May Existing Home Sales

From Bloomberg:

Sales of Previously Owned U.S. Homes Probably Declined in May

Sales of previously owned U.S. homes probably fell in May, showing an uneven recovery in residential real estate, economists said a report may show today.

Purchases dropped 1.1 percent to a 4.57 million annual rate last month, according to the median forecast of 74 economists surveyed by Bloomberg News. Jobless claims last week were little changed, other data may show.

“The housing market is recovering very slowly,” said Yelena Shulyatyeva, U.S. economist at BNP Paribas in New York. “I do see a pickup in demand throughout the year but it’s going to be very gradual. What we need to see probably is continued low mortgage rates. That will gradually continue to improve housing demand.”

The report from the National Association of Realtors is due at 10 a.m. in Washington. Bloomberg survey estimates ranged from 4.4 million to 4.73 million.

Existing-home sales, which are tabulated when a contract closes, have climbed since reaching a low of 3.39 million at an annual rate in July 2010. In the buildup to the subprime lending collapse and recession, purchases reached a peak of 7.25 million in September 2005.

“There are some good signs in housing, but nevertheless we are not getting the size of the boost, the amount of help in the recovery we would normally get from a housing recovery,” Bernanke said yesterday at a press conference in Washington after the Fed announced it would extend a program aimed at bolstering the economy.

“Access to credit is a major issue” for some Americans wanting to buy a home, Bernanke said. “Mortgage access is much tighter than it has been for a long time. What that does, to some extent, is it mutes the impact of the Fed’s actions.”

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

137 Responses to May Existing Home Sales

  1. grim says:

    From the Star Ledger:

    Foreclosed homes could turn into affordable housing under N.J. bill; Assembly to vote today

    The state Assembly is scheduled to vote this afternoon on a measure that would allow towns and a state corporation buy foreclosed homes and turn them into affordable housing.

    The bill (A2168) would form the New Jersey Foreclosure Relief Corp. — with a five-year life span — to buy foreclosed homes. Municipalities where the houses are located would have 45 days to decide whether to buy the houses through the state’s $268 million affordable housing trust fund. Doing so would get them a two-for-one credit against their affordable housing obligations.

    If towns don’t buy the home, they could allow the corporation to buy it and restrict it as affordable housing for 30 years. The corporation would also be able to issue bonds to buy and sell vacant foreclosed houses with the aim of selling them at market rates.

    Affordable housing advocates, the state League of Municipalities, New Jersey Bankers Association, New Jersey Association of Realtors, and New Jersey Builders Association all expressed support for the measure.

    But the conservative group Americans for Prosperity, led by state director Steve Lonegan, is campaigning against it, saying in a press release it would “increase crime, drive up property taxes and further decimate the value of homes already battered by the burst housing bubble.”

  2. Mikeinwaiting says:

    Affordable housing , just great! Read up on the High Point Country Club, set in Montague NJ just northwest of no-ware. Well you have to put in so many AH units, builder OK it’s the law. Then starts the section 8 rentals, then people fresh out of the joint and half way houses, then welfare /homeless. They closed downed the golf course not to long ago as the old guys golfing were getting beat up and robbed. Heard it is open now if you are brave.Take a look GSMLS absolutely gorgeous 3 bd unit huge , can not give it away. That is with 2500 taxes & under 84 bucks maintenance.

  3. Mikeinwaiting says:

    I gather we will get an “unexpected ” of some sort from the NAR today at 10am.

  4. 30 year realtor says:

    #3 Mikeinwaiting – HPCC has other issues as well. There are 2 associations. There is the main association that runs all of the amenities and grounds and then every individual building has it’s own association responsible for their individual septic system and (lack of) exterior maintenance. The place is a rural ghetto!

  5. Suburban slums. Amerika’s newest trend.

  6. Mikeinwaiting says:

    30 year yes, some like the place I posted real nice others as you say ghetto. We know the area but others keep in mind this as rural as it gets.

  7. Fast Eddie says:

    “Access to credit is a major issue” for some Americans wanting to buy a home, Bernanke said. “Mortgage access is much tighter than it has been for a long time. What that does, to some extent, is it mutes the impact of the Fed’s actions.”

    I said this yesterday. What good is credit if you don’t have a job to pay for it. Drop everything to 0% and a dead body is still a dead body.

  8. Mikeinwaiting says:

    Gary, any luck with those interviews?

  9. Fast Eddie says:


    I’ve got two I’m waiting on. One’s a smaller software firm and the other is a global financial. They both went well and I’m still in the running and in touch with their HR people.

  10. Fast Eddie says:

    The state Assembly is scheduled to vote this afternoon on a measure that would allow towns and a state corporation buy foreclosed homes and turn them into affordable housing.

    So, does this mean if Graydon is walking down Ridgewood Avenue wearing the wrong colors, he can become a victim of a drive-by?

  11. Shore Guy says:

    The new act will just force folks in “nice” towns to buy up neighbors’ foreclosed homes to keep them from hitting the market as affordable housing.

  12. Shore Guy says:


    However, the rocketing yields contrasted with France’s sale on Thursday of bonds maturing in 2014 for just 0.54 percent, as concerns that Spain might have to take a full sovereign bailout meant that international investors are opting for less risky debt. Madrid had to pay 4.706 percent for the same maturity.


  13. Mike says:

    Good Morning New Jersey

  14. Shore Guy says:

    Well, a story worthy of JJ seems to be stuck in moderation:

    Here’s one not for the squeamish, from South Korea: A semi-cooked squid ins/em-inated a woman’s mouth, according to a paper published in the Journal of Parasitology. After experiencing “severe pain in her oral cavity” when she bit into her seafood, the woman spat out her meal, but continued to feel a lingering “pri-cking” sensation.

    Doctors found that the 63-year-old woman had “small, white spindle-shaped bug-like organisms” lodged in the mucous membrane of her tongue, cheek and gums.

    Despite having been boiled, the dead squid’s live sp-ermat0phores, or sp-er*m sacks, were alive and penetrated the woman’s mouth. The sacks, which contain ej@cul@t0ry devices, forcefully release sp-e*rm and a “cement” that attaches the sp-er/m to a wall.

    link to follow

  15. Mikeinwaiting says:

    Gary 10 I gather no bullsh*t projects , good-luck!

  16. Mikeinwaiting says:

    Shore 12 You assume they have the means to do so, just saying.

  17. Mikeinwaiting says:

    Shore 15 Your morning reading must be interesting, yuck!

  18. JJ says:

    “What would have cost you $100,000 in 1976 would cost you $381,000 today. That’s just the inflation, and there are so many other things that have grown very expensive,” says Mari Adam, Certified Financial Planner and president of Adam Financial Associates in Boca Raton, Fla.

    Many now consider $250,000 the new $100,000 income. Adam says that level of income is typically required to provide what many have before expected of a six-figure salary. Adam also points to other expenses that are not necessities but are considered part of a middle class lifestyle — things like cellphones, high-speed internet access, vacations, karate lessons, iPods, laptops and digital cameras.

    Bryce Danley, a Certified Financial Planner and advanced financial adviser with Ameriprise Financial, says the real power of any income is all about perspective and choices. He says buying too much house, spending too much on automobiles and having too much debt is commonplace with families in the $100,000 income level and largely responsible for the six-figure pinch. In one example Danley uses a household that earns $100,000 a year, owns a $375,000 home, leases 2 vehicles for $450 each per month and pays $250 per month on credit cards. After that household pays the mortgage, car notes, debt and takes out social security and federal income taxes, it has spent 75 percent of its income.

    From personal perspective on a 100K income I was mowing my own lawn, doing my own home and car returns and eating out consisted of a pizza coupon once a month.

    The 100K sounded good on paper. Buy my Uncle was making 100K in 1976 and he lived big time, I wanted to make 100K too. However, inflation is a bear. By the time I made 100K it was only worth 30K if I inflation adjust it. Today you need to make 381K to live the live the average VP middle aged man had in 1976. And remember in 1976 no women with kids at home worked. You need to make as a married man 381K on your own. With Wall street, Pharma and Engineering and Computer Jobs disappearing over last 30 years in the tri-state area being replaced by retail and service type jobs good lock with that.

  19. Mikeinwaiting says:

    Oh boy jobless claims in a few, this should be fun.

  20. JJ says:

    Re 15, I find that story hard to swallow.

  21. Shore Guy says:


    Yes. And not necessarily a single neighbor. I can see groups of neighbors forming limited-purpose corporations to buy homes and then offload them quickly at a discount, just to protect their neighborhoods from the possibility of a foreclosed home being converted to affordable housing.

  22. Shadow of John says:

    Im sure you learned how to do that in your wild days in rent controlled housing. Our JJ can’t be a spitter.

  23. chicagofinance says:

    JJ repost……
    Chinese news team confuses rubber v-gina for mushroom
    chicagofinance says:
    June 20, 2012 at 11:20 pm
    OMG where is JJ?!

  24. Mikeinwaiting says:

    Initial Jobless Claims: 387K vs. 383K consensus (prior week revised to 389K from 386K). Continuing claims flat at 3.29M.

  25. Brian says:

    Story breaking in NW NJ…I actually met the molester once as a boy, my dad chased him off. I believe the murderer who killed him. Pegg was a creepy guy…

    Cliff notes version of what happened: Guy was molested by employee of the Sherrif’s department 30 years ago. He “came unglued” after watching the Sandusky case on tv at a bar….recalling abuse he suffered as a child. He and a buddy drove to Dennis Pegg’s hose and stabbed him 20 times to death. Sorta like the movie sleepers….

    Rumor has it Pegg has been attacking boys for years and many more people may come forward. This guy just may be the Sandusky of NW NJ….

    Funeral Set For Stillwater Murder Victim; Controversy Builds Over Death Circumstances

  26. chicagofinance says:

    “At least they apologized, very unusual for Communist media: open letter addressed to the massive numbers of visitors and spectators: you! Last night the news everyone laughed. It sparked widespread concern in the US, forward, and comments. Because we are young journalists, who are not fluent in the world, in this article give us some discomfort and misleading in the news! Here, we sincerely grateful to criticisms and corrections of users for our program. Parents, please forgive us for a slip. “

  27. 3B says:

    #10 Fast: What Happened with Seton Hall?

  28. Jason says:

    Where do these reporters get the notion that housing sales volume have anything to do with a recovery?

    Take the stock market for example, you can have high volume days and the market goes down–or up.

    What matters is the price.

  29. JJ says:

    On basically the coldest day of year I drove this so so looking temp worker home from my part time job. She had to take two buses home and was extremely grateful, was not even on my way home. Anyhow, to my suprise, she says thanks for the ride let me thank you for it, bends over blows me, rolls down window spits out, rolls up window immediately as it is cold, gets out of car and goes into house, 1,2 3. Crazy. Anyhow I drive to school to work for a few days and it is dead of winter so in and out of car, pull up to work four days later and guy goes WTF, is that on your car door. The damm spitter girl got it all over the side of my car and it just froze on the metal. Had to go home get moms tea pot out and boil water to get it off. Since then I have sworn off spitters on cold days. I always not ask the girl who their favorite bird is and if they say a swallow I am set

    Shadow of John says:
    June 21, 2012 at 8:26 am

    Im sure you learned how to do that in your wild days in rent controlled housing. Our JJ can’t be a spitter.

  30. Fast Eddie says:

    3B [29],

    I have a few in the pipeline. I want to see where these go as they are still hot in the fire.

  31. JJ says:

    There is always and equal number of buyers and sellers. High volume indicates both people who are negative about housing as well as positive about housing is rising. Facebook has high volume, but think about it for every single share sold as seller thinks price will fall there is a buyer thinking price will rise. Volume is an odd indicator. I guess Picassos and Rembrants are worthless as they have low volume sales. Oddly the most exclusive coops/condos in city and neighbors in surburbs usually have low volume sales and high prices and places like Levitown have high volume sales and low prices.

    Realtors focus on sales figures as bottom line home prices are less important to them than sales.

    Jason says:
    June 21, 2012 at 8:47 am

    Where do these reporters get the notion that housing sales volume have anything to do with a recovery?

    Take the stock market for example, you can have high volume days and the market goes down–or up.

    What matters is the price.

  32. Mikeinwaiting says:

    31 a JJ classic.

  33. joyce says:

    I just read the last couple of posts from yesterday, and all I saw was Fab and seif blindly defending their team, the blue team. I assume you joined in the deserving criticism of the previous executive and legislatures throughout the last decade or so. But now that it’s turned around, you’re on the defensive.

    Why can’t we just all finally reach the conclusion that the two major parties are one in the same? What else will do you need to happen for you to see it that way?

    Will it take another decade or two of changing the balance in the president and congresses with ZERO major policy changes? Well, strap in.

  34. 3B says:

    #35 Joyce: most of us here reached that conclusion long ago. However, there are still a few hold outs.

  35. Painhrtz - Oooh a Donut! says:

    Joyce it is like trying to train a goat to read a wrist watch. In the end both you and the goat end up angry but he still can’t tell time.

    In other words don’t bother

  36. Mikeinwaiting says:

    35 Ding! Ding! Ding!
    Good luck with that one Joyce.

  37. Libtard in Union says:

    You can’t train a goat to read a wristwatch, but you can train a chicken to play tic-tac-toe.

  38. Brian says:

    The Connection Between Negative Equity, Inventory Shortage and Increasing Home Values: Why the Bottom Won’t Be as Boring as We Expected

    “What does all of this imply for the housing bottom? Our emerging hypothesis is that, instead of a long, flat bottom with price appreciation constrained by weak demand and elevated foreclosures, we might end up in an environment in which constrained supply (due to negative equity), together with robust demand from investors and first-time home buyers (not weighed down by negative equity), combine to create cycles of home value spikes followed by cooling periods. These cooling periods are created once local home values have risen enough to free some homeowners from negative equity at which point some of these resurfacing homeowners attempt to sell their homes, thus creating additional supply which tempers price appreciation.”

  39. seif says:

    35 – 37 i was waiting for joyce to pipe in. i believe they call what you do a “troll” in internet terms.

    “if you choose not to decide you still have made a choice.”

    it is nice how many of you pose yourselves as above it all with all of the “both sides suck” stuff. “we know both sides suck…so we just complain about everyone!” i feel the same way (that both sides leave much to be desired)…but if i am going to be taxed to death, have rights taken away, etc. i would rather have it done by the side that makes me feel like they are less racist, self-righteous and misogynist. it is all shades of grey.

    here’s your libertarian deity; what a f*cking hypocrite this guy is:,0,4149995.story

  40. Jason says:


    I’m going to have to respectfully disagree. Point to the states where the Dems have been running things and you are going to find economic turmoil. Taxes upon taxes, regulations upon regulations. Residents throwing up their hands and leaving. You see this same pattern happening over and over again. Look what happened to California, that once great state has been economically ruined by these tax and regulatory policies.

  41. chicagofinance says:

    joyce: I attended a function of media and journalist types about 2 months ago; a panelist from the New York Times said point blank that based on various research papers he has read, as well as his own anecdotal experience, people who lean left are more hardened in their beliefs, feel they have a moral authority to hold their positions, and have a lesser ability to empathize with others who do not hold their viewpoints. It is not a blanket statement….obviously there is a spectrum of shades of gray, but the overall tendency is there…..moreso than the extreme right, which is on-its-face surprising……

  42. 3B says:

    #41 seif: What exactly would you like us to do? Take away our rights” If one side is not doing it in one way, than the other side is in another way, simple as that. What is the point of picking one side over the other when the outcome is always the same.

    All you can do is resign yourself to the fact that you take care of you and your own, the rest of it is meaningless. Perhaps sometime IF big money is taking out of national politics (both Dem and Repubs), than things might change, until then why bother. When you reach this conclusion you will find a contented peace.

    As far as Ron Paul and his SS, who cares, if as of now he is entitled to get it, than why not?

  43. Comrade Nom Deplume says:
  44. Painhrtz - Oooh a Donut! says:

    Jason in those republican states how many of them have been bolstered by an energy boom financially? I can think of 3 right off the top of my head Texas, North Dakota and Wyoming. Alsaka is an outlier but that place has always been supported by oil and is as big of a welfare state as you will see. Once the oil dries up they will go in the red. Predominantly republican states that are a mess Louisiana, Mississippi, Tennesse, Alabama, Kansas, Arkansas. List is a lot longer than you might think.

    It is not so much the republicans in those states but mineral richness, population dynamics, and favorable regulatory environments that are contributing to their financial situations.

  45. Comrade Nom Deplume says:

    [41] seif

    That tired carnard again? Fact is, you aren’t given a choice when you pay into SS, so why is it hypocrisy to simply partake in a benefit you are (a) entitled to, and (b) paid for?

    I don’t like paying for auto insurance but that doesn’t mean I won’t call them if I have a claim.

    Really, that’s some weak stuff.

  46. 3B says:

    #43 chgo: I have seen it on both sides, but I agree. The difference is the hard left starts out very nicely, and calmly explaining to you why they are right and you are wrong, almost like a parent to a small child. After a period of time if they have not convinced you, then they become down right hostile and angry, and you are not entitled to a different opinion. The hard right on the other hand comes out swinging immediately, and as such they appear to be more hardened.

  47. Shore Guy says:

    And it seems to come with 2,000+ serfs.

  48. Painhrtz - Oooh a Donut! says:

    sief – why don’t you look up how much ron paul has taken in congressional salary. Also if he participates in the different than SS congressional pesion plan. RP has never said that he would change SS for current seniors, which he happens to be one, who have paid into it and are expecting benefits.

    What is it with you team blue folks, do you only think in sound bites and what is spoon fed to you? You seem like a pretty smart individual, is it that hard to do a little research and reading?

  49. seif says:

    47 – “I don’t like paying for auto insurance but that doesn’t mean I won’t call them if I have a claim.”

    off the mark

  50. Juice Box says:

    Seif – cumon now don’t you think the government is a smidge too big?

  51. Painhrtz - Oooh a Donut! says:

    Nom the problem with that place is you would need your own navy and militia to defend it. Unless the guy is a secret evil supervillain

  52. seif says:

    52 – of course it is

  53. Anon E. Moose says:

    Fast Eddie [8];

    >“Access to credit is a major issue” for some Americans wanting to buy a home, Bernanke said. “Mortgage access is much tighter than it has been for a long time. What that does, to some extent, is it mutes the impact of the Fed’s actions.”<

    I said this yesterday. What good is credit if you don’t have a job to pay for it. Drop everything to 0% and a dead body is still a dead body.

    I’ve got no problem with access to credit. The problem was finding something priced at a level that made economic sense to borrow on.

  54. Juice Box says:

    re # 54 – well then there is still hope for you yet :)

  55. relo says:

    Went through the tax appeal process recently for the first time. Very entertaining for those who were prepared (hat tip to Gator and otheres here for planting the seed). Not so much for the great majority.

    Westy, someone referenced JohnGalt in their appeal. They are going to have to start posting bailiffs at these hearings based on the level of contempt exhibited from both sides.

  56. relo says:


  57. Sima says:

    #46 Painhrtz – Oooh a Donut!
    YES! I agree.

  58. joyce says:

    I looked at the wikipedia definition of troll and it said someone who inflammatory and off-topic comments etc etc. Is that what I do?

    How is it hypocritical to be forced into some program and at the same time lobby to end the program?

  59. Juice Box says:

    Moose – Bernake will go to his grave denying there was a credit bubble in the first place.

  60. Jason says:

    Painhrtz, those states you mentioned certainly have benefited from an energy boom. However, you cannot deny that California, a state that has been blessed disproportionately favorably in terms of weather, and natural resources and should be by most indications thriving, has not.

    So the question is why not?

    The answer is obvious and irrefutable. High taxes and over regulation.

  61. joyce says:


    Absolutely, and greenspan too. Nothing old Alan did contributed to this mess. Nothing, the maestro was perfect.

  62. 3B says:

    #61 Juice: But in the meantime he is gearing up for QE3, yesterday was just the cover he needed to keep the hope going in the markets until he does it. I expect QE3 around late summer.

  63. Painhrtz - Oooh a Donut! says:

    Jason i can present you with another outlier chritie Todd Whitman republican NJ state assembly republican. Set this state back another 50 years. I’ll agree it is high taxes and regulatory hurdles. to hold up your example though California has had its’ share of republican control and is just as f*cked as it ever was. so in the end it is the will of the people and the ability to enforce it upon the politicians.

    Don’t remember it who said but the states are the laboratories of democracy or something to that effect. If you don’t like how things are going you can always leave a state, but when so many rhyme what is the point.

  64. 3B says:

    Philly Fed’s factory gauge, big drop in June, and May existing home sales down 1.5%, QE 3 is coming.

  65. Fast Eddie says:

    I watched 30 minutes of the Rachel Maddow show last night just to try to take an objective view and determine if I was being too short-sighted. It was like she was yelling in an empty canyon. The patronizing superiority and condescending behavior was thick.

    What I learned was that Fast and Furious was a right-wing conspiracy based on an attempt to eliminate the 2nd Amendment, that the investigation could have a hint of racial implication behind it and that this is all somehow Bush’s fault. Now, you tell me if liberalism isn’t a form of a mental disorder.

    This is not an endorsement of the republ1cans, but the hard core left has truly spent too much time in a f*cking space ship.

  66. Shore Guy says:

    Forget somking ’em, if you’ve got ’em they are going to be taxed:$1-trillion-shortfall/

  67. Painhrtz - Oooh a Donut! says:

    eddie she is a handsome woman though. Half an hour i can barely stand through 10 minutes of her conspiratory tripe. I’ll take Mika, Zibignew’s daughter on morning Joe for my smug condescending c-word fill for the day. the facial contortions she goes through when her biases are not confirmed make me chuckle daily.

    the again I had an epiphany the other night and changed my tune to wanting The Great Panderer re-elected. The utter distress it would cause limbaugh, hannity and levine to endure may make those statist idiots have a collective heart attack raising the collective IQ of this country with their demise.

  68. Shore Guy says:

    “hard core left has truly spent too much time in a f*cking space ship.”

    But with pilots like Jerry Brown, Cornell West, and Paul Krugman, what could possibly go wrong.

  69. AG says:

    Classic empire decline.

    This is a disturbing video.

    Greece NY Police Reviewing Bus Monitor Bullying Video

    “Greece, N.Y. – Greece Police are deciding if a group of Greece Athena Middle school students will be charged after cell phone video shows a group of kids on a school bus bullying and threatening a school bus monitor.

    You can see some students on camera and hear others off camera taunting the woman about her weight.

    The students also talk about threatening to go over to the bus monitor’s house and steal from her.

    Greece Central School District has asked YouTube to take down the video.

    Spokeswoman Laurel Heiden said their bullying response and prevention team was activated and all students involved will face disciplinary action.

    Greece Police are questioning four middle school students and will decide if charges will be filed in juvenile court.

    It’s unclear when this incident happened.

    The Greece School District said the bus monitor is Karen Klein, who has worked there for 20 years and became a bus monitor about three years ago.

    13WHAM’s Patrice Walsh spoke with Klein Wednesday afternoon. She said the comment that hurt the most was when the kids said “you’re so ugly your kid should kill themselves.” Her son took his life 10 years ago.”

  70. chicagofinance says:

    MSNBC and Fox are scripted reality shows focused on current events….any further consideration is playing into their trap…..if they didn’t pull ratings and advertising dollars, then they wouldn’t be in that form……people get most of their news from the internet on-the-fly during the day……

  71. All Hype says:

    Eddie (67):
    I did the same thing last night just to kill some time. Maddow is usually pretty on topic with a lot of issues but not about the Fast and Furious. As a matter of fact it was as surreal of a show as I have ever seen. Not once did I hear about the facts as to why Obama used executive privilege. The only conclusion I can come to is that they know this case stinks big time and it basically throwing away the life of a border agent so the worst Attorney General of the USA can keep his job for a few more months.

  72. Fast Eddie says:

    Painhrtz [69],

    Yeah, she actually does have nice eyes… and I’d even tell her so but I don’t think it would elevate her heartbeat one iota. And yeah, she needs to loosen up just a tad. As for the Annointed One, he’s done enough damage. Let’s go in a different direction, just for the he11 of it. I think the $2,000,000,000,000 sitting on the sidelines would benefit us peons if the uncertainty was removed and stimulation in the form of hope and change was replaced with incentive.

  73. Fast Eddie says:

    Hype [73],

    Not once did I hear about the facts as to why Obama used executive privilege.

    Exactly. I might give it 10 more minutes tonight but I have a feeling it’s going to be more utopian fantasy bullsh1t.

  74. nwnj says:

    #57 relo –
    What was your strategy for the appeal?

  75. chicagofinance says:

    FDU in the news…….

    ALBUQUERQUE, N.M. (AP) — A website that authorities say two aging professors used to run a multistate pr0stitution ring is legal, a state judge has ruled, highlighting the difficulties that prosecutors face in using decades-old laws to combat a modern phenomenon.

    The ruling comes as prosecutors were scheduled to present to a grand jury their case against former University of New Mexico President F. Chris Garcia, who is accused of helping a physics professor from New Jersey oversee a pr0stitution website called “Southwest Companions.”

    State District Judge Stan Whitaker ruled that the website, an online message board and Garcia’s computer account did not constitute a “house of pr0stitution,” the Albuquerque Journal reported.

    Whitaker also said the website wasn’t “a place where pr0stitution is practiced, encouraged or allowed.”

    The ruling means that prosecutors will now have to decide how to proceed with a case involving Garcia, retired Fairleigh Dickinson University physics professor David C. Flory and others.

    They were arrested last June on a criminal complaint charging them with promoting pr0stitution. Flory, a retired physics professor at the New Jersey school and has a home in Santa Fe, is accused of buying the site in 2009.

    Garcia’s attorney, Robert Gorence, said Garcia was satisfied with the judge’s decision and felt vindicated. A woman who answered the phone at Flory’s Santa Fe residence said he had no comment.

    Investigators said the pr0stitution ring had a membership of 14,000, including 200 prostitutes. Members paid anywhere from $200 for a sex act to $1,000 for a full hour. Pr0stitutes were paid with cash, not through the website, according to police.

    But the ruling also showed the difficulty that prosecutors have in trying prosecute owners of websites that promote or facilitate pr0stitution because of laws created long before the Internet age, experts say.

    “Most state laws only address street walkers and brothels and are so narrowly written that it’s hard to prosecute these new cases,” said Scott Cunningham, a Baylor University economics professor who has written about technology and prostitution.

    For example, Cunningham said, Craigslist withstood lawsuits and challenges by law enforcement agencies and district attorneys’ offices to shut down its erotic services section and only closed them later for publicity reason.

    To change laws, Cunningham said, some states will have to pass laws that outline step-by-step regulations on websites.

    Chief Deputy District Attorney Mark Drebing said prosecutors’ options are limited because New Mexico has laws on the books for computer fraud and use of computers and the Internet for child p0rnography, but none geared toward pr0stitution.

    Drebing said no decisions have been made about how prosecutors intend to move forward with their case.

  76. chicagofinance says:

    This opinion piece is so good, I will have to make sure to file it away so I can smack someone in the head with it at an appropriate time…..

    June 20, 2012, 7:18 p.m. ET
    Feel-Good Environmentalism at the U.N.

    Why do the global glitterati ignore water and air pollution?.


    The United Nations environment summit in Rio this week is a great example of how good intentions can thwart real progress on global problems.

    What’s the world’s biggest environmental challenge? Ask the global elites at U.N. conferences, and they’re likely to answer: “global warming.” Global warming is indeed a concern, and we need smart solutions. But let’s put things in perspective. According to statistics from the emergency disasters database, deaths caused by flooding, droughts, heat waves and storms—including the effects of global warming—now account for about one-twentieth of one percent of all deaths in the developing world. From 1990-2007, that averaged about 27,000 deaths per year.

    By contrast, lack of access to clean drinking water and sanitation kills almost three million annually. Almost two million people, meanwhile, die each year inhaling smoke from inefficient and dirty fuels such as dried animal dung, crop residues and wood. Another one million die from the effects of outdoor air pollution.

    All told, more than 13% of Third World deaths—about six million in total—stem from air and water pollution. This means that for every global warming-related death, at least 210 people die each year from old-fashioned air and water pollution.

    Enlarge Image

    U.N. Secretary General Ban Ki-Moon at the Rio+20 United Nations sustainable development summit in Rio de Janeiro on Wednesday.
    Even an extremely ambitious climate policy—aiming to cut global carbon-dioxide emissions by 50% below 1990s levels—would entail enormous costs but save very few lives. Inexpensive policy changes, however, could virtually eliminate pollution-related deaths, which are so much more numerous than global warming-related ones.

    Why then, do U.N. elites focus all their efforts on a feeble attempt to assist one person before successfully preventing 210 deaths? Because global warming feels more important—more hip. The majority of people in wealthy countries have lived their entire lives with clean air, clean water and electricity supplied through a grid. Air and water pollution is just old hat.

    But surely “helping the world” isn’t about making us feel good. It’s about actually helping poor nations.

    Nowhere are these misplaced priorities more apparent than in U.N. Secretary-General Ban Ki-Moon’s favorite program, “sustainable energy for all,” which has emerged as a key goal of this year’s summit. The program aims to ensure that all people have access to energy, but it places an inordinate emphasis on “green” technologies.

    The program’s celebrity backers correctly point out that 1.3 billion people lack electricity, meaning it’s “lights out” when the sun goes down. They rightly anguish that three billion people rely on dirty fuels. But then they argue that “green” energy is the way to help.

    Why would we choose inefficient, intermittent and costly technologies to solve a simple problem? Simply put: Because it makes us feel good.

    Take former Norwegian Prime Minister Gro Harlem Brundtland, a member of Mr. Ban’s global sustainability panel. In a recent statement, she gave perhaps the starkest example of attempting to solve a substantial problem with a feel-good policy: “Smoke from wood, dung and coal from cooking and heating remains one of the world’s major public health problems. Major investment is needed to accelerate the move away from carbon fuels and to improve energy efficiency.”

    Sure, sometimes solar panels in far-flung communities can work. But generally, reliable electricity for those billion-plus people who lack it should come from simple, cheap solutions like hooking up generators or, better yet, power plants—which, just like ours, mostly run on fossil fuels.

    The same goes for tackling indoor air pollution. In some circumstances, solar cookers can be a good idea. But the technologies that have served us well, such as kerosene and natural gas, are much more likely to be cheap, flexible and useful for hundreds of millions of people.

    It’s the height of arrogance to think that Third World countries should use weak and expensive technologies just to make some in the West feel good. In essence, the global elite is telling coughing Third World people sitting in their dark hovels: “Get a solar panel.” That’s akin to telling people suffering from water pollution to drink Perrier. Or indeed, to suggest that breadless people should eat cake.

    There are real and often overlooked environmental problems to be tackled. We need to talk less about ineffective, “feel-good” solutions to global warming and more about smart fixes to air and water pollution. We need to take back our environmental summits from the well-meaning glitterati and do what works.

    Mr. Lomborg is an adjunct professor at the Copenhagen Business School and the author of “The Skeptical Environmentalist” (Cambridge Press, 2001) and “Cool It” (Knopf, 2007).

    A version of this article appeared June 21, 2012, on page A15 in the U.S. edition of The Wall Street Journal, with the headline: Feel-Good Environmentalism at the U.N..

  77. chicagofinance says:

    This paragraph is the part that really kicks a%%

    It’s the height of arrogance to think that Third World countries should use weak and expensive technologies just to make some in the West feel good. In essence, the global elite is telling coughing Third World people sitting in their dark hovels: “Get a solar panel.” That’s akin to telling people suffering from water pollution to drink Perrier. Or indeed, to suggest that breadless people should eat cake.

  78. Painhrtz - Oooh a Donut! says:

    Chifi they would be the same people who say you can’t eat that it is endangered. all the poor tribesman knows is that they and their family ar realling f*cking hungry.

    That article continues my confirmation that the “elite” might be the most truly tone deaf idiots ever spawned, and that our poor have it way to good

  79. Juice Box says:

    Lol Christie way to demonize…

    Christie: Like vampires, ‘Corzine Democrats are back’

    Gov. Chris Christie, R-N.J., painted an ominous picture of his state’s Democratic Party, warning that — like vampires — the “Corzine Democrats” have returned.

    “In the last couple weeks, we’ve seen an ugly type of Democrat start to rear its head again,” Christie said during a town hall today. “I think you thought you had slayed this type of Democrat in 2009 — that you had taken the wooden stake and out it through this type of democrats heart. But I am here to tell you today that I fear this type of Democrat has returned to the state legislature. You know what kind of Democrat I’m talking about: A Corzine Democrat.”

  80. Fast Eddie says:

    Why do the global glitterati ignore water and air pollution?

    Why don’t we ask Sarah Jessica Parker and Anna Wintour this question. The real answer is because a symbolic gesture is a performance to the Ivory Tower Elites. And it also allows their fans to get a chill up their leg.

  81. JJ says:

    they should have put a saddle on Sarah and let her run instead of “I’ll Have Another”.

  82. Juice Box says:

    re # 71 – AG seems the Internet raised 250K for her troubles, she should buy a Ferrari and do burn outs on those kids lawns.

  83. JJ says:

    chifi after moody bankdowngrades banks today going value shopping if any good Trups are in it.

  84. zieba says:


    Indeed. Truly one of the most repulsive females of our time.

  85. Comrade Nom Deplume says:

    Turned on CNBC.


  86. Comrade Nom Deplume says:

    [51] seif,


  87. JJ says:

    Once I was the wing man and my friend talked me into going back to the apt with the ugly one, the good looking one would not be separated. Basically, with a girl like Sarah the best way to handle her is to go to bathroom, bring cold tall boy, take a nice dump, read a playboy, start stroking it, get it hard, then run to bedroom and insert and pray it does not deflate before you come. I cant imagine Matt Brodrick doing that all the time, no wonder he let another women have their baby. Then again most horses are bred via artifical insemination.

    zieba says:
    June 21, 2012 at 2:15 pm


    Indeed. Truly one of the most repulsive females of our time.

  88. The Original NJ Expat says:

    Many Borrowers (Unexpectedly?) Fall Behind Again After Mortgage Modifications

  89. The Original NJ Expat says:

    [90] JJ – What a quaint honeymoon story to tell the grand kids someday;-)

    Basically, with a girl like Sarah the best way to handle her is to go to bathroom, bring cold tall boy, take a nice dump, read a playboy, start stroking it, get it hard, then run to bedroom and insert and pray it does not deflate before you come.

  90. Jill says:

    #82: “…had slayed…”?????

    I guess Christie is taking a page from the George W. Bush Book of Butchering the English Language. What a maroon.

  91. freedy says:

    oil: 78.20 a barrel. How much is gas in your neighborhood

  92. Mikeinwaiting says:

    Shore 68
    {“While I’m a proud public employee, I’m not a volunteer. We deserve some degree of security in knowing that there’s going to be a system in place to provide for us when we’re no longer able to work anymore,” Ready said. }
    It is called SS & medicare if it good enough for the rest of us. You deserve no better than the people who pay you.

  93. Mikeinwaiting says:

    Hey guys on that Rachel Maddow thing you know she is playing for the same team as the you. She is quite open about it.

  94. Richard says:

    Does anyone know about starting an LLC. Lawyer is trying to charge for Operating Agreement etc, but sounds like we could just make something up OK.

  95. Shore Guy says:

    “#82: “…had slayed…”?????”

    Maybe he means like with a Flexible Flyer, lol.

  96. The Original NJ Expat says:

    [94] freedy – Take a look at the charts at

    RBOB gasoline, and heating oil for that matter, decoupled from crude oil prices years ago. IMO, Brent is closer to the true cost of crude and WTI is just a govt propaganda number.

    oil: 78.20 a barrel. How much is gas in your neighborhood

  97. Mikeinwaiting says:

    Gary 83 ” And it also allows their fans to get a chill up their leg.’ no that is Chris Mathews of Hard Ball when he sees “O”. LOL

  98. Shore Guy says:

    As in, “The boys and Me went to the top of the hill and we had slayed all day until dark.”

  99. Painhrtz - Oooh a Donut! says:

    Mike hence the handsome woman comment. how can you not know you, would have to have the worst gaydar in history not to know.

  100. The Original NJ Expat says:

    I’m 52 and I’d opt out of SS right now if they’d let me. I don’t pay any more in and they can keep all I’ve already put in. This would be a great deal for others like me as me entire “check” will get means-tested right the hell down to zero anyway.

  101. Painhrtz - Oooh a Donut! says:

    Richard wife used leagal zoom and was happy with the service. According to her it was pretty straight forward. this comes from a woman who gets easily aggravated about the simplest tasks and fails computer 101 regularly.

  102. Brian says:

    That is because there is so much production in the US now (think WTI) that they can’t get it to the refineries in the Gulf fast enough. The difference in price for Brent crude vs WTI is striking isn’t it?

    100.The Original NJ Expat says:
    June 21, 2012 at 3:01 pm
    [94] freedy – Take a look at the charts at

    RBOB gasoline, and heating oil for that matter, decoupled from crude oil prices years ago. IMO, Brent is closer to the true cost of crude and WTI is just a govt propaganda number.

    oil: 78.20 a barrel. How much is gas in your neighborhood

  103. An observer says:

    To 103 – NJ Expat

    Then get a job with the City of New York.

    For many positions (except uniformed ones) participating in the City Pension is an option. If you do not participate in the City Pension, and you put more than 7.5% into their Deferred Compensation Plan (which is made up of a 457 & a 401k – each 17,000 limit) then they do not take SSA money from you. It’s called “In lieu of FICA”

    As far as I know they are the only one around here. There original plan was pre-FICA so they have all types of exception.

  104. Richard says:

    Thanks Painhrtz, I went with RocketLawyer becaused they looked cheaper but now they’re trying to hit me up for a bunch more services. I dont think I need them but with all this legal stuff its hard to figure out and I’m never be 100% sure I’ve covered everything.

  105. Painhrtz - Oooh a Donut! says:

    richard remember they are legal sites (i.e lawyers) read the fine print. It is the extra services or hope there of which keep their costs low.

  106. Richard says:

    They’re online but still the same blood suckers.

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  108. relo says:

    77: Not so much based on comps; there are a few mitigating factors relating to surrounding area we were able to argue. Their appraiser agreed, as we were offered a reduction on the fly. We respectfully declined as we felt it low, and also am curious about the process from here. If they had offered it at 9 am instead of after noon (i.e. had done their homework) perhaps we would have considered it. Probably calculated as one of their main strategies appears to be to frustrate the muppets gereral sense of urgency. I am patient.

  109. A.West says:

    Thanks for sharing, good luck on your appeal. On my appeal 2 yrs ago, I settled with the taxman without attending court. I don’t think the tax court would be a very receptive audience for a speech from Atlas Shrugged.

    I am also against social security, but will accept whatever pittance I get back later in life, after all that I’ve paid in. I’ve probably already maxxed out my points or whatever mysterious ways they measure what your payments qualify you for. I’m expecting my income will be high enough for future means-testing based disqualification.
    How does that make me a hypocrite? People against government programs are supposed to voluntarily pay extra money to government?

    I also am against state-run schooling, but given that I’m already paying $20,000/yr for it, I let my kid attend. Might as well let my kid get exposed to state-ru- BS early rather than having it all come as a shock later in life. She just finished 4th grade with straight As, is smart and pretty, and already has a lesb1an stalking her in school.

  110. chicagofinance says:

    go ask nom….

    Richard says:
    June 21, 2012 at 3:00 pm
    Does anyone know about starting an LLC. Lawyer is trying to charge for Operating Agreement etc, but sounds like we could just make something up OK.

  111. Comrade Nom Deplume says:

    FWIW, I have been using Everlast Construction for masonry and roofing projects in the Brig.

    Competitive on price, no b.s. on specs, seem to do high quality work, and they show when they say they will. They finish tomorrow but I have been impressed so far.

    I’ve worked a bit in those trades too. Not an expert but I can tell when I’m getting b.s.ed. these guys will do higher quality work for the same price or less than the competitors I scoped out.

  112. JJ - Red Room of Pain says:

    I bought a pair this morning. I got the $50 dollar seats on the aisle one seat over from where ticket prices rise. Sometimes I sell the big games in my row one sideline seats but still want to go to game. For $100 bucks I can still go to game. Jets still wont be able to sell all those seats. Selling a 20 row UD seat on 5 yard line on the aisle for $50 bucks is a lot easy than row 26 upper deck end zone in middle of aisle.

    I wanted aisle as my friend has three seats near my $50 dollar seats and we can go as a group. They reduced prices on 12,000 seats. But to be honest 3, 000 of those seats $50 is a bargain, $6,000 seats a so so deal and the bottom $3,000 seats should be priced at $25 bucks.

    Libtard at home says:
    June 21, 2012 at 4:59 pm

  113. Sima says:

    #97 Richard – or you could do it yourself following the steps.
    It is straightforward (for a simple LLC).

  114. Richard says:

    Thanks. Registering the LLC is easy. The main problems are things like making sure you file the annual report correctly, operating agreement is correct. I can do it myself but am I doing it right? Nice to have a lawyer to say yes that is all, but that costs a hundred bucks.

  115. Libtard at home says:

    LLC doesn’t even require legal zoom or any lawyers. There are plenty of websites out there that explain how to do it. If it’s for an investment property, its easier than drilling a hole in an onion.

  116. Libtard at home says:

    Poor Seif doesn’t get it.
    Both parties are in the business of maintaining the status quo. What you think are social policies meant for the improvement of the greater good really only exist to maintain each parties respective voting blocks. Both parties are quite happy as long as a third party that actually might want to improve the greater good does not get into power. Meanwhile, the lobbyists continue to pay pennies on the dollar to these criminals to make sure that they don’t confuse the greater good with the much much greater good of the ruling elite and their executive brethren on the boards and in the corporate headquarters.

  117. Juice Box says:

    I noticed Warren Buffet’s credit rating agency Moody’s did not downgrade his bank Wells Fargo today. Sure Wells Fargo foreign loans are only 5% of its portfolio, but they should not get the mark to unicorn treatment for their US Mortgage assets either.

  118. Juice Box says:

    re #122- Tard re: “status quo”

    One party doesn’t want to destroy the middle class they want to enslave it. Care to guess which one?

  119. Libtard at home says:

    The first year I came upon this blog, I said the only winning investment would be barbed wire manufacturing futures. We are seriously headed to second world status. I see it in so many places now. Ride public transit and it’s getting worse and worse every day as the prices go up and up. Central America might be an upgrade by the time I’m ready to make the move.

  120. Essex says:

    Lighten up Francis.

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  122. Comrade Nom Deplume says:

    [97] richard,

    “Does anyone know about starting an LLC. Lawyer is trying to charge for Operating Agreement etc, but sounds like we could just make something up OK.”

    The lawyer is protecting your respective interests. That is what he is supposed to do.

    As for how to start an LLC, it is deceptively simple and, technically, you don’t “need” an operating agreement, but that’s like saying you don’t need insurance. Further, you may be locked out of certain tax treatment without one.

    Now you can go to legalzoom and avoid the attorney but that raises the old adage: You get what you pay for. Literally.

    And $100 bucks for the lawyer???? I’d check to see if his diploma came from Nigeria.

  123. Comrade Nom Deplume says:

    [120] Richard,

    Also, it seems your sources left out a few salient steps. Let me know when you need representation before the IRS.

  124. Comrade Nom Deplume says:
  125. chicagofinance says:

    The End Is Nigh (Flesh Eating Cannibal Edition):

    Florida man strips naked, bites off chunk of man’s arm

    PALMETTO, Fla. — A Florida man was arrested Wednesday after stripping down, biting a chunk of flesh from another man’s arm and resisting repeated attempts by police to subdue him with a stun gun.

    Charles Baker, 26, went to his girlfriend’s home to visit his children Wednesday night while under the influence of an unknown substance, WFTS-TV reported. When Baker arrived, he barged in and began yelling, taking off his clothes and throwing furniture.

    Jeffrey Blake, who lives in the home, attempted to restrain Baker, but Baker fought back by biting a chunk of flesh from Blake’s arm.

    Blake managed to restrain Baker until two police officers arrived on the scene, though Baker refused to respond to the officers’ orders.

    One deputy deployed his electronic control device after giving a verbal warning.

    But Baker resisted the shock, prompting the deputies to use the device three more times before several other officers arrived on the scene and were able to subdue and handcuff him.

    Baker was taken to Manatee Memorial Hospital in Bradenton for evaluation before being transported to the jail.

    It was not immediately clear what substance Baker had ingested, but Florida has played host to a recent spate of bizarre behavior by people under the influence of synthetic drugs marketed as “bath salts.”

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    There is no such market maker in R/E so in this case increasing volume set against falling prices is actually quite the expected reaction, and a healthy one at that.

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  128. Fabius Maximus says:

    #35 Joyce

    I don’t mind the blind label as just like Justitia, that blindness brings objectivity.

    I am quite happy to step through an analysis of any administration R or Dem as there are things in a lot of the D admins I have disliked. But I would frame a lot of the current discussions on O vs GWB in areas such as Executive Privilege like this. GWB opened Pandoras box and O gets shouted a for playing with the lid. The problem here is that when the box was opened the box changed. People can say GWB was the worst president ever and he shouldn’t have touched the box. It doesn’t change the fact that GWB is responsible for opening it and is responsible for the impact that had.

    Pain, when you paint your colors try painiting with a thinner brush, your paint strokes are a bit broad.

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