Confirmations and Graduations in the next few months with the extended family in addition to the usual stuff. I plan on spending my days at the beach again this summer and avoiding all of the politics. There will be no TV at my shore house if I can help it.
They all do (hate Christie) especially the teachers.
In 10 years from now, when they realize all that’s left is temp teaching positions at an hourly rate they can’t control, acceptance will settle in and the anger and hate will subside. I haven’t been wrong yet and I won’t be wrong on this one.
#49 Comrade: Actually I have stopped for the most part getting into it. I just asked a couple of questions here and there, and those were the responses I got. I dared not disagree with them. As far as the college thing we just sat quietly and listened, and I made a lot of visits to the cooler!!!
#53 Juice: I know believe me. I just listen for the most part now (and make lots of visits to the cooler)When I used to bring it up as in the private sector are all losing their benefits over the last 20 years, how can you not expect not to share the pain, then they say well tax the rich more. But than they say if we tax the rich more they won’t create more jobs. So they don’t know what they want. I assume they want the rich to create more jobs (with no benefits) so that we have more taxpayers to pay for their benefits.
I also had a discussion with a neighbor of mine once (full pension benefits) he had no problem with the fact that he was home every night on his chair in front of the TV at 6:00 P.M., and if someone else works more, makes more gets home at 9:00 every night then he should pay more.
I have a few more of these functions coming up over the next few weeks, and I will continue to remain silent, but it is really difficult.
As far as housing it will come back, their belief is it will come back it has to, they don’t know why but it will. And no one gives a hoot about the next generation including how this all impacts their own children.
Hey guys ignore the hype
HOME PRICES ACROSS THE NORTHEAST ARE IN TOTAL FREEFALL
The Truth About The ‘Housing Bottom’: Home Prices Across The Northeast Are In Total Freefall
http://www.businessinsider.com/home-prices-across-the-northeast-are-still-declining-2012-4
[51] pain
It’s all theoretical anyway. Wont ever happen unless I was made Grand Poobah and Omnipotent Proconsul over All of the States and Federal Territories.
54,
Gary,
Public education teachers are expendable. They didn’t get the memo yet but they will.
Re: Discussing politics at family gatherings;
I don’t smoke, but tend to spend alot of time at family dinners out on the porch or patio where the smokers have been banished to by the real “smart” people who spout the kind of stuff 3B and others are discussing. I don’t imagine that there is a causation between smoking and clear-headed thought, but its amazing to me how people who knowingly defy the nanny-statists on the risks of something like smoking can also see through alot of political bullsh!t as well.
House right behind me, which has been on market for months, was recently reduced to 699K from 715K. Same # of rooms as me but it’s a smaller house on much smaller lot, no central air, and kitchen/other rooms looked dated. Better house nearby sold for less than 695K several months back.
Not a bad house but a neighbor just listed a slightly nicer one at same price (but on busier street). Another depressed sale next door isn’t helping. It is a great neighborhood and the only downsides are that Sherwood is a somewhat busy street and the walk to school is circuitous.
I’ve got a larger lot, more sq ft, and a much shorter walk to the elementary school. I hope the hell these sell quickly and set the floor for the neighborhood.
PGtips [57],
It’s different here in Northern NJ. Manhattan is actually 0.47 miles closer to the center of Ridgewood than it was in 2005. Besides, they’re not making any more land. Thus, the proof that real estate never goes down in Northern Jersey. And, for the trade up buyers, we all know that the savvy ones (a realtor told me) are taking out 2nd mortgages and using that money to buy another house (shhh!! Don’t tell the bank what you’re using it for… that’s what the realtor said to do!) I mean, you don’t want to lose out on that perfect home due to all those multiple bids. After all, it’s very competitive here (a realtor told me) and we’re bleeding wealth!
Nom [61],
Can you give those sellers a message from me:
Tick… tick… tick… tick…
3b (31)-
Civil servants are the equivalent of street “crews” for the Cosa Nostra.
3b (31)-
I also attended a family function yesterday. All I gained was an appreciation for people who show up at stuff like this and shoot everyone in the head.
#60 – Moose, can I get you a cigarette? You could use that type of brilliant reasoning power. I’m sure Meat would tell you, “smoke em if you’ve got em”.
Cancer schmancer. Be one of the enlightened people!
…although the guy who dressed like Santa and burned down his former residence was a little excessive, IMO.
gary (54)-
I would also daresay a good stock buy right now would be whoever makes Friskies.
‘Cause it’s about to become the staple item in a lot of municipal retiree diets.
Serenity (5): “Quite often posters here say that purchasing a home in NJ is crazy because of the property taxes involved and that somehow renting circumvents this expense.”
It’s funny that you mention this. Whenever people say the property tax increases in Montclair are out of control, I respond by saying that I plan to raise the rent on my tenants equal to the rate of our tax increases. Even at 14K per year, if taxes went up 6% per year, you are still talking about raising our $4,000 per month rent (two units) by $35 this year to cover the $840 tax increase. Factor in inflation and call it a $100 raise to your rent every two years. This is totally doable and is what we plan to do. Trust me, you are correct about your point. Renters pay property tax increases just like owners. And we get to deduct some of it. They don’t.
60 Anon E. Moose
Yeah cause carbon monoxide and nicotine make yoou into a genius! Thhhpp!
30 year little known fact you have to die from soemthing if someone wants to smoke it shouldn’t be the nany state telling them they should not. Disclaimer I also know plenty of stupid smokers, but some smart and enlightened ones as well.
69 Libtard
With the 2% property tax cap I doubt you will see that happen. It is why I am outta Joisey, the place is falling apart.
#65 There: Seriously it is over for America. Just sit at these things and have some beers; it is all you can do. The country has gone mad!!
30-yr, Metro;
Thanks for publicly demonstrating the depth of your reading comprehension skills.
metro…When the revenues were good our local prop taxes went up as much as 10% at times. When the revenues were bad, our prop taxes go up about 4%, even with the cap. Remember, the Dems in the state assembly ruined the cap by allowing exceptions for benefit cost increases, which is a large driver of the problem in the first place. Doesn’t bother me, though it WILL bother the renters who might be FORCED to move.
3b, you should ask your cretinous relatives what they think about this.
“When one thinks PIIGS, one usually imagines countries with collapsing economies, 50%+ youth unemployment, and current account deficits so large they are about to drag down the ECB, Bundesbank and Germany. And while that is absolutely correct for the most part, there is one product which the PIIGS, or in this case Italy, are all too happy to export in size. Gold, and not just to anywhere, but to that ultimate safe haven – Switzerland. From BBC: “Italian exports of gold ingots to Switzerland have soared in recent months, data has shown. Exports to Switzerland were 35.6% higher than in February 2011 “mainly because of sales of non-monetary raw gold”, statistics agency Istat said. This followed a 34.6% year-on-year rise in exports to Switzerland in January.” And the absolutely funniest attempt at spin ever: “Experts say improvements in the trade deficit could be a sign that Prime Minister Mario Monti’s economic reforms are starting to take effect.” Uhm, when the country is exporting the only real asset it has for when it will need to backstop its own currency following the inevitable collapse of the EUR, this is not exactly a sign that the country’s reforms are taking effect, but rather that everyone else in Europe is stockpiling the precious metal in advance of “some” event, which is coming.”
http://www.zerohedge.com/news/least-one-italian-export-soaring-gold
pain (71)-
We all have to die of something, but that doesn’t mean one should take action to hasten one’s own death.
61 – Nom – If it’s any consolation, Trulia thinks your house is worth $60K more than Zillow.
Libtard,
So, are you telling me I’m completely nuts for remotely considering an Upper Montclair purchase? :)
On the other hand, who the f*ck am I kidding… I’d rather stick a flaming ice pick through my eyeball than commit to those taxes.
unreal
A North Bergen municipal prosecutor has been arrested on charges he played a role in a large scale marijuana distribution network that shipped as much as 1,000 pounds of high-grade pot to the area from Northern California, officials said.
North Bergen Municipal Prosecutor Marcanton Macri, 44, of Edgewater, was remanded to Bergen County jail Friday after being charged with money laundering and financial facilitation, Bergen County Prosecutor John L. Molinelli announced.
“North Bergen had no knowledge of any of Mr. Macri’s alleged activities and he will be suspended without pay immediately,” North Bergen spokesman Phil Swibinski told The Jersey Journal yesterday.
Macri’s law practice, Sokolich & Macri, is based in Fort Lee and his partner is Fort Lee Mayor Mark Sokolich.
The two-month investigation centered on Matthew Martin, 43, and Danny Saleh, 34, both of Edgewater, who police say were making bi-monthly, one- to two-day trips to a California area known in the drug world as the Emerald Triangle, Molinelli said.
Once in the area known for pot growing, the pair allegedly purchased pot and used a number of post offices north of San Francisco to mail it back to associates in Linden, Rahway, Edgewater and Brooklyn, Molinelli said.
Boxes most recently sent from California were intercepted and found to contain about 100 pounds of suspected marijuana with a street value of $400,000, Molinelli said, adding that both men were arrested.
During the investigation Martin and Saleh allegedly used the services of Anthony Alberga, 22, of New Milford, an assistant bank manager “in a local bank,” Molinelli said.
Police say Martin and Saleh met often with Alberga to exchange lower denomination currency for $100 bills in order to reduce the weight and bulk of the money they transported through an airport on trips to California, reports said.
“It has also been learned that the relationship between Martin and Saleh with Alberga was facilitated through Macri,” the press release states.
The probe resulted in the seizure of $250,000 in cash, a Lamborghini, Rolls Royce, Maserati, Mercedes Benz, Audi R8, Range Rover, and Infiniti, as well as two ounces of suspected cocaine, six guns and more pot, Molinelli said. Martin and Saleh each paid about $5,000 per month in rent for their Edgewater homes, Molinelli said.
Several others were also arrested and additional suspects are being sought as part of the probe that is being conducted with the help of several law enforcement agencies, Molinelli said.
http://www.nj.com/jjournal-news/index.ssf/2012/04/north_bergen_prosecutor_arrest.html
This guy needs to be shot for blind supidity. This COST+ model would then imply that there should be a “ceiling” on how much rent you can charge too moron! Tell Libtard about that……
serenity now says:
April 16, 2012 at 6:21 am
“This is the most expensive state to live in,” Graves said. “We have the highest taxes, and those taxes have to be filtered down to the renters.”
Gary 79 – Your’re only allowed to move there if you promise to attend town council meetings and speak. I’ll come with the pop corn.
Business opportunity?
http://www.nj.com/jjournal-news/index.ssf/2012/04/north_bergen_prosecutor_arrest.html
#79 gary: I have a suggestion for another high,high,high tax town you can consider!!!
NJGator [82],
If I show up at the town council meetings, it’s not because I’ll be talking. lol! Pop corn is acceptable; 3D glasses are optional.
3B [84],
I hunt unicorns… I probably wouldn’t be accepted there. :)
http://www.trulia.com/property/1039949477-60-Overlook-Rd-Montclair-NJ-07043
11/19/2003 Sold $410,000
07/12/2007 Sold $617,000
It’s currrently listed at 569K (what equity drain?) with taxes at $15,000 plus. It’s for the children, right?
List at 559K, taxes at $18,000. With 20% down, PITI will run you about $4000 per month. Tack on food, fuel, heating, private security for the kids at school (sarcasm) and a zillion other monthly obligations and you just might be talking some real money. Thank goodness we’re all prestigious:
http://www.trulia.com/property/3044620177-37-Brunswick-Rd-Montclair-NJ-07042
Meat but from a personal liberty front should they choose to do so who am I to say no, it is when it effects others that I begin to have an issue.
Living in NJ the air is just as bad as second hand smoke, there is enough latent radioactive material and toxic chemicals that exposure to the carcinogens in cigs are the least of their worries, if someone wants to hasten their demise by doing something they find pleasurable f*ck it let them.
Gary 87 – Taxes will go up a smidge on 60 Overlook due to the reassessment. Then they will go up an additional smidge due to the inevitable 2012 municipal tax increase. I would conservatively estimate $16k for taxes on that one. That’s even more prestigious, right?
Gator (87):
One can not put a price high enough for living in such close proximity to Applegate Farms.
“That’s even more prestigious, right?”
Gator/Lib,
Nothing says prestige like living within walking distance to Applegate farms! Does this mean I gotta take Mandarin lessons? And am I allowed to cut my own lawn or will it insult the neighbors?
Lib (91) – Clearly that is why the taxes must have gone up during the reassessment. I’ll have some Graham Central Station, please.
74 Anon E. Moose,
I am sorry, it gives them superpowers to be able to read politicians? Sounds like they are akin to you politically and thats why you think they have some savvy ways about them. But I am with those “smart” people who you are implying are dumb, and somehow you think smoking makes for some kind of superior cognitive processing. Smoking is for losers. Just sayin’ its a dumb thing to start doing.
Gary – You may only cut your own lawn, if you live south of Watchung Avenue. People simply do not do things like that in UPPER Montclair.
79,
Gary,
How many excavators do you think we need to cut through the earths crust and then let Montclair float out to sea?
3b #31: I have no sympathy for these people. A friend of a friend is a teacher, staunch Republican, voted for Chris Christie, and is now out of work. To people like this I say, “What did you THINK you were voting for?”
If having a functioning brain and not parrotting Faux Noise talking points makes one a liberal, then I’m proud to be one.
87,
That house reminds me of the Amityville horror. Does it come with demons?
88,
Thats actually a nice house. Too bad your neighbor is likely Mikail Gorbachev.
AG (99)- Actually, Montclair’s Russian spies have long since been deported. Yet for some reason, they still maintain ownership of their house. I wonder if they are motivated sellers yet.
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?district=0713&l02=071303802____00056_________M
“But even the story behind their residence in it is bizarre.
Coded messages to Moscow intercepted by the FBI showed the Murphys’ handlers were unimpressed when they voiced plans to buy a house.
The couple complained in one message: ‘We are under the impression that C views our ownership of the house as a deviation from the original purpose of our mission here’.
But they explained it was a ‘natural progression’ of their life in America, a ‘society that values home ownership’.
They also informed their handlers that it would help their cover to ‘do as the Romans do’ during their stay in suburbia.”
Read more: http://www.dailymail.co.uk/news/article-1290873/Russian-spies-Inside-home-Richard-Cynthia-Murphy.html#ixzz1sEkl333w
http://www.dailymail.co.uk/news/article-1290873/Russian-spies-Inside-home-Richard-Cynthia-Murphy.html
Mayor Fraud was probably a collaborator.
Without. Jj thiis blog is boriuinkk
Jill [97];
I have no sympathy for these people. A friend of a friend is a teacher, staunch Republican, voted for Chris Christie, and is now out of work. To people like this I say, “What did you THINK you were voting for?”
I imagine it must be nice to able to vote yourself a job or a raise. Just more of the divide between people who work for their living and people who vote for their living.
As a teacher who voted for Christie, and nearly lost his job due to his actions last year, Christie has failed to deliver on his promises with education reform. He hasn’t done a thing to the unions or tenure. All he did was gut the budgets all around which means the youngest non-tenured teachers who get paid the least in each district get the axe. That and he made everyone pay $1500 into their health insurance.
Mr. Moose! Was your family and friends smoking Marijuana? That’s probably why they said really smart things!
Don’t you wish they would legalize it in NJ? That would make everyone so happy!
Don’t worry about Christie. He’s gonna be on the ticket with Willard.
moose is smoking wet.
Hey, gluteus- nice outing for your Wankers today. Sporting of you guys to give away three points at home to Wigan.
[109] meat,
The pollen is killing me but the news of a Gooners choke made my day.
#109 Clot
Relegation brings out the best in some teams. They took Utd last week and got two quick and parked the bus in a 5-5-0.
But anyway, you have Stoke, and then you can see how hungry they still are. Bookies have dropped us to 1/6 and you have improved to 7/2.
While you are waiting, BBC did a nice piece.
http://www.bbc.co.uk/sport/0/football/17433293
#97 Jill
“If having a functioning brain and not parrotting Faux Noise talking points makes one a liberal, then I’m proud to be one.”
I think the modern day definition of a Liberal is anyone to the left of Ronald Reagan.
I really would like the GOP centrists if they are still around to please step up and reclaim him. Its like you allowed your dog to sh1t on my lawn and leave it there. I really need you to clean that up.
Ben , $1500 for health ins. a year , right? Oh the fu*king horror, you guys have no idea do you.
Nicotine is a natural substance known as an alkaloid (a chemical compound containing nitrogen atoms). “Alkaloid” derives from the word “alkaline,” which describes any nitrogen-containing base. Alkaloids are produced by plants, animals and other organisms.
Similar to Caffeine
When nicotine enters the body, it is distributed through the blood. It takes about seven seconds for it to reach the brain when inhaled, and it’s half-life in the body is about two hours.
Nicotine increases the levels of several neurotransmitters. The increased levels of dopamine in the reward circuits of the brain causes pleasure, relaxation and addiction.
Nicotine has many of the same qualities of caffeine. Although it can be addictive and a stimulant, it has not been proven to be a cause of cancer.
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