From the Philly Inquirer:
Foreclosure filings up in Pa., N.J., other states
States that process home foreclosures through the courts, including Pennsylvania and New Jersey, experienced an increase in filings in August over July’s levels, RealtyTrac, which tracks foreclosures nationwide, reported Thursday.
…Nationally, the foreclosure-filing rate rose 1 percent from July to August but was down 15 percent from August 2011, RealtyTrac said.
Yet in judicial-foreclosure states, “deferred activity boiled over,” said Daren Blomquist, vice president of RealtyTrac. “This was a continuation of a trend we’ve been seeing for several months now.”
Twenty states registered year-over-year increases in foreclosure activity.
In Pennsylvania, new foreclosures increased 129 percent from August 2011, while in New Jersey they increased 101 percent. On the distressed-housing list of 50 states, they were ranked 27 and 32, respectively.
Filings in both states were below the national average of one in 681 houses, with Pennsylvania at one in 1,194 and New Jersey at one in 1,461.
Sales of houses repossessed by banks through foreclosure fell in most states. Pennsylvania had 43 percent fewer sales in August than in 2011.
Recently, many lenders have been trying to avoid the expensive and lengthy foreclosure process by making short sales, those in which banks accept prices less than what is owed on the mortgages.
RealtyTrac data show short sales in the first quarter at a three-year high, and 25 percent above levels for the same three months of 2011.
From the WSJ:
Fannie’s Big Foreclosure Sale: Maybe Not So Big After All
Fannie Mae will sell nearly 700 foreclosures in Florida to a real-estate investment firm, but appears unlikely to expand this strategy beyond properties already rented out to tenants.
San Diego-based Pacifica Companies reached an agreement last week to purchase the 699 properties, most of which already have tenants, in three Florida markets, Fannie Mae and the company’s federal regulator said Monday.
The estimated sales price of $78.1 million is a slight discount off the properties’ market value of $81.5 million. About two thirds of the units in the properties are occupied by tenants, with the remainder vacant.
…
The deal is the first of more than 2,000 of Fannie Mae’s foreclosures that are being sold under a bulk sales initiative encouraged by the Obama administration.
Similar sales are expected to be announced for Las Vegas, Los Angeles, Phoenix and Chicago in the coming weeks. Fannie had planned to sell more than 540 properties in Atlanta, but wasn’t able to reach an economically viable deal to sell them, people familiar with the deal said.
NPR interview with Robert Shiller:
The Housing Market: Have We Finally Hit Bottom?
From MarketWatch:
RealtyTrac: Foreclosure filings fell 15% in August
Foreclosure filings in August fell 15% from a year ago, continuing a trend of year-over-year declines, according to market researcher RealtyTrac.
However, foreclosure activity was up 1% from the previous month, as deferred-foreclosure activity boiled over in several states.
There were 193,508 U.S. properties with default notices, scheduled auctions and bank repossessions last month. RealtyTrac said one in every 681 U.S. housing units had a foreclosure filing during the month.
Foreclosure starts–default notices or scheduled foreclosure auctions, depending on the state–were filed on 99,405 U.S. properties in August, a 1% increase from the prior month but down 13% from a year ago.
Lenders completed the foreclosure process on 52,380 U.S. properties in August, a 2% decline from the previous month and a 19% drop from last year, continuing a 22-month streak of lower bank repossessions.
Before I left England for China in 1936 a friend told me that there exists a Chinese curse — “May you live in interesting times”. If so, our generation has certainly witnessed that curse’s fulfilment.
— Hughe Knatchbull-Hugessen, Diplomat in Peace and War, 1949
No worries. Thinking of switching to the Real Estate business anyhow.
Ernest Money says:
September 12, 2012 at 10:50 pm
brain (136)-
The mutual fund industry will be one of the first segments of the financial Ponzi to collapse
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.
I emailed you, do I have an old one?
bagholder (5)-
Might want to rethink going from a dying industry to one that’s dead and rotting.
Plus, RE agents are even dumber than mutual fund hacks.
Seriously, if you’re thinking of that Realogy job, be forewarned they are the worst of the worst. Layer upon layer of imbeciles, ever since the Cendant days.
8. I see a huge spike in liquor sales FWIW. Put me down for a case of Kentucky Bourbon.
10. And you have to work in Parsippany. That in itself is an intellectual death sentence.
Bloomberg making the round on Morning Joe. Saw him on CBS yesterday. Sometimes I think that he is the only adult in the room.
Speaking of, Clot you have any Pappy stashed in the back of the office?
Grim must be blind,replied.
Yeah I’m sure. If they already had good talent working for them, where’s the fun in that? I like going to companies that are a total mess and helping them crawl out of it. I went from the banking industry to the mutual fund gig in Dec 2008. People told me I was nuts. DJIA and S&P were at all time lows. All the technology people had fled like rats from a sinking ship. It was cool though, they gave me free reign to fix everything and upgrade infrastructure. All the while a Bull market in stocks ensued. Their funds have a ton of cash so they were able to load up on unfairly beaten up equities while still dealing with redemptions from the scaredey cats.
Ernest Money says:
September 13, 2012 at 7:27 am
Seriously, if you’re thinking of that Realogy job, be forewarned they are the worst of the worst. Layer upon layer of imbeciles, ever since the Cendant days
Money [9];
Plus, RE agents are even dumber than mutual fund hacks.
*whistles*
Been a while since I did any paving how does that 250 a sq sound?
[11] Essex,
Why d’ya think I’ve bee laying up booze and wine for the past year? Higher demand, higher cost and higher taxes.
Easy to be a brilliant star in a company full of burnt out lightbulbs. Hey Realogy survived the RE crash, which I find amazing. I bet they will have to pay a boat load to fill that job considering their dicey past
Ernest Money says:
September 13, 2012 at 7:27 am
Seriously, if you’re thinking of that Realogy job, be forewarned they are the worst of the worst. Layer upon layer of imbeciles, ever since the Cendant days
Jobless claims up 15k to 382k
20 ft x 5 ft x $250 = $25,0000 Seems like a lot.My neighbor did his this past summer alot larger.He paved to the max of his property line to mine including removing and repaving his existing driveway for over 3 grand.I would say that is 25 x 15.
I’m assuming by square he means 10′ x 10′, and not 1 square foot.
An unoriginal viewpoint, but a good exposition of the issue
http://economix.blogs.nytimes.com/2012/09/11/mitt-romney-carried-interest-and-capital-gains/
Mitt apparently catching some flak from within the party over taking issue with the State Dept. apology. I was wondering about that. Traditionally, the time to chide a president over foreign policy is not in the midst of a crisis. Not that the dems didn’t do it, but they usually waited until the administration was in a policy execution phase.
http://rudepundit.blogspot.com/2012/09/romney-hooks-himself-off-stage-in-every.html
In every campaign, there’s a moment you know it’s all over. When John McCain chose Sarah Palin in 2008, for example. Or when Bob Dole became the GOP nominee in 1996. For Mitt Romney, there have been so many of these moments that it’s hard to pinpoint which one is actually the hook or the card at the end of the movie that reads “Fin,” which we know Romney would understand because he lived in a castle in France during the Vietnam War, something that would have automatically disqualified him from being a Republican nominee a couple of decades ago. …
[10] money,
I must agree. I did some work for them in my DC days, and I think that the lawyers viewed Cendant as a money pit from which they could siphon cash. One of the more f-ed up clients I worked with.
grim (14)-
I wish. However, I’ll give you a heads up when next batch comes.
plume (27)-
Icahn should’ve delivered the kill shot to that company.
[26] Rude,
This race was over in 2008. The Dems have done a masterful job smearing the GOP brand, and the party in-fighting hasn’t helped. Further, we have crossed the tipping point that signals a slide into euro-style socialism and that doesn’t bode well for candidates that want to stop slopping the hogs. It is a self-reinforcing cycle now.
I believe that Mitt is eminently qualified to be president. Whether you agree with the results or not, he has proven himself a success at everything he turned his hand to. If a former community organizer, turned useless one-term state senator, turned US senator for 18 months (?) is qualified to be the leader of the free world, then surely someone with Mitt’s chops is overqualified. But we are no longer a meritocracy; we were once in many areas (politics being a notable exception) but we aren’t anymore. So why should we look for merit in a president?
The beauty and curse of America is that the bar for patriotism is really low. I have no obligation to do anything other than obey the laws and pay my taxes. If I were Mitt, I would have stuck to making my millions, and if I wanted to effect change, I’d write a check. Jefferson said that politics is a “thankless office.” And we all know that Jefferson was a smart, indeed prescient, man.
I don’t want to believe that we are f’ed but I keep seeing the evidence pile up. There will be no halcyon days in the US unless we decide to wall ourselves off from the rest of the world’s trade and go whole hog into euro-socialism. True, we will be poorer because everything will cost more and be poorly made (remember cars in the 70’s?), there will be rampant corruption, health care will suck for the vast majority of folks, and we won’t have the wealthy to kick around any more, but we will be able to glide through life in a sort of drug-induced haze of relative comfort. The American ideals we once knew will be practiced only by outliers who will be driven into the hinterlands and who will be periodically hunted down.
The big 4 audtitors of cendent screwed the pooch and tried to blame mgt and CFO for all the mistatements, mgt sued the big four firm for liable, and won. Overly complicated financial business models which junior auditors could not figure out.
Comrade Nom Deplume says:
September 13, 2012 at 8:47 am
[10] money,
I must agree. I did some work for them in my DC days, and I think that the lawyers viewed Cendant as a money pit from which they could siphon cash. One of the more f-ed up clients I worked with.
Jobless claims up 15k to 382k
No worries, Oblama is moving forward.
You know, she could have held off a little longer. If any doctor administered pitocin, he should be ashamed.
http://sports.yahoo.com/blogs/mlb-big-league-stew/dustin-pedroia-leaves-game-learning-wife-labor-video-043744039–mlb.html
That said I bought a small amount of 12% coupon Reology bonds cheap during crisis and only regret is I did not buy a large amount. No clue how they can afford that coupon, but so far it is over three years of coupons. I bet some folks who scooped up like a million dollar bonds at $500,000 who already have gotten back $360,000 in interest are enjoying the ride. Remember in BK you usually get back like 25 cents on the dollar so they are already in the black even if a bk today and are enjoying $12,000 a month interest on a 500K investment.
I can’t imagine what 2016 is going to look like if the Tat and Muffin crowd put this guy back in for another term. This country has descended into the middle of the pack so quickly, it’s stunning. These people are absolute masters of deception and diversion. Their level of mass manipulation is amazing. I still gotta believe that there’s enough intelligence left in this country to have the wherewithal to show this guy the door.
30
“he has proven himself a success at everything he turned his hand to.”
Romney was born with a silver spoon in his mouth, Bain was a “no lose” situation for him when he took the gig, he needed gov’t money to be bailed out in the Olympics (not to mention Bain took bail out money), he had a miserable jobs record in Mass, he failed in his first bid for the nomination and now he is failing on every major stage possible. The only things he is successful at is throwing money at things to try and get the outcome he wants (see items listed above and republican primaries and current campaign.)
Guys 1000 sq ft lets say by $2.50 = $2500.00 sorry for not providing all info thought it was a given. Nobody paying $250.00 a sq.
So 250k who asked for price has 1890 sq ft so $4725.00 to rip up grade & pave.
Instead of talking about a guy running for president, when do we get to discuss the disastrous record of the current president? The guy had four years, he failed miserably. So, put the next guy in and let’s see what happens.
Hell, you could lay reclaimed granite cobbles ( not concrete pavers. ) for less than that ($25k). Your driveway would easily last a hundred years or more.
Fast Eddie, have you looked at the odds on the election from online bookmakers?
1351 Democrat -233 ( )Risk (X)To Win [ ]
1352 Republican +213 (X)Risk ( )To Win
There is little doubt who they believe the winner will be.
Considering mafia owns the driveway/sidewalk business reclaimed = Stolen.
I got one bid on my driveway. I hired him. Job turned out ok, need a second cement job done in back. Went for a quote from a new person. Guess what person one drove by and saw his truck in front of my house. That night my driveway guy went to guy number twos house with a bat threatened to kill him and then broke all the windows in his truck. Apparently, when you hire an Italian mobbed up driveway guy, you are a customer for life. End of story I went to home depot, got cement patches and spent a long hot day fixed the patio. No way was I calling for a second quote
Grim says:
September 13, 2012 at 9:21 am
Hell, you could lay reclaimed granite cobbles ( not concrete pavers. ) for less than that ($25k). Your driveway would easily last a hundred years or more.
Speaking of, know a guy who did a patio out of granite curbing pulled out of lower Manhattan, beautiful. Those curbs go down like 5 feet deep. Each slab needed to be set with a backhoe they are so big and heavy. That patio will outlast the human race.
Sorry JJ no drama my guy is a regular guy with wife & kids, not mobbed up.
McCain stumping this morning made it sound like we should have never withdrawn from Iraq. He also flubbed a Reagan point, his age is showing at least he is not Pres otherwise we would be carpet bombing all over the place by now.
#41 30 Year: Real estate question. In you oprinion why is there so little availabel inventory in Midland Park?
30-yr [41];
Intrade currently quoting Obama’s re-election at 63.4%. Bafflingly, this week’s events actually goosed his numbers more than his convention. I’d say that’s a sharp market commentary on the quality of the electorate, not the candidate. Excuse me while I send in a sell order.
My opinion is that the tide turned against Obama before the Ryan pick, and that only reinforced it. People just aren’t getting mau-maued anymore that voting against Obama is racist — even at Obama’s lackeys push that meme anew just this week. The economy sucks; nothing Obama said he was do has come to pass — except higher gas prices. Ohio may be a bridge too far becuase of all the federal dollars Obama is plowing into GM facilities there (and isn’t that an object lesson about the dangers of banana republic style crony capitalism, the only kind Obama knows how to execute). However Michigan and Wisconsin are actually in play. Florida, VA, NC go to Romney, and its done.
Plus, once the Romney momentum becomes palpabale, people will tell the truth to the polsters that they are for firing Obama. That is why the media are coordianting with one another to make sure they ask Romney the ‘right’ questions “no matter who he calls on”, and they wordsmith the questions together to put Romney in the worst possible light regardless of his answer (‘Have you stopped beating your wife’ kind of questions).
[36] rude,
Heh. If that is what failure looks like, I wouldn’t mind failing a lot more often.
A friend hired a contractor to put up patio pavers. Back filled the first layer with sand before laying patio pavers 4 ft high same height as the ground to patio door,second layer was 2 feet high.With all the weight leaning on the foundation basement started leaking.He is just ignoring it now, till he can sell the house.
47 – you look great in your new rose-colored glasses! i would ask if the lenses are polarized but i think i have a pretty good idea.
50 something days before election,what can Romney do to close the gap in the polls? He seems like have more boo boo than a 2 year old
[47] moose,
By every metric, Obama should be behind. But he isn’t and barring a negative October surprise, he will be re-elected.
I attribute this to two factors: First, Romney isn’t a true politician and we have no modern history of electing business or military leaders to high office. Lots of reasons for that, none of them good, but there it is.
Second is the aforementioned tipping point. We have already peaked as a nation and are on the downslope. A good comparator is England. That is where we are headed, a society where everyone is on the dole and seemingly content with it. So long as they can afford their pints and cheer on their Gooners, they are happy as clams. So will it be here and the left will not be unelected until everyone wises up to the fact that all the prosperity they promised (yet cannot deliver because you can’t tax and spend your way to prosperity no matter how hard you try) never materialized and won’t materialize. 2020 at the earliest and more likely 2024 before the next Reagan/Thatcher style revolution.
Nom [48];
Lefties love to chortle about how rich white guys were “Born on third base and think they hit a triple.” Meanwhile they were born on thrdbase themselves and complain how they weren’t given a home run.
#41 30 Year: Real estate question. In you oprinion why is there so little availabel inventory in Midland Park?
According to the last ACS, something like 1800 owner occupied housing units in Midland Park. Assuming 3-5% turnover, we’re looking at 54 to 90 houses sold in any year on average. It’s a pretty small market. It’s about a quarter of the size of say, Paramus.
In 2011 – 49 sold
In 2005 – 75 sold
Year to date for 2012 is 43, so we’ll probably end up somewhere between 2011 and 2005.
You can’t really judge normal “inventory” because that’s a factor of overall market activity. Looking at the turnover vs expected turnover takes that concept of velocity out of the measure.
Current active inventory is a bit lower than the last few years, but that’s more to do with the fact that there is just more activity this year, so fewer properties are staying in the active pool at any given time.
rude (50)-
That’s what Dimon says to moose while he gives him a reacharound.
“you look great in your new rose-colored glasses”
[53] moose,
It proves nothing so I ignore it. Rude and his ilk remind me of a guy named Matthew Lee. He is a community activist who was always opposing our banking deals by trying to get the regulators to block them.
He’d make arguments that, while factually correct, were irrelevant, and would urge regulators to stretch the laws to well beyond their scope in order to apply them to a particular deal. He would literally say “I know that the law says X, but you should interpret it to say Y.”
In the end, it was all snark, or at least well-supported snark that wasn’t relevant, didn’t raise an actionable issue, and was always summarily dismissed by the regulators.
Also, recall that trying to use facts and logic in arguing with individuals like that is like trying to teach a pig to sing. I’ve learned that the better approach is to blunt them with enough facts or counterviews to rebut whatever kernel of argument was present, and let them spew snark since that is only preaching to the choir (and your target audience isn’t the choir).
[55] money,
Rose-colored glasses? Oooh, what a smackdown.
Moose, are you still smarting from that unbelievably hard hit? Reminded me of the great John L. Sullivan; when a small man accosted him in a bar once, he picked the guy up off the floor, and said “If you hit me, and I find out about it . . . “
Grim,
Cabela’s has the Mossberg 500 Home and Field combo on sale for $349. The home barrel looks like it has a flash suppressor and the barrel looks really short (perhaps the cartridge chamber is longer) so I doubt it is NJ legal.
But I may get one!!!!
Nom,
Obama will be reelected since the economy is better (slightly and one could argue that it is artificially being propped up). End of story.
Grim,
Before you do anything, get a quote from Williams Paving in Wayne. We didn’t rip up our old on the multi since it was in decent shape everywhere but at the bottom so I can’t quote you a price on that. Filled the big holes at bottom with pea stone before resurfacing. $1 per sq ft. if you paid cash. It’s mob, but they do really good work, especially if you buy the laborers a six-pack.
Nothing is as much of a show-stopper as the old “remind me of a guy named Matthew Lee” comeback. I can’t believe you went to the old “Matthew Lee” this early in the game…please…somebody…….send for help…i’m fading fast……..
Stu – Wasn’t me looking, I actually did mine earlier this year using someone I know.
I too went the resurface/recap route. My driveway was actually in good shape, but we had to cut quite a bit at the house to finish the foundation drains and near where we set the retaining walls. The base was solid, but I needed another 2-3 inches worth of height to even it up with the new grade. Made more sense to just tear off the apron, etc, and put a solid layer right on top of the whole thing.
…and followed by the “Reminded me of the great John L. Sullivan;”
Mercy. MERCY! please…have you no mercy!!!
Moose, do you want to take my action on the election. If you are so confident of the turn around, how about an even money wager?
Not looking for a political discussion. I don’t care who wins. All the same except the rhetoric.
“All the same except the rhetoric.”
Unfortunately, you’ll never convince Gary, Moose, Nom / Seif, et al of that… and it’s pathetic.
Very few new FSBO properties popping up in the usual places since mid August. This will lead to fewer MLS listings and tighter inventory. I believe inventory will remain tight through the winter and will hold back transaction levels.
With a large chunk of homeowners under water and a fragile economy I cannot call this a normal real estate environment. I do not envision that the market will continue to improve in a straight line. Still some bumps in the road. At best it will be a slow grind back to “normal”.
Sellers are using the media reports of real estate appreciation to delude themselves into the belief that they will get more money if they just wait.
Anyone want to take action on the FED today?
Who owns a house if you’re underwater? Obviously, your name is still on the deed and whatnot, but who really owns it? Had a discussion with someone last night who kept trying to tell me that you are still a homeowner. I say no.
Chi is this where you get your hair cut?
http://www.nj.com/monmouth/index.ssf/2012/09/sex_sells_at_this_jersey_shore_barbershop.html#incart_river_default
[60, 62] rude,
Mercy? Nope, none for you.
And thanks for the chuckle. I needed that.
#54 grim: Thanks for the detailed analysis. I was just comparing available inventory in MP to other towns this season. The inventory seems to have been anywhere from high teens to low 20’s, while the other towns we looked at (although some of those towns somewhat bigger population size) have had anywhere from 40 to 60 available houses for sale at any one time.
65 Around me, I see prices still falling (in Bergen Cty but not RW).
I can think of ten people on my street, including myself, who can’t sell even if they wanted to without bringing big checks to the closing.
The move up buyer is dead. Or trapped.
Even the seniors on my street are staying, not sure what their finances are.
People are going to die in place.
[68] Juice
That’s one way to get JJ to spend more time in NJ.
Ann – if their mortgage is owned by Fannie, Freddie, FHA etc then they live in Public Housing.
[64] joyce,
You been following the discussion today? I agree with libtard on this one. I also agree with Bill Isaac who predicted that we will be in the morass for the next four years.
And thanks for lumping me in with Seif. I’m insulted.
According to lien theory (in a lien theory state, of which NJ is one), the holder of legal and equitable title is the “owner” of the property, regardless of the fact that the outstanding liens might be higher than the current value of the property.
Thanks for the detailed analysis. I was just comparing available inventory in MP to other towns this season.
Turnover by town is something I’ve always wanted to look at, only because I know certain towns have a much lower level of turnover than others, and that impacts inventory. It’s logical when you think about it, certain areas (think mid-tier, move up country) are more transitory in nature than other areas where buyers settle in for the long-run. Likewise, turnover in certain towns is much more “peaky” than others, and the inventory is much more seasonal.
[59] libtard,
I believe I said that barring a negative October surprise, he will be re-elected.
The most likely negative October surprise is an economic event. And they know it which was why they made noise about an SPR release to try and jawbone oil back down. And if they could have suppressed jobs data, I have no doubt they would have.
At this point, any downturn event would have to be pretty dramatic so the Obamunists are breathing much easier today than a month ago.
Nom,
If QE3 is on, definitely game/set/match for O-man.
Both candidates suck. Both are in the tank for banksters. Neither has a clue as to what’s going on. We continue to hurtle toward the precipice at 140 mph.
lib (78)-
QE now could mean that the smack high will have already worn off by election day.
Ratchet Effect.
If Republicans go against HARP 3.0 they will be viewed as anti middleclass which they are leaning against it and if they do go with it O will still have the credit.WINNING
My comment had nothing to do with which person will win the election.
74.Comrade Nom Deplume says:
September 13, 2012 at 11:33 am
[64] joyce,
You been following the discussion today? I agree with libtard on this one. I also agree with Bill Isaac who predicted that we will be in the morass for the next four years.
Either way our next president will have a kooky religion and the VP will be Catholic
Which means religion is not an issue in election. six of one 1/2 dozen of another.
joyce says:
September 13, 2012 at 11:46 am
My comment had nothing to do with which person will win the election.
74.Comrade Nom Deplume says:
Joyce [64];
Funny how I never heard the Democratic machine outlets pushing the string about how “They’re all the same” when they were out of power — only now that they are in power and have no compelling argument to justify holding onto it.
“Its all the same” is just another line of attack eminating straight from the Obama re-election machine. Its meant to demoralize marginaly attached voters who, if they bothered to vote at all, would sure vote against this abysmal failure of a president.
Those people are swallowing it like tripe and repeating it because they think it makes them sound even-handed and disinterested — above the fray as it were.
Other issue is buying re and trading up is out of style. Folks like my wife dont think re is a good investment, trading up is a good way to end up in foreclosure or entering both spouse working around the clock to support a money pit of a house.
My house mortgage free, the annual taxes and insurance equal is less than two paychecks. Freeing up 11 months of paycheck, bonus and interest income to be spent elsewhere. I say 75% of my neighbors have little or no mortgage and we drive new cars and go on fancy vacations and dinners out. The other suckers who bought between 2002 and 2012 have an anchor around their neck. The 75% have no desire to become that 25%. Lady at bus stop wife just met bought house at peak for 625k in spring of 2006. I have same house bought for 280k and paid off. Both homes are worth 450K today. She is sitting on no equity. Whole downpayment gone, and a big monthly mortgage, while I have 450K equity and no mortgage. And guess what by buying at peak the assessor office nailed her for an extra 3k taxes a year over me. Sure she can greive and will win. But she paid and extra 3k taxes for 7 years and she aint getting that back. Bottom line some cant trade up and others like going to Beaches, Atlantis, Jets Games, Dinners out, etc. Paying for a large mortgage is stupid and toxic for the 50 plus man with a stay at home wife who could be canned on a moments notice and may never find another high paying job
Ann says:
September 13, 2012 at 11:30 am
65 Around me, I see prices still falling (in Bergen Cty but not RW).
I can think of ten people on my street, including myself, who can’t sell even if they wanted to without bringing big checks to the closing.
The move up buyer is dead. Or trapped.
Even the seniors on my street are staying, not sure what their finances are.
People are going to die in place.
Romney +3 in FL, gained 5 since August. Maybe my glasses are orange-colored, not rose-?
If by some miracle California goes Romney I’ll wear one lens rose and one lens orange for New Year’s Day.
#80 We will see what Mr. Bernank says at 12;30!!
Another top ten showing for New Jersey
http://finance.yahoo.com/news/10-least-tax-friendly-states-for-retirees.html?page=1
Bernanke will say the same thing he always says. I will continue to support the weaker than expected recovery utilizing all means at my disposal. Then, he won’t do anything new. Kind of like holding up a bank with an unloaded gun.
The markets have performed very nicely since 2009. Why rock the yacht?
(83)
JJ,
Once again sharp as a tack… I never mentioned religion.
[78] libtard,
Indeed, but the last laugh is on the poor savers who will be like the frog in the slowly heating pot. My shiny and moated equity investments will look good and perform well, and should be relatively tax free with the right planning.
[90] joyce,
or sex, but you know JJ will get that in somehow.
[86] moose,
That would require a miracle. After visiting Cali recently, I am of the opinion that it will soon become a massive drain on the UST when it flexes sufficient muscle to get its own bailout.
I rarely tune into the ‘Democratic machine outlets” or the MSM in general for that matter. On foreign policy, monetary policy, and fiscal policy… the two are almost in 100% agreement. The only things they pandor on are the wedge issues that I could care less about. That being said when I unfortunately listen or watch cable news, I hear Obama ripping Romney (all but FOX which is the reverse). Not once have I heard them equate the two.
84.Anon E. Moose says:
September 13, 2012 at 11:56 am
Joyce [64];
Funny how I never heard the Democratic machine outlets pushing the string about how “They’re all the same” when they were out of power — only now that they are in power and have no compelling argument to justify holding onto it.
“Its all the same” is just another line of attack eminating straight from the Obama re-election machine. Its meant to demoralize marginaly attached voters who, if they bothered to vote at all, would sure vote against this abysmal failure of a president.
Those people are swallowing it like tripe and repeating it because they think it makes them sound even-handed and disinterested — above the fray as it were.
Florida: Romney vs. Obama SurveyUSA Obama 48, Romney 44 Obama +4
Thursday, September 13
Race/Topic (Click to Sort) Poll Results Spread
General Election: Romney vs. Obama Democracy Corps (D) Obama 50, Romney 45 Obama +5
General Election: Romney vs. Obama Rasmussen Reports Obama 46, Romney 47 Romney +1
Michigan: Romney vs. Obama EPIC-MRA Obama 47, Romney 37 Obama +10
Missouri: Romney vs. Obama Rasmussen Reports Romney 48, Obama 45 Romney +3
California: Romney vs. Obama SurveyUSA Obama 57, Romney 35 Obama +22
New York: Romney vs. Obama Quinnipiac Obama 62, Romney 34 Obama +28
Michigan Senate – Hoekstra vs. Stabenow EPIC-MRA Stabenow 49, Hoekstra 38 Stabenow +11
California Senate – Emken vs. Feinstein SurveyUSA Feinstein 55, Emken 37 Feinstein +18
New York Senate – Long vs. Gillibrand Quinnipiac Gillibrand 64, Long 27 Gillibrand +37
Generic Congressional Vote Democracy Corps (D) Democrats 46, Republicans 46 Tie
President Obama Job Approval Rasmussen Reports Approve 49, Disapprove 51 Disapprove +2
President Obama Job Approval Democracy Corps (D) Approve 49, Disapprove 48 Approve +1
Direction of Country Democracy Corps (D) Right Direction 39, Wrong Track 55 Wrong Track +16
http://www.realclearpolitics.com/epolls/latest_polls/
Next 4 years will probably be rotten. May as well let Obam take the blame. I don’t see anything Romney proposes as being likely to significantly change the direction of the economy. I’m hoping that Keynesian big government policies get discredited in the eyes of the electorate over the coming years, and maybe get rejected in 2016.
This election is like Ellsworth Toohey vs Peter Keating.
Is it me or do the Rasmussen polls always have the most ‘right’ results?
I don’t follow any news outlets outside of the occasional 10 or 11pm network news programs. Help me Howard!!!
Just this morning I was setting my EPL fantasy football (soccer) roster and wanted to see if Dempsey was playing for the Spurs this weekend so I googled Dempsey. I found out that the fundamentalist arabs were pissed off again when General Dempsey chairman of the U.S. military’s Joint Chiefs of Staff had urged that other religious fundamentalist retard Terry Jones to lay low.
Can’t we just get David Copperfield to perform a miracle in Mecca and claim he’s an athiest? Wouldn’t this be a lot cheaper than occupying Iran or Afghanstan?
FORECLOSURE CHANNEL STUFFING
http://www.zerohedge.com/news/foreclosure-stuffing
except:
“What happened is that since the properties not entering the foreclosure pipeline are effectively kept out of inventory, even shadow inventory, and thus the distressed end market, the monthly drop in foreclosures has acted as a form of subsidy to the housing market, as month after month less inventory than otherwise should, enters the market.
There is now a 2.5 million “backlog” of properties that should be foreclosed upon based on historical trendlines, but which are being completely ignored by banks. A stuffed foreclosure channel, if you will.”
Guys, the gig is up. The casino is rigged with rules constantly changing for the industry and against the buyer/responsible debtor.
40 billion in MBS
Twist continues
Fed to launch QE3 of $40 billion MBS each month
Steve Goldstein
MARKETWATCH — 1 MINUTE AGO
WASHINGTON (MarketWatch) — By an 11-to-1 vote, the Federal Reserve on Thursday decided to launch a new program of open-ended bond purchases — so-called QE3 — saying it will buy $40 billion of agency mortgage-backed securities each month, starting Friday. It’s also keeping in place so-called Operation Twist, which consists of swapping short-dated securities for longer-term securities, as well as reinvesting the proceeds of maturing securities, so the central bank will be adding $85 billion of long-term securities each month through the end of the year. The Fed also extended its pledge to keep interest rates exceptionally low — Fed funds rates are currently targeted at a rate between 0% and 0.25% — from late 2014 to “at least through mid-2015.” The Fed said it’s acting “to support a stronger economic recovery” and expects the new program to put downward pressure on longer-term interest rates, support mortgage markets and help make financial conditions more accommodative. Richmond Fed President Jeffrey Lacker, the only dissent, opposed both the asset purchases and the description of the time period will remain exceptionally low.
40 billion … a month
85 I don’t think trading up is out of style necessarily…..It’s just that there is a huge chunk of people who would have to bring a check to the closing. Close to ten years worth of buyers at this point.
I am starting to see a lot of renovations going on in my neighborhood. People seem to be setting in for the long haul and doing those projects that were on their list. Staying put.
103 – agree, neighbor was talking about moving to JC, contractors in the driveway doing the kitchen and baths. The other direction, new siding, roof, windows, doors. Two recent sales a block over though , both appear to be doing some minor Reno.
$40 billion a month OPEN ENDED bond purchasing.Load up on 10 year treasuries?
40 billion … a month
From now until they have all 6+ trillion of MBS on their balance sheet. The Fed is all in. There is no going back now.
Joyce [94];
Do you see no difference between growoing public debt by 6 Trillion dollars in three years compared to getting federal spending back to its historical average 20% of GDP, currently Obama-sized to 24%?
Do you see no difference between a flatter tax structure on a broader base comapred to Obama’s definition of “tax cuts” — which are nothing but more loopholes and giveaways to favored constituencies: green power (read Solyndra, et al.); GM bailout and the Volt*, just to name two?
*Volt – Something about the news that the government subsidizes each unit to the tune of ~$50k per makes me think it might actually be a good deal. But I digress.
I have no illusions that Romney is the second coming of John Galt, but change in this country is always incremental, and the choice is to stop our lurch “Forward” in the very wrong direction or accelerate down our current ruinous trajectory.
Study finds 10 year treasuries yield goes up until QE is stopped then yield goes down
Moose…turn off FOX for five minutes. It will do wonders for your heart.
Great recession:Number one is the decline in revenue compare that to the deficit during GWB when revenue was high and still run a deficit
“Do you see no difference between growoing public debt by 6 Trillion dollars in three years compared to getting federal spending back to its historical average 20% of GDP, currently Obama-sized to 24%?”
#89 Lib: I guess he is saying a little more. Looks like another refi may be in order for you.
Bring on HARP 3.0. No more limit how many times you can refi through HARP
#76 grim: You know the analytics far better than I do. Interesting all around. We have pretty much decided on MP. It does not meet all of our criteria, but it comes close. It will take some getting used to as it is a little more countrified than Brigadoon. Now of course the trick is finding something suitable. We have a backup plan if we have to vacate our current rental. So we will wait until something pops up in MP.
” I guess he is saying a little more. Looks like another refi may be in order for you.”
Yeah…I guess I was wrong about what he would say.
I just hope I can refinance into my 15-year before I have less than 15 years to go on the loan. Currently I’m just under 19 years to go.
I hope everyone who bought gold has not sold any recently. We are looking at $2k shiny by the end of the year.
lib (97)-
Dempsey’s out of shape. I’d wait for him to get match fit.
Harp has eligibility dates, correct? How can you refi a second time? Wouldn’t the new origination date disqualify you?
With the money they get paid, how the heck can these guys fall out of shape?
And Grim is right about Hamp 3. If you refinanced after mid 2009, no Hamp for you. Believe me, I tried.
Harp…damn.
Wake me up when Google and Apple reach $1,000. Figure just before Christmas.
June 1, 2009 date that your mortgage was sold to Fannie and Freddie still stands. I red on 3.0, plans were you can refinance again ,where in 2.0 they only allow you once.
HARP 3.0 : Help For Non-GSE Mortgages
HARP 3.0 is not yet passed (and may never pass) but momentum for some version of a HARP 3 program is growing. It makes for some interesting talk. HARP 3.0 would target homeowners whose mortgages are specifically not backed by Fannie Mae or Freddie Mac.
This is a big deal because, although the Fannie Mae-Freddie Mac-FHA triumvirate controls more than 90% of today’s new mortgage originations, that wasn’t the case from 2001-2007. Last decade, non-GSE lending was a major part of the U.S. housing market.
For example, Alt-A mortgages accounted for 27.5% of mortgage originations in 2005. Today, each of these homeowners is locked out from HARP. HARP 3.0 would allow these Alt-A customers to (finally!) refinance their home loans.
In addition, there were lots of “A Paper” mortgages that went to sub-prime investors last decade because, at the time, the sub-prime market offered lower mortgage rates than the conforming market did. Ludicrous, but true. Conforming, 30-year fixed rate mortgage rates were 5.50 percent in mid-2005.
By contrast, sub-prime 30-year fixed rates were just 5.25%. Which would you have taken?
And, lastly, HARP 3.0 would help homeowners with jumbo mortgages that, in today’s market, would not be jumbo mortgages.
Last decade, before conforming loan limits were raised to $625,500 in “high-cost areas” throughout California, Virginia, Maryland, and New York, for example, homeowners who bought or refinanced were relegated to non-conforming loan products — loans that met typical underwriting guidelines but that were too big for Fannie Mae or Freddie Mac to purchase.
After home values fell, although their mortgages met Fannie Mae loan standards; and, although their mortgages were within Fannie Mae loan limits, these homeowners were unable to use HARP 2.0 because their mortgages weren’t backed by the government. They were held by a bank, such as Wells Fargo or Bank of America.
With HARP 3.0, these “high-cost”, jumbo homeowners would get the chance to refinance.
HARP 3 Candidates
We don’t know when HARP 3.0 will be made official (if ever). Nor do we know who will qualify for HARP 3.0 when it’s passed. However, based on HARP history and talk from Washington, D.C., we can fathom a few guesses.
Here are a few “borrower types” that HARP 3.0 is expected to target :
A self-employed person who used stated income loan for the original mortgage, and can verify their current income via federal tax returns
A “prime” borrower who used a sub-prime mortgage because mortgage rates were lower and/or fees were less as compared to a conforming one
A jumbo mortgage homeowner who lives in a “high-cost area” whose original mortgage was for between $417,000 and $625,500
A wage earner who used a stated income and/or stated asset mortgage for convenience
Sub-prime borrower who has paid mortgage as agreed and can verify income and assets
An Alt-A borrower whose FICOs were low at date of origination, but have since improved
There are literally millions of U.S. homeowners who would meet HARP 3.0 eligibility standards, opening today’s low mortgage rates to all of them.
http://themortgagereports.com/8910/harp-3-harp-2-for-alt-a-sub-prime-jumbo-non-conforming-mortgage
Just need HARP for non-Fannie Freddie owned mortgages and I finally get my pony.
yo says:
September 13, 2012 at 1:00 pm
Bring on HARP 3.0. No more limit how many times you can refi through HARP
Read post #121 this might answer your question
bagholder Brian says:
September 13, 2012 at 1:39 pm
Just need HARP for non-Fannie Freddie owned mortgages and I finally get my pony.
Mikewaited (#6, etc.)
I was also initially confused by the $250 psf price quote, thought maybe your guy paves with silver? Anyway, $2.50 seems more reasonable. I am going to get a couple of quotes from local guys and see how they compare but if they come in high, I might want to get some contact info from your guy.
Lib (#59)
On Wayne Patch, some guy posted a review saying Williams does the old “we got extra materials” scam knocking on your door to see if they pave your driveway. Could just be a competitor planting BS I suppose.
Anyone familiar with Lou Porchetta or Oliver Howarth? I have seen they do a lot of work in the Cranford/Scotch Plains/ Westfield area but I don’t know if that makes them good or if it just means the homeowners who don’t have time to call around see the sign and hire them without getting bids.
Mike – resend the number, was missing a digit
Ben put the last nail in the coffin.
250K…
William’s Paving does do that. It’s smart business. It costs a lot to bring a truck of asphalt out to your site. Why not try to offload the rest of the materials (and use the day labor) on your neighbors. When they did my driveway, they also did two others by knocking on doors. If it saves me money, why not? The other quotes I got were all double and sometimes more than what William’s charged. Why would I want to pay double to avoid them selling their service to my neighbors. They did a fantastic job too. Was recommended to them by my racist/ignorant Italian barber.
Stu,
You get your hair cut at the place next to the hot dog joint on Broad?
Watching the Bernanke press conference. Experienced journalists asking the stupidest questions. I can only imagine that Bernanke feels he is giving a lecture to high school juniors.
Pete,
I don’t have a lot of hair. But yes.
Alot of the asphalt guys have been door knocking, repaving a driveway doesn’t rank high on a recessionary to-do list.
Most will set up shop in the neighborhood and try to line up enough jobs to keep them busy for the week. They’ll truck in their equipment once and move it from driveway to driveway every night. They can usually keep the dump running all day picking up loads and dropping the tear offs back for recycling (they get paid for your old driveway). Lots of time and diesel saved not having to truck around every day.
This isn’t the same as the “extra materials” scam, or the sealcoating scam. If anyone ever rings your bell looking to sealcoat your driveway, slam the door.
Those guys have some pretty bad Google reviews though (https://plus.google.com/107915784026556734702/about?gl=US&hl=en-US)
Bernanke acknowledges that investors are facing low returns as a result, but that the low rates needed to sustain a recovery and strengthen the economy help home prices and households and businesses alike, and that “healthy investments cannot be sustained in a weak economy.” Mr. Chairman says that while low interest rates clearly bear some costs for investors, “Americans will ultimately benefit” from this no-rate regime.
Well if open ended QE isn’t the last card in the deck what’s left? Buying plasma?
Stu, ha I figured as much! I went there once ever and he was dropping racist comments within 5 minutes.
another war they are always good for the economy
If he ever found out I was a Jew, I wouldn’t be able to trust him with the razor.
lib (127)
grim (131)
>>Alot of the asphalt guys have been door knocking…
It might be smart business on their part but doesn’t give me the warm fuzzies. I want someone to come in and really evaluate what needs to be done. I need to walk around with someone, show they where water currently pools when we get anything more than a heavy drizzle and get some assurances that they can grade the driveway properly to get water away from the garage and house.
Yeah, there is moss growing on my driveway and weeds out of the cracks and I want that taken care of but its not just cosmetics I am trying to fix. Also trying to prevent future damage to the foundation of my home. I just can’t see telling someone who knocks on my door to go ahead and pour their steaming asphalt on top of my cruddy driveway.
I thought you had to let a driveway settle after they remove the old top for a few weeks anyway before they repave? I have to read up more on this but have yet to find THE place to learn about it.
Grim sorry resent number.
250k – OK, just give a shout.
The Morman project has located all Jews and have already secretly baptized you as a morman. So get to work on Monday
Libtard in Union says:
September 13, 2012 at 3:22 pm
If he ever found out I was a Jew, I wouldn’t be able to trust him with the razor.
Funny story talking to a guy about buying his house told me his neighbor is very good, lots of jews and us jews are good at keeping the lowlifes out. Also mentioned he had a buffer zone to the left of ortodox jews in next town and town after that working class italians. He said the welfare mamas have to make it past the Itlalians and the orthodoxn jews first before they get here and at that point if I have to I will hold them back at gun point.
I go so you must be the best town around, he goes second best, to the right I have the blue collar catholics which we are much better than, and town after that the rich catholics. The rich Catholic town goes for the most money, I go how come, he says with a laugh, no jews.
I love house hunting the stories you hear.
Libtard in Union says:
September 13, 2012 at 3:22 pm
If he ever found out I was a Jew, I wouldn’t be able to trust him with the razor.
#132 Low rates will not help home prices, if people do not have good jobs. Just saying.
[129] redux
I have to qualify my remark. The foreign journalists actually asked questions that suggest they know something about the subjects being discussed.
The american journalists asked political questions or “gotcha” questions that were either disingenuous or reflected the questioner’s idiocy.
*************
This whole episode reminded me of my favorite interview where a reporter got their comeuppance for asking dumbass gotcha questions: Many years ago, the Supreme Court was under scrutiny for not having many black law clerks. At the time, Scalia never hired one. A reporter was chasing him through a parking lot and aggressively berating him about this (overly aggressive according to liberal law prof Frank Wu), and asked “why haven’t you hired any black law clerks?” He tersely replied “Why do you think?” The next question left me agape: As he walked away, she shouted (in a severely accusatory tone) “Isn’t it true that you hire on the basis of merit?” He stopped, turned around, stared at her with an exasperated look that said “Are you F’ing kidding me?” and replied emphatically “YES”, then turned and walked off.
It was a stunning rebuke by Scalia. I remember his manner very distinctly. The reporter just stopped right there, knowing she had asked a riduculous question from which there could be no attack.
And here’s the interesting thing. Aside from Frank Wu’s partial recollection in 1998 (in which he lambasted the court for not having criteria that insured more minorities), you cannot find this interview, or any transcript of it, anywhere on the web. I saw it, and had Prof. Wu not mentioned it in his article, it is as if it never existed.
3b how much lower are they going to go anyway. Once this level becomes the norm it is no longer stimulative. As you know I agree on the jobs also.
[139] JJ,
Well, that explains something. Suddenly one year, I had this urge to ski only in Utah. Musta been baptized or something.
#143 Mike: Not that I ever would have thunk it, but it seems to be that Mr. Bernake is trying to get 30 year mtg rates below 3%!!! But you still need a job; a good paying job.
Nom with your last name I couldn’t imagine you being jewish unless your forbears were orignailly from Al Andalus
The Economist published recently on the non-effect that lower rates have had on unemployment so far…..the figure opening the article is pretty convincing
http://www.economist.com/node/21562177
And, BTW: rates were low before Obama took over….Bush did it!
[142] errata.
Seems I recalled the interview but not the exact wording correctly. Interestingly, I was able to find a reprint of an article covering the event on a nigerian discussion page. The reprint included the dialog and it went like this:
In a CBS News report on the court’s clerk-hiring practices, another deep
> emotion came into view.
>
> CBS producer Stephanie Lambidakis, frustrated by the court’s refusal to
> comment on the controversy for her report, approached Justice Antonin Scalia,
> with microphone in hand and camera in tow, after the Roman Catholic Red Mass
> on the day before the court’s term opened. Scalia is one of four justices who
> have never hired a black law clerk. (The others are Chief Justice William
> Rehnquist and Justices Anthony Kennedy and David Souter.)
>
> Why, she asked, has Scalia never hired a black law clerk? Scalia angrily rose
> to the bait. “Why do you think?” he spit out and walked away.
>
> What should the public know about his clerk-hiring process, Lambidakis asked,
> pursuing the justice. “They should know that it is rigorously fair,” said
> Scalia, turning to face her directly. “That I hire the best and brightest that
> I can find.”
>
> Then came her zinger: “Without regard to race?”
>
> Repelled, Scalia walked away and said with disgust, “Of course, without regard
> to race. Of course, without regard to race.”
Three takeaways from this research:
First, I found the article that the nigerian discussion board reprinted. It did NOT contain the dialogue, and actually made it sound like Lambidakis was rudely prevented from doing her heroic journalistic duty.
Second, other nonverbatim accounts of the dialogue include a question from Scalia where he asked the reporter if she knew how many minorities applied to work for him. She did not know.
Third, and this is noteworthy because most people will draw the wrong conclusion, Scalia hired a black law clerk shortly after this interview. Why is that noteworthy? Because law clerk candidates are often selected one to two years in advance, so when Lambidakis was accosting Scalia about not hiring minorities, he probably had already made an offer to this particular clerk for a future term.
I know it is off topic, and a bit of a ramble, but there are several lessons to be learned here.
[146] pain,
¿Que?
At this point if low rates played a role in home sales they’d be through the roof. They’ve helped slow price depreciation but that’s about it. I don’t see how anybody who needs to refinance hasn’t done so and doubt the impetus is there to refinance again when any drop of rates is going to be miniscule.
Keep in mind in the mormon conversion system jews and roman catholics are worth more points. They are considered harder to convert. So they are worth more.
Jews are worth more points then Mormons or Catholics in the Muslim Kill system.
Re#103 Ann- I am starting to see a lot of renovations going on in my neighborhood. People seem to be setting in for the long haul and doing those projects that were on their list. Staying put.
Spot on Ann , my renovation business is completely booked until next July.
The way I see it, instead of losing any money in the $75k range on the house, I can just fork over that sum in the form of private school tuition. Chose where I want to send my kid, stay in a house that we like well enough. Save the additional cost of moving and pay for another year of tuition instead of gambling on another town.
Am I the only one trying to figure out the arbitrage opportunity between 153 and 154.
Load up on mortgage spread product……
yo says:
September 13, 2012 at 12:37 pm
$40 billion a month OPEN ENDED bond purchasing.Load up on 10 year treasuries?
Seeing a 2.625 15 year conforming with some fees.
Load up on lead. Shalom just locked in Armageddon.
Now, as the principle of the Ratchet Effect will prove, the duration and intensity of result from Q3 will be de minimis.
The junkie is all played out. He’s now got nothing but collapsed veins, and it takes massive doses of smack just to keep him nodding for a few hours.
We have entered the endtimes.
“From now until they have all 6+ trillion of MBS on their balance sheet. The Fed is all in. There is no going back now.”
QE to infinity. Congrats to Jim Sinclair and NJrereport for yet another correct prediction.
Did anyone post this????
HEARD ON THE STREET
September 11, 2012, 6:10 p.m. ET
Sellers’ Remorse Hinders Housing Market .
By JUSTIN LAHART
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.
Against that backdrop, it is hard to see why the Federal Reserve needs another round of quantitative easing to try to push mortgage rates even lower. Not least because having people lock into such low rates could cause problems if rates ever normalize down the line and people don’t want to give up their supercheap, fixed-rate mortgages. But the Fed is likely to see that as a problem for another day.
Bullion going to new highs shortly. Get ready for the moon shot.
So it looks like the Fed’s balance sheet is going to double by the end of 2013!
Wow!
Renters better get some assets. That pile of fiat is going to go up in smoke!
Nice call 3b, 154 Highland is gone
#166 Nice call for you too grim you said it would go UC by the weekend, once you checked it out. I am not surprised really nice house, (low taxes considering it is all redone), good/decent schools (whatever that means today, and 77 on th NJ Monthly Magazine survey). So all in all I would say the buyers got a good deal. And of course it was listed for almost less than 100K than what the owners paid for it in 2004!!!
So I got the combined estimate for deck + minor bath remodel today. Job is: tear down ceiling in 5 x 7 bathroom, install exhaust fan and vent to outside through soffit, clean out or replace pipe from upstairs tub directly above, install new ceiling. patch hole in wall, remove old vanity, toilet, medicine cabinet. Patch wall where necessary, install new cabinet. Move electrical box for light and install light. Demolish old tile floor, install new subfloor and tile. Install new vanity, re-install old toilet. Replace 6 interior doors, 3 with prehung, 2 as slab with new trim. (Doors are included in estimate.) Build 10′ x 16′ deck (2nd floor level) on posts set in concrete 36″ deep, cellular PVC decking (Solstice/Clubhouse and Azek railing, 2-tier steps. Total estimate: $15.5K. I’m providing the vanity, tile, light, fan, and medicine cabinet which cost me about $900 and are sunk costs already. Is this price insane? It sounds maybe a couple grand high, but so far the guy has been polite, reliable with communication, and referred by someone I know. I’m willing to pay for peace of mind.
Jill sounds high, but you have already made up your mind.
Ernest Money,
Found this over on the Market Ticker, thought you would like it:
http://www.youtube.com/watch?v=44h8QQdcymE&feature=player_embedded#t=0s
[142]Nom – There are a handful of stories, relatively big stories, that I have first hand knowledge of and there were corresponding newspaper articles on same. I’m equally astounded that I can find nothing on the web on these particular stories. One of these days I’m going to wander into a library that has microfiche of the Newspaper articles I know I read and see if they still exist there. Astounding.
And here’s the interesting thing. Aside from Frank Wu’s partial recollection in 1998 (in which he lambasted the court for not having criteria that insured more minorities), you cannot find this interview, or any transcript of it, anywhere on the web. I saw it, and had Prof. Wu not mentioned it in his article, it is as if it never existed.
Mike: How much too high?
Do you have someone who’s good who might do it for less and take care of all the permits?
I’m waiting for a 0% interest only mortgage before I trade up. That gives me a little time to figure out what to do about the cost of property taxes, utilities, and maintenance.
Jill 2/3 grand by my est. , I will check around.
Jill Bergen County right?
[Ridiculously OT Alert]
George Graham Vest would have wept.
http://news.yahoo.com/blogs/sideshow/dog-stands-guard-over-deceased-owner-grave-six-190556479.html
#26 Rude
In every campaign, there’s a moment you know it’s all over.
The moment I knew it was all over was back in 2007 when McC\P ticket started coming apart at the seams. I posted back then that if O made it the day after Election Day. (I was 50/50 on him actually wining), the D would hold the presidency until 2020. That play is still running out to plan.
The GOP made a major mistake in allowing the formation of the Tea Party. They knew it was not a grass roots movement, but saw the benefits of letting it off the leash to go after Health care reform. I’m sure they salivated at the images of the disrupted town halls with all the shouting down. The big problem is that that they could not put the genie back in the bottle and they now have to answer to Jafar.
From the primaries, no real candidates stood up. Huckabee would have put up the best challenge, but he decided not to run. From the ones that did go, Huntsman was the only true threat to O. Mitt was a flawed candidate, but showed that money can put lipstick on a pig.
I do not see any deviation in my call on how this election will go down. Mitt will take the 35% that will vote the right; O takes 35% that makes up those that will vote the left. The fight is for the rest. There are 30% of those that will vote the center or stay home. Of the ones that will vote and actually matter (OH, FL or PA) , O is leading.
In the city tomorrow, interview in lower Manhattan for a project. Will prove interesting if I win the work insofar as it will make for a b1tch of a commute.
Fabius 182 Hope your wrong but I mostly agree with you.
Nom b*tch ain’t the word.
[182] fabius,
What matters more to me is what happens on the following Wednesday. O is suspected of holding back; his progressive supporters feel like they got thrown under the bus, and the right is deeply suspicious that he will come to his acceptance speech in a Mao jacket. What little he has accomplished has been too insignificant to matter or deeply flawed. The only perfect, acceptable-to-all thing he has done was to give a no-brainer of an order to kill UBL.
So do we see the centrist that the dems argue he is, or the psuedo-socialist that some on the left yearn for, and those on the right fear?
One thing is certain. If it is the latter, he will have screwed Hillary’s chances in 2016. Not everyone that votes for him wants left-wing, red meat hope and change, and those voters will abandon the dems in droves, just as they did in 1980, especially if the right can tie the ever-increasing cost of everything to his policies.
[185] mike
Sadly, it is a commute with which I am well acquainted. Commuted between Philadephia and DC for a year on Amtrak (weekly, down on a Monday, back on Friday), and between Philadelphia and NYC three days a week for 9 months. There was also a year between Trenton and Philly; not really long unless you are on SEPTA local trains, then it was as long as Amtrak to NY.
Oh, and a year between Philadephia and Newark on Amtrak, daily.
Almost forgot that one.
[182] fabius,
In the future, I think that the elections will be about jobs and the target voters will be the U6 voters. I see nothing on the horizon that will put people back to work. Stimuli have historically never primed the pumps, they just produced sugar highs. No, unstable as they were, our economic booms over the past 30 years were produced or sustained by bubbles–Defense and tech, post-tech capX, internet, dot-coms, finance/housing, and now a mini-boom in energy. Nowhere is there steady manufacturing growth exported to the world as there was in the 50’s and 60’s.
I said before that Obama needs protectionism or another internet bubble. Barring that, I guess we should bomb our competitors back to the Stone Age again.
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Personal Rate of Return from 01/01/2012 to 09/13/2012 is 17.2%
My 401k I rocking thanks Big Ben. I like that Barrons cover story home prices may rise 10% over next three years. Big Deal. Isnt that like six months of stock gains.
I love the smell of a bull mkt in the morning. Wait till Feb 2010, 2011, 2012 stock grants start vesting going to be a hampton house and shore house buying extravagenza.
Brian will soon be sitting on one million in Reaology stocks and a 250K base
CHIFI, just admit it, you called the death of the junk bond rally like two years premature. I cant believe you questioned my GMAC, American General, Zions, Bank of America, Istar, Reology bond purchases back in 2009-2011. They are all trading above par. Sorry, just have to give myself props for Breaking Bad. Mad Props. BTW closing in on two million in trading accounts. Sadly folks just starting to look for yield will get burnt big. I aint selling though. I was not smart enough to load up on Bullet Bonds and have a lot of Kicker bonds. I will just keep puting it into real estate and stocks and my Kickers get called. Afraid to start widespread selling as no clue what is getting called. But party on like 1999.; only rich people and nearly rich people. Obama and Ben wiped out poverty in under four years. God Bless them.
chicagofinance says:
September 13, 2012 at 6:39 pm
Load up on mortgage spread product……
yo says:
September 13, 2012 at 12:37 pm
$40 billion a month OPEN ENDED bond purchasing.Load up on 10 year treasuries?
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