CoreLogic HPI shows broad price gains in May

From CoreLogic:

CoreLogic® Home Price Index Shows 1.8% Monthly Increase in May from April

The CoreLogic Home Price Index (HPI) showed that home prices nationwide, including distressed sales, increased on a year-over-year basis by 2.0 percent in May 2012 compared to May 2011. On a month-over-month basis, home prices, including distressed sales, also increased by 1.8 percent in May 2012 compared to April 2012*. The May 2012 figures mark the third consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis.

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 2.7 percent in May 2012 compared to May 2011. On a month-over-month basis excluding distressed sales, the CoreLogic HPI indicates home prices increased 2.3 percent in May 2012 compared to April 2012, the fourth month-over-month increase in a row. Distressed sales include short sales and real estate owned (REO) transactions.

“Home price appreciation in the lower-priced segment of the market is rebounding more quickly than in the upper end,” said Mark Fleming, chief economist for CoreLogic. “Home prices below 75 percent of the national median increased 5.7 percent from a year ago, compared to only a 1.8 percent increase for prices 125 percent or more of the median.”

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156 Responses to CoreLogic HPI shows broad price gains in May

  1. grim says:

    HPI for the New York-White Plains-Wayne, NY-NJ MSA (aka NY Metro), both including and excluding distressed, was up 1.8% year-over-year in May.

  2. grim says:

    From the NYT:

    Manhattan Home Prices Reported Steady

    Prices and sales volume for Manhattan real estate continued to hold relatively steady in the second quarter of 2012, because of a continued decline in inventory, low interest rates and increased foreign investment.

    The median sale price for the second quarter was $840,000, up 2.4 percent from the same period in 2011, according to a report from that will be released on Tuesday.

    Reports from the city’s largest brokerage firms also indicated relatively flat pricing, with one showing the median dropping by 2.5 percent and the others showing an increase of 1 to 2 percent. Sales volume was higher than a year ago and had more than doubled since the number of sales dropped to fewer than 2,000 in the first quarter of 2009, according to a Corcoran Group report.

    “The stability of prices in the past few quarters has instilled confidence in a lot of people,” said James M. Gricar, general sales manager at Halstead Property. “Rates are quite low and the rental market is quite high. Conditions are good. That has led to a very stable, healthy — and for brokers, optimistic — market.”

    The new numbers come after evidence suggesting the national housing market is finally starting to recover. Still, Jonathan J. Miller, the president of the appraisal firm Miller Samuel and the author of Prudential Douglas Elliman’s report, said the national market was behind the New York market, which began to stabilize in early 2010 and was “moving sideways ever since.” He added that the city benefited more from foreign buyers than did the typical United States housing market and that Manhattan’s foreclosure rate remained low, as a result of tight co-op approval standards.

  3. grim says:

    How do we make sense of this one? From the IB Times:

    Phoenix Is Rising, Again

    Sun-drenched Arizona became a poster child for the overdevelopment excesses of the boom, but it’s recently become a leader in the country’s long-awaited housing recovery.

    Home prices in the Phoenix, Mesa and Glendale regions rose 14.7 percent in May, compared to the prior year, the highest jump in the areas tracked by a CoreLogic report released Monday. Home prices in metro Phoenix are up 32 percent in May compared to the prior year, according to an Arizona State University report, comparable to 2003 levels.

    “Phoenix is definitely on the leading edge of the recovery. We have seen remarkable sales velocity and price increases,” Charlie Enochs, division president of home builder Taylor Morrison, told the Tucson Citizen.

    Bloomberg Businessweek reports that building permits are near a four-year high and construction workers are once again in high demand, with employment rising 9.3 percent in May over the prior year. Builders are actually struggling to find workers, who have moved away during the recession. The state’s tough anti-illegal immigration policies have also discouraged laborers from entering the market.

  4. grim says:

    Have a preliminary print on June contracts from NJMLS (Bergen):

    June 2011 – 747
    June 2012 – 869 (Up 16.3% YOY)

    Spring strength appears to be continuing into the summer months. GSMLS hasn’t yet been updated with June stats, so we may need to wait a few more days for confirmation.

  5. Housing market recovering in places like Phoenix, where it was allowed to fall?

    Easy explanation: markets- and market forces- work. It also helps to keep in mind that these “recoveries” are modest advances, compared to the devastation of the crash.

    We won’t be so lucky here. The longer a housing market is allowed to take p@nis pills and other forms of stim to hold prices at an artificially-high level, the worse the outcome.

  6. No one will be spared.

  7. yo says:

    If prices are still inflated in the Northeast,why are appraisals,banks approving loans?Just like I posted before,In my development same houses that are brand new built are 20% higher than homes that were built in 2004.Banks are approving this loans.

  8. grim says:

    From USA Today:

    Housing recovery hindered by negative equity

    Scott Andresen would love to sell his Seattle house. He just can’t afford to.

    The 41-year-old policeman and his wife, Rebecca, an environmental consultant, bought the house six years ago. Because of falling prices, they now owe at least $25,000 more on it than it’s worth.

    The couple would like to move to a better neighborhood with better schools for their children, ages 7 and 4. But they’d have to write a check to cover the difference.

    “We can’t get out, because it would be too expensive,” Andresen says. “It’s very frustrating.”

    Homeowners like the Andresens inhabit just about every housing market nationwide, and their reluctance to sell is having an unexpected impact on the U.S. housing market, which is showing signs of stabilizing after years of declining prices.

    Rather than a housing market defined by weak demand and falling prices, the market is now being hampered by a restricted supply of homes for sale as demand improves. That’s leading to multiple offers in dozens of markets, rising prices in some and a more volatile housing recovery than many expected.

    “When you get (houses priced) under $125,000, it’s like a frenzy,” said Linda Schlitt-Gonzalez, owner-broker of a Coldwell Banker franchise in Vero Beach, Fla. “It’s not unusual to have five offers.”

    Negative equity, also known as being underwater, is a big part of the issue. Nationwide, almost three of 10 homeowners with mortgages have no equity in their homes or less than 5% equity, says market researcher CoreLogic. Those homeowners would have to write a check in a traditional sale, so many are not selling. Other homeowners, seeing prices rise or stabilize after falling for six years, are holding out for more price increases, Realtors and real estate experts say.

    “We thought, if demand was there, there would always be sellers. But instead the supply is sitting on the sidelines,” says Stan Humphries, economist for real estate website Zillow. “The inventory phenomenon … will make for a more volatile housing recovery than what we initially expected,” he says.

  9. gary says:

    HPI for the New York-White Plains-Wayne, NY-NJ MSA (aka NY Metro), both including and excluding distressed, was up 1.8% year-over-year in May.

    Does 1.8% constitute a victory? We’re back to 2003 pricing and rates are around 4%. Send enough electricity through the dead body and you will have movement despite the decay.

  10. grim says:

    I went to Kuiken this morning. The guy said don’t even bother with the Enhance, get the Transcend.

    I’ve got both sitting side by side, they are identical in size, weight, flexibility, and construction. The only real difference I can tell is that the depth of the simulated grain is slightly deeper on the Transcend. I’d wager the lower price has more to do with the fact that it only comes in two color choices and there is less of a warranty liability (20 years vs 25), than anything else. Negative is that the grain depth on both lines appears deep enough to allow pollen and dirt to settle in the grooves, likely requiring more cleaning. On the positive side, the texture looks like it is going to provide a non-slip surface when wet, a big issue with some other types of decking. I will say though, in full sun the darker gray Enhance Clam Shell felt a whole lot warmer to the touch than the lighter Transcend Gravel Path.

    Regarding the full Trex line, realize that both of these are very different from their Accents line, which I would also recommend be avoided since it is thinner and much more flexible. My lumber guy said they came out with the new line because the price and quality differences between the low and high lines was so wide, Trex was losing customers to other brands. However, he couldn’t match the prices that Lowes could, if I did stick with his yard, I would have just went Transcend since the price difference wasn’t dramatic.

    Regarding the Fiberon, I believe they make the OEM decking available at Lowes and Home Depot (Veranda and the others). I looked at them a while back but I didn’t like the fact that they weren’t a full inch, but 7/8ths, and required 12″ OC joists.

    I was in there yesterday and he remarked again about the amount of treated decking they were selling this year, so I’ve got to imagine it’s significant for him to keep talking about it. If anyone was going to out buy decking, I’d tell them to see what the yards have in stock, and haggle on it. We’re mid-way through deck season now, if they are sitting on expensive composites and the treated is flying, they are going to be getting concerned about being stuck with it.

    If you do go treated, realize that you can probably get a good 10 or 15 years out of it, and if at that time you want to replace the decking with composite (or whatever else is new at that time), it’s not really that big of a job.

  11. A Home Buyer says:

    How are Kuiken Brothers for Kitchens? The home we are closing on will eventually need an updated kitchen, and I have done the Lowe’s / Home Depot route before and was not impressed quality or the price.

  12. grim says:

    I was shocked to find out how expensive HD was for mid-range, stock cabinets.

    I think Stu had some decent recommendations, maybe he can chime in. I got a good deal on my custom cabinetry from LIS, but they are to-the-trade only.

  13. raging bull jj says:

    “Excluding distressed sales, home prices nationwide”

    so if you exclude all the cheaper homes prices are higher. Funny

    Hey I am bidding on another REO this time Fannie Mae, they say it is eligible for 3% down homepath financing. Is that a good deal? Is their a boat load of costs.

    It is a small house so I could easily afford a 97% loan, and Fannie is giving it out on Primary, investment or vacation homes. Wonder what rates are and catches? Anyone ever do a homepath loan

  14. Shore Guy says:

    I wonder if a withdrawal of lower-priced homes from the mix (because folks underwater cannot come up with either the cash to sell or to put down on a security deposit on an apartment or a downpayment on another house) has just given us a statistical bump, whereas the prices of given structures YoY may still be flat or declining.

  15. Shore Guy says:


    “But it didn’t happen. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s. ”

    This, of course, ignores the fact that spending is still going up, when it should be going down, and our spending in actual $ is WAY up, and the pace of our debt increase is also growing rapidly.

  16. grim says:

    Photo of my kitchen for anyone interested (half really):

    For reference, the island is a touch over 12 feet long, with ample seating for six (There is no table). The business wall of the kitchen is 21 feet of cabinetry. The other end of the kitchen has a built in pantry, desk, bar, and some additional cabinets. Island houses the sink (Rohl apron front, the beverage fridge, dish washer, and a single “burner” Thermador induction cooktop – it’s the glass square at the far end). Countertops are honed granite, no polish.

  17. A Home Buyer says:

    If it is trade only sales, may I inquire what form of gift you gave them to be allowed to purchase their cabinets, unless your also a contractor…?

  18. Anon E. Moose says:

    Freedy [15];

    Docs are already free to prescribe off-label to teens, etc. The purpose of that study is to win a period of exclusivity from the FDA (FDA will delay approving any competing generics for a fixed period of time after the drug comes off patent; 6 mos. I believe — maybe longer) granted to compensate a company that goes through the motions of conducting the trials to verify the expansion into juve.

  19. Shore Guy says:

    President Obama should put Adam Smith’s “The Wealth of Nations” at the top of his summer reading list. This was clear after listening to his 54-minute list of economic excuses and policy proposals delivered earlier this month on the campus of Cuyahoga Community College in Cleveland.

    At times Mr. Obama suggested that the profit motive is somehow ignoble, an opinion shared by many on the far left. But every student learns in introductory economics class that the pursuit of profits is essential to a successful economy, allocating resources to the use consumers value most.

    This is not exactly a new insight. Writing in 1776, Adam Smith noted, “It is not from the benevolence of the butcher, the brewer, or the baker that we can expect our dinner, but from their regard to their own interest.”

    The president spent nearly an hour demonizing his Republican opponent Mitt Romney’s economic policies and doubling down on his own failed agenda. He called for higher taxes on our most productive citizens and successful small businesses, more government spending and debt, and Washington micromanagement of wide swaths of the economy.


  20. grim says:

    19 – Family in the trades

  21. ODB says:

    Raging Bull JJ after a night of partying in the city.

  22. seif says:

    18 – awesome! well done. that is a kitchen that will I would like to hang in. do you have the before pic? i kinda remember one when you were ripping out the old one, i think.

    would love to see more.

  23. A.West says:

    Very nice, Grim.

  24. Richard says:

    Nice Kitchen Grim. Glad to see you’re surfing quality websites too!

  25. chicagofinance says:

    New Improved Meat says:
    July 3, 2012 at 7:05 am
    No one will be spared.


  26. The Original NJ Expat says:

    [9] grim – “Negative equity, also known as being underwater, is a big part of the issue. Nationwide, almost three of 10 homeowners with mortgages have no equity in their homes or less than 5% equity, says market researcher CoreLogic. Those homeowners would have to write a check in a traditional sale, so many are not selling realizing losses.”

    That’s the crux of the problem. The banks won’t realize losses won’t realize losses on non-performing loans and the consumer won’t realize a loss on a performing loan. That takes a lot of properties off the market due to the “uh-uh, not me” mentality of both camps and props up prices for now, but not forever.

  27. chicagofinance says:

    seif says:
    July 3, 2012 at 8:57 am
    18 – awesome! well done. that is a kitchen that will I would like to hang in. do you have the before pic? i kinda remember one when you were ripping out the old one, i think.
    would love to see more.

  28. Richard says:

    I think its very likely that there is some relative strength in the housing market, and quite likely to have small rise in prices. I think however this is likely to bring a wave of sellers next spring, which will probably result in oversupply again as people who’ve held off decide its the right time to sell.

  29. The Original NJ Expat says:

    [28] The irony of this situation is that maybe a goodly percentage of (under water) mortgagers will actually keep one mortgage and pay it off over 30 years only due to perceived lack of options to do anything else.

  30. homebuyer says:

    i heard that this week was a good week to get trees due to july 4th sales.

    random question: does anyone know if this is true? which nursery’s or farms that I should check out in the northern nj area?

  31. Shore Guy says:

    A Vast New Taxing Power
    The Chief Justice’s ObamaCare ruling is far from the check on Congress of right-left myth.


    By right-left acclaim, at least among elites, the Chief Justice has engineered a Marbury v. Madison-like verdict that camouflages new limits on federal power as a reprieve for President Obama’s entitlement legacy and in a stroke enhanced the Supreme Court’s reputation—and his own. This purported “long game” appeals to conservatives who can console themselves with a moral victory, while the liberals who like to assail the Chief Justice as a radical foe of democracy can continue their tantrum.

    It’s an elegant theory whose only flaw is that it is repudiated by Chief Justice Roberts’s own language and logic. His gambit substitutes one unconstitutional expansion of government power for another and rearranges the constitutional architecture of the U.S. political system.

    His first error is the act of rewriting the plain text of a law, instead of practicing the disinterested interpretation that is the task of the judiciary, regardless of the partisan outcome. The second error is converting the health insurance mandate’s penalty into a tax. Ninety years of precedents have honed precise and widely divergent legal meanings for taxes and penalties for violating laws or regulations, and they are not interchangeable.

    The Chief Justice did not simply change a label—as if Congress said something was a penalty when it was really a tax. Rather, these categories are defined by their purposes and effects, by how they operate in practice. Taxes are “exactions” whose main goal is raising revenue, while penalties punish individuals for breaking the law. The boundaries can blur—legitimate taxes may also have strong punitive aims—but scarcely so in this case. ObamaCare’s mandate was designed to regulate individual conduct to help achieve universal coverage. If it succeeds perfectly, it should collect $0.

    Even if Democrats had passed the mandate tax as rewritten by the Chief Justice, and they did not, the Supreme Court until Thursday has never held that Congress can call anything it wants a tax. The taxing power like the Commerce Clause is broad, and the courts are generally deferential. But all powers the Constitution enumerates are also limited, and these limits—unique to each power—must be meaningful and enforceable by the legal system.


  32. ODB says:

    Expat – “perceived lack of options to do anything else.” In New Jersey the data shows about 8.31% of all mortgages are delinquent, which increased about 10% YoY according to data from Transunion.

  33. seif says:

    29 – that’s the one. thanks.

  34. Bagholder Brian says:

    Hey Grim…you got me thinking…my deck is near 10 years old (treated lumber) and I know I’m going to have to work on it soon…..Do you know when it is rebuilt, do they leave the joists then just replace the decking and railing?



  35. 3b says:

    My Dad passed away yesterday morning. I post the below in his memory. RIP Dad

  36. The Original NJ Expat says:

    [34] ODB – If 33% of mortgages are under water and we assume virtually all of the 8.31% that you cite are delinquent, 33 minus let’s say 8 equals = 25% of under water mortgages are *not* delinquent. I would contend that the 25% of mortgage holders who continue to pay their under water mortgages constitutes a “goodly percentage”. It might be not be the smartest thing to continue to pay, but apparently a good number of mortgagers are doing exactly that.

    Expat – “perceived lack of options to do anything else.” In New Jersey the data shows about 8.31% of all mortgages are delinquent, which increased about 10% YoY according to data from Transunion.

  37. The Original NJ Expat says:

    [38] I meant “virtually all of the 8.31% are under water”, not delinquent.

  38. The Original NJ Expat says:

    [37] 3b – My condolences.

  39. yo says:

    You need to remember,this under water homes ,up to 20% and bought before 2006 can refinance through HARP with a lower rate,if never had a late payment.Lowering the monthly payment (rate) is equal to lowered value of home prices.If deciding to stay foot long term.

    The Original NJ Expat says:

    July 3, 2012 at 9:21 am

    [28] The irony of this situation is that maybe a goodly percentage of (under water) mortgagers will actually keep one mortgage and pay it off over 30 years only due to perceived lack of options to do anything else.

  40. yo says:

    3b,sorry for your loss

  41. The Original NJ Expat says:

    [41] yo – then that will be the one mortgage they keep, no? I know a couple who are $60K under water, never missed a payment and are still paying their 1st and 2nd mortgage from their 10% down purchase in Spring 2005. They haven’t taken advantage or even attempted any of the programs available to them. I doubt they are the only ones. I think they consider HARP charity and they want none of it.

    You need to remember,this under water homes ,up to 20% and bought before 2006 can refinance through HARP with a lower rate,if never had a late payment.Lowering the monthly payment (rate) is equal to lowered value of home prices.If deciding to stay foot long term.

  42. Bagholder Brian says:

    Sorry to hear that. My condolonces and all the best to you and your family.

    37.3b says:
    July 3, 2012 at 9:57 am
    My Dad passed away yesterday morning. I post the below in his memory. RIP Dad

  43. seif says:

    sorry to hear that news 3B. hang tough.

  44. yo says:

    Yes ,that is the purpose of the HARP program.It gives a bailout to the people that continued to pay their underwater mortgage and do not have a second mortgage. This give them an incentive to stay put until the storm is gone

  45. Ich auf jeden Fall erwünscht, um eine schnelle Konzept liefern Ihnen für das nette Tipps und Hinweise Sie auf Posting bist danken. Meine zeitraubende Internet erscheinen bis jetzt mit hilfreichen Strategien belohnt worden, um mit meiner Familie und Freunden auszutauschen. Ich würde behaupten, dass wir dem Leser dadurch wirklich gesegnet sind, um in ein hilfreiches Community mit unglaublich tolle Menschen mit aufschlussreichen Punkte eingehen. Ich fühle mich wirklich sehr dankbar, entdeckt die Webseite zu bekommen und erscheinen vor, um eine Vielzahl von zusätzlichen unterhaltsame Momente zu lesen hier. Dank viel mehr für ein gutes Geschäft der Dinge.

  46. Libtard in the City says:

    3b: sorry

    As for kitchens, do your research wherever you choose. Then head down to in Perth Amboy. They do not work on commission, hence their prices are way better than any we could find elsewhere. They move a lot of product and they have all of the common brands at all different price levels. They are not service oriented though so do your research elsewhere and just buy through them. 3.5% sales tax to boot. Also, never ever buy tile at a tile store. What a rip off. For your granite or marble, use the Polish outfit I think Grim used them too. No-nonsense, excellent service and stone is stone so why pay a premium for it. They are also mad fast. I think it was in 3 days after I chose our stone. Worked out to like $35 per square foot. Crazy cheap and less than Corrian.

  47. gary says:


    My condolences.

  48. yo says:

    Shore Guy says;
    “This, of course, ignores the fact that spending is still going up, when it should be going down, and our spending in actual $ is WAY up, and the pace of our debt increase is also growing rapidly.”

    Everyone knows America has too much debt. What they don’t know is that things are getting better, not worse.

    Little by little, our economy is reducing its debt burden, slowly repairing the damage caused by 10, 20 or 30 years of excess.

    If you want to know why economic growth has been so tepid, here’s your answer. Four years after the storm hit, the economy is still deleveraging. And it’s very hard for any economy to grow when everyone is focused on increasing their savings.

  49. Carlito says:

    re: 14. I bought a Homepath property about a year ago. The 3% deal is for primary home buyers, I believe goes to 10% for investment property. No PMI, but rates are about 0.75% higher. Fees/costs depend on the lender

  50. PT Barnum says:

    To Yo (8):

    The banks are approving the ridiculous loans to exceptionally qualified buyers willing to pay the 20% premium (fools) to 2004 prices for the sole privilege of having something ‘new’ (wifey gets what wifey wants if husband wants to get what he wants). Granted, the buyer puts more than 20% down – not the 2004 norm.

    Appraisers play the game b/c…they’ve got to put bread on the table. No transactions, no bread.

    The banks get a lower risk to loan due to assets of buyers as an artificially high floor is put in place…until buyer gets divorced/relocated, which will cause loss at sale in down mkt. Divorce will cause buyer (him) to lose all anyway. Relo will be a taxable benefit from parent company to employee.

    A fool and his/her money are soon parted.
    Which way to the egress?
    Paging PT Barnum. Paging PT Barnum.


  51. Juice Box says:

    3B – sorry to hear about your loss, hang tough my Bronx Boy.

  52. PT Barnum says:

    28 The Original NJ Expat

    Flash back to April 2009 when the FASB re-wrote the capitalization rules for bank solvency. Valuing assets was changed FROM mark to market TO mark to myth.
    When that ends, the liquidations shall begin and prices will become reasonable again.

    Until then, get some O2 or hold your breath.


  53. Anon E. Moose says:

    Yo [50];

    I can only image how much better financial shape the country would be in if defecits had been held to levels of the Bush 43 administration (and I’m no fan of compassionate conservatism that left GWB without the ability to find the veto pen when his party held the congress, but just look at the overall numbers) — avg $425 B per year ’02-’08 when the left would tell us that we were squandering trillions on two pointless wars; rather than the ’09-’11 level deficits of avg. $1.425 T per year, including great investments like Solyndra, Beacon power, and now Abound Solar.

  54. PT Barnum says:

    To 36 Bagholder Brian,

    Ever think of Sanding down your deck and putting up routed-smooth edged new PT rails?
    Re-set the nails, add colored decking screws between the nails and replace boards as necessary.
    Take a pressure washer to the floor & underside.
    Let it season a bit, re-prime & stain.
    You could spend on a deck or you could apply elbow grease and save thousands.


  55. joyce says:


    When the savings rate was negative for many many years, we had FAKE growth, and fake growth is identical to unsustainable growth.

    In a real and productive economy, capital to be used for productive purposes or to be loan out comes from savings not a printing press. To say too much savings is a bad thing is like saying up is down.

  56. Libtard in the City says:

    Moose, some would argue that ‘W’ got us there. And if you dig deep enough, you will see the same money wasted on the Halliburton’s and the Black Rock’s. Two parties, same game.

    Deficit schemficit. The amounts don’t really matter anymore as there is no possible way they can be paid back. Kind of like NJ’s pensions.

  57. PT Barnum says:

    55 Anne Moose

    Deficits shmeficits.

    You don’t get it.

    This is about global currency and a race to cause the others (especially enemies) to implode first.

    Why do you think the 3% float was removed in the early 70’s. The new standard backing the dollar was for it to become the medium of trade for oil. That’s how OPEC spited the US for middle east policies by imposing 2 oil price shocks.

    History is replete w/ efforts for a global currency. Constant debasement (less gold per coin) culminating in failed states. Is this time different b/c of technology? Beats me.

    Ehh. Whadda I know?


  58. Libtard in the City says:

    Whatever happened to painting your deck red and repainting it every three or so years. Those red decks seemed to last forever.

  59. Libtard in the City says:

    PTB…you did not just write schmeficit without reading my post. Or did you?

  60. Fast Eddie says:


    Not that anyone really gives a f*ck but Gary has just informed me that he has landed a full time position with a software firm in the (ahem…) private sector.

  61. seif says:

    62 – signs of the great recovery. congrats.

  62. Libtard in the City says:

    Go Gary!

  63. Fast Eddie says:

    Yes, indeed! It’s the summer of recovery. ;)

    Would this be classified as a shovel ready job?

  64. PT Barnum says:

    61. – Saw that, too. Nope. Did mine on own. We were in sync on that one. Which pt of NJ you from/spend most of your time. Ber/Pass?

  65. Wanderer says:

    Can anyone recommend a home inspector serving the northern Bergen area? Looks like the couple guys that were recommended, including the uberinspector, are booked the rest of the week. Anecdata: these guys indicate the activity has been unusually high as they are typically not booked nearly 2 weeks out. FWIW. Any recommendations would be much appreciated as I am looking to close quickly.

  66. PT Barnum says:

    67 – That they’re booked could mean the sellers are finally caving from their ridiculously high prices. The question is: Did the pricing collusion hold or did it break?


  67. yo says:

    This is exactly how the top earners,specially Wall Street got the middleclass spending.With income not catching up,we were handed easy money, overextending to debt.The Fed(Greensp),the bankers knew the debt load was unsustainable but decided to look the other way.When the bubble burst they were bailed out,none went to jail.The middleclass were left holding the bag.That was not about printing money,it is about easy access.

    joyce says:
    July 3, 2012 at 11:15 am

    When the savings rate was negative for many many years, we had FAKE growth, and fake growth is identical to unsustainable growth.

    In a real and productive economy, capital to be used for productive purposes or to be loan out comes from savings not a printing press. To say too much savings is a bad thing is like saying up is down.

  68. Fast Eddie says:

    Did the pricing collusion hold or did it break?

    If we’re at 2003 pricing and property taxes are rising unabated, what can we surmise?

  69. yo says:

    Gary back with the top earners!!

  70. scribe says:

    Wow, Grim. What a beautiful kitchen

  71. scribe says:

    3B …sorry for your loss.

  72. Richard says:

    Yeah Mixed news today. Commisserations to 3B – I know how tough that is, congrats to Gary.

  73. PT Barnum says:

    What we can surmise is that gaming theory still applies. Although…

    2003 pricing – really? Is a 2003-dollar same as a 2012-dollar? Both are paper, but in 2003, you’re dollar went further.

    You may have made about 70-80% of what you’re making now.
    Healthcare premiums went up by 8%/yr and coverage was greater than today’s.
    Daily Consumption – PRICES INFLATED
    You got a gallon of milk for $1.5, a 16oz bag of Doritos for $1.5, and a gallon of gas for about $2 (check me on that). Milk is twice as expensive now, you get 12oz of Doritos for $3, and gas requires a little more than three paper dollars in 2012.
    Basic residence cost $400k and McMansion priced at $475k in most NJ counties. No delta, but there was massive demand then and now there’s no demand.
    Real Estate taxes were 40% lower than now.
    Utilities were 30% lower than now (BTU or kWhr).

    No more tricks in bag.
    Workers permanently displaced…and ‘disabled’ – hah!
    Generations of wealth about to be taken back, one way or the other – tax, negative interest rates, inflation to spur consumption, deleveraging of consumer debt/student loan debt – nothing to create perma jobs, just to extract wealth to meet debt payments of prior generations and administrations. Enjoy!
    Now then, which channel is that idiot reality show on?

    For meaningful pricing in current dollars, put the same accounting rules in place so that oranges-oranges business model comparisons/continuity can be made.

    Assume all economies go south, badly. Currency devaluations will be imposed (inflation). When the dust settles, basic costs will be a greater part of the smaller available income. The premium on ownership will be for the purpose of cash flow utility, not location, location, location.

    Aaah. The egress is over there.


  74. chicagofinance says:

    3b: I regret to hear your news.

  75. chicagofinance says:

    gary: good work (literally)

  76. joyce says:



    “That was not about printing money,it is about easy access.”

    Printing money is identical to extending unbacked credit. Potato potato
    And EVERYONE (almost) had easy access to this credit. However, the banksters and govt have access to it first and that’s why their incomes continue to rise faster than inflation while the middle/poor’s wages do not keep up. Yet you keep insisting on more inflation.

    “With income not catching up,we were handed easy money, overextending to debt.”

    YET you keep insisting on more inflation.

    “When the bubble burst they were bailed out,none went to jail.The middleclass were left holding the bag.”

    Agreed. So what we need to do it prosecute the fraud, never bailout anyone, liquidate the debts (a.k.a bankruptcy restructuring and/or liquidation), and reform the monetary system so that’s its not top down…. or do you just want more inflation?

  77. Comrade Nom Deplume says:

    [37] 3b,

    My condolences. Hopefully he lived a long and full life.

  78. Comrade Nom Deplume says:

    [33] shore

    Two things to remember about the SCOTUS ruling:

    1. The admin argued that it had the authority for the mandate under the taxing authority. Roberts did not make up a new argument; he just ruled on what was brought.

    2. Merely because Roberts accepted the argument doesn’t expand the power. We have had lots of other levies that were passed under this power that were not called taxes. SS was implemented under this power. And if it truly isn’t a tax, and cannot conform to the rules, it should be challenged.

  79. Wanderer says:


    I know I haven’t commented before, but have lurked around for many years to know a little about some of the folks on this board.

    My sincere condolences….he leaves with you, a good man, and I’m sure he was proud.

  80. raging bull jj says:

    Still a raging bull, bought a bunch of Banco Standandar last week hoping for spanish bail out and another TBTF, it worked. Another 20K for a few clicks of buttons.

    All Spic and Span in Spain now.

  81. PT Barnum says:

    79 –

    Printing money is different than inflation.
    Printing more money scenarios:
    1) GDP flat compared to percent increase of money supply from printed money
    This is more shares and more earnings cancelling each other. Stagnant earnings per share. Although, there’s pressure for if ever earnings will increase.
    2) GDP grows faster than percent increase of money supply from printed money.
    This is more shares chasing more earnings (greater earnings per share). Good.
    3) GDP grows slower than percent increase of money supply from printed money.
    This is more shares chasing lesser earnings (decreasing earnings per share). Not good.

    That’s just first order derivatives (a little calculus is in order).

    To be clear – there was easy money and if directed at me, know that I’m not for inflation. Deflation would reward savers, but there’s no more borrowing in a materially contracting economy (dare anyone use the D word), so the legislators won’t allow this to threaten their spending programs (look into the Social Security Act and see what’s really being billed!).

    You live in interesting times. This is master chess on a global scale.

    Pick up on the message – No one’s getting prosecuted but for the few fall guys for egregiously evidenced acts that must be prosecuted so as to perp there’s fairness for the little guy. Of course, the lawyers go after politically weak targets with deep pockets. So, how many scandals do you need so as to conclude as to what’s going on? Think about it.

    Reform the monetary system? Really? You want a 2-tier currency? You might just get it. Inflating domestic dollars with stable value trade dollars. Problem is that corporations are now global and their keeping those dollars overseas. Capital investment & hiring will be done where earnings can be realized – in growing economies (smart use of tax rules), not in stagnant USA.


  82. Angry Santa says:

    62. Congrats, glad you tossed in the ‘private sector’ cause gawd knows that’s the only place to truly matter. To be a bold private sector adventurer, to live a life Ayn Rand would admire. Why sir, you are an icon of true douchedom. And so are the rest of your limp wristed, whiny cohorts.

  83. PT Barnum says:

    That’s a trial balloon for the next round of QE (money printing).
    Don’t let them do it.


  84. yo says:

    It will happen.We can not fight the policy makers

  85. Dissident HEHEHE says:


    Nice kitchen!

  86. xolepa says:

    My deck was constructed by contracted workers from Lancaster County, Pa. They slept locally for 3 days as it is an almost two hour drive from there to our house in Hunterdon County. At their shop back home, they sanded and routed the edge of every board, which was 2×6 treated fir. Each board was clear grade, no knots. The balusters were hand spun on their lathes. I still can’t find quality boards like the ones they used in NJ lumber yards. Either way, I spec’d the joists to be 12″ oc and that will work very nicely once I decide to throw them out and replace with pure PVC style boards. Unfortunately, all plastic/composite is 1″ thick and it won’t feel the same. There will be too much bounce. I first clear coated the boards every two years. Then switched to translucent stain 5 years into the deck and about 10 years now been painting them with Cabott solid paint. Some parts of the deck look brand new. The parts more open to the sun show some age, but the solidity of the deck overall is good as new, and appreciably better than anything done with 1″ plastic.
    Maintenance costs are two gallons of paint yearly, add an additional gallon to repaint the rails and balusters every 3 years or so. I paint over the decking yearly with a roller as my area has to much pollen and suspended particles that discolor the paint over the course of a year.
    The deck was built in 1994 and can last easily 10 more years.

  87. I’m sorry for your loss, 3B.

  88. Big question here now is if Gary will now go and overspend on some haughty BC train town.

  89. Everybody knows you’re not a playa unless you have a house in Ridgewood with a 17K tax bill and jumbo mortgage.

  90. All Hype says:

    Grim, very nice kitchen, you should now build a second one in the basement like my grandma had. Your upstairs kitchen is too pretty to get dirty.

    3B, sorry for your loss.

    Gary, congrads on the new job. Now go out and spend to help save America.

  91. Angry Santa says:

    A Wish To Live Forever

    I met a fairy today that said she would grant me one wish.

    “I want to live forever,” I said.

    “Sorry,” said the fairy, “I’m not allowed to grant wishes like that!”

    “Fine,” I said, “then I want to die after Congress gets their heads out of their asses!”

    “You crafty bastard,” said the fairy.

  92. Fast Eddie says:

    Thank you all. Hey, did I mention that it was a private sector job? You know, just in case there was any confusion. :o

    And yes, I guess this means I will now go and p1ss away my savings on a POS in semi-haughtyville.

  93. Libtard in the City says:

    Fast Eddie is Gary? Shoot me now. #embarrassed

  94. joyce says:


    That article was wrong on almost every count. Inflation ONLY helps the average person if their wages keep up with or outpace the cost of living increases resulting from the aforementioned inflation. That is the only way. And give me an example of when the last time that happened?

    Hint: never

  95. yo says:

    you are assuming that people just stay where they are.We went from one income family to two income in some cases three income to get out of the income keeping up with cost of living.These people either saved or bought investments.Either way they will be affected which ever camp they are.
    We live in a capital market which will always look for growth.What you imply is a stagnant market.
    We can agree,we will never see eye to eye

  96. The Original NJ Expat says:

    Congrats gary! NYC?

  97. joyce says:



    Saying we went from one income families to 2 or 3 implies a lower standard of living resulting from inflation.

  98. chicagofinance says:

    JJ: Jets Sanchez secretly hooking up with Eva Longoria: report

    Jets quarterback Mark Sanchez has been secretly hooking up with young-man-loving actress Eva Longoria, according to a published report today.

    The two are doing their best to keep their budding romance under wraps, In Touch magazine said.

    The 37-year-old Longoria, previously married to San Antonio Spurs point guard Tony Parker, even went as far as donning a blonde wig last month when she, The Sanchize and pals dined at New York’s Hotel Griffou, the mag reported.

    Weeks after the Griffou date, they pulled off a quiet island-hopping adventure in the Caribbean, In Touch said.
    Longoria, who just wrapped her long run on “Desperate Housewives,” was married to the 30-year-old Parker for 3 ½ years before their divorce was finalized early last year.

    The spitfire actress recently broke up with Spanish singer Eduardo Cruz, 27.

    Sanchez, 25, has also been linked with Sports Illustrated model Kate Upton.

  99. Comrade Nom Deplume says:

    Andy Griffith has whistled off into the sunset.

  100. Comrade Nom Deplume says:

    [102] chifi,

    Hopefully the supermodel curse includes actresses. Sanchez goes down like Tony Romo.

  101. The Original NJ Expat says:

    [104] Longoria’s just using Sanchez to get to Tebow.

  102. yo says:

    Congratulations! Welcome to capitalism.Talk to Chairman Mao if you have any complaints

    joyce says:

    July 3, 2012 at 3:07 pm



    Saying we went from one income families to 2 or 3 implies a lower standard of living resulting from inflation.

  103. My definition of hell is having to watch Sanchez play football and Eva Longoria act.

    Both suck at what they do.

  104. Fast Eddie says:

    Expat [105],


  105. Fast Eddie says:

    Libtard [97],

    Geez! Am I that elusive? :)

  106. joyce says:

    What are you talking about?

  107. Jill says:

    3b #37: Condolences on the loss of your dad.

    Grim #18: Fabulous. Want. Srsly.

    Re: Deck: Contractor is talking about #1 pine – no knots. Why that and not fir? Opinions?

    Re: Sanchez/Tebow: Who cares? R.A. Dickey is the man Tebow only thinks he is.

  108. chicagofinance says:

    For nom & shore: utterly disgusting….and the idea that the Obamunist is being advised of this information and willingly ignores it is pathetic and speaks to his utter lack of understanding of his job…..”The United States has the distinction of levying the highest corporate income tax rate in the world, bringing with it serious consequences for capital formation, corporate mergers, international competitiveness, research and development, and job creation.”

    The US tax system is fundamentally broken and needs an overhaul, three corporate tax experts agreed at a breakout session during the 60th Annual Chicago Booth Management Conference, held May 11 at Gleacher Center.

    That’s bad enough for starters, but the news gets worse. There is little interest or political motivation in Washington DC to take on such a mammoth task as rationalizing the tax code, the speakers said.

    “We would take the tax system of any other country over the tax system we have,” said David Lewis, chief tax executive at Eli Lilly & Co. in Indianapolis. “It is broken, not achieving its objective, and—more importantly—it is seriously preventing growth in the US economy.”

    Merle Erickson, professor of accounting, who moderated the session on US corporate tax policy, opened by highlighting the staggering fiscal pressures that soon will confront the country if the current rate of deficit spending is not reined in. The panelists’ discussion began with their unanimous belief that the need for increased revenue can be met only if the tax code becomes fairer, more balanced, easier to administer, and less punitive toward cross-border economic activity.

    Jeff Maydew, a partner at Baker & McKenzie LLC in Chicago, said that as a matter of international comparison, the complexity and inscrutability of the US tax system is in a separate league; only India and Brazil are as bad.

    The United States has the distinction of levying the highest corporate income tax rate in the world, bringing with it serious consequences for capital formation, corporate mergers, international competitiveness, research and development, and job creation. In 1981, the US rate was roughly comparable to that of its trading partners in the Organisation for Economic Co-operation and Development (OECD). Since 1988, the average OECD corporate income tax rate (not including that in the United States) dropped 19 percent, while the US federal rate increased 1 percent, according to Maydew.

    The US tax system was put in place 50 years ago, during the Kennedy administration, said Rod Donnelly, a partner with Morgan Lewis in Palo Alto, California. Compromises in Congress introduced a multitude of complications that have not been properly updated since. “The corporate tax rate is too high, it prevents the free flow of capital, and it inhibits US international corporations competing with their foreign counterparts,” Donnelly said.

    The panelists spent a large part of the presentation explaining the issue of repatriation of foreign-earned profits by US-based multinationals. These companies have accumulated an estimated $1.2 trillion in offshore earnings that have not been brought into the country because the companies face an effective tax rate of 35 percent, Donnelly said. They won’t repatriate those earnings until the tax law is changed or Congress declares another one-time tax holiday, as it did in 2004.

    Bypassing the issues of fairness, equity, and political preference that have dogged this issue as it pertains to individual taxpayers and small business, the panelists described in technical terms how the current situation distorts business decision making in the United States and abroad. It’s especially harmful to spending on research and development, which can easily be sent offshore, with deleterious consequences for future US employment, they said.

    The economy’s inability to create enough new jobs may be due in no small part to the perverse incentives in the tax system, the group suggested. Maydew said he sees “tremendous disincentives to having any intellectual property sitting in the US.”

    For Eli Lilly to remain an independent company, Lewis said, it has to be able to compete with Novartis, based in Switzerland, and he worries that Novartis will enjoy a tax advantage in the future. “This is a very serious issue for our country. If you take away our ability to arrange our affairs in a tax-efficient manner, we will be unable to compete with companies in countries with efficient tax systems.” -Duncan Moore

  109. yo says:

    Its capitalism.
    Why does a product go up in price when there is demand? Because they can increase prices-inflation

    Why does a product price go down when there is no demand? To force sell it-Deflation

    After printing trillions of dollars,why did the US did not get Hyperinflation?There is no demand.

    Have a nice holiday!

  110. Anon E. Moose says:

    Yo [113];

    That is a fundamental misinterpretation of the concept. Inflation and deflation are not defined by flucutation in market proces due to shifting consumer tastes. Inflation is an increase in prices over the long term by an increase in the money supply. In a supply/demand sense, cash is the product. when ther is more of it (supply) its value goes down, meaning prices go up. Inflation, properly understood, is a solely a government-induced phenomenon.

    And QE∞ did not immediately produce consumer inflation because the dollars did not flow into general circulation. They flew into the coffer of banks to fill the sucking hole that was non-performing mortgage assets. It prevented a deflation the would have otherwise been caused by the banks liquidating their positions to obtain needed capital. The Bernak thinks he’s quick enough to withdraw the ‘liquidity’ at just the right time as the production cycle returns to avoid hyperinflation. Greenspan thought he could, too. Unfortunately, they’re both wrong, and the politicians would villify Bernak for doing what he’s supposed to do, i.e., take away the punch bowl just as the party gets going.

  111. Guaranteed that with the current clowns at the helm, we’re going down fast.

    No hope.

    No one will be spared.

  112. yo says:

    I agree with your explanation.It is a metric or index that the government use to measure the increase of prices.If you notice,during the bubble,when demand was low,most economist were worried of deflation. I tried to explain the best I can with Supply and Demand.

    With your explanation,stilll comes down to supply and demand.Increase of prices can only be indure if there is a buyer.And that buyer will have to have a means to be able to afford that price increase or the product will sit.

  113. Angry Santa says:

    96. You’ll be dust be next quarter.

  114. Angry Santa says:

    96. Sorry, what I meant was Angry Santa gonna creampie ur mom.

  115. 1987 condo buyer says:

    #114… Exactly, he is filling the “hole” and averting a devastating deflationary cycle. It may not be enough but he is trying based on a study of the great depression. Inflation can be arrested by high interest rates, if,as noted, the political will exists to impose.

  116. scribe says:

    I didn’t know Gary was Fast Eddie.

    Congrats, Gary. Next round at a GTG is on you :)

  117. joyce says:


    Product price fluctuation due to supply/demand factors has zero to do with families having to get a 2nd/3rd job merely to try to maintain there standard of living.

    The fact that you said “Its capitalism” in our debate implies you either misunderstand or have your own definition of capitalism. It is now easier to know why you’re such a fan of a ‘controlled inflation’ being necessary and even beneficial, even though we have centuries of history showing how a controlled inflation is merely an upward wealth distribution (it is how the system is designed). Stop reading Paul Krugman and/or Dean Baker (two of the biggest shills in the industry).

    Have a nice holiday.

  118. Anon E. Moose says:

    re: [118];

    But they’re not quite bright enough to figure out where the next bubble is going to be in time to shut it down. Greenspan explicitly swore off trying to ‘pr!ck’ incipient bubbles. His free money orgy in response to the NASDAQ collapse inflated the housing bubble. QE# in response to the hosing collapse will inflate other places (for one thing, foreclosed homedebtors releived of the burden of paying back what they borrowed now seem to have money to pay rising rents (not to mention flat screen 72″ TVs and Carribean cruises)*. My crystal ball isn’t quite clear enough to confidently say what the next Tulip Bulb/Beanie Baby will be; if it was I’d be invested in it already.

    *Actually, consumer electronics are a horrible example to illustrate inflation becuase in general as time goes on you keep getting more for less $. It is, however, a good case study for free-market capitalism because there is relatively little regulation, constant advancement, price competition, and in general is very responsive to consumer demand.

  119. joyce says:

    Condo Buyer,

    The Depression of 1920-1921 was over in less than 1.5 years doing the exact opposite of what the ‘experts’ are saying now.

    Wages fell but prices fell even further. I agree during a severe deflationary period, people typically wait to make major purchases in order to pay less in real terms later on. However, people cannot delay certain purchases for too long (such as the necessities of food, clothing, shelter, medicine, utilities, fuel, etc) which will create a price floor for them and in turn give the economy a foundation to restart growth from.

  120. Outofstater says:

    3b – I’m sorry. It is so tough to lose a dad.

  121. Outofstater says:

    Gary – Congratulations!!! Yay!!!

  122. Mikeinwaiting says:

    3b- My condolences for your loss.

  123. Mikeinwaiting says:

    Gary, congrats & good luck.
    Stu you didn’t know Fast Eddie was Gary, really………………
    And I’m with scribe,your buying Gar!

  124. 1987 condo buyer says:

    #123, i’ll take my research and that of bernanke, possibly the greatest student of the depression era over this info you present. Without WWII, and th complete destruction of the European industrial base, who knows when ourdepression would have ended….

  125. WickedOrange says:

    sounds about right….

    Mobile Technology Frees Workers to Work Any 20 Hours a Day They Choose

    Mobile technology is allowing workers to work wherever and whenever they choose.

    That’s both the good news and the bad.
    As most people already know, the shift means less time in the office, but also more time working.
    A new survey from Good Technology finds that the typical American is working more than a month and a half of overtime per year, just in the amount of time spent answering work phone calls and responding to email.
    The amount of total work done outside of the confines of the office adds up to 30 hours per month for the average worker.
    And while more than half of workers ascribe a lot of that work to just trying to keep organized, nearly half feel like they have no choice but to stay connected. And half of us are taking our cellphones to bed with us.
    So how is all this extra work going over at home? Well, a quarter of those polled said that it has led to at least some disagreements with their partner, though more than half reported no arguments, presumably because their spouse or significant other was too busy doing their own work to notice.
    Anecdotally, it’s hard to disagree with the findings of this study. I’m writing this article from bed at 10:30 pm on a Sunday.
    Here are a few other findings:
    • 68 percent of people check their work emails before 8 am.
    • The average American first checks his or her phone around 7:09 am.
    • 50 percent check their work email while still in bed.
    • 40 percent still do work email after 10 pm.
    • 69 percent will not go to sleep without checking their work email.
    • 57 percent check work emails on family outings.
    • 38 percent routinely check work emails while at the dinner table.

  126. Libtard at home says:

    Actually, I have been in and out a lot lately. Missed the name change and the rest was history. I did notice that this new Fast Eddie guy was a prick though. :P

  127. ODB says:

    Condo – Fed can raise the dead? It remains to be seen, the Japanese are still zombies after being fed injection after injection for two decades. Pretty soon those injections become ineffective and all other treatments obsolete.

  128. WickedOrange says:

    What’s up with the deer in Tenafly?

    They’re regulars and have eaten all my flowers.

  129. njescapee says:

    3b, please accept my condolencences

  130. njescapee says:

    Fast eddy best of luck on your new gig

  131. Shore Guy says:


    Sorry to hear about your dad.

  132. chicagofinance says:

    Manchester United Shoots for $100 Million IPO

    Manchester United, the legendary English soccer club, filed plans to raise $100 million in an initial public offering in the U.S.

    The move by the team’s owners, the Glazer family, which also owns the National Football League’s Tampa Bay Buccaneers, wasn’t unexpected, but the filing provided a window into the finances of one of the most popular sports brands in the world.

    According to the filing, United had $520 million in revenue last year. However, the team is also carrying some $664 million in debt, a sum that critics have said is preventing Manchester United from acquiring the top players in the world.

    The plan comes after a disappointing season for United, which has won 60 trophies during its 134-year history. The team was beaten out for the English Premier League title by crosstown rival Manchester City and was eliminated from the European club championship before the final knockout rounds of the tournament.

    While the team is going through with the public offering, the Glazers intend to remain in full control. The team didn’t set a launch date, stock symbol, price range or offering size, specifying only that there will be two share classes, Class A and Class B, with Class B controlling most of the voting rights. The team plans to list on the New York Stock Exchange.

    “The interests of our principal shareholder might not coincide with the interests of the other holders of our capital stock,” the filing warned.

    United included some other warnings for potential shareholders, indicating that much of its revenue is dependent on team performance. Failure to finish in the top four of the EPL would mean that United can’t compete for the European club championship and get its share of media revenues for that tournament, which accounted for nearly 40% of its $115 million in broadcasting revenue in 2011. Game-day revenue dropped to $173.8 million in 2011 from $179.5 in 2009.

    Still, United remains a cash cow in international soccer. Insurance company Aon PLC pays the team $31.4 million to put its name on United’s uniforms. A deal with sports-apparel maker Nike Inc. NKE +1.83%garnered the $40 million in 2011.

    United, one of the most successful teams in professional soccer, would be one of the first sports teams to go public in the U.S. in more than a decade. The last team to do so was the Cleveland Indians Baseball Co., which launched in 1998, according to data tracker Dealogic, and was later taken private.

    The company called off plans last year for a $1 billion IPO in Singapore last year amid volatile markets.

    It picked Jefferies Group Inc., JEF +2.56%Credit Suisse Group, CSGN.VX +2.31%J.P. Morgan Chase JPM -0.28%& Co., Bank of America BAC +0.12%Merrill Lynch and Deutsche Bank AG DBK.XE +1.88%as its underwriters. Morgan Stanley, MS +1.14%which was originally on the team to bring the deal in Singapore, isn’t participating in the U.S. offering.

    The company generates revenue from three sources: commercial fees from sponsorships and brand marketing and licensing, broadcasting rights, and ticket sales to its live games.

    Manchester United says its key competitive strengths are its globally recognized name and its ability to monetize that as a brand. It plans to expand its portfolio of global and regional sponsors, and to expand its global broadcasting platform, MUTV.

    Although the team is currently profitable, it realized a loss from continuing operations in two of the past three fiscal years. Those losses were primarily the result of financing costs, which were reduced during a deleveraging in 2010.

    The company also warns that there are risks unique to its industry, including competition for key players, as well as increases in operating costs, such as player salaries and transfer costs.

    Manchester United traces its origins to 1878, when its predecessor Newton Heath LYR was formed by railyard workers. it changed its name in 1902 when a brewery owner invested in the team.

    —Kristin Jones and Lynn Cowan contributed to this article.

  133. joyce says:

    Condo buyer,

    “Without WWII, and th complete destruction of the European industrial base, who knows when ourdepression would have ended….”

    Yes, it wasn’t until after the war ended until the economy really started growing again. Compare the responses by federal government and FED at that time to that of the 1920-21 response. Very similar.

    “i’ll take my research…”

    feel free

    “… and that of bernanke, possibly the greatest student of the depression era”

    Oh please.

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  135. Can’t wait to short Man U.

    First thing they might want to do is get a midfielder under the age of 35.

  136. Shore Guy says:

    The Glazers might want to invest in some more trailer parks to improve their cash flow.

  137. Fabius Maximus says:

    #112 Chi

    ” utterly disgusting….and the idea that the Obamunist is being advised of this information and willingly ignores it is pathetic and speaks to his utter lack of understanding of his job….”

    Are you serious? You seem to have some irrational hatred going on!

    The tax code has for the most part be untouched by O. It is the same code left by GWB. To the overhaul of the tax code in the way that article is proposing, would require the disfunctional congress to get its act together and come up with a proposal. With Bonehead and Palpatine leading the GOP off in the wilderness, don’t expect anything soon.

  138. Fabius Maximus says:

    3b So sorry for your loss.

  139. Fabius Maximus says:


    Now are you going to maintain that you shot a unicorn or will you agree that there are FT jobs to be had, but just like house hunting you have to dig for the good ones.

  140. Fabius Maximus says:

    #136 Chi

    One big part that article left out is that the Glazers reoganised all their holdings into the caymans. That won’t sit well with the fans and the UK Gvmt. The fireworks are abouty to start on this.

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