From the IB Times:
US Foreclosures Have Modest Impact On Nearby Home Prices: NBER
Foreclosed properties in the U.S. only modestly depress the home prices of nearby properties, and the effects vanish a year after the distressed property is resold, according to a working paper by the National Bureau of Economic Research.
A seriously delinquent or repossessed home causes a 0.5 percent to 1 percent decrease to home values within 0.10 miles, described as “an amount that would most likely go unnoticed by the typical seller who does not have many distressed homeowners living nearby,” according to the report, “Foreclosure Externalities: Some New Evidence.” It was written by Kristopher Gerandi of the Federal Reserve Bank of Atlanta, Eric Rosenblatt of the Federal Reserve Bank of Boston, and Fannie Mae’s Paul Willen and Vincent Yao.
“Perhaps the most important conclusion that one should take from this analysis is that the effects of foreclosure and distressed property in general on the prices of neighboring homes are fairly small,” wrote the authors, who used public housing data in the study.
The authors cite three possible explanations for the faint relationship between foreclosures and falling home prices. They found the most likely reason to be a lack of investment by distressed property owners, which leads to deterioration of the property. Delinquent homeowners often lack the funds to maintain their property, and they have no incentive to improve it if they are at great risk of losing it to the lender, the authors said, which hurts the marketability of neighboring homes.
The two other explanations, which were thought to be less likely, were that the listing of a foreclosed property on the market increased local inventory and lowered demand, both of which could lead to lower prices.
From the Atlantic:
800,000 Americans Could Have Avoided Foreclosure
A new study finds that an alarming number of homeowners — 800,000 — would not have faced foreclosure had the banks taken full advantage of the government’s Home Affordable Modification Program to assist distressed mortgage-holders following the financial meltdown. The study, conducted by a group of scholars and government officials and coming to us via ProPublica, found that while some banks were well-staffed and trained to modify mortgages, most were not.
…
What they found was that certain banks were far better at modifying loans than others. The reasons for the difference, they established, were pretty predictable: The banks that were better at helping homeowners avoid foreclosure had staff who were both more numerous and better trained.
Unfortunately for homeowners, most mortgages are handled by banks that haven’t been properly staffed and thus have modified far fewer loans. If these worse-performing banks had simply modified loans at the same pace as their better performing peers, then HAMP would have produced about 800,000 more modifications. Instead of about 1.2 million modifications by the end of this year, HAMP would have resulted in about 2 million.
From Newsday:
Nassau home sales soar; Suffolk’s rise, too
Nassau County’s housing market heated up in August, with the median home price up 4.8 percent compared to the same period in 2011. Prices rose by a more modest 0.7 percent in Suffolk County, according to the Multiple Listing Service of Long Island.
The median price for home sales closed last month was $435,000 in Nassau and $322,360 in Suffolk, the listing service reported. The number of homes changing hands increased in the two counties, with sales activity up 12.2 percent in Nassau and 1.8 percent in Suffolk.
Buyers are feeling increasingly confident about the market, said Suzanne Wehren of Shawn Elliott Luxury Homes & Estates in Woodbury.
“People have been holding back,” she said. “They feel like they waited for prices to hit bottom, and they did.”
In addition, buyers want to lock in low mortgage interest rates, Wehren said.
A few homes have even prompted bidding wars, for the first time in more than three years, said Claudia Galvin, manager of Daniel Gale Sotheby’s International Realty in Garden City.
However, such homes are typically very well-maintained, she said. Many first-time home buyers know exactly how much they can afford to borrow, and they do not want a “fixer-upper” for which repairs might overload their budgets, she said.
…
Nassau County’s rising prices and activity are due to strong sales of luxury homes, said Gary Baumann of Prudential Douglas Elliman in Syosset and Dix Hills.
In Suffolk County, meanwhile, prices have been steady, Baumann said. In Suffolk, “I don’t see home prices going up, what I see is more houses selling,” he said.
Really good piece from NJ Spotlight:
Disputes Over Senior Housing Keep Properties off the Market
A rush to build housing for senior citizens in the early part of the past decade stalled when the housing market collapsed in 2008, leaving behind a glut of unfinished, and unsold properties. In fact, some of the projects never got past the planning stage.
Those houses still stand empty. And new owners won’t be moving in until lawsuits that pit private developers and the state of New Jersey against local municipalities are resolved.
The developers want to convert these residences and neighborhoods — originally permitted exclusively for senior housing — into more saleable general-market housing. The dispute can be traced back to a law that then-governor Jon Corzine signed in 2009. Hoping to revise the state’s sagging economy, the legislation forced local zoning boards to approve conversion applications, as long as certain conditions were met.
The law sunsetted in 2011. Meanwhile, the fate of many of these developments remains undetermined. Communities that had only approved them conditionally rely on the courts to settle the question of how much autonomy municipalities can exercise over their own affairs.
From the WSJ:
Sellers’ Remorse Hinders Housing Market
It’s a great time to buy a home. Selling a home? That’s a different matter.
The combination of the sharp decline in home prices since the housing bust and record-low mortgage rates have brought housing-affordability indexes to record highs. And with rents rising, home price-to-rent ratios—the housing equivalent of a price-to-earnings ratio for stocks—are at their lowest levels in more than a decade.
Small wonder, then, that when households polled for the Thomson Reuters/University of Michigan’s survey of consumers in August were asked whether it was a good time to buy a home, most said yes. That left an index based on their responses near its highest levels since 2004.
Households were also asked whether they thought it was a good time to sell a home, and there the response was very different, with most people saying no. While the Michigan index of home-selling conditions has made a little progress, it remains severely depressed.
Indeed, sellers’ lack of enthusiasm is a big part of why real-estate agents have been complaining about a lack of inventory lately. The obvious outcome is higher prices. And that looks likely in those areas where buyers are starting to line up but sellers remain on the sidelines.
Good Morning New Jersey
Mike – You got anyone that can do my fascia/soffits? I’m just running out of time to do it myself before winter. Rip the fascia and replace with cellular pvc. For the soffit, I’m not too thrilled about doing anything with vinyl but I just don’t want to bother with wood anymore. It’s a shame that Hardisoffit is so damn ugly. All my guys just wrap in alum and don’t want to be bothered otherwise.
Doom is nigh.
6. Grim, I got a guy you might to try. Lemme know. I think you have my email from past correspondence/donations.
JJ’s classic stuff yesterday brother. Keep it coming and keep that “rock” hard.
I have two Springsteen tickets (electronic) anyone interested?
Bruce Springsteen Tickets Metlife Stadium Wed Sept 19 Section 121 Row 16
Gary – see the lukoil news this morning? I guess that’s what you do (gouge franchisees) to afford that kind of house.
you buyin’?
Announcement’s today
“Michael Feroli, the chief United States economist at JPMorgan Chase, did a back-of-the-envelope calculation and estimated that the upcoming release of what is expected to be the iPhone 5 could add one-quarter to one-half of a percentage point to the annualized growth rate of America’s gross domestic product next quarter.”
I would have if I didn’t smash my 3GS a few months ago, couldn’t be fixed so I grabbed a 4s, boooo.
We have a foreclosure on our street. Smart idea, people should take turns mowing it once in a while. But that would involve owning a lawn mower, and no one owns one.
Re #4
There seems to be two kinds of houses out there right now around me, rougher inventory where people really have to move and are priced low, but it’s not that desirable or it would have sold already. A lot of these are turning into rentals.
And then the premium-priced stuff that is better in quality, but the sellers just have one toe in the water and don’t really care about moving unless they get their magical price. The decent houses priced at a bargain go right away, but there aren’t many.
Is this guys argument make sense?
Since the Chicago school teachers went out on strike Monday, many political figures have tried to convince the public that their $70,000 average annual pay is excessive. This is peculiar, since many of the same people had been arguing that the families earning over $250,000, who would be subject to higher tax rates under President Obama’s tax proposal, are actually part of the struggling middle class. They now want to convince us that a household with two Chicago public school teachers, who together earn less than 60 percent of President Obama’s cutoff, have more money than they should.
Essex, I didn’t get a chance to comment on that yesterday but, can I just say, those guys should be ashamed. I’m all for doing whatever it takes to keep your family fed and get the bills paid when hard times hit but that is the man’s responsibilty first. I’ll change my mind the day all men grow breasts and can breastfeed their kids.
I think it sets a bad example for boys too. Kids that see their fathers like that must be destined to grow up as video game playing sperm donors.
9.Essex says:
September 12, 2012 at 7:16 am
JJ’s classic stuff yesterday brother. Keep it coming and keep that “rock” hard.
We are into 5 years of this mess.The longer it takes the more homes will not be maintained.Not too many have money to throw in the maintenance of a house
Grim, if what I said isn’t too controversial, could you unmod post 17 please.
When do the bombing runs on Libya and Egypt start?
Regarding foreclosures….they passed a law in my town. If your grass is over ten inches high, they fine you. I guess in the case of a foreclosure, they just put a lein on the property.
[20] grim,
Obama will apologize to the demonstrators for American arrogance, and for our diplomats interfering with the trajectory of their rockets.
Giving an order to kill bin laden was low hanging fruit. Giving jawbone support to Arab spring revolutions in Egypt and Libya even lower hanging fruit.
We give him props for foreign policy but if you examine the record, he has succeeded by not failing. It’s easy to not fail when you do nothing. Or telling Putin wait till my second term, it will be worth your while. But now things are getting harder.
Nassau County prices have come up a lot in last 12 months. There is a boat load of cash burning holes in peoples pockets. We have a quadruple bull last few weeks, stocks, bonds, commodities and RE yet somehow inflation is contained.
Yet we all know inflation will creep back in. but for now let the good times roll, start buying naked calls on tech stocks on margin uncle ben has your back. Lets party like it is 1999.
FYI the Median price of a home in 2000 was 280k in nassau in 2000. What RE crisis.
The median price for home sales closed last month was $435,000 in Nassau and $322,360 in Suffolk, the listing service reported. The number of homes changing hands increased in the two counties, with sales activity up 12.2 percent in Nassau and 1.8 percent in Suffolk.
ABOUT COLLEGE EDUCATION This are A-1 Students
Skip College Is Top Advice for World-Beating Koreans
Kim Hye Min boasts a 4.0 grade- point average at one of South Korea’s top colleges, a perfect score in English proficiency and internships at Samsung Card Co. (029780) and AT Kearney Inc. All of her 20 job applications were rejected.
“A degree from a good university used to guarantee a spot at least at a top 10 company, but that was when a college degree actually meant something,” Kim, 25, said on Aug. 28, as she walked to a Chinese lesson she’s taking to boost her chance of joining one of the nation’s most prestigious employers. “I studied hard and did everything right, but there are too many of us who did.”
With almost three out of four high school students going to college in an effort to get a top-paying job in one of the leading industrial groups, known as chaebols, South Korea is being flooded with more college graduates than it needs. Its 30 biggest companies hired 260,000 of them last year, leaving another 60,000 to swell the youth unemployment rate to 6.4 percent in August, more than twice the national average.
http://www.bloomberg.com/news/2012-09-11/skip-college-is-top-advice-for-world-beating-south-koreans-jobs.html
We never learn our lesson.We eliminate this dictators that can control their people,their borders and their neighbors behaving badly.We eliminated Saddam,now Iran has the control of the region.We supported Arab Spring,now this countries are turning to miltia.This countries are becoming of an enemy more than an ally
Grim 6 should have a guy not a biggie will check around.
250k should have number on driveway today.
Fmr Wells Fargo CEO and Fmr FDIC head on CNBC pointed out that econ environment in early 80’s was much worse than today, and they cannot fathom why we aren’t moving with lower unemployment, more credit, and much lower inflation than back then.
I recall those days vividly. Things were awful but the feeling was different. There was little internal division, no class warfare. We had divided gov but there was still cooperation.
Wow, Bill Isaac said bluntly that if Obama reelected, he expects econ darkness to continue. Felt Romney better at reaching across aisle, based on Mass experience.
He also blamed DC, regulators and Congress, for the bank crisis. Said there was enough authority b4 dodd-frank, just no political will to use it, and that Dodd-Frank will kill small banks.
JJ, Check out my old ’63 impala. Sold it a few years back. Car was huge. It’s hard to find a garage the damn thing fit in.
http://www.cardomain.com/ride/180185/1963-chevrolet-impala
Now I know what you are rambling about when you talk about your mercedes. Guy I used to work with loved that style so much he bought one in florida and drove it up to NJ. I remember cuz at the time, I was single and another friend of mine and I were buying and selling a lot of cars (just a hobby) at the time and he wanted one of us to drive it up from florida. The impala was the one car I really liked and I hung on to it for a while. Took it to the shore a bunch of times and some car shows and whatnot.
83.JJ’s Ego says:
September 11, 2012 at 4:00 pm
http://www.imcdb.org/vehicle_6419-Mercedes-Benz-450-SL-R107-1980.html
http://www.imcdb.org/vehicle_79640-Mercedes-Benz-450-SL-R107-1979.html
http://www.imcdb.org/vehicle_65890-Mercedes-Benz-450-SL-R107-1974.html
http://www.imcdb.org/vehicle_308270-Mercedes-Benz-450-SL-R107.html
http://www.imcdb.org/vehicle_469995-Mercedes-Benz-450-SL-R107.html
http://www.imcdb.org/vehicle_3412-Mercedes-Benz-450-SL-R107-1974.html
wonder women, dallas, rockfordfiles, charlies angels, incredible hulk, chips, columbo, kojak, all had 450sls in the shows. Most were horid 70s colors, mine was orginally silver with a black leather interior and for 1975 that was an unusual color as people bought like, yellow, orange and brown cars back then. Todays cars are boring as my bmws looks like an altima
How do you extend your arm to the left when your party have 3 parties within a party ? Moderate,Coservative and the far right Teaparty,and the Tea party getting their way.How many conservatives and moderate where out seat by the teaparty.How many Republican members turn to the left? I am a registered Republican,this I can say,this party is a mess.The teaparty should have their own.I am only leaning towards O just because I want them to keep on talking and debating.This is healthy.
unmod 30 please?
Yay! We love small business!!!
(except this one that we are trying to kill with hate and stupidity!)
http://www.nationalmemo.com/right-wing-trolls-trash-a-small-business-for-welcoming-obama/
28 —
If these two guys can’t figure out why things are so bad now vs. the early 1980s, I have to wonder how many other so-called “smart” people don’t know, either.
Over the past 30 years:
We have been inundated with tens of millions of new foreign workers (both legal and illegal);
We have sent tens of millions of jobs overseas;
Tens of millions of other jobs have been eliminated through automation and improved productivity; and
Replacement jobs often pay less — sometimes much less — than jobs we lost;
Last but not least of the things I’ll mention is that 30 years ago we still had confidence in ourselves and our business and political leadership took a real interest in the American people and what was going on here in America.
Now the average American looks ahead and can see little but darkness. Our elites are so busy being “citizens of the world” as they focus on maximizing their profits, avoiding their taxes and minimizing American workers’ wages that they’ve seemed to forgotten that they are Americans too.
I think you may be confusing confidence with arrogance and short sightedness.
My dad had same car around 1971, car had a dent and smoked oil. He got it cheap no wonder. Anyhow I was trying to climb out of backseat as it was two door on drivers side and Dad of course Slams door shut hard without looking and all four fingers of mine was trapped in door. Mom yells Dad opens door and my fingers although hurt a bit was fine. Seems the dent on drivers side caused a bit of a gap where door shut and my fingers were in the gap. Amazing how crappy cars used to be. My Dads 66 Nova he sold in 1976 with only 69K already had a blown head gasket, rust and the front vinyl seats were cracked from age. Today a 1o year old car with 69K miles would look like new.
Brian says:
September 12, 2012 at 9:07 am
JJ, Check out my old ’63 impala. Sold it a few years back. Car was huge. It’s hard to find a garage the damn thing fit in.
http://www.cardomain.com/ride/180185/1963-chevrolet-impala
You can buy a pair of American made jeans (including the denim), they’ll cost you about 100 bucks. Or, you can go to the Gap and buy a Chinese pair for 25 bucks on sale.
Americans are overwhelmingly going to support China here, and willingly send their jobs overseas to save a few dollars. This race to the bottom is being demanded by Americans. Look no further than the success of Walmart if you don’t believe me.
Just making sure you know who is driving these jobs away, because it’s not just the big bad jet setting CEO, it’s probably you an your neighbors.
#34 Well said!
21 I think towns need to take over mowing foreclosures and send the bank the bill.
If we continue like we are, then what?
A rapidly increasing population, few good jobs being created, stagnant or decreasing wages for most of us while costs continue to rise?
We’re spiralling down.
What comprehensive and realistic plan has ever been proposed to save us?
I think most people would pick survival and prosperity over Walmarts and cheap imports.
It’s amazing you left out Richard Gere’s “American Gigolo” from that list.
As for BMWs, go M or go home.
“wonder women, dallas, rockfordfiles, charlies angels, incredible hulk, chips, columbo, kojak, all had 450sls in the shows. Most were horid 70s colors, mine was orginally silver with a black leather interior and for 1975 that was an unusual color as people bought like, yellow, orange and brown cars back then. Todays cars are boring as my bmws looks like an altima”
21 I think towns need to take over mowing foreclosures and send the bank the bill.
Hire a dozen full time municipal employees, all with sweet pensions? Equip them all with new trucks and equipment. You sure about that? They won’t be fired when the lawns don’t need mowing anymore … and those guys don’t work for wetback day-laborer wages.
Why not just dig the mower out of the shed, roll up your sleeves, and go do it. Don’t have one? Walk to your neighbors house and borrow theirs, I’m sure they’ll chip in for the gas.
Isn’t this the way of the old America (See Post #34)? Roll up your sleeves and get it done. Don’t bitch about it, don’t look for someone else to do it for you, don’t hope that Mamma Obama changes your diaper when it’s wet. Just shut up and go do it. Hell, even better, send your kids out to do it. And make sure they know not to expect a gold star and a ribbon when they finish.
Alas, it’s not. For the past two weeks the same line keeps repeating over and over in my head. We get what we deserve, we get what we deserve, we get what we deserve.
Oh we’ll get it.
Germany’s high court approves the ESM. Get to work Germans, the Greeks need more vacations……
This paves the way for the USA for more QE, not that it has ever stopped.
Doom is correct, the race to the bottom continues.
What did we do before China became a manufacturing power house? We competed with Japan and we survived.We had rising salaries,good benefits and most importantly we buy and spend our own.We bought alot of electronics and cars from Japan but we still produce something tangible.Picture all this cheap goods were not coming in.No open market globalization.,we are in the 70’s with high cost of salary and manufacturing.Are we surviving.Do we have a better life than now? Fact is,we never thought China will ever make better good quality products.We always look at ourselves as superior that is why we agreed to APEC to open trade.We did not have a foresight that this will happen.If we did we will not be in this trouble.
I remember going to a dollar store in the 80s,buy a product and it wil be broken by the end of the week.Elders will say,who will buy those cheap goods from China we make high quality but more expensive products..I go to a dollar store now and still using the product.
What leader is in its right mind to agree to compete with low payed 3rd world if not very competent that nobody will buy their cheap goods.They were right at the beginning but once china started producing better quality goods,here we are.
Nom #29: Rmoney has made it very clear that he has no intention of being Massachusetts Rmoney anymore. From now on, he’s all teabagger.
re #43 – Just in time too the the EFSF is down to its last 150 billion euros and now the ECBs plan to buy debt will create a nice bubble over there.
Corzine was right it seems on the TBTF EU trade, but he was about a year too early and did not see that the EU members would move so slowly.
Sorry – Too much coffee – I’ve been raging all morning
From Reuters:
Fewer homeowners underwater in second quarter: CoreLogic
Fewer homeowners were underwater on their mortgages in the second quarter, helped by an improvement in home prices, data analysis firm CoreLogic said on Wednesday.
There were 10.8 million homeowners who owed more on their mortgages than their home was worth in the second quarter of the year, down from 11.4 million in the first three months of 2012, CoreLogic said.
That accounted for 22.3 percent of properties, down from 23.7 percent. An additional 2.3 million borrowers had less than 5 percent equity in their homes, considered to be near negative equity.
The large number of underwater homeowners – also known as being in negative equity – has raised concerns borrowers could choose to walk away from their homes rather than struggle with burdensome mortgages.
But most underwater borrowers are continuing to pay their mortgages, the report showed. The share of homeowners that were underwater and up to date on their payments was 84.9 percent, up slightly from 84.8 percent in the first quarter.
About 600,000 homeowners returned to positive equity in the second quarter, adding to the 700,000 that were above water in the first quarter.
“Hire a dozen full time municipal employees, all with sweet pensions? Equip them all with new trucks and equipment. You sure about that? They won’t be fired when the lawns don’t need mowing anymore … and those guys don’t work for wetback day-laborer wages.”
I planted a weeping willow in my backyard yesterday. I’m hoping it helps soak up some of the standing water we get. With the stakes, harnesses, soil, complete out of pocket cost was $45 (really $35 as I had a $10 off of $10 purchase at Lowes). It took me 30 minutes to complete the job. According to Montclair, when town plants a tree, it costs $250. Public workers don’t come cheap.
Ann [14];
The only labor I’m willing to volunteer to maintain a foreclosure in my neighborhood is drive the dozer or light the match.
Instead of wringing the residents to shore up their budgets, townships should be fining the hell out the owners to pay for maintenance. In places where they do/did that, its (only) one reason why banks delayed taking title via foreclosure, if they even could — because the record owner is responsible for violations.
2012.Q2 Negative Equity for NJ
For properties with mortgages:
18.2% are underwater (Down from 18.9% in Q1)
4.1% are near underwater, 5% or less equity (Down from 4.2% in Q1)
Represents approximately 12,000 borrowers moving above water, and around 1700 moving out of the near negative equity category.
Grim, no one has a mower in my neighborhood. All of the men have stumps for hands with only two little nubs left to work their blackberries. We hire immigrants to do this, because their hands still work.
Grim your right last year after the October snowstorm the local news has a story about snows in side streets in New York. Locals are.griping about being stuck for days first thought that pops into my hard there are probably 500 able body adults per new York block get together and get q f*cking bunch of shovels.and do it yourselves. For gods sakes I was helping the local Dow guys cut up fallen trees with my neighbors because we had to get to work. We are have become a nation of whiners.
Grim,
I work hard to make that $100. I could buy the $100 “Made in the USA” jeans, or spend the $25 and save the $75, or maybe take the family out to dinner, or save more and spend it on a Disney trip. Which creates more value for the US?
After all, we assume that that $100 goes to the American laborer. How much of that is used to pay the buyout debt or the swanky headquarters of the firm? I don’t know. Do I have to look into the fin statement of every firm I buy from to find the net benefit.
I don’t have the time. I buy based on the reasonable tradeoff between price and quality. I will buy local, all things being reasonably equal, but I have found the price difference too big; there are a lot of inefficiencies that need to be wrung out of US industry. (Don’t get me started on transportation… http://www.bloomberg.com/news/2012-08-26/u-s-taxpayers-are-gouged-on-mass-transit-costs.html)
At the end of the day, it’s about value. Otherwise, it’s just like me giving a donation to keep an inefficient manufacturing firm up and running.
37. grim says:
September 12, 2012 at 9:48 am
You can buy a pair of American made jeans (including the denim), they’ll cost you about 100 bucks. Or, you can go to the Gap and buy a Chinese pair for 25 bucks on sale.
Americans are overwhelmingly going to support China here, and willingly send their jobs overseas to save a few dollars. This race to the bottom is being demanded by Americans. Look no further than the success of Walmart if you don’t believe me.
Just making sure you know who is driving these jobs away, because it’s not just the big bad jet setting CEO, it’s probably you an your neighbors.
The town can hire contractors that are willing to put a lien on the foreclosed home.No?
55 – I’ll let the lawyers chime in, but I’m not sure a mechanics lien can be placed on a home where the contracted work wasn’t authorized directly by the “owner”. I would imagine there would need to be widespread changes to state legislation to allow for this, if it doesn’t exist today.
Yo [55];
You’re talking about a ‘mechanic’s lein’. They expire quickly (1-2 yrs.) if the creditor does not sue to collect (cost more $$$ than likely to recover); but mostly the leinholder gets in line behind existing creditors on the house. If there was enough equity in the house to pay off a mechanic’s lein after the bank got paid in the foreclosure sale, then the bank would have gone through with the foreclosure and traded the non-performing loan for cash. As it is, the bank would rather have the underwater loan on its books marked to fantasy, than to recognize the loss that would result from a sale. In any case, maybe the first mortgage, almost definitely any second, would get stiffed before anybody gave a tinker’s damn about the mechanic’s lein going home empty handed.
The benefit of municipal leins (taxes, etc.) is that they get to jump the line before the mortgage holder.
Of course this is just the ramblings of an anonymous Moose on the internet, not legal advice to be relied upon.
German TBTF, I love it. Sadly I dont trust them as much as Big Ben so was unable to bet big on the bail out. Did make 10k yesterday on my european stock and bonds. Sadly that would have been a 100K gain if I was betting on an american bail out.
Majority of Germans are against it.What are the chances this will be contested?
Grim, keep f*cking raging on, awesome stuff!!
Carol Patterson was waiting for a call from her doctor. When the phone rang on that afternoon in August 2011 at her home in Cortland, Ohio, it wasn’t a physician on the other end. A woman named Robin said she was representing the American Diabetes Association. Robin didn’t ask for money. She asked Patterson to stamp and mail pre-printed fundraising letters to 15 neighbors. Both of Patterson’s parents and one grandmother had been diabetic, so she agreed to do it, Bloomberg Markets magazine reports in its October issue.
“I thought since it does run in the family, it wouldn’t hurt for me to help,” says Patterson, 64, a retired elementary school teacher. She guessed, based on what she knew about charity fundraising, that about 70 to 80 percent of the money she brought in would be used for diabetes research.
The truth was almost the exact opposite. The vast majority of funds Patterson, her neighbors and people like them throughout the country would raise — almost 80 percent — would never be made available to the Diabetes Association. Instead, that money collected from letters sent to neighbors would go to the company that employed Robin and an army of other paid telephone solicitors: InfoCision Management Corp.
Just 22 percent of the funds the association raised in 2011 from the nationwide neighbor-to-neighbor program went to the charity, according to a report on its national fundraising that InfoCision filed with North Carolina regulators.
http://www.bloomberg.com/news/2012-09-12/charities-deceive-donors-unaware-money-goes-to-a-telemarketer.html
BTW, I own my own mower and cut my own grass. And when I buy a house in f*cking Graydon’s town, I’m still going to cut my own grass.
The early September pre-FOMC risk-on rally continues to push the junk-bond market to improbable heights, with the average junk-bond yield falling below 6.5% for the first time ever.
In the first eleven days of September the high-yield market is up 1.09%, pushing year-to-date returns to a lofty 11.65%, according to a widely followed Bank of America Merrill Lynch index. The latest read on that index shows the average junk-bond yield, which has been basically setting new record lows on a daily basis this month, fell to 6.483% at the end of the day Tuesday. Prior to September, the all-time low was 6.75%, set earlier this year.
I will buy local, all things being reasonably equal, but I have found the price difference too big; there are a lot of inefficiencies that need to be wrung out of US industry.
It’s easy to “wring out” the inefficiencies. I’ll point out the major ones for you: Cost of labor, cost of real estate, cost of taxes, cost of regulatory compliance.
The easiest way to wring these out is to just pick up and send everything offshore.
So when you buy the “efficiently” priced item, you cast your vote of acceptance.
[31] yo,
It will have to be leadership. Reagan also had right wing insurgents to deal with but the answer was get on board or get left behind.
Clinton threw the left wing under the bus and they screamed like hell. Many still are. But we lionize the guy, mostly for things he did that the GOP wanted and the left didn’t.
Retard [33];
What you’re crying about is called “Freedom of Speech”. Remember that next time a leftist like yourself claims to be a champion of it. The concept was never meant to be limited to speech that you agree with.
Here’s an object lesson in how businesses get ‘trashed’ — with actual, you know, converting of private property into trash by breaking it — courtesy of Occupy Oakland. http://youtu.be/3sJIWoRx5NA
No comment yet from the group about the attacks on our Libyan embassy and the murder of an ambassador? Seems to warrant a military response. It’s been 30+ years since events like these have occurred, any thoughts on an appropriate response?
67 – See #20 and #26
Although I’d like to clarify my point in #20. I think they should round up Sam Bacile and his 100 investors and charge them with inciting a riot and for Stevens death.
I just watched the Youtube trailer. Bacile would have made Goebbels proud.
homeboken – A LGM-118A Peacekeeper should send a strong message don’t you think?
I think they should have bombed the embassies while the mob and the looters were still on US soil.
No law against bombing yourself, is there?
Funny in a bull market, these very important things go unnoticed.
homeboken says:
September 12, 2012 at 11:39 am
No comment yet from the group about the attacks on our Libyan embassy and the murder of an ambassador? Seems to warrant a military response. It’s been 30+ years since events like these have occurred, any thoughts on an appropriate response?
I like my town’s approach. Just fine the offenders if the grass gets over 10 inches. Make it a revenue generating thing.
42.grim says:
September 12, 2012 at 10:08 am
21 I think towns need to take over mowing foreclosures and send the bank the bill.
Hire a dozen full time municipal employees, all with sweet pensions? Equip them all with new trucks and equipment. You sure about that? They won’t be fired when the lawns don’t need mowing anymore … and those guys don’t work for wetback day-laborer wages.
Why not just dig the mower out of the shed, roll up your sleeves, and go do it. Don’t have one? Walk to your neighbors house and borrow theirs, I’m sure they’ll chip in for the gas.
Isn’t this the way of the old America (See Post #34)? Roll up your sleeves and get it done. Don’t bitch about it, don’t look for someone else to do it for you, don’t hope that Mamma Obama changes your diaper when it’s wet. Just shut up and go do it. Hell, even better, send your kids out to do it. And make sure they know not to expect a gold star and a ribbon when they finish.
Alas, it’s not. For the past two weeks the same line keeps repeating over and over in my head. We get what we deserve, we get what we deserve, we get what we deserve.
Oh we’ll get it.
Grim – Bacile’s film was dubbed into Egyptian Arabic, and then distributed via DVD was it not? Seems like someone is trying to drag us into another sandbox conflict.
Thank you for being a dues paying member of the party! Can we use your image on our marketing materials?
Anon E. Moose says:
September 12, 2012 at 11:36 am
Retard [33];
What you’re crying about is called “Freedom of Speech”. Remember that next time a leftist like yourself claims to be a champion of it. The concept was never meant to be limited to speech that you agree with.
73 – I’m sure he’ll deny any knowledge of it, because if it was, it would establish the imminence component of the Brandenburg criteria, would it not (cue lawyers again).
On the subject of shopping at Walmart:
I was at Wildwood “roar to the shore” biker weekend this past weekend. A lot of those guys are machinists, mechanics or are in the trades and work with their hands. Most everybody is a motorhead and respects people who have mechanical abilities and works with their hands.
So the subject of “made in USA” is always a controversial conversation. For the most part, people drive harleys and there’s the occasional Victory or Indian or custom chopper or whatever. Mostly American made but also the some rice burners (Japanese bikes).
I drive a sportster, wich is sort of the entry level harley, mostly because I’m poor, (er middle class). So, I’m always trying to save a buck wherever I can. So I met this other guy with a sportster, and he figured out which Supertech oil filter (walmart brand) fits on his bike. This is a big deal to me cuz harley parts are ALWAYS overpriced….Immediately everyone nearby goes on about jobs going to china blah blah. Turns out the filters are made for Walmart by Champion Labs. And they’re made in the USA. Nice. only $2.50 apeice.
Retard [74];
Fortunately, freedom of speech also protects pointless speech, like a Yelp reviewer claiming to boycott a pizza business hundreds of miles away from them, a place that the reviewer would never have set foot in under any circumstances, supposedly because its owner hugged the president. Or more germane, it protects pointless speech like engaging in conversation with you.
But by all means, continue to carry the left’s water for them, and feel superior for having done so (e.g., ‘Party of Retards’). You have no pithy comments about your Occupy marchers’ “trashing” lesson, do you?
Brian [76];
Walmart’s strength and advantage is their distribution. They aren’t sourcing their produce from China.
Walmart strength is the over valued dollar.It can negotiate products pennies on the dollar that it can sell over 500% markup.Depreciate the dollar one to one with the yuan,It will be a different story.Shipping and handling cost alone will make products made in the US more attractive.Even at a higher cost of labor.
New iPhone dock connector will add .1 to GDP, everyone will need to rebuy all associated iCrap.
Feh…Adaptors will be hot for a while.
Damn, I need to buy a new car, I’ve got the wide plug hardwired in.
change (40)-
Wrong. Wrong, because here is your average Amerikan:
http://feww.files.wordpress.com/2008/03/skinner_box_scheme_01.png
“I think most people would pick survival and prosperity over Walmarts and cheap imports.”
grim (47)-
The problems start when you feel the rage the second you wake up in the AM.
“Sorry – Too much coffee – I’ve been raging all morning”
You may be right, I had an overwhelming desire to buy a Mossberg this morning.
iPhone 5 16 GB at $199 is massive margin compression for Apple. The 4S with 16GB of storage cost was $299.
Grim – fear not no new car needed Apple is selling an adaptor.
It really should be no surprise to anyone what is happening regarding jobs and manufacturing. There really is no need for the fearmongering crap. Just my humble, misinformed opinion but, the way I see it, after WWII, all of Europe and Asia were war ravaged battlefields. It only makes sense since the US was the last one standing, we had explosive growth.
So now, with many other parts of the world modernizing we have more competition. There’s bound to be some pain when that happens for the US. This would happen no matter who is president and no matter what a politician promises you or what your dopey neighbor looks like.
83.Ernest Money says:
September 12, 2012 at 2:15 pm
change (40)-
Wrong. Wrong, because here is your average Amerikan:
http://feww.files.wordpress.com/2008/03/skinner_box_scheme_01.png
“I think most people would pick survival and prosperity over Walmarts and cheap imports.”
I bought an Alpine with a USB connector when my Pioneer croaked 4 years ago. Smartest move ever. Was $80 and I can control the iPod through the iPod. Not through some clumsy interface built into the car stereo.
86 – I think I paid $199 for mine
My bmw have a usb connector. I plugged a 16gb usb flash drive with music in it. No ipod needed. I think this is true to other car usb
I’m just happy my truck starts in the morning when I turn the key. If the radio works, hey thats really a good day.
Whoops I was wrong 4s was $199 on it’s release date. I gather no margin compression for Apple. Let see if it sells 4 million over the next 3 days.
Now here’s a tax rant most here can get behind.
http://www.tax.com/taxcom/taxblog.nsf/Permalink/UBEN-8XYPKY?OpenDocument
“takes an average of 56.3 months, or almost five years, from a missed payment to the liquidation of a mortgaged property in New York, according to JPMorgan Chase & Co”.
JJ sounds like a plan buy with as little as possible down in NY and miss all payments, live rent or mortgage free and tax free for 5 years and invest that money in the markets.
95 – Is that from an article that says Freddie and Fannie are going to impose penalty fees on new mortgages written in states with abnormally long (legislatively-induced) foreclosure timelines?
From Bloomberg:
New York Homebuyers Face Risk of Fannie Rate Penalty: Mortgages
Edward J. DeMarco, the overseer of taxpayer-supported Fannie Mae (FNMA) and Freddie Mac, said the firms need to increase the fees they charge to guarantee mortgages in states where it’s costlier for them to deal with bad debt.
That doesn’t bode well for New York, which is among states that extend added protections for borrowers in danger of losing their homes.
t takes an average of 56.3 months, or almost five years, from a missed payment to the liquidation of a mortgaged property in New York, according to JPMorgan Chase & Co. That’s about three years longer than in Arizona, where judicial reviews aren’t needed for foreclosures and court-supervised workout negotiations aren’t mandated. The extra costs could be offset with upfront charges of 0.1 percentage point to 0.2 percentage point of loan amounts, the bank’s analysts estimate.
“From a private investor standpoint, it makes complete sense to us” to vary fees by region, said Bryan Whalen, co-head of mortgage bonds at Los Angeles-based TCW Group Inc., which oversees about $130 billion.
Florida, New Jersey and Vermont also could face increased loan rates once lenders start passing on the new fees being considered at Fannie Mae and Freddie Mac, which are meant to compensate for state and local policies that increase losses on defaulted loans.
also may be why nassau prices are holding up. At five years they are only processing houses bought before October 2007.
Fuk yeah! Boss just offered me one of those new iphones! Suckas!
Phony and Fraudy are insolvent institutions that are engaged in multiple ongoing financial crimes, for which the taxpayer is on the hook. They should both be shut down yesterday.
Director, Product Deployment
Location Parsippany, NJ, US
Organization Name Realogy Product Deployment Group
Brief Description
External Job Description
The Realogy Franchise Group (RFG) is the largest franchisor of residential and commercial real estate brokerage offices in the world. Its brands include the Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA® and Sotheby’s International Realty® real estate brands, which combined have approximately 14,300 franchised and company-owned offices and 253,000 brokers and sales associates in 101 countries worldwide.
We are currently looking for a Director, Product Deployment to work in our Parsippany, NJ office.
Job Summary:
The Realogy Product Deployment Group administers the rollout of technology products/services to all business units within Realogy including the Realogy Franchise Group (RFG), NRT, Cartus, and TRG.
Key Responsibilities:
· Manage the deployment and development life cycle of technology products and services to internal and external customers involving department or cross-functional teams. Provide program management and coordination for all new product initiatives.
· Responsible for monitoring the product lines, program and project from initiation through delivery. Reviews project proposal or plan to determine time frame, funding limitations, procedures for accomplishing the project, and allotment of available resources to various phases of the project.
· Responsibilities include interviewing, hiring, and training associates; planning, assigning and directing work; appraising performance; develop and maintain project plans, schedules, product roadmaps and documentation; communicate status, issues and risks to project stakeholders; assist in technical, operational and/or business requirements definition and clarification; provide coordination leadership to cross-functional project teams at all stages of development; monitor timelines and milestones to ensure projects are progressing efficiently and on-schedule; identify/escalate/resolve roadblocks; recommend and implement process improvements; develop and document process guidelines.
· Manage a staff consisting of Product Managers, Deployment Analysts, and supporting team members. Responsible for employee development in accordance with Realogy standards.
· Assist department goal attainment across multiple initiatives as needed, including performing functions of the product manager(s) where needed/requested.
· Specify market requirements for current and future products by conducting market research supported by on-going visits to customers and non-customers; analyzing potential partner relationships for the product(s).
· Consult with project stakeholders including multiple brand marketing representatives, training teams, technical resources, product manager, and project manager to define/refine product strategy, technical product management, product marketing and field marketing strategies.
· Analyze and report on key metrics showing product utilization, trending, and product effectiveness using tracking tools for iterative process improvements. Report findings to senior management. Responsibilities also include recommending business and operational goals and ensuring operation meets its goals.
· Requires ability to deliver presentations to both internal and external stakeholders and/or customers within and outside of the department/company.
Minimum Qualifications:
· B.A., B.S. degree in Management Information Systems or related field or the equivalent level of experience in related discipline(s) utilizing SDLC.
· Strong analytical and problem solving skills, with experience applying these skills to resolve business and technical issues.
· Able to thrive in a fast paced environment and manage/plan multiple projects/priorities simultaneously.
· Able to independently drive projects through to completion
· Ability to negotiate conflicting priorities across a variety of individuals and teams.
· Hands-on experience with the day-to-day management of multiple software development projects and frequent product releases strongly preferred.
· Exceptional verbal and written communication skills.
· MS Office proficient.
· Able to work with representatives from multiple diverse organizations operating within and outside of the franchising business.
· Knowledge of ITIL or CMMI a plus.
· Project Management skills/training a plus.
Note: Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.
FLSA: Exempt
At Realogy, diversity is a business imperative. It is the core value that underscores our strategic foundation and promotes an inclusive culture by recognizing, appreciating and respecting differences. Realogy values a diverse workforce and encourages all qualified candidates to apply.
Realogy Corporation is an equal opportunity employer and is committed to diversity in its hiring and business practices. All qualified candidates are encouraged to apply. EEO MFVH
Realogy has filed for an IPO to try and get out from under massive debt payments to bondholders. The company is a festering shitpile of loss and debt.
If I am not mistaken, Realogy has not had a profitable quarter since 2007.
Grim: real estate question here. Any idea why there is so little inventory in midland park?
So am I. At least I have something in common with them.
Ernest Money says:
September 12, 2012 at 5:05 pm
Realogy has filed for an IPO to try and get out from under massive debt payments to bondholders. The company is a festering shitpile of loss and debt
Grim have a guy for you contact me as to how you want him to contact you. (you have my email!)
250k- Have a price, remove old grade if needed put down new $250 a sq.
Grim [98];
I’m trying to generate my usual bile at deadbeats living rent-free for almost 5 years, but its tough. Buying must have mellowed me.
New Jersey … also could face increased loan rates
Here again, I got mine, so ‘meh…’ I know — could affect me on refi: not likely at my rate. If I want/need to move within the state — ultimately unlikely; seems to me now only a remote and distant possibility.
UBS whistleblower awarded over $100 million from IRS
http://m.democracynow.org/stories/13107
Juice 109 a cool 100mil that will certainly give incentive for bankers to come forward.
moose (108)-
I try to keep from throwing up in my mouth whenever I think of white-collar deadbeat criminals like Dimon or Blankfein, but nothing seems to help.
“I’m trying to generate my usual bile at deadbeats living rent-free for almost 5 years, but its tough. Buying must have mellowed me.”
http://online.wsj.com/article/SB10000872396390443884104577648004211274044.html
This prick Corzine should be in a jail cell .
No; Corlsime should be in a jail cell with two Mandingo lifers.
re: Corzine
“MF Global’s chief financial officer for North America, Christine Serwinski, told investigators that her boss, MF Global’s chief executive, Jon Corzine, was well aware of the use and possible misuse of the customer funds during the firm’s final days, and as a result, Corzine may end up in “jail,” these people add.”
http://www.foxbusiness.com/industries/2012/09/11/exclusive-mf-global-cfo-said-corzine-knew-about-misuse-funds/
Finally the climatic doom stage is upon us. War and economic disaster. Strap on your adult diapers and get ready to vomit in fear.
John Williams of shadowstats.
“The Federal Reserve is talking about “unlimited QE,” or money printing, to boost employment. Economist John Williams says, “That’s absolutely nonsense. The Fed is just propping up the banks.” Williams says, “You’re likely going to see a dollar sell-off . . . That should evolve into hyperinflation.” Williams, “Doesn’t see the current system holding together without hyperinflation beyond 2014.” He contends the real annual deficit is “$5 trillion per year” and says, “That’s beyond containment.”
Williams predicts, “Hyperinflation is virtually assured because the Fed doesn’t have any options left.” Williams says people should get prepared because we are facing a “man-made disaster.” Join Greg Hunter as he goes One-on-One with John Williams of Shadowstats.com.”
Not so fast Apple!
http://androidandme.com/2012/09/smartphones-2/samsung-htc-to-block-us-eu-sales-of-iphone-5-using-lte-patents/?utm_source=rss&utm_medium=rss&utm_campaign=samsung-htc-to-block-us-eu-sales-of-iphone-5-using-lte-patents
Juice I’m going on the record here pigs will fly before Corzine sees the inside of a jail cell no matter what those f*ckers at fox think.
AG that would another one of those predictions made on here that will come to pass it is why I refuse to quit drinking. Well that and I like drinking.
Did I mention the other night how much I hate o’ hare makes Newark look like f* king Disneyland
Wow, no Marines on duty at the US Embassy where they killed that Ambassador. Whose freakin bright idea was that>???
When the ulotraviolence starts, I hope some nutso individual just caps Corslime on behalf of all the rest of us.
Ultra violence I would guess is already in place in some areas. Chicago for instance. St. Louis also. Look at the homicide rates.
Essex no that is the usual urban jungle violence. Meat is talking about suburbanites going all Mogadishu. It will be fun when the well armed suburbanites meet the well armed but inferiorly trained urban bullet sprayers. I’m giving the edge to the urban urchins as they have numbers and a willingness to kill.
I’ll be hiding in the mountains waiting those a$sholes out. Probably forever
Hmmmm I seriously doubt that will come to pass in my area. We are almost 100 percent Hebrew for blocks. One thing will be said here. Jews tend to stick together. We don’t generally shoot each other.
I do find the current state of affairs entertaining in kind of a trainwreck sort of way. It is never a dull moment time for sure. Glad to be working. Happy to be alive. It was a gorgeous day today folks.
Vomit in fear? More like cream my shorts in extasy. Inflation is good for bagholding homeowners.
AG says:
September 12, 2012 at 7:20 pm
Finally the climatic doom stage is upon us. War and economic disaster. Strap on your adult diapers and get ready to vomit in fear.
Nobody has money anymore, what’s the problem with inflation?
The rich hold equities, they win.
The poor have debt, they win.
Oh yeah, you there, yes you, back over there, you’ll be the one getting screwed this evening, and not in a good way.
I really think HARP 3.0 is an elaborate trap that the Dems have set for Romney.
His inability to set a clear housing policy was a major miss. When the Repubs shoot it down, the backlash will go straight towards Romney, as the Republicans will be tagged as anti-housing, anti-middle class/poor.
Either way the Dems win. Either they get HARP 3, or they lose HARP, but retain the presidency as Romney takes another major hit.
New twist on Sam Bacile, seems he might be a Coptic christian fraudster.
http://www.google.com/hostednews/ap/article/ALeqM5ifWYKzUPaqJJsJ5aj-58K0JCL1Fg?docId=91c9d18979f24144ba8ea358237f046f
Re 126 – Grim – it is a matter of degree. 25% inflation in one year is a disaster for businesses wage prices spirals will put lots of companies out of business.
What a coward. Looks like they got him on a probation violation at the minimum.
Has your paycheck been inflating as quickly as food, gas, etc (at all)?
125.bagholder Brian says:
September 12, 2012 at 8:31 pm
Vomit in fear? More like cream my shorts in extasy. Inflation is good for bagholding homeowners.
Prices have seemed a bit more stable in the last year, no?
Or am I just numb?
Depends on how much you have been drinking Grim.
I think people will zip their pocket books. At least until the fiscal cliff is avoided.
I’m talking about outside of gasoline
Hell yeah. I jumped ship from a bank to a company that manages mutual funds in 2008 for a big raise. Even though they didn’t pay bonuses the first year I was still making more money. Since then AUM at the company exploded and the company has been very profitable. Bonus pool was fully funded two years in a row now. Didn’t you hear there was a bull market Joyce?
joyce says:
September 12, 2012 at 9:35 pm
Has your paycheck been inflating as quickly as food, gas, etc (at all)?
grim (135)-
Got an eensy problem with anything you eat or drink that’s made from grains.
brain (136)-
The mutual fund industry will be one of the first segments of the financial Ponzi to collapse.
Brian,
Might want to direct register your shares. Thanks to MF Global, PFG, and the Sentinel ruling you don’t own what you think you own.
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