NJ Foreclosures up 140%, does it matter?

From the Record:

Foreclosure filings rise in NJ

Lenders continued to ramp up foreclosure activity in New Jersey last month, as mortgage companies worked through the backlog of cases that piled up in the wake of accusations that lenders were abusing homeowners’ rights in a rush to evict.

Foreclosure filings climbed 140 percent in the state in October, compared with a year earlier, according to RealtyTrac. That increase was the biggest nationwide. For the U.S. overall, foreclosure filings slid 19 percent from a year earlier.

Yet New Jersey’s foreclosure rate remains well below the national pace. In New Jersey, one in every 1,200 households got a foreclosure filing in October, compared with one in every 706 nationwide. RealtyTrac counts all filings that are part of the foreclosure process, from the lender’s first notice that the homeowner is in default to sale of the property at sheriff’s auction.

This entry was posted in Economics, Foreclosures, Housing Recovery, New Jersey Real Estate. Bookmark the permalink.

154 Responses to NJ Foreclosures up 140%, does it matter?

  1. grim says:

    From HousingWire:

    Housing recovery under way, but lending still too tight: FOMC

    A housing recovery appears to be under way in the U.S., but the market has yet to fully recover with lending still too tight and the rapid pace of refinancings creating backlogs, the Federal Open Market Committee said in its latest meeting minutes.

    The committee members generally expect the nation’s economic recovery to remain moderate in the coming quarters.

    Still, they noted a general sense of optimism around housing with home prices and sales rising along with new construction. However, financial firms remain challenged by a stream of new refinancings that outpace current capacity levels.

    The momentum in housing is generally driven by low interest rates and higher demand, but the market is still below ideal levels, the FOMC meeting minutes suggest.

    “These participants also noted that underwriting standards remained quite tight, particularly for borrowers with lower credit quality,” the minutes said.

  2. grim says:

    From Bloomberg:

    Sandy-Swamped New Jersey Leading Foreclosures: Mortgages

    Foreclosure filings surged in New Jersey, New York and Connecticut last month, even before those three states bore the brunt of superstorm Sandy that now has homeowners digging through the debris.

    Default, auction and repossession notices increased 140 percent in New Jersey, 123 percent in New York and 41 percent in Connecticut from a year earlier, the biggest annual gains among U.S. states in October, RealtyTrac Inc. said today in a report. Foreclosed properties in counties affected by the storm were valued at $41 billion, the company said.

    “There will be a huge increase in delinquency because of job loss,” Phyllis Salowe-Kaye, executive director of New Jersey Citizen Action, a homeowner counseling agency based in Newark, said in a phone interview. “There are whole towns where businesses have been wiped out, and people worked in those businesses.”

    New Jersey home prices were the third-worst performing among U.S. states in September, down 1.8 percent from the previous month, according to Irvine, California-based CoreLogic Inc.’s index of residential values. Delinquency rates will spike in the wake of Sandy, a “big negative” as the state struggles with defaults and record unemployment, Deutsche Bank AG said Nov. 7.

    “You will see delinquencies spike after any major widespread weather event and this is as widespread as they get,” Abrahams said in a telephone interview. “The question is whether this represents a long-lasting credit impairment, or a temporary interruption of normal payment patterns. My guess is that the bulk will be temporary interruptions.”

    Lenders may be slow to add foreclosed properties to the market in New Jersey while they “wait to see how things settle,” said Joseph Seneca, professor of economics at the Edward J. Bloustein School of Planning and Public Policy at Rutgers University in New Brunswick.

    An initial blow to the local economy and housing market because of lost income and property damage is likely to be followed by the rebuilding of houses, businesses and infrastructure that will then provide a boost, he said.

    “It’s a mixed bag,” said Seneca.

  3. grim says:

    Wonder how many folks are trying to defraud FEMA by claiming their shore houses were their primary residence. From the article above:

    Forst and Gambert had no insurance coverage for the interior contents estimated at more than $50,000. He expects the Federal Emergency Management Agency to deny his claim for assistance because his driver’s license and other documentation show his primary residence to be in Newark.

    I can tell you that I know one person that is attempting to do so. They are claiming that their shore house is primary, but that their drivers license and car registrations were still kept out of state so that they could pay a lower car insurance rate.

  4. yome says:

    Is there not a penalty for knowingly defrauding a Federal agency? Or knowingly to commit fraud for that matter. Is it time to start enforcing the law?

  5. yome says:

    Euro area slips back into recession. I did not know they even got out of recession. Austerity is a bi*ch.

  6. grim says:

    Let’s take a look at the October REOs for BC:

    743 Edgewater, Ridgefield Park
    11 Garwood, Garfield
    409 West Saddle River, USR
    17 Wilson, North Arlington
    3-15 Bergen Ave, Fairlawn
    27 Saddle Ranch, Hillsdale
    635 Plympton, New Milford
    1 Buckingham, Old Tappan
    122 Church, Lodi
    303 Hirliman, Englewood
    138 West Hudson, Englewood
    30 Garden, Little Ferry
    45 Kaufman, Little Ferry
    45 Essex, Hackensack
    87 West Passaic, Rochelle Park
    236 Martha, Elmwood Park

    That’s it for October REOs. Any gems in here?

  7. can i AX a question? says:

    ain’t this guy funny?

    @mattyglesias: Was hoping for an iPad Mini from Obama, but will have to settle for universal health insurance coverage. #obamagifts

  8. Mike says:

    Good Morning New Jersey

  9. Mike says:

    3 Friend just got divorced and got the shore home in the settlement which was destroyed and was staying there during the course. Having a hard time also because his mail (driver’s license) was all being fowarded to his place of business

  10. Mike says:

    Affordable Housing The Christie Administration wants to change the rules by requiring one or two affordable units be provided for every five homes developers build from normal consumer demand

  11. grim says:

    Morris any worse off? October closed sheriff sales:

    97 Upper Hibernia, Rockaway
    17 Sharon, East Hanover
    73 S. Main, Wharton
    322 S. Main, Wharton
    1487 Topside, Wharton
    96 Summit, Denville
    77 Lozier, Mount Olive
    59 Eyeland, Succasunna
    17 Chesler, Roxbury
    109 Orben, Mount Arlington
    53 Oram, Dover
    245 Riveredge, Chatham

    140% of what?

  12. grim says:

    Found a few up by Mikey in Sussex..

    45 Lee, Vernon
    3 Division, Vernon
    200 Rt 94, Vernon
    645 Canistear, Vernon
    153 Coons Den, Vernon
    136 Glen Road, Vernon
    25 Stanhope, Sparta
    87 Hunters, Sparta
    308 Rt 206, Sandyston
    50 Valley View, Wantage
    406 Rt 565, Wantage
    30 Newton-Sparta, Andover
    300 D Lakeshore, Montague
    35 Main, Franklin
    40 Roosevelt, Hopatcong
    539 Brooklyn Mountain, Hopatcong
    296 Falcon Ridge, Hamburg
    46 Elm, Newton
    22 Young, Stanhope

  13. Fast Eddie says:

    The committee members generally expect the nation’s economic recovery to remain moderate in the coming quarters.

    I generally expect people to moderately consume oxygen and water to some degree. How’s that for hardcore data.

  14. Peace, Love, Dope says:

    13 – The Foxification of the Yankees?

    Michael Kay will be required to twist himself into a pretzel every night telling you how even though it looks like the Yankees got spanked they actually won.

  15. Peace, Love, Dope says:

    …or if it wasn’t for all those Venezuelans, Dominicans, Puerto Ricans, etc on the other teams the Yankees would have wrapped it up in August.

  16. grim says:

    Sandy smashes jobless claims, up to 439k.

  17. Anon E. Moose says:

    Dope [15];

    The Foxification of the Yankees?

    Hitting the blue bong a little early this morning, no?

  18. Anon E. Moose says:

    Con’t [18];

    True believers like you wouldn’t know a critical press if you had one. First question at Obama’s presser yesterday: “Congratulations — I’m like your biggest fan and like have been following you since like Illinois, and I like close my eyes when something I don’t like happens, like you losing your first election…[pant, pant]”.

  19. Fast Eddie says:

    DENVER – It’s settled. Pot, at least certain amounts of it, will soon be legal under state laws in Washington and Colorado. Now, officials in both states are trying to figure out how to keep stoned drivers off the road.

    Lol. The face of a new, progressive nation.

  20. joyce says:

    Explain this please

    167.Fabius Maximus says:
    November 15, 2012 at 7:34 am
    “they are far from perfect.” Always the excuse given.

    And on the otherside there is “We know Bush was a bad president, but …”

  21. joyce says:

    Is that a serious question?

    4.yome says:
    November 15, 2012 at 7:34 am
    Is it time to start enforcing the law?

  22. joyce says:

    When did the United States (without whatever you claim is “austerity” being tried here) ever get out of recession?

    5.yome says:
    November 15, 2012 at 7:38 am
    Euro area slips back into recession. I did not know they even got out of recession. Austerity is a bi*ch.

  23. yome says:

    Joyce, is it that time of the month?

  24. joyce says:

    Fast Eddie,

    Outlawing non-violent behavior is the mark of totalitarianism.

  25. Fast Eddie says:

    joyce,

    You missed the point. :)

  26. joyce says:

    I’d love to ask you that question as well but you say non-sensical things multiple times daily.

  27. joyce says:

    Fast Eddie,
    I understood your point and that it was meant in jest, mostly. I just happen to think that repealing laws, especially horrific laws, are a phenomenal thing that should be encouraged.

  28. yome says:

    Time to close the doors Joyce is the only one that make sense

  29. Peace, Love, Dope says:

    20 – I am sure they will get to it right after they figure out the same for drunk drivers…which is…never.

  30. Peace, Love, Dope says:

    “As we get older and stop making sense
    You won’t find her waiting long
    Stop making sense, stop making sense, stop making sense, making sense”

  31. joyce says:

    (30)
    seif,

    Not trying to drop any “bombs” on you, just very curious. How would you change the enforcement/penalties/etc from the current DUI laws? More, less, up, down, left, right..etc ?

  32. Peace, Love, Dope says:

    32 – not sure I would. they definitely help curb drunk driving – especially with the harsh penalties for 2nd and 3rd offense. my point was that it won’t be stopped, nor will high driving.

    “the stop making sense” is a talking heads lyric that fit what yome wrote, not directed at your statement. i am all for repealing laws against non-violent behavior that “hurts” no one but the individual.

  33. Fast Eddie says:

    New Jersey home prices were the third-worst performing among U.S. states in September, down 1.8 percent from the previous month, according to Irvine, California-based CoreLogic Inc.’s index of residential values.

    I can’t imagine what will happen if the inventory around here picks up to any degree. The handful of sh1t sitting out there now is going nowhere. With no job and salary growth, this area will drift down to sideways for a long time. Interest rates will start rising before any strength in the housing market gains steam. And when it finally does, those rising rates will keep prices depressed. To quote BC Bob, it’s a long walk home.

  34. 3B Buying says:

    #1 Lending too tight based on what?

  35. 3B Buying says:

    #23 True.

  36. Libtard in the City says:

    Drunk driving laws are fine. As long as you’ve paid your $200 annual to the fraternal order of police and you don’t get into any serious accidents involving someone besides yourself, you can drive drunk all you’d like. Baa Baa!

  37. joyce says:

    I completely agree it won’t be stopped. I’m a fan of no prior restraint in everything (I doubt many would agree with that) as long as there is no violent behavior.

    33.Peace, Love, Dope says:
    November 15, 2012 at 9:31 am
    32 – not sure I would. they definitely help curb drunk driving – especially with the harsh penalties for 2nd and 3rd offense. my point was that it won’t be stopped, nor will high driving.

    “the stop making sense” is a talking heads lyric that fit what yome wrote, not directed at your statement. i am all for repealing laws against non-violent behavior that “hurts” no one but the individual.

  38. 3B Buying says:

    #17 grim” It looks to me to be more than Sandy caused the increase in numbers.

  39. Fast Eddie says:

    3b [39],

    What other factors caused the increase?

  40. Jill says:

    3b: #355 Fern St. in WT just went on the market @ $379,900. 3 BR/2BA ranch, corner of Lincoln Avenue, north off of Ridgewood Road about 1/3 mile east of the high school. Open house Sunday 1-4.

  41. 3B Buying says:

    #40 Fast More layoffs,, apparently the increase in claims for NJ and CT were not as large as would be expected after Sandy.I think numbers will be volatile for a while going forward. On a purely unscientific note wvery one I know is looking at a year yet of again of little to no raises, and increses in health costs. Perhaps the clean up rebuild from Sandy may help unemployment, but not as much as one night think.

  42. 3B Buying says:

    #41 Jill: Thanks. Maybe we will take a look, since there is nothing else around. May still bid on that ugly one in RE that needs work. We are back and forth on it.

  43. Peace, Love, Dope says:

    tweet

    Barry Ritholtz
    @ritholtz
    When opponents live in an artificial world, their bubble is your greatest ally. Take their money in markets, beat them in elections

  44. chicagofinance says:

    Subject: Dinesh D’Souza

    ‘Of all things, to live in darkness must be the worst.’ -Young Caine
    ‘Fear is the only darkness.’ -Master Po
    ‘Never assume that because a man has no eyes, he cannot see.’ -Master Po
    ‘Close your eyes. What do you hear?’ -Master Po
    ‘I hear the water. I hear the birds.’ -Young Caine
    ‘Do you hear your own heartbeat?’ -Master Po
    ‘No.’ -Young Caine
    ‘Do you hear the grasshopper which at your feet?’ -Master Po
    ‘Old Man, how is it that you hear these things?’ -Young Caine
    ‘Young Man, how is it that you do not?’ -Master Po
    http://www.youtube.com/embed/rEM4NKXK-iA

  45. 1987 Condo Buyer says:

    #13..not sure I understand your comment. Looks like Newsday is buying the current stake already held by Goldman.

  46. Libtard in the City says:

    Newscorp/Yankees thing is really not that big of a deal. Fox already owns a sh1tload of sports networks. I think the comment was made tongue in cheek.

  47. 3B Buying says:

    #47 Lib: On a different topic. We are planning to go to Naples Fla in Feb. For any deals should I book now, or wait to closer to Feb? You are the expert on this stuff!

  48. Jill says:

    #43: You might want to look at the Retro Renovations blog before demolishing that wine-and-gray bathroom. There are people who would kill to have an original bath like that. Even I have been converted somewhat; I am keeping my black-with-seafoam-green-trim bath and putting in a black-and-white octagon-and-dot floor, a vintage medicine cabinet and craftsman-style lightbar. Yes, I’m mixing my eras but I think it’ll work.

  49. 3B Buying says:

    #40 Jill: I like that combanation you are considering. For us at this point we just wnat to find a place to live.

  50. Libtard in the City says:

    3b…

    Fly the whole family for free. Take advantage of the Southwest credit card offer. Unfortunately, you’ll have to drive to Islip or Hartford for a direct flight! :P

    This one’s tough. I would watch Delta from LGA like a hawk. If you can get the airfare for $200 per person or less, jump on it. If you don’t have lots of bags, Spirit (short enough flight to endure the cruddy service) out of AC when they run their frequent specials would be smart too. Plus cheap parking and ease of travel out of tiny AC international is a no-brainer.

    Best you’ll ever find is $150.

    Winter to FL is expensive. If you find that $200 deal, I would jump on it.

    Spirit has Total Due$177.58 and with one of their $29 off deals you get that $150 price.

    Good luck.

  51. Sima says:

    #42 But those lucky stiffs (“every one I know is looking at a year yet of again of little to no raises, and increses in health costs”) have real jobs with real benefits.
    Just saying….
    Contract workers would love to have even one paid holiday or one Hurricane Sandy day when companies were shut.

  52. Happy Renter says:

    [17] “Sandy smashes jobless claims, up to 439k”

    Yeah sure, it’s Sandy’s fault. It’s not because the election is over or anything like that.

    (“Pennsylvania and Ohio reported big jumps in initial jobless claims for the week of Nov. 3.”)

  53. 3B Buying says:

    #52 The new normal. bad and less bas, but still bad.

  54. 3B Buying says:

    #51 Thanks Lib!

  55. The Original NJ ExPat says:

    [20] gary – that made me chuckle. When my buddies and I would take road trips from Rutgers they wouldn’t let me drive when I was straight as I would scare the hell out of them with my propensity for high speed. Properly altered, I was a perfect autopilot. I would frequently hear “ExPat’s speed is picking up, better roll another one.”

    DENVER – It’s settled. Pot, at least certain amounts of it, will soon be legal under state laws in Washington and Colorado. Now, officials in both states are trying to figure out how to keep stoned drivers off the road.

  56. Jill says:

    3b #48: Where in Naples are you looking to go? My father lives there and I have been there a bunch of times. Have you found a hotel yet? If you want to go cheap-cheap, the Gulfcoast Inn is a great little find. We stayed there last Christmas because my DH doesn’t like to overdose on family. They have a really fun outdoor sports bar with good burgers and a nice pool. The bar gets a lot of local clientele — old Jimmy Buffett types. You have to drive to the beach or take a bike but it is close. Wiggins Pass is a nice beach; you have to pay to park.

    Vanderbilt Beach Hotel is an older hotel right on the beach. It is smaller than it used to be because they sold off half the property to the builder of the big high rise next door but it is comfortable. The restaurant is pricey for dinner but it’s great for a nice outdoor lunch.

    Coconut Point up in Bonita Springs has a fantastic movie theatre; the theatre at Mercato is nice too; Bravo is a nice Italian restaurant also at Mercato.

    Anything else you’d like to know, just ask. If I don’t know, I can find out. ;-)

  57. 3B Buying says:

    #57 Jill: It is me and my better half, and I would like to go a upscale (but not crazy) for this trip. It has been years since just the two of us did a winter trip to somewhere warm and sunny. Requirments, pools/hot tubs, outdoor bar, fitness center. We jsut want to relax and treat ourselves, walk to town, shopping (wife), and that sort of thing.

  58. Fast Eddie says:

    ExPat [56],

    I can just imagine someone all boned up blowing through a stop sign because they zoned out while listening to “Us and Them.” A non-violent event just became tragically violent.

  59. 3B Buying says:

    #51 Lib: US Air $212.oo for the dates I want. I think I will book it.

  60. Libtard in the City says:

    Good enough 3b. From LGA?

    It’s so annoying how EWR is the most expensive airport in the entire country to fly out of. Not to mention is also has the worst on-time record and parking there is cost-prohibitive unless you satellite park.

    If it was me, I would just fly to Puerto Vallarta, Cabo or Cancun. End up costing you the same thing in the end, and the food is much better. Less old people too. :P

  61. Anon E. Moose says:

    Lib [47];

    Newscorp/Yankees thing is really not that big of a deal. Fox already owns a sh1tload of sports networks. I think the comment was made tongue in cheek.

    Its just Dope’s knee-jerk reaction to seeing/reading/smelling anything having to do with News Corp, Murdoch, Fox, et al. All that pent-up BDS anger has to go somewhere.

  62. Libtard in the City says:

    Anyone concerned for JJ?

  63. 3B Buying says:

    #61 From Newark. We have been to Mexico before. We heard Gulf Coast of FLA, was very nice, and thought we would check it out.

  64. 3B Buying says:

    #57 Jill: Checked the Vanderbilt website, ooks very nice. Is it all old people?

  65. Peace, Love, Dope says:

    “A non-violent event just became tragically violent.”
    seems an unfair comparison.

    there is a HUGE difference between being at home and drinking, smoking, snorting, swallowing, injecting, etc and sitting on your couch with friends…and getting behind the wheel of a car.

  66. Libtard in the City says:

    Nice deal then. Good job 3b! I’m in heaven whenever I can find real fish tacos and Negra Modelo for under $1 each. The fact someone delivers both of them to me in a Palapa for about 40 cents a trip is just a bonus. Uno mas por favor!

  67. xolepa says:

    JJ is a man above all others. No concern here.

  68. Brian says:

    63 – It’s concerning that he just disappeared like that after the storm.

    Hopefully he just jumps back onthe board someday soon with some crazy hairbrained story.

  69. Painhrtz - 42 says:

    JJ’s wife probably washed out to sea and he is taking his new found freedom by drowning his sorrows between the thighs of some unattached lovelies in a warm locale.

    Or he faked his death and is laying low and adding to the legend by doing the same.

    Oh and crushed valour

  70. Peace, Love, Dope says:

    i always thought that jj was a computer program based on the best/worst people on the internet…perhaps the server he resided on was destroyed and they are re-coded him as we speak: JJ2.0 coming soon

  71. Peace, Love, Dope says:

    re-codING

  72. zieba says:

    Stu,
    Speaking of airfare, two free round trip Southwest flights with this CC deal:

    https://creditcards.chase.com/a1/southwest/2ffaffiliate/?CELL=6H8X&AFFID=lw9MynSeamY-XqMH4pvgYqyjMNs0wLfzwQ&pvid=Ze1V_i9KEeKuqm7jEQkWzw0_0_0_0_W0h&jp_cmp=cc/271098/ext/4-10004548/na

    Of course you don’t need another card. Nobody does, but the flights (net of the annual fee) are yours to keep.

    Gary: this is cheeze even you can get in on!

  73. chicagofinance says:

    To fly to Florida, I have heard about the ease and cost of the Atlantic City airport. Pre-Sandy that is……at least check it out…..

    Libtard in the City says:

    November 15, 2012 at 11:52 am

    Good enough 3b. From LGA?

    It’s so annoying how EWR is the most expensive airport in the entire country to fly out of. Not to mention is also has the worst on-time record and parking there is cost-prohibitive unless you satellite park.

    If it was me, I would just fly to Puerto Vallarta, Cabo or Cancun. End up costing you the same thing in the end, and the food is much better. Less old people too. :P

  74. zieba says:

    It was valor, crush valor, not valour.

    If he ever posted from home, his IP would be somewhere in the logs.

  75. 3B Buying says:

    #67 Lib: Thanks to you for the advice!!

  76. Libtard in the City says:

    No problem. The Southwest CC deal is good for $800 worth of flying (on $1,000 of spending). Not a bad return. Too bad we are limited to one (or two cards if you sign up your spouse) card per person.

  77. Ernest Money says:

    Gonna get me some Bomma money to start a spliff-tourism business in CO and WA.

    Wake and bake, bitchez!

  78. Jill says:

    #65: All of Naples skews kind of old. If you’re looking for something a bit luxe, La Playa is really nice…right on the beach, good restaurant. Not far from Vanderbilt Beach Resort. Some people have said that VB is a bit run down, I have no idea because last year we got a package Christmas week for 3 nights at Gulfcoast Inn that was a steal. If you want to be closer to town, Bellasera is supposed to be nice, also Trianon and Inn on Fifth.

  79. Brian says:

    79 –
    Hey can you suggest a good wine to pair with my gubmint cheese?

  80. zieba says:

    Lib,
    Have you monitored your credit score as you churned through CC deals in the past? I don’t mind the hard pull, but it’s the closing of recent account that I’m weary of. Thoughts? It seems that if one routes their HH expenses through this for a month or two, it’s really a no brainer.

  81. 3B Buying says:

    #80 Jill: Thanks. Funny, somebody told me Naples is not that “oldish” vs other places. I will check out the other places you mentioned. Any other nice Fla spots to consider. I hav done Orlando in the past, no interest in doing it again.

  82. Ernest Money says:

    Nothing pairs with gubmint cheese like ’78 Latour. Which becomes affordable once you’re on gubmint cheese.

  83. Libtard in the City says:

    Kredit Karma is a free service to monitor your CC accounts. Yes, closing of accounts impacts the scores, so what you need to do is just before they charge the 2nd year annual fee (or just after, as they are usually good about refunding it), call the bank (Chase in this case) and ask them to transfer the credit to one of their no-fee cards.

    It helps to have a lot of long-term credit card accounts and >800 scores. The most I’ve dropped ever was about 30 points, but that drop lasted all of about 9 months. If you’re credit score is near a major threshold (like 720), then I wouldn’t do it. If you are near 800, it won’t impact you in any way. Last I checked, all of my credit cards combined to $300K credit availability. I could technically buy a house, default, and there is not much they can do to get the house back. If the SHTF moment is near, I would most definitely do it.

  84. njescapee says:

    Thanks for the info on SW cc. Already received approval and SW has daily flights at our local airport only 3 miles from here.

  85. Libtard in the City says:

    SW is awesome in that there is no charge to change tickets and no bag fees. Sure, you are herded like animals onto the plane. But it’s a small price to pay for their flexibility.

    Favorite airline is still Virgin America by far. Then I’d probably go Southwest and then JetBlue. It’s a sad state of affairs when the majors can’t compete with the discounters when it comes to customer service. It’s actually pretty pathetic. Pay less and get more! It’s the power of the unions I suppose.

  86. Ernest Money says:

    Going down in flames. Again.

    “The FHA has been the key element to the phony “housing recovery” the government has been trying to create. In the wake of the collapse of 2008, Fannie Mae and Freddie Mac blew up and what was left to pick up the pieces was the FHA. No private player would issue loans with down payments of 3%, but this was no problem for the FHA! Well – yes! “The Federal Housing Administration is expected to report this week it could exhaust its reserves because of rising mortgage delinquencies” This is a big deal. The FHA is already in trouble despite a miraculous “housing recovery” and we haven’t even hit a severe cyclical economic slowdown yet, which is almost certain to occur in 2013. What shambles do you think the housing market will be in once that happens and the last backstop to housing is broke?”

    http://www.zerohedge.com/news/2012-11-15/guest-post-fha-blowing-bad-news-housing-market

  87. Jill says:

    #83: I really like Naples. It’s not “oldish” in the sense of, say, Deerfield Beach. It’s oldish in that you see a lot of people in their 40s and 50s and older. My father is 87 and he and his wife are in a French club and go to the Philharmonic there frequently. My stepsister is 50 and a family law attorney and likes it there except for the wingnuttiness. There’s also a pretty vital arts community there.

  88. Libtard in the City says:

    Ernest,

    Have no fear. The Fed will step in and create another agency to purchase mortgage debt. Let’s all guess on the name. I’m going with Operation Shout (to go with twist).
    S – Save
    H – Housing
    O – Otherwise
    U – Utter
    T – Trouble

  89. joyce says:

    No. The threshold is not getting into a car vs on your couch. The threshold is violence vs non-violence.
    How can people really feel OK about locking people up (or massive fines, something causing loss of jobs) for hurting no one and damaging no property? If someone has six drinks and drives from place A to B, I don’t care. Yes, I care if they hurt someone. I also care if they hurt someone cause they plain suck at driving… and that ain’t a crime.

    66.Peace, Love, Dope says:
    November 15, 2012 at 12:05 pm
    “A non-violent event just became tragically violent.”
    seems an unfair comparison.

    there is a HUGE difference between being at home and drinking, smoking, snorting, swallowing, injecting, etc and sitting on your couch with friends…and getting behind the wheel of a car.

  90. Libtard in the City says:

    I almost bought waterfront land in Naples in 2005. Was very close. A close friend of mine did. What an effin’ disaster that would have been.

  91. Libtard in the City says:

    Gator don’t look!

    Joyce, will you marry me?

  92. Ragnar says:

    Ernest, 89,
    The government has shown that it will not allow significant failures to happen. Thus failures will be accumulated and papered over with more government debt, until the US dollar debt standard fails, spectacularly.

  93. Ernest Money says:

    Stu is a bigamist Mormon. I knew it all along.

    Get out while you can, Gator.

  94. Ernest Money says:

    ragnar (95)-

    I sincerely hope I am dead when this event occurs.

  95. Ernest Money says:

    It occurs to me that while I pray to be dead when the US economy and monetary system finally blows sky-high, crooks like Bernank are counting on being dead when it goes poof.

  96. Fast Eddie says:

    Ernest,

    A nice Padron and Maker’s Mark on the rocks last night. I guess I’ll be visiting again soon! lol!

  97. Comrade Nom Deplume Just Back from Newark says:

    [3] grim,

    Ah, the conundrum. Defraud FEMA or admit defrauding the state of NJ, your insurance company and/or your mortgage holder.

    Good thing for them that FEMA likely won’t tell the insurer or bank. Good thing for us that the FEMA representative should say “yeah, as if.”

  98. The Original NJ ExPat says:

    JJ’s B.S says:
    October 25, 2012 at 10:36 am

    I am fully prepared for the storm. Sold my Jets/Dolphins tickets on stubhub already and bought chicken wings and beer at stop and shop.

  99. The Original NJ ExPat says:

    Bigamy is having one wife too many, or is that monogamy?

    Stu is a bigamist Mormon. I knew it all along.

    Get out while you can, Gator.

  100. Happy Renter says:

    [102] So in my theory then, when JJ washes up on the shore of some uncharted tropical island and is declared King by the island women, he’s clinging to a raft with a case of Budweiser and a bucket of hot wings.

  101. Peace, Love, Dope says:

    Joyce – I agree with your view on that.

  102. Painhrtz - 42 says:

    Expat I think it is both!

  103. Happy Renter says:

    [92] “How can people really feel OK about locking people up (or massive fines, something causing loss of jobs) for hurting no one and damaging no property? If someone has six drinks and drives from place A to B, I don’t care. ”

    Randomly firing off a few rounds in downtown Brigadoon-on-Hackensack just for kicks might not be violent either (depends how one defines violent — if no one’s property or person was hit, the lead was just taking a nonviolent stroll through the free air) but I’m glad it’s considered a crime.

  104. Peace, Love, Dope says:

    although…starting to care AFTER a family or individual is killed by a drunken driver doesn’t do much for the innocent party here.

  105. Libtard in the City says:

    MontKlair is home to the first (legal) pot dispensary in NJ. Coincidence?

    Personally, I would make the first strike driving drunk or high penalized through the removal of one testicle or fallopian tube. Second offense, loss of remaining one. If you couldn’t stop yourself after losing one nut, then you shouldn’t be able to give your uncontrollable genes to your offspring.

    Vote for Libtard and justice will be served. With a beer… But don’t get behind that wheel!

  106. Painhrtz - 42 says:

    Funny thing is Dope, I am so glad you put that in your name, all the folks arrested and people still get killed by drunk drivers every year. how many folks do they nab who had two drinks and have their lives ruined for 3 years? Bet you it far exceeds the number of fall down drunks behind the wheel.

    Listen driving is a privledge and the state can take it away as they see fit, but when the lowered BAC to .08 instead of .10 it wasn’t because those decimal points take a person from buzzed to fall down drunk. It was to fill their coffers with DUI monies.

  107. Peace, Love, Dope says:

    maybe i should change it to “Peace-Love Dope” or “Peace/Love Dope”

  108. Peace, Love, Dope says:
  109. NJGator says:

    Clot 96 – I think he already told me he wanted to marry the cleaning woman. I was okay with that as long as it meant I didn’t need to clean the house.

  110. joyce says:

    107 / 108

    The concept of Pre-Crime is baffling.

  111. joyce says:

    Recklessly causing an endangered atmosphere or environment, such as leading up to (involuntary)manslaughter or attempted murder is a crime.

    Does having [insert any number of] drinks and then driving 75MPH on the parkway within your lane and parking in your driveway sound like a dangerous environment? Also, for as many mistakes as they could possibly make, I would rather have a jury decide than some prosecutor/judge looking for nothing more than a high conviction rate. Good luck getting your trial by jury that that silly piece of paper known as the US/NJ Constitution guarantees.

  112. Peace, Love, Dope says:

    use your imagination. is the concept of brushing your teeth baffling to you as well…ya know, pre-cavity and gum disease?

  113. joyce says:

    does not brushing your teeth guarantee gum disease?

    does having a drink and driving a car guarantee violence?

  114. Peace, Love, Dope says:

    117 – give it a shot and let me know. i’m not willing to find out.

  115. Happy Renter says:

    [115] “Does having [insert any number of] drinks and then driving 75MPH on the parkway within your lane and parking in your driveway sound like a dangerous environment?”

    Yes, depending on the number of drinks of course. Especially for the unlucky punter driving next to / in front of him.

  116. Happy Renter says:

    [117] “does having a drink and driving a car guarantee violence?”

    Does unloading your Glock randomly downtown guarantee violence?

  117. Happy Renter says:

    (forgot to add)

    baa baa I’m a sheeple baa baa

  118. Fabius Maximus says:

    This is how I see fracking ending. Comunities left to clean up the mess after the companies have gone, when there is no more profit left to make.
    http://www.nj.com/hudson/index.ssf/2012/11/bayonne_tackles_oil_slick_left.html

  119. 3B Buying says:

    #107 Ironic that you mention Brigadoon-on Hackensack, as we had a double murder over the storm period. Former girlfriend kills former boyfriend and new girlfriend.

  120. 3B Buying says:

    #90 Jill: 40’s/50’s work for me. Also Naples Bay Resort looks nice too.

  121. joyce says:

    118

    You are not willing, so everyone has to live by your rules. Tyranny of the majority and all that.

  122. Statler Waldorf says:

    This is the first I’ve seen someone defend DUI.

  123. Libtard on commute home says:

    Very good Happy Renter! It’s obviously a small step from bourbon to big gulp.

  124. joyce says:

    120

    Happy,

    Yes, it does unless you’re shooting it straight up until the sky. But back to your example which I suppose was shooting it down streets in a crowded downtown… in a free society, we wouldn’t charge that person until AFTER they did that. Meaning, driving after having 14 drinks, stopping them for a bulb out, speeding, rolling a stop sign… those would not be evidence of severely impaired driving meaning they are no threat to others. If someone sober and was driving the wrong way on a one-way road, that’s more of a threat. So charge them, and let a jury decide.

  125. joyce says:

    126

    Defended by someone whose step-father was killed by a drunk driver.

  126. joyce says:

    126

    Stateler,

    Why is there no specific crime against sleep deprived drivers? Why is there no specific crime against old farts driving blind? Why is there no specific teenagers who can’t drive for sh*t? Why is there no specific crimes against bad drivers in general?

    Something that weights a couple thousand pounds moving many miles an hour… that can do some serious damage. What does it matter why someone is being recklessly negligent?

  127. joyce says:

    Statler,

    If you think I’m defending DUI, you haven’t been listening.

    Ok, It’s 11pm where I am right now… I’m done for the day.

  128. Happy Renter says:

    [128] “Yes, it does unless you’re shooting it straight up until the sky”

    Shooting exactly straight up into the air is the only way to unload a Glock in downtown Brigadoon-on-Hackensack without guaranteeing violence? Your understanding of physics and firearms is only rivaled by your keen understanding of politics and your firm grounding in reality.

    Here’s an analogy for you: the small pieces of lead flying through the air are mini-versions of the much larger pieces of steel/fiberglass flying down the highway at 75 mph under the control of a drunk. The act is committed once the projectile is launched.

    Maybe you didn’t like your step-father, but it’s no reason to take it out on the rest of us. And rest assured you’re not the only one who has lost someone to a drunk driver.

  129. Fabius Maximus says:

    #131 Joyce

    Do you have a son called Jamil? The arguement and the style sound familiar

  130. Anon E. Moose says:

    Fab [133];

    That’s the best you got, huh?

  131. joyce says:

    Ok I lied…

    (132)
    Happy,

    Answer any of these question please.

    Why is there no specific crime against sleep deprived drivers? Why is there no specific crime against old farts driving blind? Why is there no specific teenagers who can’t drive for sh*t? Why is there no specific crimes against bad drivers in general?

    What does it matter why someone is being recklessly negligent?

  132. joyce says:

    Fabius,

    To my recollection, jamil was a “Rush”/Hannity”/”O’Reilly” guy? Am I correct?
    Do those people defend non-violent behavior such as smoking pot, etc? I didn’t think they did.

    Happy,

    Perhaps, I’m not being clear. I think if someone is driving recklessly (whether impaired by something or not) that is not a good thing and should come with serious repercussions. My saying it should have repercussions is identical to you saying it should be prohibited because it is impossible to stop them and we can only hope to deter them from doing so. Because it’s impossible to stop them BEFORE they drive recklessly, we can only catch them after they do so. I believe the penalties for driving recklessly should extend to all of what I mentioned before and should not be defined by some arbitrary BAC limit that does not blanketly apply to everyone equally as an individual.

  133. Fabius Maximus says:

    #143 Moose

    Thats all a troll is worth.

  134. Ernest Money says:

    Thank you for smoking.

  135. Fabius Maximus says:

    #136 joyce

    No, he came out with this same kind of BS argument on government regulation of industry. What this comes down to is the fact that the government has to step in to regulate when the entity has shown it can regulate itself and is likely to endanger others. That’s the same if it is someone driving drunk or companies dumping waste near a water supply. With DUI, if the populace could police itself and not drive drunk and put others at risk the laws would not be required. Are the laws perfect? No but there has been good work to improve them. The DUI law was extended to boats and bicycles and driving while drowsy is on the NJ books. Reckless endangerment can pretty much cover most stupidity if you’ve had a beer. I fully support your right to win a Darwin award, just not at the price of another person.

  136. Fabius Maximus says:

    #138 Clot

    In your case should it not be “Thank you for drinking!”

    Are you recomending any wines for Turkey day?

  137. Ernest Money says:

    You can’t beat your wife and kids unless you hit the hard stuff on the holidays.

  138. Ernest Money says:

    Wine is for nancy boys.

  139. Libtard at home says:

    Personally, I like a Chardonnay\ with turkey. Their sweetness and moistness go well with poultry which tends to be dry and bland. A Riesling will also work, but may be too sweet to most. Just don’t drive afterwards. Especially if you are missing a reproductive organ!

  140. Fabius Maximus says:

    #141 Clot

    I thought I had that covered with the Sherry Triffle, Brandy Butter and Everclear Souffle

    You know I have to swing at the #142 curve ball.
    Enjoy!
    http://www.guardian.co.uk/lifeandstyle/2002/may/12/foodanddrink.shopping4

  141. NJGator says:

    Sorry Joyce, not feeling the libertarian drunk driver love tonight. A co-worker headed back home to Ohio this week to attend the funeral of a friend that was killed last week by this drunk. Sadly the victim’s mother was also killed by a drunk driver several years ago.

    http://www.10tv.com/content/stories/2012/11/09/delaware-prosecutors-drunk-man-who-crashed-killed-mother-has-not-had-license-in-20-years.html

  142. Anon E. Moose says:

    Fab [137];

    “Troll”? You’re still reading from last summer’s Journo-list talking points. (http://pjmedia.com/instapundit/150320/)

  143. Howdy would you mind letting me know which web host you’re utilizing? I’ve loaded your blog in 3 completely different browsers and I must say this blog loads a lot faster then most. Can you recommend a good web hosting provider at a fair price? Thanks, I appreciate it!

  144. Hi there, just became aware of your blog through Google, and found that it is truly informative. I am gonna watch out for brussels. I will appreciate if you continue this in future. A lot of people will be benefited from your writing. Cheers!

  145. Comrade Nom Deplume says:

    [144] fab,

    A provencal? Drinking vendage?

    That’s Nancy boy material. Real men drink Pomerol.

  146. Comrade Nom Deplume says:

    Vendange even. And no Sancerre? What a eyes.

  147. Comrade Nom Deplume says:

    merde. Frigging android.

  148. Ernest Money says:

    gluteus (144)-

    Ginola should get in touch with Reynauld Heaule. He knows footballing and wine.

    http://savioselections.com/selections-france-reynald-heaule.php

  149. Ernest Money says:

    Real men drink whiskey.

Comments are closed.