From the Daily Journal:
N.J. high school more expensive than Harvard
Kevin Kusion’s journey through high school was normal in almost every way, except for what taxpayers spent to educate him.
The cost for his last year of high school: $112,000 — more than double the tuition for Harvard’s medical school.
This small seaside resort town paid about $4.4 million to send 40 of its students to the Central Regional Intermediate and High schools this year.
That’s $112,000 per student, nearly 10 times the state average.
It is an expense borough leaders and residents see as excessive, but one they are locked into — at least for now, because of the state’s antiquated property tax system and school funding laws.
…
Seaside Park is one of several small municipalities in New Jersey that have what regional school districts want — high property values to tax — and few students.If Seaside Park could pay tuition and send its students to the intermediate and high schools in the nearby Toms River Regional district, it would cost around $10,000 a year, or a total of about $400,000 — a tenth of what residents pay now through taxes.
…
“We could send our kids to Princeton in a limo and still save money,” said David Meyer, Seaside Park taxpayer and parent, noting the Ivy League university’s annual tuition is about $38,000.
From the Boston Globe:
Number of young home buyers plunges in Mass.
Interest rates have hit historic lows and home prices have fallen, making real estate a buyers’ market. But one important segment of potential buyers is not ready to sign on the dotted line: young adults.
The number of 25-to-34-year-olds owning homes in Massachusetts plunged 20 percent between 2005 and 2010, even as the overall number of homeowners in the state increased slightly, according to the US census. The rate of homeownership, which measures the percentage of housing units occupied by owners, fell more for 25-to-34-year-olds than any other age group, declining to 34 percent from 40 percent in 2005.
A mix of economic factors and changing attitudes makes young adults less willing and able to buy homes. Ultimately, analysts said, the strength of the housing recovery could depend on this age group, which accounts for a large share of first-time buyers who can spark home sales across the market.
“That younger generation has a special role to play in driving the growth in demand,’’ said Michael Goodman, a professor of public policy at the University of Massachusetts Dartmouth. “Fewer interested and eligible buyers is not a good sign.’’
High unemployment, crushing student debt, and tight credit conditions are keeping many young adults and families from becoming homeowners, analysts and real estate professionals said. At the same time, the turmoil that has followed since prices peaked in 2005 and the housing market collapsed is changing this younger generation’s view of housing, long thought of as a safe, sure investment and prerequisite to the American dream.
Good Morning New Jersey
Good morning Mike
1 In the last paragraph “High unemployment, crushing student debt, and tight credit conditions etc.” Gary I believe mentioned these in the “sell to whom section”
From the WSJ Developments Blog:
Discussion: Is the Housing Market Bottoming Out?
Rick Sharga, executive vice president, Carrington Mortgage Holdings: “I think we’re either at or very, very near the bottom, and that prices will stabilize on a national basis this year. Unfortunately, the recovery is going to be a bumpy ride along the bottom for the next couple of years while the market absorbs the overhang of distressed inventory. Prices will come back more rapidly in some markets than others — largely along the lines of how healthy local economies are — but nationally, we probably won’t see significant, sustainable home-price appreciation until 2015.”
Michael Feder, CEO of Radar Logic: ”Now is when the housing market should show significant seasonal strength. So far, the numbers appear to be the result of a pull-through effect of a mild winter. Our main concern is the fact that with so much unsold inventory, both listed and shadow, any shock to the system will hurt the already fragile psychology of the housing market. Good news will be met by more distressed disposals. Bad news could really hurt. With the distressed market trading at a 25% to 30% discount, a negative shock could cause the market to converge toward this level, meaning a further correction.”
…
Tom Lawler, independent housing economist: “As always, of course, real estate is local. Nationally, however, I believe the housing market has bottomed, both in terms of production (starts), sales, and, with a lag, prices. Don’t expect rapid rebound…”
Brad Hunter, chief economist for housing-information service Metrostudy: “There’s two kinds of bottoms: Housing starts and prices. I think we reached the bottom at least a year and a half ago for housing starts and housing demands. For prices, in some markets we have reached bottom–but not all.”
Glenn Kelman, CEO of Redfin, a brokerage: “We hit the bottom last year. I don’t think that means it’s going to be a V-shaped recovery. There will be ups and downs and sales volume isn’t going to recover in any meaningful way. You’ve got the investor demand and you’ve got some homebuyers who qualify, but you don’t have the breadth and depth for a bull market for a real rally that is national in scope.”
Interesting data dump from DataQuick:
http://www.dqnews.com/Charts/Quarterly-Charts/NYC-Charts/ZIPNY.aspx
Oops… From Business Insider:
This Family’s Nightmare Shows Why Foreclosure Auctions Are Such A Gamble
A mistaken bid on an online foreclosure auction site could cost not one but two families their homes.
One Florida couple thought they scored a deal on a $16,000 home they picked up off the county clerk’s auction site, WFTV reports.
What they didn’t realize was that not only were they purchasing the existing mortgage – $200,000 they couldn’t afford – but the previous owners hadn’t moved out yet.
…
We ran Waterson’s ordeal past real estate expert Rick Allen, founder of MortgageMarvel.com, who said it looks like the couple who bought the home at auction must have purchased the home blind – without cross-checking the title first.
“If you do a title search then you know exactly which liens are being foreclosed on and you absolutely need to know that when you’re buying a foreclosure property,” he said.
The problem with online auctions goes further than this family’s situation. Oftentimes, it’s something of a gamble, especially since interested buyers aren’t allowed to hire inspectors to check out the property beforehand, Allen said.
“You don’t always know what’s wrong with the property, what works and what doesn’t,” he said. “It’s entirely different than buying in a standard sale.” It’s also why auctioned homes are such a steal.
What happens to present home values if and when interest rates go from 3.5% to 5.0+%
Can anyone give me some insight about Lake Mohawk? Values, taxes etc
#1 Well, well the Boston Globe has confirmed the view of many here “The number of 25-to-34-year-olds owning homes in Massachusetts plunged 20 percent between 2005 and 2010, even as the overall number of homeowners in the state increased slightly, according to the US census. ”
And even better the reasons in the piece are exactly those Gary , 3b , BC, and many others have cited. “High unemployment, crushing student debt, and tight credit conditions etc.”
As usual njrereport is way ahead of the curve. For those who have not been around long this was put fourth years ago.
Mohawk? Typical NJ Lake Community a la Fayson Lakes, Lake Hopatcong, White Meadow Lake, Packanack Lake, Indian Lake, Shongum Lake, etc). Mix of McMansions, nice homes, crappy capes, and decrepit bungalows. I believe all of these started as circa-30s vacation communities. Lots of folks love these places because they have a much more defined sense of community and neighborhood than the rest of the state. If you don’t want to know your neighbors, don’t bother with places like these. Most all of these have smaller than usual lot sizes nearer to the lake, clubhouse, etc. Usually as you go up the valley you see larger/newer homes, these were probably not part of the original layout of the community.
Mohawk was huge during the bubble, lots of NYC-metro expats (and cops, tons of cops) headed west and pushed property prices way too high. Sparta/Byram/Mohawk was absolutely slammed. I still think it is too far out. For someone looking for this style community in NNJ, I’d recommend Packanack and Shongum by far (Mountain Lake would top the list though, price no object). Taxes are too high and the prices should be lower. Communities like these are often tough to comp due to the very wide range in property conditions and level of improvements, also location within the community tends to drive pricing just as signficantly (lake front, lake view, lake access by foot, tight lots, flat lots, rocky, steep slopes, etc).
Thanks Grim: Friend of mine considering
http://online.wsj.com/article/SB10001424052702303296604577454770752681412.html?mod=googlenews_wsj
This could never happen in NJ. Appraiser arrested
freedy 9, grim has given you the low down but if you want boots on the ground perspective ask Brian. He should be along shortly.
I liked Valhalla near montville as a nice and consistent lake community. Transport would come from Towaco to NYC>
“What happens to present home values if and when interest rates go from 3.5% to 5.0+%”
Funnel, if rates go to 5% its because inflation is already up to 10% and home prices will be up.
Markets are all sh*ts & giggles on yet another bailout in Europe.
“Not only does troubled Italy guarantee and provide the capital for a nice chunk of European bailout funds, but so does Spain – meaning the country is backstopping (and paying some of) its own rescue. Cool. ”
One big circle jerk, cue Meat on the end of the world as we know it. By the way the Germans still have to agree to this new deal to fund Spanish banks.
Essex 15 Good call.
Veto 16 I hope you are right ( I am buying also) but I think you are a little to optimistic. You sit where you stand.
It’s all turning to shit, Mikey. Let’s go to the Mohawk House and down a few.
Pines Lake in Wayne is another lesser known, very nice, lake community. Borders Franklin Lakes for those worried about proximity to Haughty BC.
Last
Disclaimer: I grew up there and my mother’s house in Lake Mohawk is currently for sale.
I am certainly not an expert in values, that’s really Grim’s area. Taxes are like 6k for say a 1500 sqft converted lakehouse. Club membership is manditory. Plus, when you buy a home in Lake Mohawk, there’s a $3000 club entrance fee. That’s manditory too. The club takes care of all of the roads and much of the infrastructure and they fund it with membership dues. I noticed some homes for sale are offering to pay the $3k entrace fee as a perk to sell their house.
There’s actually two lakes, Upper Lake Mohawk and Lake Mohawk. Upper Lake Mohawk is smaller and quieter and no motorboats are allowed. There’s a fantastic beach on Lake Mohawk that’s great for kids. Dunno if it’s the same but community was closely knit and everybody would gather on the beach in the summers and they would have parties/barbeques on upper lake mohawk beach. Good for stay-at-home moms. My mother would just wake us up, bring us to the beach, and we’d play all day there until we were exhausted in the summer.
The difference with Lake Mohawk and say, Hopatcong is, that only Club Members can have their boats on the lake. My father had his boat on Greenwood lake for a time and also Lake Hopatcong. Lake Hopatcong is policed by state cops and any drunk hillbilly schmo can launch his boat there and tear up and down the lake. Holiday weekends are asolutely nuts on those lakes. Ton’s of powerboats/jetski’s tearing up and down the lake. Not so in Lake Mohawk. Only Club members can use the lake. If you took a day off in the middle of the week and went on your boat fishing or skiing or whatever, you’d likely have the 2 mile long lake to yourself. There’s also an olympic sized pool called “the cruiser club”. Also a small boardwalk with playground and a few restaurants and a brew pub, ice cream shop etc. Lotsa people have their weddings there.
Commuting to the city sucks, not going to lie. My father did it his whole life. Options to the city are drive or take the Lakeland bus line from white deer plaza or the park and ride.
9.freedy says:
June 11, 2012 at 6:37 am
Can anyone give me some insight about Lake Mohawk? Values, taxes etc
We are seeing bottom again? It seems like housing analysts have seen more bottoms than JJ at a nudist colony.
I really dont think children between the ages of 25 and 34 should own homes. Their brains are not fully developed and todays 25 year old male is about as mature as a 15 year old male was 30 years ago. I see lots of couple buying homes who have not kids, why I dont know.
Mikeinwaiting says:
June 11, 2012 at 6:54 am
#1 Well, well the Boston Globe has confirmed the view of many here “The number of 25-to-34-year-olds owning homes in Massachusetts plunged 20 percent between 2005 and 2010, even as the overall number of homeowners in the state increased slightly, according to the US census. ”
And even better the reasons in the piece are exactly those Gary , 3b , BC, and many others have cited. “High unemployment, crushing student debt, and tight credit conditions etc.”
As usual njrereport is way ahead of the curve. For those who have not been around long this was put fourth years ago.
Shore should be having a h*ll of a time with all these bottoms we are seeing. Me being an a** man never went for the big cannons this is just great!
Just got in to EWR on a red eye from San Francisco. Sigh… NorCal sure is pretty. Drove by some $750K+ properties in Englewood Cliffs and wanted to vomit. I know we do it for the children here, but there’s something to be said for quality of life.
NJ and you f*cked together
Seriously how can people read crap like this and not get pissed off. Of course superintendent Papageorgio or whatever his unpronouncable Greek name is thinks it is fair. Crap if I was getting a 300K salary for doing nothing but sit on my a$$ and eat donuts every day I would say it was fair as well.
Meat get your bullets.
Brian 22 Short version they keep out the rif-raf & commuting su*ks. By the way you are correct real nice lake, boardwalk, restaurants, even have movie theater & bowling ally. Was there at Sushi Ya for dinner Saturday night. A little piece of Bergen county in Sussex and yes it does comes with the BC higher costs but without the proximity.
Pain we need a bumper sticker “NJ and you f*cked together”!
#1 grim: Well I have to say, I have been talking (maybe boring) people to death with this topic, and now it is in print.
my wife and I went to the October fest there last year. she asked why we didn’t look for a house there, I said one word commute.
Agree with Grim the BC translplants who were priced out of Franklin Lakes have been trying to turn it into Franklin Lakes west. If 15 was a passable highway may have considered it, but I have seen that traffic way to often without living there to want to deal with it on a daily basis.
#8 I have been asking that one too!!! Not only 5% but 7%. There was a time when a 30 year fixed rated mtg at 7% was a great rate (and it was not that long ago) Some will say with a booming economy it won’t matter. Well how about a non-booming economy with stagflation; something we have had before.
Pain it takes me 25 min to get there from Vernon then I have to deal with traffic on 15. Vernon to Morristown over an hour. NYC well Brian’s Dad was a trooper.
#18 Mike: I am buying too, and I still believe (as you know) that prices will continue to fall. If you truly believe in something, your opinion should not change (IMO), just because your situation is changing.
Not that anyone really gives a flying f*ck, but I got “downsized” again this past Friday. I have a suspicion that a few “full timers” got axed as well. Oh well. My reaction is like the wildebeest that slowly clod past a half-eaten member of the herd with no reaction whatsoever. Meh.
[1] grim, 20 somethings not buying – I work with a lot of kids in this demographic. The closest I’ve heard any of them get to buying is one guy said he felt “guilty” not buying a condo or something, like it was something he should be doing, other than that, nada. Mostly they’re renting with roommates or living at home, working on advanced degrees (we have good tuition reimbursement), traveling, and buying Apple products. A lot of them even foregoing car purchases. The most significant future purchase on their collective horizon is iPhone 5.
#36 gary: Sorry to hear that. What happened with the Seton Hall thing?
Rick Sharga, executive vice president, Carrington Mortgage Holdings: “I think we’re either at or very, very near the bottom, and that prices will stabilize on a national basis this year.
Michael Feder, CEO of Radar Logic: ”Now is when the housing market should show significant seasonal strength.
Glenn Kelman, CEO of Redfin, a brokerage: “We hit the bottom last year.
We went to FOUR open houses yesterday; spent at least 20 minutes at each house. Not one other party or person showed up at any of the open houses while we were there.
Any Questions?
26. Guess what Norcal is pricey….big time. A friend of ours just went to Genentech to run a division — he is not hurting for cash, but is renting. For the lesser comped folks in that firm they actually run buses out to the sticks and they ship in and out the worker bees. I love the idea of norcal….but the prices….UGH
#36 That is exactly what I am seeing.
3b 32,34
Did not want to get into it but that was what I was thinking also, stagflation. Just give it a few years then I can post another Well ,well wasn’t this called years ago here. I have not changed my tune either as you are well aware.
Gary 35 F**K again , man that bites.
Gentlemen see Meat 19 I think drinks are in order , Kettle and I have gone there more than once. Then we went Krogh’s then we went to Oh never mind you get the picture.
Gary Ditto 37 thought you had the inside tract there.
Essex some of my former collegues in San Jose resemble that remark. 60 muile commutes and 2 work from home days are the norm for managment. Norcal makes Bergen county look affordable. Plus NYC >>> than SF or SJ and I like both of those places.
3B [37],
I’m following up on that one today. I had to wait because I had one other thing pending and have a phone interview today. I will follow-up with that one as well. See, this is what I try to tell people when it comes to “contract” positions. They don’t need a reason to move chess pieces around for “temp” employess. You are basically scu.m and they expect you to smile and act like one of them. They come to you like mafi0so; they never tell you why or when you’re being whacked, they just whack you.
Gary you applying for a tech position at Seton Hall? Get my email from Grim I may be able to help you if I know the nature of the job. My wife has some friends there who may be able to help you.
16
Neanderthal,
If and only if (and still not a given) that inflation makes it into the wages of the average person, house prices may rise.
[11] LOL. My parents’ starter house, purchased in ’61, was a decrepit Fayson Lakes bungalow. I drove buy it a few years ago. OMG, it was still the same decaying crap shack, only with 50 years more decay. I think my parents bought it for $5K and sold it for around $10K in ’65.
Mohawk? Typical NJ Lake Community a la Fayson Lakes, Lake Hopatcong, White Meadow Lake, Packanack Lake, Indian Lake, Shongum Lake, etc). Mix of McMansions, nice homes, crappy capes, and decrepit bungalows
Painhrtz [45],
Thank you!
#43 gary: Good Luck with both of those possibilities. You certainly deserve a break.
#40 Mike: Agreed. And I know you have not changed your position.
As usual, you are utterly on target…..and this opinion is my professional one. People under 30 have a many different life events in front of them, and many will require mobility. I think that Mass article may be misleading…..in the end, the base line should be that 25-34 should not be buying real estate, and now conditions have returned the thought process to normality. If someone is going to be done with school at 18, married with kids at 24 and focused on staying in the town they grew up in OK, but why a 28 year old single woman feels compelled to buy a condo in Hoboken is beyond me.
BTW – the work week does not start until JJ posts….
JJ says:
June 11, 2012 at 8:35 am
I really dont think children between the ages of 25 and 34 should own homes. Their brains are not fully developed and todays 25 year old male is about as mature as a 15 year old male was 30 years ago. I see lots of couple buying homes who have not kids, why I dont know.
JJ [24],
I really dont think children between the ages of 25 and 34 should own homes. Their brains are not fully developed and todays 25 year old male is about as mature as a 15 year old male was 30 years ago.
They are like Fredo, so sweet and innocent. LOL!!
JJ: did you see Fassbender in Shame? …..the new paradigm….. impressive….
The End Is Nigh (Superbowl Edition):
Giants tackle busted for DWI with .18 blood-alcohol level: police
Giants starting left tackle David Diehl was busted for DWI in Queens last night — with his blood-alcohol level allegedly more than twice the legal limit — after smashing into parked cars, police sources said.
Diehl, 31, a member of both of Big Blue’s recent Super Bowl teams, was driving his black BMW when he struck two vehicles on 35th Avenue near 31st Street in Astoria at around 8:20 p.m., the sources said.
Diehl, who had been celebrating a few blocks away at Scorpio’s on Broadway while watching a soccer match, allegedly blew a .18 on the Breathalyzer. The legal limit is .08. He was not hurt, and was being held at the 114th Precinct station house early today.
Diehl, whose relatives hail from Croatia, was watching Croatia defeat Ireland, 3-1, in the European Championships.
Diehl enthusiastically Tweeted “Goooooaaaaaallllllllllllllll!!!!!” twice during the afternoon contest.
A Giants spokesman said he was not aware of the arrest until informed by a Post reporter.
Diehl’s agent, Peter Schaffer, would say only that the offensive lineman is “one of . . . the classiest, most humblest New York Giants ever.”
Diehl, who has been with the team since being drafted in 2003, won the Wellington Mara NFL Man of the Year Award on May 22 at the annual Boys Hope Girls Hope Dinner at The Pierre hotel.
He also Tweeted earlier yesterday said that he was at a charity golf tournament at the Westchester Country Club.
re: Norcal – Marin is on of my favorite places. If I relocated to Cali it would be there and nowhere near LA.
Regarding the mortgage rates rising 200 basis points: Amerikans are generally too slow to look that far ahead. It’s about here and now. The buyer who closes today must realize that in two years from now the equity in their house will be less when rates are hovering at 6.5%. If they intend to move, they lose. Don’t buy unless you plan on staying for a while. Period.
Closed in The Fly
Last LP: $699,000 ML#: 1215897
Addr: 29 WOODLAND PARK DR
Twn: TENAFLY Zip: 07670
Orig LP: $699,000
Sold: $663,000
Taxes: $17,910
SD: 6/8/2012 UCD: 5/14/2012 DOM: 14
chifi I guess girls who buy Hoboken condos feel going heavily into debt at a young age and risking financial ruin is worth it so they have to do it when they get a booty call from their living at home BF when Hoboken bars close at two am.
Unisex bathrooms work fine, so does three hour hotels. In fact pre-coop when I was 28 and moved back home for awhile was the best. My GF who was 27 also lived at home 15 miles from me. Once in a while we meet in the middle at a three hour hotel, bring some beers some junk food and those were the best dates ever. I loved the park one car, other car shows up we go upstairs. Not checking in early as to not waste one minute, leave room with dirty sheets, towels, empty beer cans and left over KFC back home roung trip in under four hours. Buying my own place not as fun, way too much cuddling,
“David Diehl ”
What is he doing? Auditioning for Commerce Secretary?
No Shore, he thinks he’s the next Billy Joel.
JJ – It’s different is time. There are a few young millennial generation women living in my building, other than the party one had two years ago I have yet to see the walk of shame or see a man leaving in the morning and they aren’t batting for the other team. They are home on the weekends seems no shore house this year either. They do go out but it seems never bring anybody home. Perhaps they just use Skype or something. Same is true for the gym I go to, I rarely see flirting lots and lots of singles but little going on, no casual conversations way too much in their bubble with their iPhone plugged in all the time.
My favorite is knew young kid, you know Ipod, I phone on their head at all times. Have to tap on shoulder to get him to turn around as buds are stuck in ear. Well one day he is on LIRR and they were using older trains, goes to me what are there so many seats facing each other, why are the seats so low in height, everyone is looking at each other. The newer trains seats all face one way and have higher head rests for privacy. I was like you know when I started work there were no cell phones, lap tops, Smartphones, people actually talked to each other on the train. He was like shocked, people talk to each other, I would hate that. Whole different world.
Juice Box says:
June 11, 2012 at 10:29 am
JJ – It’s different is time. There are a few young millennial generation women living in my building, other than the party one had two years ago I have yet to see the walk of shame or see a man leaving in the morning and they aren’t batting for the other team. They are home on the weekends seems no shore house this year either. They do go out but it seems never bring anybody home. Perhaps they just use Skype or something. Same is true for the gym I go to, I rarely see flirting lots and lots of singles but little going on, no casual conversations way too much in their bubble with their iPhone plugged in all the time.
Juice [60],
Borrowing from the mathematical sciences, we could dub this group, the Scaler Generation! ;)
Dylan Rattigan leaving MSNBC. Too bad. I love his show. What is next for the big D….?
TNT going back to the 80’s…new Dallas series premieres this week. Literally going back to the 80’s. Larry Hagman is 80.
http://www.tntdrama.com/series/dallas/
dylan will walk over to fox
I think that you might be mischaracterizing the younger generation. In general, I find that they communicate more frequently and for longer durations than people in my generation (I’m 35).
The problem is that they just don’t talk face to face.
I play online games that require coordination between team mates and use skype to contact other players. Honestly, I wish they would talk less because they can be so yappy. The amount of personal information that they share to random strangers online is absolutely frightening. I know less about the people on this blog even though I have been reading the posts here for over 2-3 years.
I’m talking about 7 hour skype calls. Modern Warfare III is another game where endless voice conversations occur. Perhaps the kid that you see that isn’t interested in talking is all talked out? Perhaps you are just not reaching out to them via the correct communication medium?
Nicholas [67],
The problem is that they just don’t talk face to face.
I would call this a big red warning light flashing. And Nicholas, please, stop being so formal in your writing. You’re killing me! Show us your wild side!!
Nick I just mute the brats on MW3. the is only so many times I can listen to word f*ck in a high pitched whiny voice
found this Gem just posted on yahoo
http://realestate.yahoo.com/news/secrets-of-home-flippers.html
christ it could have been ripped right out of 2004
Bank Holiday in Italy. Pay attention.
“On 31 May 2012, the Special Commissioners of Bank Network Investments SpA in Extraordinary Administration (MI), with the approval of the Supervisory Committee and with the approval of the Bank of Italy, have decided to suspend the payment of liabilities of any kind, pursuant to art. 74 of Leg. September 1, 1993. 385 (TUB), for the period of one month. The suspension does not include client financial instruments.
The measure was necessary to face the difficult situation of the bank.
Organs extraordinary Bank Network Investments SpA, an intermediary member of the Interbank Deposit Protection Fund, are developing a plan for solving the crisis in order to safeguard clients’ rights, provides for the intervention group and Consultinvest SIM Case of Savings of Ravenna.
[link to http://www.bancanetwork.it]
Massimo, policeman in Milan speaks for all: when I went to pay the mechanic office for my car the bancomat did not work, nor was I able to make a transfer. Actually, they took all my money away. Now I have 20€ in my walle, a wife and two daughters, how am I going to do? My account is also where my salary goes to, so what now?”
Middle class laid off NJ telecom worker barely making it……after four years. His job? Outsourced to India.
Still living in their “foreclosed” home in Morris County, NJ.
http://money.cnn.com/video/news/2012/06/08/n-long-term-underemployment.cnnmoney/?iid=HP_LN
[16] Nean – Maybe you misunderstand the many different flavors of inflation as well as artificial suppression of interest rates? Home prices will not escalate because of commodity inflation, CPI rise, etc. That’s easy to figure out, higher oil, food, and gasoline, and credit costs do not make your McMansion instantly command a higher price. In fact, just the opposite. You’re probably thinking of across the board inflation, which would include wage inflation and high employment. Let me know where and when you see wage inflation and high employment.
“What happens to present home values if and when interest rates go from 3.5% to 5.0+%”
Funnel, if rates go to 5% its because inflation is already up to 10% and home prices will be up.
70,
This coupled with the FDIC’s announcement that they are sueing some of the primary dealers should raise some eyebrows. FDIC is severely underfunded.
Conclusion: Your money is not safe in the bank.
Shut up and pay the tuition bill:
http://www.thefiscaltimes.com/Media/Slideshow/2012/05/22/10-Insanely-Overpaid-Public-College-Presidents.aspx?index=1
Brian [72],
Someone needs to tell this guy the private sector is doing just fine!
http://chronicle.com/article/Presidents-Pay-Remains-Target/131914/
EU talking Capital Controls from zerohedge.
“Here we go:
•EU SOURCES HAVE DISCUSSED IMPOSING CAPITAL CONTROLS AS WORST CASE SCENARIO IF GREECE LEAVES EUROZONE – RTRS
•IMPOSING BORDER CHECKS, LIMITING ATM WITHDRAWALS ALSO PART OF WORST-CASE SCENARIO PLANNING – EU SOURCES – RTRS
In other words, that money you thought you had… You don’t really have it. We can only hope this message was not meant to restore confidence and prevent future bank runs. Because if Europe wanted a continental bank run, it may have just gotten one.
This is getting scary very fast.”
http://www.zerohedge.com/news/europe-brings-out-capital-controls-bazooka
3B #32
When I was a first time buyer there seemed to be a correlation between rate of interest and home value, In the past they would work inversely to one another so it would seem logical to assume that “as interest rates go up , shouldn’t home prices goes down”???
Afterthought My first mortgage was 9% in “1988”w/points. How much would a rate like that drive down the price on a 300K hometoday even with 20% down…
4% vs 9% difference would be what, about $600-700 extra a month for interest only
Reuters’ report on capital controls:
http://www.reuters.com/article/2012/06/11/us-eurozone-greece-capital-idUSBRE85A0ZB20120611
snip
As well as limiting cash withdrawals and imposing capital controls, they have discussed the possibility of suspending the Schengen agreement, which allows for visa-free travel among 26 countries, including most of the European Union.
“Contingency planning is underway for a scenario under which Greece leaves,” one of the sources, who has been involved in the conference calls, said. “Limited cash withdrawals from ATMs and limited movement of capital have been considered and analyzed.”
Another source confirmed the discussions, including that the suspension of Schengen was among the options raised.
“These are not political discussions, these are discussions among finance experts who need to be prepared for any eventuality,” the second source said. “It is sensible planning, that is all, planning for the worst-case scenario.”
The first official said it was still being examined whether there was a legal basis for such extreme measures.
snip
Private sector cash position is soaring ( talking major players here) they have a desperate workforce and high productivity. Demand may be another story.
[71] Brian – good story with some key metrics in between the lines:
1. $60k for a family of 4 to get by in NJ, that number is about spot on for a family with a *low* debt load.
2. Reduced SNAP benefits just from moving from $15K to $18K annual income.
These two metrics are known by some, but not by all. $60K is a real important number and as soon as those below it decide they are trapped below it, they’ll eventually quit their on-the-books jobs and just scramble for cash off-the-books while soaking up transfer payments. That will be bad.
Middle class laid off NJ telecom worker barely making it……after four years. His job? Outsourced to India.
[74] Shore – They all have nice smiles.
Shut up and pay the tuition bill:
http://www.thefiscaltimes.com/Media/Slideshow/2012/05/22/10-Insanely-Overpaid-Public-College-Presidents.aspx?index=1
Brian [72],
It really is bad out there. The reporting does nothing to show what’s really going on at the front. Wages are depressed and there is scant hiring going on. I could smell the panic and fear of the full timers. I could see the sweat in their eyes. And houses? When you get a house like this, on a dead end street, with a “4” handle, in a town like Allendale, you know panic is imminemt:
http://www.trulia.com/property/3080639603-78-Hamilton-St-Allendale-NJ-07401
And Nicholas, please, stop being so formal in your writing. You’re killing me! Show us your wild side!!
I can joke around, although mostly the effect is lost when you type it out.
I think once there was a conversation about Maryland drivers in which I said that I purposefully drive slow in the fast lane because not only does it save me on gas but because everyone else is driving slow that gas prices fall regionally. Sometimes I switch lanes when you try to go around me. I literally can ‘feel the savings’ when I cause others to drive slow.
This caused howls of outrage from you NJ drivers who feel like knifing somebody when they drive slow in the fast lane. Of course I received a few threats and jeers because of my joke. The humor just gets lost without the dripping sarcasm that can be added when you say it out loud. FEEL THE SAVINGS.
#83 gary: That is a nice house, needs a little updating, but nice, and the taxes are reasonable (relatively speaking too). And Allendale is a really nice town.
3b [86],
Yes, Allendale is one of those “need to be haughty” towns. Take a stab at what that house would’ve been listed at in 2005.
#78 funnel: My rate too in 1987 was 9% and that was “cheap” as it was single digits, on a 180 purchase price.
A 300k mtg at 4% is around 1430 a month, and at 9% , it is around 2400 a month; 1,000 difference.
#86 gary: It is more haughty than other towns who claim to be haughty, for those who give a rats arse about haughtiness. I would guess in 2005 that house would have sold for 600K.
3B,
By the way, went to 4 open houses in Westwood/Washington Twp. No one showed up while we visited each one and we were there for at least 20 minutes a piece.
#89 gary We were not this weekend, too much “other stuff” going on. We really have to start focusing hard on this. We did see one in River Vale which looked interesting (njmls), but I do not know anything about the town taxes were around 9k. Which bizarrely reasonable today.
#89 gary: Not surprised about the open house thing though, we have gone to quite a few this Spring season, and have seen much the same thing. I know there is all this “buzz” about the market, but we simply are not seeing it.
chi (50)-
The only thing anyone should be doing is preparing for the end of days.
Just to be clear, buying a condo in Hobroken is not a way to prepare for the end of days.
Upside-down homeowner can’t refi. “It’s not fair.”
I didn’t know you could whine underwater. At least I’ve never been able to hear it before.
The bottom line is that he can’t refi because his house isn’t worth what he paid for it, or what he thinks it should be. None of those things were guaranteed to him. But… “It’s not fair.”
You know, I think that the rubes are finally starting to see the inflation on the horizon. The interest rate train is pulling out of the station. Who’s on board?
http://finance.yahoo.com/news/era-cheap-money-consumers-shut-011602895.html
sx (63)-
A mysterious car crash.
“Dylan Rattigan leaving MSNBC. Too bad. I love his show. What is next for the big D….?”
Gary [83];
Choo choo? Train tracks in backyard.
Flip!
117 Westwood Blvd. Westwood, NJ
Sold in 2006 for $620,000
Sold in 2011 for $180,000
http://cocciarealestate.com/inc/pmisc?pid=1535
RE Agent/Flipper gets on CNNMoney
http://money.cnn.com/video/news/2012/03/30/n_house_flipping.cnnmoney/
FSBO in Spring 2012 for $450,000
http://www.zillow.com/homedetails/117-Westwood-Blvd-Westwood-NJ-07675/38057552_zpid/
Hey Grim, Why was that moderated?
Moose [97],
Regardless, this one would’ve been 100K more at peak. And there’s a 300 foot green buffer between. It’s not a highway, which is a big no-no. This one deserves a look-see.
Ah the joy of owning residential real estate. New upstairs tenant claims that there are bedbugs (old tenants lived there for 8 years). She’s also neurotic (which I didn’t know when she signed the lease) so I’m having a pest guy come out and check.
Add to your list of advantages of owning over renting the fact that you should be able to avoid residual infestations from prior tenants.
Well there goes a whole bunch of profit.
Saw the movie The Iron Lady……we could use some serious Thatcher
check out 2:30…..
http://www.youtube.com/watch?v=U2f8nYMCO2I&feature=related
New Improved Meat says:
June 11, 2012 at 12:06 pm
chi (50)- The only thing anyone should be doing is preparing for the end of days.
Smoke ’em if you got ’em. Once the sugar high wears off in Urrp, it’ll be hand-to-hand at the barricades.
I only speed when I am going places I need to get to quick, emergency room, wife in labor, running late of a school play, late to train. I dont speed to speed.
But most likely I could do what I did once to a car annoying me like that. I once got in front of him and went even slower. At around 25 mph the guy crawled on my butt, funny how at 25mph it bothered him. As soon as he got close, I slammed my brakes with both feet. Amazing how even at 25 mph a newer car slamming into the back of an old metal bumper buick will do. It was funny as all funny, guy gets out of car and I drive off. Legally, he hit me so I am under no obligation to stay for police. I did wait till he got out to see he was not injured. So funny. I figured I was doing the lords work. The dope would have caused an accident eventually, so I let him have some tough love. I also let a BMW plow me once. Guy was like why didn’t you get out of way you saw me coming. I was like I am one in the $100 dollar car, you are one in the $50,000 car. Really? Funny he broadside me making a left over a double yellow line and his car was sideways across the road. He was not a funny guy, I did tell him I would not bill him for the can of bondo I was buying and I drove off. If I ever go broke I will jsut buy a cheap car and let expensive cars hit me, I could make a good living off it.
Nicholas says:
June 11, 2012 at 11:48 am
And Nicholas, please, stop being so formal in your writing. You’re killing me! Show us your wild side!!
I can joke around, although mostly the effect is lost when you type it out.
I think once there was a conversation about Maryland drivers in which I said that I purposefully drive slow in the fast lane because not only does it save me on gas but because everyone else is driving slow that gas prices fall regionally. Sometimes I switch lanes when you try to go around me. I literally can ‘feel the savings’ when I cause others to drive slow.
This caused howls of outrage from you NJ drivers who feel like knifing somebody when they drive slow in the fast lane. Of course I received a few threats and jeers because of my joke. The humor just gets lost without the dripping sarcasm that can be added when you say it out loud. FEEL THE SAVINGS.
The iron lady has a rusty box
Neanderthal…I posted this in response to you yesterday…
Neanderthal Economist says:
June 10, 2012 at 8:12 am
How is everyone feeling about owning vs renting in their neighborhood? Thats a key metric for me and its signalling parity for the first time in many years, even with the higher taxes. The house we’re buying comes in at same monthly cost as our rental but the difference is that the house were buying has a huge basement. Im interpreting this as a major buy signal for most families.
seif says:
June 10, 2012 at 12:13 pm
192 – the basement could make a big difference for your family…but if all other things are equal what is the real benefit of tying up the 20% in a flatlining or depreciating asset? Why not rent another year or two, try to create a bigger cash pile and get more (or the same) for your money in a year or two…with less of a mortgage burden?
(not knowing all the details…this assumes that you have/keep the same habits that have helped you build up the downpayment money up until this point)
SEIF…The rentals in Montclair are more expensive than owning. At least ours is.
I’m under contract to purchase a home. Drove by the other day and found out that they just erected stop signs on both sides of the house preventing any parking on the street in front of our would-be house. We never would have considered moving into a home with such an arrangement. Any thoughts on my options at this point?
Hey Mike(inwaiting),
How did the uberinspektor go?
#00 She is (rightly or wrongly) still deeply despised in the north of England, and in Scotland; her policies were instrumental in the drive for Scottish independence.
Mocha have you had the home inspection yet, was the purchase contingent on the results of the inspection. what does that escape language read in the contract. These are all helpful to understand how precarious your situation is.
Mocha,
Tough one, but I would work the angle Pain is bringing. Claim the inspector noticed it and use it to bail out. I always wondered what would happen if someone busted out of the contract. Could you imagine a homeowner suing to make sure you buy their POS?
105 – there are a lot more factors we would need to know; how long someone would be renting, how long they plan on staying in the purchase, etc.
if prices remain the same for a year or two but someone can put down more in a year or two the savings could be a push or benefit the buyer. too many other factors we need to know, i think.
“emergency room, wife in labor, running late of a school play, late to train.”
The medical things make sense, as the cop is most likely going to let it slide, or escort you. The other things are the worst times to speed. Why? When time is of the essence, say running late for the school play, the incremental time savings gained by speeding is well offset by the costs of getting stopped — by costs I mean additional time lost. When time is of the essence, one is better off staying within the speed limit.
I would suspect that the inspector found something structural on which one could hang a hat for backing out. “Egads! The walls are only 2×4 and the insulation is not R-38.”
The below listing is being offered as a short sale at 429k, it last sold in 2006 for……………. 670k!!!!! It sold almost exactly 3 years earlier at 450K!!!! Sold for 220k more in only 3 years, a almost 50% increase!!!! The taxes are a tantalizing 14k a year. Just FYI, if you are interested there is no backyard, all the property is in the front of the house. So you can have a front yard BBQ.
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1220888&dayssince=&countysearch=false
#06 mocha: Two stop signs, sounds like a busy or semi busy street too; get out if you can.
“So you can have a front yard BBQ.”
Well, that only really works if there is an outlet on the porch so one can put a refrigerator on the porch.
3b,
On how many of these underwater flips gone flop have we seen this “OWNER HAS NJ.REAL ESTATE LIC.”?
#17 Shore: I always wonder abou that, is it supposed to instill some sort of confidence?
#16 Shore or run one of those 200ft orange extension cords!!
[57] JJ – Fall 1982 I was working full time, going to FDU 1 credit shy of FT, paying my uncle $100/month rent at his crowded house on Mount Prospect Ave in Clifton. Right below his house on Brighton Rd in Clifton was a row off office buildings/light manufacturing businesses. There was this one business with two 18-wheeler trailers parked permanently at the loading docks. My ’74 Buick Electra fit just perfectly between the two trailers and the cops never came by. Front seat was electric, but not reclining. GF and I would hop over into the back seat, then I would use the electric switch on the driver’s side of the front seat to move the electric bench all the way forward under the dash. Made the back seat limo sized with lots of possibilities.;-)
Unisex bathrooms work fine, so does three hour hotels. In fact pre-coop when I was 28 and moved back home for awhile was the best. My GF who was 27 also lived at home 15 miles from me. Once in a while we meet in the middle at a three hour hotel, bring some beers some junk food and those were the best dates ever.
Last time I got pulled over I blew a stop sign by accident, and was 9pm at night, by myself in a suit coming from a retired cops wake with mass card on passenger seat.
I figured zero percent chance I get a ticket. Which I did not. Even if I did I would fight it as no judge would let a ticket like that stand.
Craziest speeding ticket I got was in college. At a red light about to turn green a cop pulls me over for speeding. I am like what I am not moving, plus at red light you were not even behind me, idiot goes I caught you speeding three miles ago and I only caught up to you now. I am like what? I was not running away plus sitting at light. Then stupid cop looks at my registration, his face goes red and starts yelling open the fing hood open the damm hood of car now. So I open hood which of course has a big V8 jammed in it, guys gets all pissy, you registration says six cylnder. I say first not my car, second my brother bought car used and prior owner replaced engine. Guy was such a jerk he gives me a speeding ticket and writes Dear Judge this car has a race car V8 engine, it is not a six cylnder. I am like really was that necessary, guy goes I had my pedal pinned to floor chasing you from three lights ago and you were accelerating away from you. What was lesson learned, I should have just shaken 50 off my tail.
Shore Guy says:
June 11, 2012 at 1:17 pm
“emergency room, wife in labor, running late of a school play, late to train.”
The medical things make sense, as the cop is most likely going to let it slide, or escort you. The other things are the worst times to speed. Why? When time is of the essence, say running late for the school play, the incremental time savings gained by speeding is well offset by the costs of getting stopped — by costs I mean additional time lost. When time is of the essence, one is better off staying within the speed limit.
Nice, my 450sl was the worst for getting busy, you needed to put top down to have room and with no back seat and huge stearing wheel you only had drivers seat to work with and it did not recline. Kinda like doing it on a bar stool without falling off. The biggest encounter that happened in car I was not there and car was locked. I had a stupid house party and my ex-mobbed up GFs cousin was there. Who invited her I dont know but huge house parties things happen. She did not like me at all over the cousin break up, so at 4ish on way out of party she tells her guido BF she always wanted to do it on the hood of a mercedes convertible, the metal popped in and out on hood and I have a small ding and crack from her. Car is still in my garage, I never fixed dent. I was wondering if when I get around to listing it on ebay I could put Gottis neice’s did it on hood, figuring celeb cars go for more.
The Original NJ Expat says:
June 11, 2012 at 1:41 pm
[57] JJ – Fall 1982 I was working full time, going to FDU 1 credit shy of FT, paying my uncle $100/month rent at his crowded house on Mount Prospect Ave in Clifton. Right below his house on Brighton Rd in Clifton was a row off office buildings/light manufacturing businesses. There was this one business with two 18-wheeler trailers parked permanently at the loading docks. My ’74 Buick Electra fit just perfectly between the two trailers and the cops never came by. Front seat was electric, but not reclining. GF and I would hop over into the back seat, then I would use the electric switch on the driver’s side of the front seat to move the electric bench all the way forward under the dash. Made the back seat limo sized with lots of possibilities.;-)
“Just FYI, if you are interested there is no backyard, all the property is in the front of the house. So you can have a front yard BBQ.”
Yeah that’s corner lot living. I live on a corner lot and it is about ten feet from the back of my house to my neighbor’s property line too. So we closed off the breezeway, made it our dining room and there’s a door off the back of it onto a deck about 5 feet wide. The 5 ft wide deck runs all along the back of the breezeway (now a dining room) all along the back of the garage, and opens up into a huge deck into the side yard. We then fenced off the side yard and put my son’s swingset over there. Previous owner put a line of white pine trees in the back, plus a locust tree, and a peach tree. So now neighbor’s behind can’t really see us. So we pretty much turned the side of the property into our backyard w/ the deck. Next year I’ll plant some hedges along the fence to complete the back er….side yard.
Being on a corner lot is not what everybody is used to but, not the end of the world either.
[62] gary – Love it, perfect! For those not well versed in math/physics. A Scaler has a magnitude but *no* direction, unlike a vector which has both magnitude *and* direction. Or more simply, Scaler = a number, but going nowhere, Vector = a number, but going somewhere.
Borrowing from the mathematical sciences, we could dub this group, the Scaler Generation! ;)
#23 Brian: The house is only light a foot away from the fence of the neighbor behind. There is almost literally nothing behind the house, except that fence.
121- “which of course has a big V8 jammed in it”
Of course! It was so obvious I don’t know why you even wrote it. Redundant.
Yea but house next to me is a corner house on a double snow emergency street so no trees bushes withing ten feet of curb, fence height four feet and only two feet in the 20×20 on interesection and on one side yard he has power lines above so no pool. Six foot fence only in backyard and he has two sideyards and his back yard is get this 50 feet wide by four feet deep. He has a moat with a high fence. The two sideyards have low fences.
Brian says:
June 11, 2012 at 1:51 pm
“Just FYI, if you are interested there is no backyard, all the property is in the front of the house. So you can have a front yard BBQ.”
Yeah that’s corner lot living. I live on a corner lot and it is about ten feet from the back of my house to my neighbor’s property line too. So we closed off the breezeway, made it our dining room and there’s a door off the back of it onto a deck about 5 feet wide. The 5 ft wide deck runs all along the back of the breezeway (now a dining room) all along the back of the garage, and opens up into a huge deck into the side yard. We then fenced off the side yard and put my son’s swingset over there. Previous owner put a line of white pine trees in the back, plus a locust tree, and a peach tree. So now neighbor’s behind can’t really see us. So we pretty much turned the side of the property into our backyard w/ the deck. Next year I’ll plant some hedges along the fence to complete the back er….side yard.
Being on a corner lot is not what everybody is used to but, not the end of the world either.
Brits worried now and make plans to close borders.
“It is possible for EU citizens to claim free health treatment on arrival and to register for UK social security payments. The fear is that millions of Greek and Spanish citizens with no work would find moving to the UK the best option of maintaining themselves.”
http://www.forbes.com/sites/haydnshaughnessy/2012/05/25/british-plan-to-keep-greeks-out-as-euro-crisis-nears-end-game/
Moose,
In Allendale, cul-de-sac, listed at 519K, nice looking home:
http://www.realtor.com/realestateandhomes-detail/104-Woodland-Ave_Allendale_NJ_07401_M52803-32522?ex=BCNJ_1208227&mlslid=1208227
yea but it was a pain, needed new springs and motor mounts to support engine as it was pushing on tires, then needed new leafsprings on rear. Damm monster snapped a leafspring once on a take off, another time sucked the carb wingnut into carb on another take off.
18mpg that engine and was put in car in 1973 and still cooking. A nice 1969 Pontiac 400 CI engine from a low milage totaled 1969 firebird. Smoke them if you have them. When you light up dual posi rear G 60 tires it is a sight to behold. new cars are so boring off the line.
seif says:
June 11, 2012 at 1:55 pm
121- “which of course has a big V8 jammed in it”
Of course! It was so obvious I don’t know why you even wrote it. Redundant.
jeez didn’t you guys ever hear of the hood of a car. Other than my wrangler I always had pickups so a ahem lounging area was never a problem.
Sucks for your neighbor.
When I put my fence in I went to town to get a permit. You are not allowed to put fence in from ten feet to curb anyway. If you look at my survey, ten feet to curb is not even my property! The distance from the inner edge of most sidewalks (closest to your house) to the curb is many times ten feet. Ten feet is nothing.
Only allowed a fence height of 3ft in front of setback in my town (that’s the buildable part of the lot). So the way around the rule is 3ft fence up front with tall hedges behind. I see it all the time.
128.JJ says:
June 11, 2012 at 1:58 pm
Yea but house next to me is a corner house on a double snow emergency street so no trees bushes withing ten feet of curb, fence height four feet and only two feet in the 20×20 on interesection and on one side yard he has power lines above so no pool. Six foot fence only in backyard and he has two sideyards and his back yard is get this 50 feet wide by four feet deep. He has a moat with a high fence. The two sideyards have low fences.
Breaking news! Sell to whom?
http://www.nytimes.com/2012/06/12/business/economy/family-net-worth-drops-to-level-of-early-90s-fed-says.html
WASHINGTON — The recent financial crisis left the median American family in 2010 with no more wealth than they had in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said Monday.
The median family, richer than half of the nation’s families and poorer than the other half, had a net worth of $77,300 in 2010, down from $126,400 in 2007, the Fed said. The crash of housing prices explained three-quarters of the loss.
snip
Oh, and there is also this:
This vast loss of wealth was compounded by a loss of income, as the earnings of the median family fell by 7.7 percent over the same period.
The new data come from the Fed’s much-anticipated release Monday of its triennial Survey of Consumer Finance, one of the broadest and deepest sources of information about the financial health of American families.
Shore [133, 134],
Gee, that news was “unexpected!”
re # 134- Shore can’t be true we are a nation of savers right?
Bushes line up cannot exceed fence limit. It is a myth, most homeowners dont know that. Therefore they do it and in turn neighbors dont report them cause they also dont know it is a violation.
you cant a three foot fence limit and line up six foot bushes behind it, the bushes also can only be three foot. Tall trees, sporadic bushes are ok, but making bushes a fence subjects bushes to same height requirement
Brian says:
June 11, 2012 at 2:08 pm
Sucks for your neighbor.
When I put my fence in I went to town to get a permit. You are not allowed to put fence in from ten feet to curb anyway. If you look at my survey, ten feet to curb is not even my property! The distance from the inner edge of most sidewalks (closest to your house) to the curb is many times ten feet. Ten feet is nothing.
Only allowed a fence height of 3ft in front of setback in my town (that’s the buildable part of the lot). So the way around the rule is 3ft fence up front with tall hedges behind. I see it all the time.
we are a nation of non-savers who are used to high yield short term instruments. we were used to no risk FDIC insured savings and cds and short term munis and treasuries that were insured, liquid and paid a high interest rates.
The Feds ended that party in 2009 yet many kept their money at zero and are using up principal to make up for lack of coupon payments. The Feds telegraphed their intentions as far back as Spring 2008, Joe Bow instead of saying well rates are going down for a period of a few years. I should buy ten year treasuries, Ibonds, ten year insured munis and five year FDIC insured cds as my short term CDs and stuff matured, Instead they did nothing. It was telegraphed. Joe blow has a once in a lifetime chance to buy long term fixed income in 2008 and refinance debt at same time. Remember when I was buying long term Ford Bonds at 40%, GMAC at 27%, Citigroup at 16% and Munis at 7%. where was Joe Blow?
Joe Blow wants 3% mortgages and 5% one year CDs.
gary, what did you look at in Westwood/WT over the weekend? There was an open house at a McMansion on Mountain Ave. that looked busy, but I think it was probably mostly neighborhood gawkers wanting to see what the place looked like, since it’s been sitting empty for 3 years. It just sold for $475K as a foreclosure, looks like a flip job now at $989K (builder kept it on the market for years at $1.1 million). Here’s what’s funny, though — the pre-flip photos of the unfinished interior are still being used by the realtor:
http://www.tocr.com/listing_detail.php?njmls_number=1220690
No, I didn’t go for a look, in case you were going to ask. ;-)
Not bedbugs. Damn tenants. Was a carpet beetle, whatever that is. This new tenant is gonna suck.
Tard – Meh that isn’t nothing. A coworker who is renting his last home (could not sell it) just told me today his tenant who moved in January is now two months in arrears! I laughed and told him never rent to a deadbeat with no credit. Guy was Bankrupt etc and works in a small family business but hey he has only bounced two checks. Best part is tenant did not want to meet him at the rented house to give him another check, said to meet behind at some shopping center something. Tenant did not want to let him in the house is my guess, I can imagine there is allot more pestilence than a few bed bugs going on in that place now.
House on .48 Acres in Glen Rock with in ground pool and outbuildings, only $225K:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1219932&dayssince=&countysearch=false
[142] – And taxes are only a few hundred more than $10K. Last sold in 1970 for $17K, may need some minor updates.
expat if I was single I would buy the dump what more do you need. nothing a little TLC wouldn’t fix then you could rent it out to a dead beat commuter when you want to trade up.
Tard that is why I would never want to be a landlord
[142] The guy who lived in that house never married or had any kids, died in December 2006. I guess the estate or his elderly siblings have been paying taxes on this place for the last 5+ years?
http://obitsforlife.com/obituary/2260/Kashey-Gerard.php
Gary – Sorry about the contract job lay-off. And best of luck in finding a “real job” this time.
We aready know that contract workers are being used and abused.
But I can’t get over how companies are also hurting themselves by just hiring disposable workers and then disposing them at whim. Why would any worker show any loyalty or care the least how anything gets done? Why wouldn’t contract workers try to figure out ways to game the system before they get disposed of? And think of the wasted company time and money getting the contract worker up to speed on projects, giving them a computer to use, etc. How is all this productive and good for the company?
Spiral downward……
Gary [129];
That location (town) doesn’t offer me any benefit considering my commute (I’m not taking the train to Penn). However, I was unwilling to go out into the exurbs, not enough discount and the further out you go, the later it will be to recover.
140 Libtard:
You dodged a bullet. I had them too, and they look similar to bedbugs. Had me sweating bullets.
“Shore can’t be true we are a nation of savers right?”
Well…. From that same report:
Despite these setbacks, consumers have continued to spend surprising amounts of money in recent years, helping to keep the economy growing at a modest pace. The survey underscores where the money is coming from: Americans are saving less for future needs and making little progress in repaying debts.
The share of families saving anything over the previous year fell to 52 percent in 2010 from 56.4 percent in 2007. Other government statistics show that total savings have increased since 2007, suggesting that a smaller group of families are saving more money, while a growing number manage to save nothing.
The survey also found a shift in the reasons that families set aside money, illustrating the lack of confidence that is weighing on the pace of economic growth. More families said they were saving as a precautionary measure, to make sure they had sufficient liquidity to meet short-term needs. Fewer said they were saving for retirement, education or for a down payment on a home.
Brian,
Mohawk has a restriction on boat length. Nothing over 19 feet is allowed. That limits you to the smallest of pontoon boats. I had a dock on Hopatcong so I didn’t have to deal with the crazyness of the slips on the weekends and holidays. Apart from the guy running the powerboat Hopatcong is big enought to cope with the traffic on the water.
There’s nothing in the code about bushes or hedges (at least where I live). The only time they mention hedges or bushes, is at the corner of the lot, you must maintain a site triangle at the stop sign so that drivers can see oncoming traffic while stopped in the intersection.
138.JJ says:
June 11, 2012 at 2:28 pm
Bushes line up cannot exceed fence limit. It is a myth, most homeowners dont know that. Therefore they do it and in turn neighbors dont report them cause they also dont know it is a violation.
you cant a three foot fence limit and line up six foot bushes behind it, the bushes also can only be three foot. Tall trees, sporadic bushes are ok, but making bushes a fence subjects bushes to same height requirement
Jill [139],
For WT, it was Amherst Drive and Fern Street and for Westwood, it was Sycamore St. and I forgot the other one.
Sima [147],
It’s all to benefit upper management and their own little secure world. The first level managers and their directs are all cannon fodder. And believe me, the “full timers” at every level do treat the “temp” workers like they have leprosy.
Move along, nothing to see here. Ignore Spain’s increased public debt.
Move along, nothing to see here. Ignore Spain’s increased public debt.
http://mobile.bloomberg.com/news/2012-06-11/spanish-bailout-shows-europe-s-leaders-still-don-t-get-it.html
Moose [148],
Just thought I’d pass them along in case you’re interested. They are cul-de-sacs and good schools; great for the Moosekin tribe! :)
Gary [153];
the “full timers” at every level do treat the “temp” workers like they have leprosy.
Likely due to the awkward self-awareness of how similar they are to the so-called ‘other’. Keeping a good thought for you.
BMW or Travolta?
JJ says:
June 11, 2012 at 12:31 pm
I also let a BMW plow me once.
[156];
I’m content with the schools in our target town (in fact it was one of the driving factors); if not with the tax bill. On thr bright side I culd have picked a town with merely offensive taxes and not obscene ones, then had to pay for private schools to make up the difference. The benefit to that is if you’re in it for the long haul – tuition goes away when the kids grow up; taxes don’t. Plenty of folks still have two signs on the lawn come June: “Congratulations Graduate” right next to “House for Sale”.
Gary #153
Leprosy – Hah! absolutely.
One example: contract workers, no matter what they’re doing and at what level, having to all sit in a large open room (a segregated area from regular workers) next to one another and not being allowed to use private rooms or conference rooms for global teleconferences, etc. No privacy or quiet allowed for contract workers! – even if that would make doing the job easier and better.
Moose [158],
Thanks. The place has a hefty helping of complacency. It really was the closest thing to a public sector job in a private company. These cats and kittens are in for a rude awakening if (when) they get axed and have to present a legitimate skill set on an interview. It was strictly a 9 to 5 atmosphere where breaks and lunch were a given even if the world was coming to an end.
We had a 19′ Regal inboard outboard Thats plenty for towing a skiier. Used t wakeboard with it too. Definitely wasnt a pontoon boat.
Fabius Maximus says:
June 11, 2012 at 3:32 pm
Brian,
Mohawk has a restriction on boat length. Nothing over 19 feet is allowed. That limits you to the smallest of pontoon boats. I
I havent hung with travolta since the plup fiction party at the china club.
chicagofinance says:
June 11, 2012 at 3:43 pm
BMW or Travolta?
JJ says:
June 11, 2012 at 12:31 pm
I also let a BMW plow me once.
Sima [161],
And they don’t even give you two weeks or a heads up or well wishes. They send a third party recruiter to you at the end of the day and ask that you hand over your ID badge and laptop and escort you out of the building. The full timers in the group are away from their cubes, they don’t want to face you. People become real cowardly, real quick when faced with elevated levels of awkwardness.
It Can Happen Here: Europe’s Screwed Generation and America’s
Governmental priorities here continue to favor boomers and seniors over the young. For a generation, transfer payments have favored the elderly, a trend likely to accelerate as the boomers continue retiring and demand their due. According to Brookings, America spends 2.4 times as much on the elderly as on children.
I keep saying, its not a class struggle, its a generational one — The Locust Generation eating the young.
[160] Sima – Never true in my experience. Maybe 20 years ago at Bell Labs or BellCore, but not since then (but I’ve been out of the contract game for two years now and it sounds like it’s worse now). On the contrary, I’ve had occasions where I’m brought in and given fake “credentials” (business cards, etc.) so that the employees who I’m supervising think I’m an employee called in from another part of the country to head up a project. I used to feel bad when I had them work weekends with me and I was the only one getting paid for the extra time. Also, when you’re a consultant, your not a threat to senior management so you’re generally told the truth, often in advance of the rank and file.
Gary #153
Leprosy – Hah! absolutely.
One example: contract workers, no matter what they’re doing and at what level, having to all sit in a large open room (a segregated area from regular workers) next to one another and not being allowed to use private rooms or conference rooms for global teleconferences, etc. No privacy or quiet allowed for contract workers! – even if that would make doing the job easier and better.
Expat [167],
…but I’ve been out of the contract game for two years now and it sounds like it’s worse now…
Worse? Let’s put it this way: if you’re in a lifeboat with the “company” people, some of whom have been given a lobotomy, you’re still getting tossed over first.
#166 Original NJ Expat : Helloooo??? It’s waaay different now. Contract workers walk around with name tags identifying them as contract workers. I know of one big pharma that whatever hourly amount you signed at, that’s the amount you will receive forever – even if you get re-signed repeatedly (it’s “company policy” for that pharma).
Let’s see, the contract worker is not allowed to schedule conferences (a real employee must do so for every meeting) even if that is an important part of the job – you must ask a “real employee” each and every time to schedule it. No real employee would dream of sitting with a contract worker at lunch. And on and on…big and small…
So, remind me, how is this good for a company?
Lil Hitler…
http://www.youtube.com/watch?v=hRHhPNzQXHI&feature=related
I always wondered what happened to those kids in HS and College that no one ever wanted to sit with at lunch or hang out with.
I now know after they graduate they become, Contract Workers.
[164] gary – getting walked from the building. I’ve been walked from the building twice. It actually turned out to be fun both times. The first time was back in ’96, I recognized all the warning signs. New managers flying in from Canada to take over a project that just got bigger. Buzz through the grapevine that they wanted to know who the he11 I was and why my rate was so high. This went on for several months then one of the new managers asked me if I could write up some stuff and hand it in by Friday. I knew that was the day. I had everything out of my cube except my coffee mug by Friday. When they escorted me back to my desk with a box to get my stuff I just grabbed my Coffee mug (already clean and empty, BTW) from my top shelf and said “That’s it”. They were shocked and had meetings for the next week trying to determine who tipped me off, when no one did. My consulting company made them pay me a week’s severance for treating me so unprofessionally after working there close to two years.
And they don’t even give you two weeks or a heads up or well wishes. They send a third party recruiter to you at the end of the day and ask that you hand over your ID badge and laptop and escort you out of the building. The full timers in the group are away from their cubes, they don’t want to face you. People become real cowardly, real quick when faced with elevated levels of awkwardness.
The End Is Nigh (Bay State Edition):
THE A-HED
Updated June 10, 2012, 10:27 p.m. ET
Dagnabit, This Town Is Fed Up With Cursing
Middleborough, Mass., Set to Vote On Fines for Profanity; Bleeps From ‘Baby’.
By JENNIFER LEVITZ
MIDDLEBOROUGH, Mass.—Mimi Duphily was hanging baskets of pink geraniums on antique street lamps downtown for the Middleborough Beautification and Activities Group when she noticed something else that needed cleaning up—citizens’ mouths.
“The cursing has gotten very, very bad. I find it appalling and I won’t tolerate it,” said Ms. Duphily, a civic leader in the otherwise quiet New England community, which calls itself the Cranberry Capital of the World. “No person should be allowed to talk in that manner.”
Soon, Middleborough residents who do could risk a $20 fine.
Ms. Duphily, 63 years old, tried scolding the cursers—whom she describes as young people shouting the “F word” back and forth—with a stern, “Hey kids, that’s enough!” Then she conferred with the Beautification and Activities Group, which informed the Middleborough Business Coalition, which then called a summit with Middleborough Police Chief Bruce Gates, who now, in his sworn role, is trying to stomp out swears.
He is asking citizens to vote at the annual Town Meeting on Monday to flush potty mouths by granting police the power to issue $20 civil tickets to anyone who publicly “accosts” another person verbally with profanity.
He isn’t targeting ordinary swears, like an understandable expletive uttered after a Red Sox loss. He said he is aiming at offenses like “profane language at some attractive female walking through town.” His officers patrol on bikes and can already give tickets for public drinking, rubbish thrown in streets and more. Cursing is another “quality of life” issue, he said.
After all, who wants to go downtown and “listen to that baloney?” he said.
Profanity is ancient—with classic written examples from Greek drama to Chaucer’s verse—as are public objections to it. But there have been a recent string of instances of public officials trying to “require civility,” said Ken Paulson, president of the nonprofit First Amendment Center at Vanderbilt University.
What the heck is going on? Public discourse is nastier and some people are fed up, he said.
“At this state in American history, there seems to be a lot of polarization and voices that are particularly strident and loud; just visit any news site and look at the comments,” he said, noting that New York lawmakers recently introduced legislation banning anonymous online comments.
Middleborough isn’t the only place, by golly, where officials want to effectively wash citizens’ mouths out with soap. In April, work at the Alabama Legislature turned a little off-color when a lobbyist allegedly verbally took a lawmaker to the woodshed after a vote. So for the first time ever, legislators issued a formal reprimand for cursing, saying the lobbyist violated Rule 27 pertaining to “the honor of the legislative process.”
Arizona state senators in February debated legislation that would have banned public-school and college instructors from any swear word not allowed on broadcast television. The bill died after much discussion. And counties from Los Angeles to Mobile, Ala., have declared “no cussing week” in recent years.
It is unclear if we are cursing more than we always have, but likely we are hearing more of it, said Timothy Jay, a Massachusetts College of Liberal Arts psychology professor who has studied cursing and bids goodbye on phone calls by saying “Have a darn nice day!”
TV cameras are there to catch curses by sports stars and public figures. Young people are increasingly mobile, and gather in public places where they have relative anonymity and feel free to curse without consequences, said Mr. Jay.
Still, it is difficult to legislate against profanity, said Mr. Paulson. Most cursing is constitutionally protected, though there are exceptions under the First Amendment, such as curse words used to provoke a fight, or threaten. ” ‘I’m gonna beat the blankin’ blank out of you’ could be prosecuted,” he said.
Middleborough, a town of 23,000 located about 40 miles south of Boston, actually already has an old public profanity law, passed in 1968, but it makes swearing a crime. Police long ago decided it wasn’t worth their time to book cursers as criminals, said Chief Gates, who can’t recall the law being enforced.
In the Monday vote, Middleborough citizens will be asked to make cursing a civil offense, which Chief Gates said will make it easily enforceable. Violators are defined as anyone who “accosts or addresses another person with profane or obscene language in a street.”
Mr. Paulson says the law sounds too vague to stand up in court. “If they want to fashion an anti-profanity law, they need to start from scratch and narrowly tailor it,” he said.
But many residents say they back the proposal, saying the threat of a ticket might scare cursers into zipping it.
“Back when I was younger you wouldn’t think of saying foul language on the street, but now it’s [bleep] you, or stick it up your whatever,” said Roger Bryant, a 69-year-old retired police officer who was having coffee downtown. “It’s not unique to this town, but Middleborough at least has the tenacity to do something about it.”
His buddy, Albert Rose, a 66-year-old retired construction worker, nodded. “Even adults, not just kids, are out there swearing, carrying on,” he said.
A group of teens walking downtown on a recent day could be heard cursing, though it sounded conversational rather than angry. In the midst of a manicure at a local salon, Candace Barrett, a medical assistant in her 50s, called the whole issue silly, small-town stuff. “Apparently somebody offended somebody,” she said.
Megan Crowley, who is 22 and works in a tattoo parlor downtown, is against the cursing crackdown based on principle—”freedom of speech and everything”—but understands the sentiment behind it. While at work, she often hears young people outside “swearing at each other” and finds it tiresome, she said. “The law itself is ridiculous but the kids are also ridiculous,” she said.
Regardless of the coming vote, some in Middleborough concede they are never likely to get locals to entirely swear off swears. Ms. Duphily, the local civic leader who supports the darn crackdown, keeps her pet parrot “Baby” in her family’s business, Willy’s Auto Supply.
Yes, she said with a sigh, as the parrot squawked nearby, Baby—from a previous owner—learned to curse.
“In the morning, he says ‘Hello. Hello. Hello,’ ” she explained. “If you don’t answer, he’ll say ‘you a—’.”
It may be tough to get locals to shut their beaks, she concedes. But when Baby bleeps, she tosses a quilt over his cage. “I don’t let him get away with it,” she said.
I have a phone interview with a global financial in about 7 minutes for a contract position. I’ll try not to laugh if he asks me where I want to be in five years.
Locust suckers!
June 11, 2012
Counting on an Inheritance? Count Again.
The bad news: Many baby boomers are likely to get less money from Mom and Dad than they thought. The worse news: They may have to help their parents financially instead..
By ANNE TERGESEN
Baby boomers: Get ready for a double whammy.
For years now, there’s been a lot of talk about boomers getting tremendous windfalls as their parents pass on. Many boomers, in fact, have been lagging behind in their savings, betting on—hoping for—big bequests, especially since many of them suffered big losses in 2008.
But for a growing number of boomers, things aren’t going according to plan. The postwar generation is living longer—and many are spending their savings along the way. And, of course, many of them also took a hit in 2008.
The result is that, as a group, boomers likely won’t be getting as much of an inheritance as they hoped. Even worse, far from receiving a bequest, a growing number are tapping some of their own savings to help their cash-strapped parents make ends meet.
For families, the result is often a lot of scrambling, dashed dreams, and conflict and angst as parents and children try to come to grips with the lean new reality—and divide up a smaller pie.
“There are way too many adult children I see who are looking at Mom and Dad’s estate as their ticket to a secure retirement,” says M. Holly Isdale, an estate planner in Bryn Mawr, Pa. “But with people living longer, much of the money is likely to be spent.”
How much longer? Thanks to medical gains, a 65-year-old man has a 60% chance of living to age 80 and a 40% chance of reaching 85. For women, the odds are 71% and 53%, respectively. All of this has made the 85-and-over age bracket the fastest-growing segment of the population. In an era of low interest rates, volatile financial markets, and rising costs for health and long-term care, finding money to cover those years isn’t always easy………………………………………..
Not sure which planet you are contracting. I have been doing this for 12+ years for over 30+ companies big and small. Never seen what you are talking about. Agreed, contract workers get tossed around a bit more than FTE’s, but the ones that I know of make lot more $$ than FTE’s, are more smarter/savvy than FTE’s. I personally get asked many questions by FTE’s on how to convert to contract as they see me make out as bandit by reducing my taxable income.
#166 Original NJ Expat : Helloooo??? It’s waaay different now. Contract workers walk around with name tags identifying them as contract workers. I know of one big pharma that whatever hourly amount you signed at, that’s the amount you will receive forever – even if you get re-signed repeatedly (it’s “company policy” for that pharma).
Let’s see, the contract worker is not allowed to schedule conferences (a real employee must do so for every meeting) even if that is an important part of the job – you must ask a “real employee” each and every time to schedule it. No real employee would dream of sitting with a contract worker at lunch. And on and on…big and small…
So, remind me, how is this good for a company?
Sima – I have done both FT and contract in pharma. you know what I prefer contract the things you describe who cares. they want to waste one of the FTE’s time on scheduling crap for me fine. As far as pay goes Yes I may come in at a scheduled rate but they aren’t going to pay you that much more than their FTEs. If your good you can always find another contract at a better rate. The Key is to 1099 and not get go through agencies. cultivate contacts, build relationships, have unique and marketable skills and perform good work will make you a fat and happy contractor. Being a lab rat or typical pharma drone in which their are a dozens of doesn’t get you any where. At that point you may as well be full time employee.
#42 AM I seeing that right? Is half the roof gone??
3b shh it is a skylight ; )
#38 Joe Blow wants 3% mortgages and 5% one year CDs.
We may very well get the 3% mtgs. The 5% CD;s will have to wait a while.
[171] getting walked, 2nd time. – 2002 – Walked from a full time gig, after 4.5 years: I was on our 3rd floor in a meeting and right as the meeting ended my realtor called me on my cell about an offer I might be making. I told him to call me back in my office in 2 minutes. As I was hustling down the stairwell to my 2nd floor office the CFO was hot on my heels and asked if he could meet with me for a minute. I told him no because I was getting an important call in my office in 1 minute, but it would only take a minute. He said OK, come to the SVP’s office and meet me there right after. I said OK. Took the call from my Realtor and noticed that the SVP was trying to call me while I was on the phone. I’m thinking why do these guys want to see me so urgently? If I was getting fired it would be by my boss, the VP of engineering right next door to me and we got along great. I went out my door and asked my boss if he knew anything, he said he was just called up to see the CEO right that minute. I said, oh sh1t, are we getting fired? He said, “It looks that way”. I didn’t care except I had a lot of stuff on my Company laptop that I didn’t have anywhere else. Just then one of my engineers popped into my office and I gave him my laptop, told him to get it right out to his car this minute and bring it by my home tonight. I went in, got canned and they walked me to my office I just said, “I’ve got so much stuff here, how about if I come back another day?” They said OK, and I left the office with nothing, my laptop already safely outside the building. As I recounted a week or so ago here, I went back the following week and negotiated a $40K severance instead of the $30K they wanted to pay me. I think part of it was that they were worried about what I had. When I turned my laptop back in, I didn’t format it, but I left only two folders on my desktop, One labeled “Important Documents”, the other labeled “Code” with all the important stuff neatly arranged in those two folders;-)
#175 This the NJ and NY contract experience, as experienced by my spouse, all my neighbors and friends who lost jobs in the last few years, and my spouse’s former co-workers. This is what happens to former business college majors and also MBAs, mid-level and higher business workers, ages 40 and higher, but especially 50 and up. Let’s see – this is the new pharma experience, jobs in banks, and the insurance industry. This is what happens once you get laid off from a job….you enter contract h$ll.
And everyone, I repeat everyone, earns less as a contract worker than a full-time employee (even though the pay may be ok), and you also have no benefits, no vacation, no holidays or sick days, etc…
In other words- this is the new reality of the contract worker.
[181] Sima – yeah, I get it, gary’s posts drive the point home every day. I was a NY/NJ contract guy prior to ’97 when it was good times all around. I know it’s a different world now and I wish it wasn’t.
Contractors are an easy line item to remove when costs must be contained.
Chifi [172];
I wonder if the proponent will get a ticket when he says ‘Get off my lawn, you punks!’
#183 But it’s all a sham because someone has to do the work. So a company lays off a certain amount of workers – makes the remaining employees do more, but they can’t do it all so now they hire contract workers. The work still has to be done. But it’s like musical chairs – laid off Pharma A workers now contract for Pharma B, Pharma B workers are at Pharma C, and so on…..
And there are so many unemployed that basically the lowest bidder gets the job – thus a spiral downward.
And yes, so as Gary points out – how can the country and economy recover from this downward spiral? After all, short-term contract workers can’t get mortgages, can’t refinance, etc.
contract workers are nomads, I think I saw some in Mad Max.
#181
Really depends on the field you are in.
With High technology jobs (Big Data, Real Time supply chain, Predictive Analytics),
contract workers are in big demand and managers really kiss a$$ for talent. FTE’s don’t even come close.
I guess if you are in lower rung of contract jobs, you get treated like $hit.
At one of the Big 3 consulting firms I am contracting with, you see a lot 50+ aged workers walking around like Dinosaurs. Prime for getting axed and replaced by contractor who will work his butt of. With every tick of the clock, if you are FTE, your are getting close to getting your a@@ reamed and replaced by a contract worker. That is name of the game.
re #188 – Zack you just described JJ…..
#188 Why are people over 50 dinosaurs? It’s the older, wiser workers who then are sent in (as contract workers) to clean up the messes that the young inexperienced workers make. There’s a lot to be said for wisdom and for knowing how to get things done.
All FTE’s who are 45+ walking around with chubby a$$es make good candidates for getting their a$$es handed to them on a silver platter. Over the years, I have seen dozens of my friends 45+ getting laid off just because they are just too old to be on the job. It is way more profitable to hire a contract worker, young, ripe. Promise them of FTE and they will work doubly hard.
AT&T issued $1 billion of 1.6 percent five-year notes and an equivalent amount of 3 percent 10-year bonds on Feb. 8, its lowest coupons for those maturities on record, according to data compiled by Bloomberg.
Amazing, people buying taxable five year corporate bonds at a 1.6% interest rate . Meanwhile 18 months ago they would not buy a tax free muni at 5%.
Long term Corporate bonds not that long ago was 8%, now 3% on a ten year. Ouch.
Retired person with 300K in bonds with a 8% coupon pretty good, same bonds at 3% pretty bad.
Going from 24K interest income to 9k interest income in just three years, lets hope Grandpa was buying long term bonds these last 30 years.
“more smarter”
?
In high tech, there is no room for 50+ dinosaurs. Heck, your career is almost over by 40. Technology changes every 6 months and it is almost impossible for a 50 year old wo work in this field, unless you are the management.
Couple of months ago, I automated a job that was being done manually by two 50+ year old. One was writng the SQL script and the other was cross checking the numbers and emailing it to the SVP.
Once the whole job was automated, the 2 farts got let go and I got a pat on my back. I then told my boss that I had to work from home for a week to take care of some stuff and they happily agreed.
Aged gets replaced by youth. Make hay while the sunshines. Very apt in the technology industry.
#188 Why are people over 50 dinosaurs? It’s the older, wiser workers who then are sent in (as contract workers) to clean up the messes that the young inexperienced workers make. There’s a lot to be said for wisdom and for knowing how to get things done.
Funny, I had this discussion with someone on Sunday who said they are getting tired as they get older. Funny, I have the same exact energy level of an 18 year old. No medial problems, no diet issues, never been in a hospital, no medical issues at all. No ailments. Pizza, Beer, Burgers are the fountain of youth to me. I am like Chers mom I never age. On other hand I have been through dozens of young staff over the years who in their early 30s are burnt out. Had one staff member, dragging her but to work complaining after 7 years of commuting it is getting to her and she cant do it anymore. She never came in early, never worked late and never went out after work. I laughed, year 7, year 14, year 21 year 101 of doing it I will be fresh as a daisy.
course I do find it is less stressful being in charge. I am not good at taking orders. Call me Fidel, plus I like old cars anyhow and spanish food.
Issue is 90% of jobs are staff jobs over the age of 40 and over age of 50 95% of jobs are staff jobs. At 50 you are only age appropriate to be a SVP, Managing Director, Head of Dept, Board Member, C-level. Mind you there are the same amount of men 50-60 as there are 22-32. However, there is a heck of a lot less jobs for older folks. Plus men over 50 in good jobs dont quit, if job only opens do to job eliminations or they wanting someone younger, it does not help a fellow 50 year old.
Juice Box says:
June 11, 2012 at 5:19 pm
re #188 – Zack you just described JJ…
#194 And of course you will never ever be over 45 because then automatically you are too old for the job (your words…)
do you hang out in array bars?
Zack says:
June 11, 2012 at 5:31 pm
In high tech, there is no room for 50+ dinosaurs. Heck, your career is almost over by 40. Technology changes every 6 months and it is almost impossible for a 50 year old wo work in this field, unless you are the management.
Couple of months ago, I automated a job that was being done manually by two 50+ year old. One was writng the SQL script and the other was cross checking the numbers and emailing it to the SVP.
I will never be over 45 as I control the calender. During some time warp dance on LSD at StonyBrook I accidentially discovered how to time travel.
#198 Excellent! Quote of the day.
Zack,
On my resume, I have listed: Experience with TeleVideo ASCII character mode smart terminal. Do you think I should remove it to make me look younger?
Gary,
I suggest you put down: Proficient in 8086 and 8088 machine coding and assembler. Well, that and that you are “more smarter” than the aged.
Comrade Nom;
Citizenship for sale: Foreign investors flock to U.S.
ORly?
GARY: please again email resume to new address, BILaw needs another copy.
pechter@gmail.com.
This is JJ’s bio….
http://www.youtube.com/watch?v=uuUSsFjyOZQ&feature=related
this reads like one of his stories….from a WIKI!
When Brandon gets home, he watches cartoons, and Sissy arrives and talks to him. She says that they are family and are supposed to help each other, but Brandon wants nothing to do with her, because he says all she does is drag him down. Brandon then heads out and tries to pick up a woman at a bar, but ends up being beaten up by her boyfriend. After he is denied entrance into a nightclub, he notices a gay bar across the street and enters. He walks to the back, where several men are having s-x; a man kisses him and performs fellat!o on him. On leaving the bar, he listens to a voicemail message from Sissy. He then enters an apartment occupied by two women, and the three have s-x.
Marilyn [204],
Is there another gary emailing your BILaw? I have yet to email him as I’m waiting on the status of one other position before sending to him.
Zack,
In high tech, there is no room for 50+ dinosaurs.
Is that when the death panel police come to get us?
jj (195)-
You tap that, jj?
45 joyce. Nah. It has nothing to do with incomes. Homes are made of weed copper concrete metals. Its like a commodity etf with physical delivery.
http://online.wsj.com/article/SB10001424052702303990604577370001234970954.html?mod=googlenews_wsj
Ouch! I need a mental band-aid after reading this one.
We are spending 10 times on healthcare than we did in 1980. Ten times! Are we nuts! The honest answer to that must be “Yes.” There certainly can’t be a rational answer to why we keep on doing what we’re doing, when nobody else is. Can we stop the madness? I sure hope so.
We’re making ourselves suffer needlessly. We have to start imitating what the rest of the First World does — and likes and is happy with and is effective — so that we can start spending far less, per person, like they do.
http://www.huffingtonpost.com/2012/06/11/health-care-costs_n_1587284.html?ir=Business&ref=topbar
“Costs led 58 percent of people to put off or go without health care they needed in the previous 12 months, a increase from 50 percent last August, says a survey released Monday by the Henry J. Kaiser Family Foundation, a nonprofit research organization based in Menlo Park, Calif. Americans skipped doctor and dentist visits, didn’t receive diagnostic tests, didn’t take their medicines, cut pills in half or took other steps to save money that could make them less healthy, the survey found. Twenty-six percent of Americans reported they or a family member had difficulty paying medical bills, the same percentage as last August.
Even many who didn’t experience difficulties with health care costs say they’re concerned they might, the foundation reports: “While substantial shares of Americans report problems paying for care, even larger shares report they are worried about being able to afford health care and maintain insurance coverage.” Sixty-four percent of those surveyed were concerned about their health care costs rising, according to the survey, which the foundation conducted last month. The survey’s overall margin of error is plus or minus 3 percentage points.
Americans spent $2.6 trillion on health care in 2010, a tenfold increase since 1980, according to federal government figures. Higher prices for medical procedures, tests, drugs and other health care goods and services are increasingly burdensome on American households, contributing to higher health insurance premiums and fostering a population of uninsured people that’s approaching 50 million. That money isn’t buying Americans higher-quality care than is available in other rich countries, either.
An American family of four with job-based health insurance will spend more than $20,000 on premiums, deductibles, co-payments and other expenses this year, according to a recent analysis by Milliman, a firm that consults with companies about employee benefits.
Not surprisingly, the uninsured are worse off than those who have health insurance, the Kaiser Family Foundation survey shows. Almost half of the uninsured, 47 percent, reported difficulties covering their medical expenses and 81 percent of them said they’d put off health care they needed. But having health insurance doesn’t guarantee access to affordable health care: 23 percent of people less than 65 years old who have health insurance said they faced trouble paying medical bills and 55 percent said they didn’t get health care they needed because of cost.”
clot: they found Ratigan…..
Yacht explosion off New Jersey coast leads to Coast Guard rescue
By Mike Krumboltz | The Upshot – 50 mins ago.. .
An explosion aboard a yacht caused all 21 passengers to abandon ship. The yacht was 17.5 miles off the New Jersey coast, east of Sandy Hook.
Little is known about the cause of the explosion, but according to early reports, as many as nine people were injured in the blast. All passengers have been accounted for. The Coast Guard has deployed helicopters and rescue boats to the scene.
WABC reports that the Coast Guard was alerted to explosion about the yacht, named Blind Date, at 4:20 p.m. A nearby vessel, named Erica, helped in the rescue before the Coast Guard arrived.
As of 6:15 p.m., the Coast Guard had not yet reached the sight of the explosion, according to the Newark Star-Ledger.
chi (211)-
Guess they were freebasing.
Maybe a surveillance drone fell on that boat.
[186]. JJ,
JJ=toecutter. Or Humongous.
[202] moose
Old story. It does point out that 70% of the applicants are from China. And a lot of them got wealthy in ways that, were the government to take issue with it, would cost them their lives.
So 50% top marginal effective rates versus firing squad. Tough choice, especially since the firing squads there are real, unlike Clot’s imaginary ones.
Then there’s the issue of rule of law. As one investor said on CNBC today, he preferred to invest where there were impartial people in long, black robes to settle disputes.
[1] grim,
A big factor in that drop, especially in 2005-07, was the incredible run-up in prices in Mass. The Boston area became ridiculously overpriced relative to the stock of buyers at those prices.
There was likely a lot of irrational exuberance I remember going back for visits, seeing the expanding skyline, and thinking to myself “who is going to work in all these new highrises?”
Holy crap. I left my salary job early today, as I often do, to watch my daughter’s tryout for U9 soccer. Lots of talk about contract work and how the game has changed, which I believe, but let’s talk about what’s stayed the same:
1. You need to interview like a pro (any objections?)
2. Establish the pain points of the interviewer. He has pain, that’s why he’s hiring, agreed?
3. Convince the interviewer you will relieve his pain better and faster than any other candidate PLUS you’ll instantly relieve him of the pain of interviewing other candidates.
4. Negotiate your price for this service.
5. Take the job, do the work, move on.
In a nutshell, market you can do the job, negotiate the price for the job, do the job, collect the reference and move on.
My Dad used to meet (good) guys he laid off at a local McDonalds (they didn’t work at McDonald’s, that’s just where they met) and teach them how to interview for their next job. He would role-play with them as an interviewer and he would get thank you letters all the time about how they were making so much more money at their next job.
This isn’t rocket science.
[189] Juice,
More facts about JJ that only I know:
Banks pay him interest on his mortgage just to be able to say they hold the note.
Women can become pregnant just by standing too close to him.
He knows Everything, including that.
In certain African and south Pacific nations, he is considered a god.
His skin is impervious to poison ivy, paper cuts, and snakebites.
He makes extra money selling his sweat to pharma companies working on pheremone research.
Chuck Schumer got a section added to the tax code to exempt him from federal income tax on the extra money from the sweat.
[218] Nom – Everyone should live on LI for at least a year. The sun chases YOU into Manhattan on the LIRR and you beat the sun home, at least in the summer. Commuting from NJ you only know an uphill climb into glare both ways. It makes you a better man to live on Long Island. Also, so many Chinese restaurants.
An honest high school commencement speech:
“You are not special and most of you will not get a pony. ”
http://usnews.msnbc.msn.com/_news/2012/06/11/12171953-english-teacher-behind-viral-video-kids-have-to-stumble?lite
The complete speech from previous post:
http://www.youtube.com/watch?v=Ds5wBOPKcps
198. Epic.
Some of this we can blame on industry some of this we can blame on outsize executive compensation but other aspects of this we control to some degree it’s a self-fulfilling prophecy if we continue to erode workers’ rights and essentially give back any gains we’ve made in 20 years, Then you get what you settle for.
Thanks, Bernier. Your play will go down in Devils lore for all the wrong reasons. Ridiculous penalty during a crucial, crucial time.
104 seif, depreciating or depreciated asset? I aim to buy low sell high just like you. Only difference is our interpretation of high and low. By your logic i should have bought house in 2006 because it was an appreciating asset.
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