Zip Matters (But we already knew that)

I’d take this one step further and say that it isn’t location that matters, it is those incurable defects that impact the property that matter, location being one of those. The concept is easy, there are things you can fix, and things you can’t. Terrible paint colors – Curable. Being next to a highway – Incurable. During the middle and tail end of the boom, buyers began to disregard incurable defects and prices weren’t discounted accordingly. These properties are facing the biggest price declines today, as the next generation of buyers aren’t so quick to overlook those incurable defects, and are looking for discounts in-line with the severity of that defect.

From the Wall Street Journal:

Housing Prices Rise, but Not for Everyone

As more U.S. housing markets improve, an adage about what matters in real estate is proving true: location, location, location.

While property markets across the country rose together during the housing boom and fell together during the crash, new data analyzed by real-estate firm Zillow Inc. for The Wall Street Journal show that markets are exiting the downturn at different speeds.

The findings come amid fresh evidence Tuesday of the housing recovery’s tentative progress. May single-family housing starts rose by 3.2% from April on a seasonally adjusted annual basis, while building permits increased 7.9%, according to the Commerce Department. Sales of existing homes in May—a benchmark of the health of the critical spring sales season—are due Thursday, and early reports suggest many markets are notching increases from the weak levels of one year ago.

That fitful recovery is reflected in the Zillow analysis. Homes in sought-after neighborhoods, including those near transportation corridors and with top-notch public schools, are finding buyers. But others in neighborhoods just a few miles away, including so-called exurbs or areas that never fully gentrified, are languishing.

Zillow tracked price changes by ZIP Codes for dozens of metropolitan areas in April compared with three months earlier. The company uses a proprietary model, considering factors such as sales and appraisals, to determine the value of all homes in a given area. The data paint a picture of an uneven housing recovery that is lifting some neighborhoods while bypassing others just a few blocks or miles away. “You can actually see the seeds of the recovery starting to spread at the ZIP Code level,” said Stan Humphries, Zillow’s chief economist.

This entry was posted in Economics, Housing Recovery, National Real Estate. Bookmark the permalink.

137 Responses to Zip Matters (But we already knew that)

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From HousingWire:

    Multifamily property values rise 25%: Freddie Mac

    After reaching their trough in the first quarter of 2010, multifamily property values rose 25% over the course of the past two years, Freddie Mac said Tuesday.

    The government-sponsored enterprise made this assertion after reviewing statistics from the National Council of Real Estate Investment Fiduciaries index.

    Interest in the entire multifamily segment is growing with construction starts on buildings with at least five apartments increasing 48% when comparing just the first five months of 2012 to the year earlier period, Freddie Mac added.

    “Further increases in rental demand are likely in the coming year as newly formed households postpone homeownership decisions until the economy strengthens and they have accumulated sufficient savings,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Overall, apartment market trends may show further vacancy declines and rent gains, with property values improving as well.”

  3. grim says:

    From Reuters:

    U.S. mortgage applications fell last week-MBA

    Applications for government mortgage refinancing hit an all time high last week, even as total applications for U.S. home mortgages fe ll, an industry group said on Wednesday.

    Lower premiums from the Federal Housing Authority (FHA) caused FHA refinance volume to more than double last week, while convential refinance applications fell, the Mortgage Bankers Association said.

    “Refinance volume increased again last week, but the composition of activity changed markedly,” said Michael Fratantoni, MBA’s vice president of research and economics.

    “New, lower FHA premiums on streamlined refinance loans came fully into effect, and borrowers seized the opportunity to lower their mortgage rates without increasing their FHA premiums.”

    Government refinance applications were up 121.3 percent from last week, and 410.9 percent from a year ago.

    The average contract interest rate on 30-year fixed-rate mortgages fell one basis point to 3.87 percent, matching the lowest rate since the survey began.

  4. freedy says:

    I always thought Scott Garrett was clueless

  5. freedy says:

    Do those of us who received and paid for the tickets get our money back?

    Another money grab gone bad

  6. Brian says:

    My grandfather used to really be into raising pigeons. I have no idea why, it was just a hobby of his when he lived in Jersey City and then in Bayonne. Thanksgiving was interesting too, a live turkey was purchased, then brought to the basement. All the kids would gather round to watch as grandpa cut his head off.

    6.freedy says:
    June 20, 2012 at 7:12 am

    third world /right here in NJ. Raising Chickens in the basement.

  7. freedy says:

    Brian: Did you have the pigeon droppings in your living room ?

  8. freedy says:

    Good grief : The Gov. really does need a personal trainer. Shameless weight gain

  9. Brian says:

    Sheesh the lengths people will go to get a discount on their property taxes from the NJ Farmland assesment act eh?

    10.freedy says:
    June 20, 2012 at 7:43 am
    Brian: Did you have the pigeon droppings in your living room ?

  10. The Original NJ ExPat says:

    If anybody wants to see the richest zip codes by tax return, total wages, and per capita, this is a nice free dataset (also has lat and long for each zip):

    I imported this data into SQL Server to cross-check a sales database. If anybody would like any specific data, let me know.

  11. The Original NJ ExPat says:

    [7] freedy – imagine how much money could be garnered if they were triggered to 1 Mississippi past the beginning of yellow.

    Do those of us who received and paid for the tickets get our money back?

    Another money grab gone bad

  12. SRK says:

    6 Freedy, Definitely sounds typically third world, but doesnt sound cruel. Certainly not half as cruel as what one hears from the poultry industry about birds locked together in close proximity with no room for any movement other than breathing ! These basement birds sound happily free range to me. The article doesnt read like the droppings were huge, I guess one cleans it every few hours, I cant imagine cleaning after every bird each time like we do with dogs, so yes, sure, there will always be some droppings always…….well, just another POV :-)

  13. Comrade Nom Deplume says:

    We were going to rent in the areas we are looking at once we escape NJ. But there are few rentals and PITI will almost certainly be less than rent.

    Given the spouse’s wanderlust, I expect to go small. A cape takes less time to pack up than a Mcmansion.

  14. Painhrtz - Oooh a Donut! says:

    Nom is still delaware? Look for something near the coast. and on Delaware bay. My preference would be the bay, but that is just me. Used to party at U of D when I did my time in Stockton and remember some great areas along the bay

  15. Mackel Hargey says:

    Oye chulos!

    Yet another ‘bull’-ishly spun article for you assistant matadors to re-examine.

    Another way to look at it –
    The down turn is not being exited.
    Rather, the last breath being blown into this balloon goes solely to the zip codes that are most attractive to the most able buyers.
    But it’s clear that with employment collapsing, salaries stagnant, no balance sheet liability relief, no income statement expense relief , that able buyers are becoming fewer and that balloon shall deflate/those seeds will whither.

    Enjoy your hit of hopium and glass of Kool Aid!


  16. Sima says:

    Looking at employment figures, does anyone know how many of the jobs that people are being hired for are contract jobs?
    My husband, a contract worker at a NJ big pharma, looked around at a staff meeting and realized that 5 out of 8 employees in the department are contract workers (and the contract workers are laid off workers from other pharma companies).
    That is an amazing number.
    The future for everyone?

  17. Roy G Biv says:

    Radio Program – WOR-AM [ 710-AM] Saturday mornings, 10-Noon. Eye on Real Estate, from a Realtors point of view. ….. Car Doctor on at 2 pm for those with the used car blues as well. Acutally weekday mornings, John Gambling 6-10 is quite good [Do NOT tell my Mother, I made fun of her 40 years ago when she listened to his Dad and wanted to hear the Beatles on WABC]

  18. Fast Eddie says:

    Sima [19],

    It’s been over three years since I’ve had a permanent position. I mention quite often that eventually, the majority of the American workforce will be a pay-as-you-go system. When I explain this concept to people, I get the a blank, muppet stare until… it happens to them “unexpectedly.” Two weeks ago, I was in the 10th month of a “promised” right to hire gig which was bullsh1t from the get-go but I took the bait like a m0ron. Last Friday, at the end of the day, my recruiting rep came to me and told the assignment was over. Just like that. No warnings, no handshakes, no two week notices… nothing. It wasn’t performance-related, no explanation given; it was stricly the way things are. My “boss” was not in his cubicle and missing in action as he could not muster the courage to even wish me well. This is nothing more than an FYI for those whom are about to experience the new American job market.

  19. Drachma says:

    Sima, Gary and others who can comment –

    I am speaking with Big Pharma about a contract position. Work is interesting and on the surface, pay seems good but I do have questions as I have done contract work but not for large companies: They will pay an hourly rate based on 40 hrs per week – in general should I expect to work well beyond 40 hr per week without additional pay? Do they usually put a clause in the contract so they can terminate before time of contract ends and what type of non-disclosure / non-compute do they usually ask for.

    I would assume that as a contract worker, I am looked upon as a bit of an outsider and treated as such – correct?

    Any and all comments and suggestions are appreciated.

  20. Brian says:

    Jerry Sandusky case may have led Sussex man to kill ex-Scout leader

    This has got me really freaked out. I worry about my kids all of the time. I used to work at a camp as a counselor and lifeguard when I was like 14 or 15 in the same town where this guy was murdured. I vaguely remember him coming to the camp and giving firearms demonstrations (he was in the sherrif’s dept and a corrections officer) at the range for the kids…..

    Apparently the Sandusky case brought back painful memories for the two suspects in this murder case….it appears they got together and whacked him….

  21. Theo says:


    I don’t think contracting is new at all to the Pharma industry. Back in 2003, my wife was hired after only a brief phone interview for a contract position with then Sanofi Synthelabo, doubling her pay in the process. She worked on a team with 7 other contractors who were hired in the same manner. A year later, she and one other contractor were the only original ones left, the other six were replaced with six new contractors.

    Draqchma, my wife always charged for any overtime and consequently never worked any. She loved contracting because she didn’t have to do annual reviews and had someone else to negotiate her salary. Maybe times have changed.

  22. 30 year realtor says:

    Inherent defects are a killer when marketing a home in the current environment. Tough enough to sell a home without those type of issues.

    Just listed a home in Clifton off Allwood Rd. Two car garage, 3 bedrooms, 2 baths, family room addition, finished basement, finished attic, good condition and an office on the first floor for $389,000. Was listed previously for $419,000. Today is the 3rd day on the market and not a single call from an agent to show it. Like I threw a rock into the pond and it never made a splash.

  23. Richard says:

    Re Someone else negotiating your salary.

    A contracting friend of mine asked his boss about a pay rise, and he was “we gave you a 15% raise last year”, turned out the agency kept it and didn’t tell my friend. nice.

  24. Painhrtz - Oooh a Donut! says:

    30 year thankfully my memories are starting to fade as I am now in my tird year out of the area, but allwood is a pretty busy street. That may be turning folks off. People use it as a frontage road to get off of Rt 3

  25. Shore Guy says:

    “I guess one cleans it every few hours”

    Poultry Pampers?

  26. Fast Eddie says:


    First question: Is the pay based on hourly or per day? You need to get clarification from your recruiting rep. If it’s hourly, the majority of contracts will pay up to a max of 40 hours and based on the type of master… um… boss you have, they may or may not expect a little “more” from you if you want to keep your job. Remember, as a contractor, you are not one of “them” but you can progress from steerage to the third level if you act like an enthusiastic, team-player muppet.

  27. Sima says:

    Drachma –
    Your contract is absolutely meaningless other than that is what they will pay you if they keep you for the entire term. They can let you go at any time, for no reason at all, with no notice. But YOU will have to give them 2 weeks notice if you leave (look at your contract). You will be a second or third class citizen at all times – for example, not allowed to use certain office spaces that regular emplyees can use, schedule meetings (even if that is your job). Even if you work longer hours during the day, do NOT expect overtime. You will have no benefits, sick days, or holidays.
    Some pharma companies, even if they renew your contract several times, will never raise your contracted hourly rate. You will probably sit in a segragated big area/room with the other contract workers. And the most desperate contract workers are those with kids at home … is really a bad situation for them. Good luck!

    Theo – the pay is not so good anymore because it’s a race to the bottom (lowest bidder gets the job). And the interviews, drug tests, reference checks will be just as extensive as for regular employees.
    The good old days of good high-paying contract work is no more…..
    Welcome to the future!

  28. All Hype says:

    Fast Eddie:

    This will get you going today!

    My vote for Obama is gone. Who will I vote for now? I have no clue.

    That’s the Chicago way….

  29. Fast Eddie says:

    Oh… and there is no such thing as “billing” for time any longer. At least, in the last 3 plus years, I have not seen it. You’re either offered pay for the day (which they usually expect a 10 hour day) or hourly up to 40 hours maximum.

  30. Fast Eddie says:

    All Hype [31],

    Oh… My… G0d! I’m speechless… totally speechless. This guy is f*cking out of control. Wow!!

  31. The Original NJ Expat says:

    Contract is as contract does.

  32. 3B says:

    Any predictions on what the Fed does today? Just asking.

  33. Dissident HEHEHE says:


    It’s a real tossup between Reno, Ashcroft, and Holder as to who is/was more incompetent and/or evil. Holder should be held in contempt for not prosecuting a single high level bank exec following the largest era of banking fraud in our country’s history; the fast and furious thing is just a minor example of incompetence.

  34. Fast Eddie says:


    No interaction by the FED is needed. The Overlord in the White House just issued an Executive Order to initiate the summer of recovery.

  35. Juice Box says:

    3B – Keep rates at ZIRP, policy unchanged while noting downside risks due to Europe. Also Bernake will go all doomer on Congress….He will also repeat his challenge to Congress that if they don’t get the fiscal house in order we are doomed. He may mention Bush tax cuts expiring, not extending unemployment benefits, and all of those budget cuts that are supposed to be automatic will drive us into negative GDP territory.He will say we will be in a full blown recession whomever wins in November if Congress does not take it upon itself to do what needs to be done, etc.

  36. Painhrtz - Oooh a Donut! says:

    Hype the imperial presidency in action.

    the republic is a farce cue meat in 3 …2….

    by the way meat decided on the scotch only got the trim done

  37. Brian says:

    Total guess…I’m no expert…..they continue operation twist.

    35.3B says:
    June 20, 2012 at 11:04 am
    Any predictions on what the Fed does today? Just asking.

  38. Drachma says:

    Thanks for the feedback. It is for a 40 hour week. I will read the engagement terms carefully.

    So glad I was raised in a home with depression era values as minimal or no debt makes for an incredible nights rest. Unless your HHI is north of $300k, you would be a fool not to be saving aggressively. So no designer cloths, cars or electronic gadgets and try storytime at the local library for child entertainment. Once one realizes all the crap one thinks one needs is just a short term anesthetic, your life will be a lot better.

  39. Fast Eddie says:

    Serious question for you legal people: Why would Obama invoke executive privilege on an issue he claimed to know nothing about? Are they attempting a cover-up? Was there criminal activity somehow due to their actions?

  40. 3B says:

    #40 Brian: Possible, but the market is expecting much more, and it needs it’s fix. The anemic economic recovery (in spite of yesterdays increase in paper permits for housing) and the debacle in Europe, should give the Bernank the cover he needs.

  41. Painhrtz - Oooh a Donut! says:

    same reason bush did, hide the decisions made by people at the white house that could be linked to the president even if indirectly.

    If I was the Great Panderer he had his opportunity to cut bait and run from holder or have him fall on his sword for the administration. In an election year this was a poorly calulated move to protect an Attorney General who is at a minimum incompetent and has been always been a liability by his presence as the AG.

  42. Fast Eddie says:

    Pain [44],

    Wouldn’t you say the… ahem… timing here is a little suspect by the Emperor in Chief?

  43. pain (39)-

    Jeezus, man up and learn how to hold your liquor while you work.

    Maybe you should practice with some power tools.

    “by the way meat decided on the scotch only got the trim done”

  44. Painhrtz - Oooh a Donut! says:

    Eddie this is how I expect the conversation went

    Holder – Man I am going to fry for this you have to help a brother out we broke a ton of laws with this program and my finger prints are all over it

    O – what were you thinking man! your just going to have to deal it is an election year

    Holder – your jsut going let me hang after all I did for you

    O – you left me no choice

    Holder – you know those “golf outings” you love so much, Well we got pictures lets just say Sasha and Malia ain’t going to be too pleased when they find out what daddy has been up to.

    O you wouldn’t

    Holder If i’m going down your coming with me. Now enact executive privaledge B!tch!

  45. Painhrtz - Oooh a Donut! says:

    Meat just decided I was enjoying the scotch way too much to continue painting. Went out and sat on the deck instead

  46. QE only works when it’s a surprise.

    We now have most of Amerika whining for it.

    QE is also less effective (much like her0in) the more you do of it; as the junkie becomes habituated, larger doses have a declining effect (aka “ratchet effect”).

    We are well and truly fuct. Smoke ’em if you got ’em.

  47. pain (48)-

    I guess it is an insult to good Scotch to not concentrate on drinking it by distracting yourself with work.

    Carry on.

  48. Fast Eddie says:

    MSNBC just stated the Executive Privilege/Holder thing has drama, it has suspense and asked the question: Why can’t this be a Hollywood blockbuster? omg! I wanted to listen to the other side just to possibly get an alternate viewpoint. What was I thinking?

    Their level of discourse actually makes me wince at times. Their reasoning, their attempts to throw in the names “Bush” and “Romney” at every turn… even in this particular event, is nothing less than comical. I could literally write for the next two hours with this station on in the background and pass it off as a skit or legitimate satire.

  49. 3B says:

    #50 New: Fed statement at 12:30, Bernank press conference at 2:15.

  50. Painhrtz - Oooh a Donut! says:

    Eddie the standards for modern journalism are idiotic. I routinely switch back between fox and MSNBC to hear both sides of the ridiculousness. though I’ll think the eyecandy on fox wins hands down over MSNBC. they are echo chambers for their respective teams.

    Somewhere somebody should hook Edward R murrow up as a power generating source because the spinning has to be fast enough to generate electricity

  51. seif says:

    Closed in the ‘Fly at asking price:

    Last LP: $619,000 ML#: 1213892
    Addr: 284 ENGLE ST RES/S
    Twn: TENAFLY Zip: 07670

    Orig LP: $619,000
    Sold: $619,000
    Taxes: $13,200
    SD: 6/19/2012 UCD: 4/30/2012 DOM: 14

  52. Brian says:

    3b, next time, to make it interesting, you wanna put money on it? Just kidding, I don’t have any money to bet :)

    Fed Expands Operation Twist by $267 Billion Through Year End

    40.Brian says:
    June 20, 2012 at 11:26 am
    Total guess…I’m no expert…..they continue operation twist.

    35.3B says:
    June 20, 2012 at 11:04 am
    Any predictions on what the Fed does today? Just asking.

  53. 3B says:

    #55 Brian: I figured the Op Twist was a given, I thought they might go further. Market not sure they are liking it enough either.

    I will ave my money though, tuition payment in July, and I am looking to buyif not the house than maybe that VW Passat!!!

  54. All Hype says:

    “Fed Expands Operation Twist by $267 Billion Through Year End”

    Fast forward to January 2013: Fed Expands Operation Twist by another $500 billion through 2013.

    This will never end. This is perpetual QE. The FED will never raise rates again.

    Meat is right, smoke ’em if you got ’em!

  55. Margaret says:

    Contract Work ??? – Been unemployed for months now, any tips on which agencies, agents etc have an in at some of the big office behemoths in Central Jersey ?? I do invoices, typing etc peggy348 at gmail dot com.Would love to be a lackey in an office after all these months [fortunately rent so okay with shelter issues]

  56. Anon E. Moose says:

    All Hype [57];

    This will never end. This is perpetual QE. The FED will never raise rates again.

    If you believe that (and I do, though perhaps not as forcefully), then there is no risk rising interest rates will put downward pressure on prices in the near to medium term.

    Debtor with printing press inflates away their debt. Greece couldn’t do that. Argentina can, and has. The US can, and will. Sounds like a bottom in hard assets to me.

  57. The Original NJ Expat says:

    If Bernanke had his own entrance song, like MLB closers, what would it be?

  58. njescapee says:

    re: 60 – “You’re Still the One” which can have lots of meanings

  59. Painhrtz - Oooh a Donut! says:

    the fool on the hill

    thank you john lennon

  60. Painhrtz - Oooh a Donut! says:

    uggh mccartney what kind of beatles fan am I.

    Need more booze

  61. joyce says:

    debtor with printing press inflates their debt away

    the US is not printing money, the FED is and the US is borrowing it, the US debt continues to grow

  62. Libtard in the City says:

    Bernanke Theme Song Entry: Ease on Down the Road

    Don’t remember who sang it, but it was the big song from the Wiz. What a crazy flick that was.

  63. The Original NJ Expat says:

    Notorious B.i.g. Mo Money Mo Problems

    I don’t know what, they want from me
    It’s like the more money we come across
    The more problems we see

  64. The Original NJ Expat says:

    Bernanke: “…the housing market hasn’t been as responsive…” LOL

  65. Richard says:

    Nice house, stung someone though
    09/17/2008 Listed for sale $2,350,000
    06/18/2012 Price change $1,250,000

    Ouch. Would be nice if i could afford $34k taxes. Double Ouch.

  66. The Original NJ Expat says:

    More Bernank: “Housing usually plays a very important role in recovery…”

  67. zieba says:

    Michael Jackson?

    It would have to be “Dirty Money” by Clipse or “Free Fallin'” by Tom Petty

  68. Anon E. Moose says:

    What America Spends on Booze

    No porportional increase since 1982; more money spent in bars, where prices have gone up, less spent on drinking at home. More money spent on wine, less on hard liquor.

  69. chicagofinance says:

    The Original NJ Expat says:
    June 20, 2012 at 2:06 pm
    If Bernanke had his own entrance song, like MLB closers, what would it be?

  70. Bernank song = Brother, Can You Spare a Dime?

  71. grim says:

    No Depression is probably more fitting…

    For fear the hearts of men are failing,
    For these are latter days we know.
    The Great Depression now is spreading,
    God’s word declared it would be so.

    I’m going where there’s no depression,
    To the lovely land that’s free from care.
    I’ll leave this world of toil and trouble
    My home’s in Heaven, I’m going there.

    In that bright land, there’ll be no hunger
    No orphan children crying for bread.
    No weeping widows, toil or struggle,
    No shrouds, no coffins, and no death.

    The dark hour of midnight nearing
    And tribulation time will come.
    The storms will hurl the midnigth fears
    And sweep lost millions to their doom.

  72. grim says:

    Recorded in 1936

  73. Painhrtz - Oooh a Donut! says:

    Grim listen to that Ol timey music do ya.

  74. Fast Eddie says:

    The Bernank Theme Song: Into Money – Robin Trower

  75. seif says:

    74 – Nice one Grim!

    Covered in the 90’s by genre-defining y’alternative legends Uncle Tupelo (which eventually split up and formed Wilco and Son Volt). The title No Depression also became the name of an influential magazine chronicling the early stages of the resurgent “americana” scene.

  76. Final doom is imminent.

    “The Fed’s entire policy of boosting the economy is a failure for many reasons, but the primary purpose embedded therein – to lift stock markets, will forever be subordinated (to use the parlance of our times) to something much simpler – frontrunning the Fed, which simply means buy whatever the Fed is buy, and sell whatever (if anything) it is selling.

    And as long as the Fed continues on the course of LSAP, either unsterilized or sterilized ala Twist, this will continue, and the Fed will continue failing upward.

    Sadly, this also means that at the end the Fed has only one option: to go Japanese and start buying not only REITs and ETFs, but ultimately individual stocks.

    At that point the best purchase, however will not be the stock market, but wheelbarrows.”

  77. Shore Guy says:

    Gator, you might end up standing for a looooooooooooooong time in September. You can hope, anyway:

    Bruce Springsteen plays his longest show ever Sunday in Madrid

    It’s really amazing. Bruce Springsteen is 62 years old and he’s playing longer shows now than he ever did. And without a break.

    Springsteen, who is known for his marathon shows, keeps going longer and longer as he and the E Street Band played an incredible three-hour-and-48-minute, 32-song show at the Estadio Santiago Bernabeu in Madrid, Spain on Sunday. The show ended at 1:24 a.m.

    Set list:

    1. Badlands
    2. No Surrender
    3. We Take Care Of Our Own
    4. Wrecking Ball
    5. Death to My Hometown
    6. My City of Ruins
    7. Spirit in the Night
    8. Be True
    9. Jack of All Trades
    10. Youngstown
    11. Murder Incorporated
    12. She’s The One
    13. Talk To Me (With Southside Johnny)
    14. Spanish Eyes (first time ever played)
    15. Working on the Highway
    16. Shackled and Drawn
    17. Waiting on a Sunny Day
    18. Apollo Medley
    19. The River
    20. Because the Night
    21. My Love Will Not Let You Down
    22. The Rising
    23. We Are Alive
    24. Thunder Road

    25. Rocky Ground
    26. Born in the U.S.A.
    27. Born To Run
    28. Hungry Heart
    29. Seven Nights To Rock
    30. Dancing in the Dark
    31. Tenth Avenue Freeze-out
    32. Twist and Shout (with Southside Johnny)

    Show over at 1:24 a.m.

  78. Shore Guy says:

    “If Bernanke had his own entrance song, like MLB closers, what would it be?”

    Easy Money

  79. Shore Guy says:

    Although, this might be more appropriate given the insanity of current Fed policy:

  80. Fabius Maximus says:

    But someone told me that Mitt just had to move a little to the center after the Primaries to win!
    Barack Obama has opened a significant lead over Mitt Romney in a Bloomberg National Poll that reflects the presumed Republican nominee’s weaknesses more than the president’s strengths.

    Obama leads Romney 53 percent to 40 percent among likely voters, even as the public gives him low marks on handling the economy and the deficit, and six in 10 say the nation is headed down the wrong track, according to the poll conducted June 15- 18.

    The survey shows Romney, a former Massachusetts governor, has yet to repair the damage done to his image during the Republican primary. Thirty-nine percent of Americans view him favorably, about the same as when he announced his presidential candidacy last June, while 48 percent see him unfavorably — a 17-percentage point jump during a nomination fight dominated by attacks ads. A majority of likely voters, 55 percent, view him as more out of touch with average Americans compared with 36 percent who say the president is more out of touch.

  81. Shore Guy says:

    “Obama leads Romney 53 percent to 40 percent among likely voters”

    The moment Huntsman dropped out of the race was the second best development that B.O. could have hoped for during the primaries. Satan-orium becoming a viable challenger to Romney was the best development for B.O., as it prompted most of the candidates to become unmoored from reality and to worry about appealing to folks who scare the beejeepers from even moderate Republicans.

  82. Fast Eddie says:

    The weaker outlook prompted the Fed to take further measures to boost the recovery Wednesday, extending Operation Twist by $267 billion.

    That program swaps short-term bonds for ones with longer durations, thereby pushing interest rates lower on mortgages and business loans. The hope is that cheaper credit will reach consumers and business, who will then boost the economy by spending more.

    When there’s no f*cking jobs, cheaper credit is not relevant.

  83. Anon E. Moose says:

    Bookeeper convicted of embezzling over $10 MM from Pittsburgh-area Acura Dealership

    The really suprising thing to me is the statement from the dealership.

    Despite the amount of funds taken over time, there were no adverse impacts to our daily operations.

    $10.35 Mil over 7 years is about $1.5MM/year. I don’t expect that would cripple a successful luxury car dealer, but are they really making so much that they could afford to leak $1.5 MM a year and not notice? Or are they just putting the game face on?

    Only 1/10 of the amount is expected to be recovered.

    There’s a shock.

  84. Libtard in the City says:


    I suppose my investment in NLY is safe.

  85. Fast Eddie says:


    You have nothing to worry about. Obama will win again, most likely with a comfortable margin. I am thoroughly convinced that the Amerrycan muppets are happy with a bland, straight forward, easy to assemble, fast food utopia. They no longer have any individuals of strength and reason to admire and emulate. There are no longer any influential role models, no positive examples, no one to aspire to nor epitomize. We are a society of silly, stup1d f*cks equipped with tattoos and Walmart muffin tops.

  86. Libtard in the City says:

    Oil closed at $81.45/barrel. It’s like old times. How’s everyone’s hybrids doing?

  87. Painhrtz - Oooh a Donut! says:

    Lib you have the best hybrid of them all a paid off car that gets 38 mpg.

    Eddie this one’s for you

    Brian: Please, please, please listen! I’ve got one or two things to say.
    The Crowd: Tell us! Tell us both of them!
    Brian: Look, you’ve got it all wrong! You don’t NEED to follow ME, You don’t NEED to follow ANYBODY! You’ve got to think for your selves! You’re ALL individuals!
    The Crowd: Yes! We’re all individuals!
    Brian: You’re all different!
    The Crowd: Yes, we ARE all different!
    Man in crowd: I’m not…
    The Crowd: Sch!

  88. Richard says:

    Actually I got my muffin top at Target…

  89. Shadow of John says:

    Slather some butter on this muffin top

  90. Fast Eddie says:

    In 5th grade, I was writing about the Apollo space missions or my big brother’s candy apple red muscle car sitting in front the house. Those were our influences. Today? It’s a slightly different topic:–abc-news-topstories.html

  91. All Hype says:

    “We are a society of silly, stup1d f*cks equipped with tattoos and Walmart muffin tops.”

    That would perfectly describe the average person on the Point Pleasant boardwalk Memorial Day weekend.

  92. Shore Guy says:

    All hype,

    Think about this, Point Pleasant is the high-end boardwalk in Ocean County. A step above, as it were, Seaside.

  93. Fast Eddie says:

    All Hype [94],

    What the imagination seizes as ugly, must be truth.

  94. Shore Guy says:

    Have any of you string players ever played a sarod?

  95. All Hype says:

    Shore and Eddie:
    You have never seen so many butterfly type tattoos across womens’ upper chests! And I mean from shoulder to shoulder! Let’s not get into the Jello hanging out around the bottom of their cutoff shirts.

  96. Painhrtz - Oooh a Donut! says:

    Shore there is a reason I avoid the central to southern shore towns from memorial day until labor day. Thanks for the reminder

  97. Shore Guy says:

    Hype ,

    I once saw a woman who had a tube top and shorts, and a tattoo that appeared to cover from her thighs up to her shoulders and appeared to be a devil of some sort. It left one with the impression that there was little between her knees and neck in front that was not covered with part of the image.

  98. Shore Guy says:


    As a randy teenager, we used to think that the various exploits were great. As an adult, having people attempting to procreate on one’s porch, lawn, or car tends to reduce the enjoyment of living within walking distance of the beach.

  99. Marilyn says:

    If their pants were not tight they would not have a muffin top. Its pushed up by the tight pants. I know skinny women who when their pants are too tight this also happens. By the correct fitting jeans.

  100. Shore Guy says:

    “By the correct fitting jeans”

    Jeans are intended to be snug. The issue of muffin tops has emerged in recent years as we have gone from “having a few extra pounds is bad” to a world where 25 lbs overweight is on the thin side of things.

  101. chicagofinance says:

    Bernanke? maybe something current?

  102. Shore Guy says:

    Soon we may all be singing this Bessie Smith tune from the ’20s:

    Money Blues

  103. Juice Box says:

    The one tattoo that really stood out at the Point Pleasant last season was a woman who had “5 Star” something tattooed across the top of her chest in big script letters. I could not read the last word it could have been woman, or lady or sushi for all I know.

  104. Anon E. Moose says:

    Lib [89];

    That’s a beauty. You take those quarterlys in stock or cash?

  105. Juice Box says:

    So it’s up to Boehner now for the floor contempt vote. Looks like I am going to need more popcorn, I wonder if O will pull a Nixon and fire the prosecutor that is put in charge of the investigation?

  106. Jill says:

    It’s getting harder every day to continue to believe “No one could have predicted…”

  107. Fast Eddie says:

    The House Oversight and Government Reform Committee on Wednesday voted to hold Attorney General Eric Holder in contempt of Congress despite a last-minute intervention by President Obama.

    Meh. It’s too complicated for the muppet though process. Gimme a soundbite that I can understand.

  108. Fabius Maximus says:

    #109 Juice,

    There is a nice discussion on Holder here.
    All the pundits pitching their views. Overall it seems to be partisan BS, nothing new here, move on. They also cover TPaw for VP pick. I made that call a long time back. It is Mitts only logical choice.

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  110. The Original NJ ExPat says:

    Holder and Obama, perfect together.

  111. Headed for the bridge abutment at 140 mph. Only consolation in this is knowing that the Bernank will eventually hang for what he has done.

  112. Holder/Bojangles is the definition of circle jerk.

  113. The Original NJ ExPat says:

    they have to make sure their arms aren’t straight, right? Otherwise it would be a rectangle jerk, yes?

    Holder/Bojangles is the definition of circle jerk.

  114. Juice Box says:

    FAB – Nixon was nailed for less, Holder should have fallen on his sword a year ago.

  115. Shore Guy says:


    Response: ‘Don’t Cut the Cat’s Tail Off an Inch at a Time’
    Terence Burnham

    Paul Krugman seems to be saying very little in this second piece. Let me recap and comment.

    Spanish unemployment is 25 percent. You can restate this as: there is an enormous surplus of Spanish workers. Econ 101 tells you that when there is a surplus, the price is too high.

    Spanish wages are too high. How will they be lowered? There are options:
    ■a) Reduce Spanish wages in euros;
    ■b) devalue through a new Spanish currency;
    ■c) raise the prices of everything in the world so that real Spanish wages can decline while keeping nominal wages flat (i.e., inflation).

    Krugman favors option c. There are two problems with inflation, however:

    1) It is very dangerous. The world would have to embark on an incredible round of printing money to get real Spanish wages to be competitive. What would happen? No one knows and we should all be afraid.

    Economists are terrible at predicting outcomes in standard times. No one can know what would happen if there were tens of trillions of printing money (“quantitative easing”) throughout the world. When the first atomic bomb was detonated, the scientists thought there was some small chance the bomb would start a chain reaction and blow up the world. Economists are terrible forecasters and the implications of unprecedented quantitative easing are unknowable.

    2) It will never happen. The German public will oust Angela Merkel if she attempts an inflationary exit. In this case, the German people are smarter than Nobel-laureate Paul Krugman.

    So what will happen? Either grind down nominal wages over years, or exit the euro as Iceland did.

    I favor exit. Repudiate all debts, devalue, start over. Spanish wages would fall, but most people would have jobs.

    In addition, psychologically it is much better to take your pain all at once. You don’t cut the cat’s tail off an inch at a time.


  116. Juice Box says:

    Dems plan another trick or for the debt ceiling debate, use the 14th admendment to declare the ceiling unconstitutional.

    Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

  117. seif says:

    couple of tweets on the subject:

    “Darrell Issa is as angry at #fastandfurious as he was silent when the Bush administration started it.”

    “Fast and Furious proves it’s treason to sell weapons to bad guys. Unless it’s Iran & you’re Reagan. That’s awesome.”

    “Obamacare was 2700 pages and that’s too much to read; Holder turns in 7600 pages and its not enough”

  118. WickedOrange says:

    Finally saw this documentary:

    Awesome NJ.

    PS: Glad the house I bought with central air. 10pm and the heat index is 95 degrees in the fly.

  119. Anon E. Moose says:

    Juice [121];

    Dems plan another trick or for the debt ceiling debate, use the 14th admendment to declare the ceiling unconstitutional.

    That’s why the Dems suck at reading the constitution. The debt ceiling is a law. Any money borrowed above the ceiling is not “authorized by law”. No 14th Am. problem.

    Also, Art I, Sec. 9 sez “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law” – if the debt is incurred above the constitutionally authorized ceiling, then interest payments on that debt are not ‘appropriations made by law’, so no money can be lawfully drawn to pay them.

  120. Anon E. Moose says:

    seif [122];

    I suppose that passes for sharp and witty insight on DU.

  121. seif says:

    it just shows the amazing hypocrisy and the childlike antics of a group of people when they don’t get their way.

  122. Juice Box says:

    Seif – were the 7600 pages blacked out?

  123. Fabius Maximus says:

    “were the 7600 pages blacked out?”

    Are we discussing Romneys Tax Return?

  124. Fabius Maximus says:

    Real Estate deal of the day.
    The billionaire boss of technology giant Oracle is to buy 98% of the Hawaiian island of Lanai, Hawaii’s governor says.

    Larry Ellison’s successful bid is unknown, but the asking price was said to be between $500m (£318m) and $600m.

  125. Fabius Maximus says:

    #128 Chi

    JJ is probably recovering from his meet and greet with Eli today at SIFMA.

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