From the Otteau Group:
NJ Contract-Sales Activity Starts Off Strong in 2013
Following 2 consecutive months of single digit gains, home purchase activity in New Jersey soared in January with a 23% y-o-y increase in signed purchase-contracts. The smaller gains in November and December were attributable to after-effects of Hurricane Sandy. What makes this rise especially impressive is that it occurred so early in the year, signaling an early start to the seasonal Spring surge in home purchase demand. Considering that purchase-contracts recorded a 31% y-o-y increase in January-2012, demand has increased by an astounding 61% over the past 2 years.
Shifting to the supply side of the equation, unsold inventory began the year at its lowest level since the housing crisis began in 2006.Unsold Inventory in the state has declined by 19% since January of last year, equating to 11,000 fewer homes on the market. The current level of Unsold Inventory equates to 8.1 months of sales (non-seasonally adjusted) compared to 12.3 months one year ago. Expect the home purchase market to continue to strengthen despite the cloud of sequestration that is currently hanging over Washington. That mortgage interest rates have drifted slightly higher recently is likely to accelerate this trend as buyers rush to take advantage of lower rates.
Further evidence of the housing rebound comes from rising home prices. After lagging the rest of the nation, home prices in New Jersey increased in the 4th quarter of 2012 by 2.91%. This follows steady improvement in the home purchase market over the past 18 months, and marks the first home price increase in the state since the 4th quarter of 2010.
A separate analysis in Northern New Jersey has indicated that home prices have held up better in northern New Jersey towns with train station service to Manhattan. Since peaking in 2006, the decline in commuter towns like Glen Rock and Ridgewood has been about half as much compared to other drivable-suburban places. This dynamic is consistent with a European model for housing demand wherein transportation efficiencies are of increasing importance.
Hey Gary, here are the people bidding up all that prestigious RE near you.
WSJ/ By RUTH SIMON and RACHEL LOUISE ENSIGN
The number of young borrowers who have fallen behind on their student loan payments has soared over the past four years, the Federal Reserve Bank of New York said in a report released Thursday.
According to the report, 35% of people under 30 who have student loans were at least 90 days late on their payments at the end of last year, up from 26% in 2008 and 21% at the end of 2004.
Chip – No, no. Aren’t these the same trendy Gen Y’ers that the demographers said would give up on the suburbs and be renting and buying expensive Manhattan and Brooklyn apartments?
From HousingWire:
The diary of a frustrated first-time homebuyer
In a recent survey conducted by real estate broker Redfin, 66% of those polled listed low inventory as a high concern. That number is up from 59% in the fourth quarter, which indicates more buyers becoming increasingly frustrated with the lack of inventory.
Had I been surveyed, I would have marked the same thing as those 66%. Currently in the home searching process, I can attest to the shockingly low supply of homes on the market. After getting married nearly a year ago, my husband and I have been living in an apartment. However, when our lease runs up in the middle of May, we are hoping to already be moved into a home. This is a hope that seems more and more unrealistic with each week that passes by.
Every morning when I wake up, I diligently check my Redfin mobile app for any new homes that may have magically popped up over night. There’s always one or two that are in our price range, but just lack the specifics of what we need in our first home.
Having a deadline of when we need to be out of our apartment makes it increasingly frustrating when the housing market is slim pickings right now. Each day our lease comes closer to ending, I get more and more nervous that we may not find a house before then.
Not only that, but with each passing day, interest rates continue to inch up. The number one reason my husband and I chose to buy our first home now is low interest rates. It seems we are in the majority, as 58% of those surveyed by Redfin cited low interest rates as their top reason to buy as well. With such a low inventory, it is taking longer for buyers to find a home and the chance of locking in at a higher interest rate becomes more and more inevitable.
While I’m on the vent train, can I just talk about how many offers new listings are getting right now? According to Redfin, many homes are receiving dozens of offers at once. And I believe it. My husband and I found a home we loved three weeks ago, but there were multiple offers placed on the home and it was taken off the market four days later… before we had a chance to take a second look at the property.
So I’ll wrap this up by saying this. As a housing reporter, I applaud the healthy buyer activity happening right now. But as a first time homebuyer, I would like to see more inventory and less competition.
Good Morning New Jersey
From the APP:
N.J. homeowners facing foreclosure lose free advice as money for counselors runs out
New Jersey homeowners facing foreclosure who are meeting their mortgage company at the mediation table will need to pay for legal advice after funding from a state program for free counselors runs out today.
What effect will HARP 3.0 on inventory or the market if approved?
#4
Is this part of the 25 billion settlement? Gone?
http://www.investopedia.com/financial-edge/1212/homeowners-still-not-getting-money-from-25-billion-mortgage-settlement.aspx
5 – It will have a damping effect on new inventory hitting the market as marginally stressed/distressed borrowers find higher levels of affordability with lower rate refis. This is inventory that might have otherwise hit the market as either a normal sale, short sale, or potentially as REO longer down the road.
Likewise, this will further intensify the “mortgage lock in” dynamic that I’ve noted here on numerous occasions. If interest rates rise significantly in the future, borrowers with extremely low rate mortgages will be less likely to trade up or laterally as their financing costs will rise dramatically. Instead they may chose to stay and in some cases remodel or expand instead of selling. We already have this with the HARP 2 borrowers, HARP 3 will significantly increase the number of homeowners in this group.
Combine the above two with the “Sunk Cost”, non-distressed peak buyers, and we’re going to see a situation where the median duration of ownership increases significantly (people will stay in their houses for longer than they would have otherwise). And we all know, as the median duration of ownership increases, the overall level of inventory expected on the market decreases.
4
I see it. This is from Corzine adm. Whats up with the 25 billion robo settlement.
The impact of the HARP 2 (and 3) program on affordability is too significant to ignore.
Scenario:
Buyer pays $500k in Jan of 2005, 30yr fixed with a piggy, assume 5% down, $475k financed. Assume this was a stretch for the buyer, and their rate was 6% on the first, maybe a little higher on the piggy. Tax at the time of purchase was $8,000.
PIT in this scenario is higher than $3520 taking into account both loans.
Now, fast forward to 2012. Home prices down 25%, so their $500k purchase is now down to $375,000, PIT is still higher than $3520. Principal is down to $420k from $475k.
Significantly underwater, but HARP 2 allows a refi at 3.5%. Tax is now up to $10,000. Recast at 30 years again.
New payment? $2720. That is an $800 a month savings, $9600 a year.
That’s HUGE folks. Even if they walked away from their existing property and repurchased an identical house for $375k (assuming 0% down at this point), they’d hardly do better than in the HARP case (saving around $200 a month more, and probably seeing a huge hit to their credit score which would increase any other financing they’d need, potentially negating this savings entirely).
Do not discount the impact that HARP2 has had on the market. A refinance from 6% to 3.5% is the same as reducing the purchase price of the house by something like $150,000. This is essentially forgiving the owner for purchasing during the bubble.
Hey Grim, what do you think the eligibility requirements of harp 3 will be. I have a feeling I won’t qualify again. My mortgage isn’t fannie/freddie owned. Plus, like a dumbass, I fought with the credit union myself to be put into a 5.5% loan in 2011. Better than what I was paying but not the market rate.
My fear now is that I hve screwed myself because you migh have to have a loan booked before that date in order to be eligible. Ah Fcuk….guess I better keep paying that principle…
10 – HARP 3 is HARP 2 extended to non-GSE loans
ah poop:
In order to be eligible for the HARP refinance program :
1.Your loan must be backed by Fannie Mae or Freddie Mac.
2.Your current mortgage must have a securitization date prior to June 1, 2009
http://themortgagereports.com/259/harp-making-home-affordable-guidelines
According to the report, 35% of people under 30 who have student loans
Trouble is the kids from rich towns, who went to good schools, grew up BC or Northshore LI are the main ones who buy up the expensive NYC coops or condos have no student debt, daddy paid it and is giving them their downpayment on their first place.
13 – Don’t understand, I worked full time through the undergrad, as well as through 2 different graduate programs (and a short stint at Stevens). Not a penny worth of debt, and I’ve got two masters degrees. How on earth do you amass so much debt during an undergrad program? Hell, I actually managed to increase my net worth during that period. I started my own companies, I worked in startups, hell, I was making more than my professors in my senior year.
What the hell were all of these kids doing in school? Drinking? Partying? Sitting around playing video games? “Finding themselves?” Get a god damned job, start a business, do something.
Students in the graduate program at
Harvardany Business School should not be given a diploma if they graduate with debt, clearly the education was wasted on them.14 Wow I’m impressed!
#14…Nice, you just got honorary membership into the “I’m over 50 and Cranky” club. Welcome!!! I too increased my net worth during college…interesting that I am fighting to keep it as my kids go to college…..very interesting…..I guess i should also be prepared to pay for my grand kids..thank you WSJ article….
16 – Crazy, huh? Seems the harder I work, the luckier I get.
Consumer spending up even as taxes hurt income.
Walmart hurting consumers have more money and spending it in macys?
Daughter of a family friend got almost a full ride to Rutgers, and could have lived at home (sound familiar Yome?), but instead went to NYU with almost zero support (I think there was a minor scholarship or something).
She could have graduated with a very respectable degree and zero debt.
Instead.. well..
We’ll see what her job prospects are when she finishes.
My kids could have applied for grants. Since I can afford tuition, I just paid it and let somebody that needs it used it.
The money I used to pay for tuition is the 13th month extra we get in salary. There is 52 weeks – 13 months in a year, bills are only 48 weeks-12 months. That one month plus a little add pulled them through. I used same for vacation spending when they were young.
I suppose buying more education than you can afford is just as bad as buying more house than you can afford. Maybe worse, you can walk away from the mortgage.
My aunt has 529 plans for all her grandkids as she is paying for all their colleges. She said nearly all her friends are doing it. She with a straight face told me it is my responsibility to pay 100% for my 3 kids and 100% for all my grandkids colleges.
My response was I am not even planning on paying 100% of my own kids school. Plus even if I was rich, I would pay no more than 25% of grandkids tution. Let Mom/Dad pay 25%, grandkid take out a loan for 25% and the grandparents pay 50%, 25% on each side, she then says you cant count on that you should save it all up yourself. I then, said maybe you should save up too for grandnieces why you are at it.
#22.. the Tuition Bubble Blog will be popular in the near future…
24 – Already bursting
College students graduating with such high debt loads have for the most part only themselves to blame. There are still very good affordable schools that wouldn’t have burdened themselves or their families with so much debt upon graduation. However, many students want to go to a “prestigious” school, cost be damned.
As it is with houses, it is with colleges, it comes down to a matter of wants vs. needs. In the end the wants usually win out.
January 27, 2010 is the expiration date.
[15] grim,
I said something similar about my tax law degree. If you couldn’t deduct the cost, you clearly didn’t know enough to be a tax lawyer.
I did deduct it and got audited. Audit lasted all of 5 minutes. Beat the snot out of the examiner by quoting letter rulings verbatim. After several tries to get me to contradict myself, she gave up. She even gave me the no action letter before I left, an unusual occurrence.
[23] JJ
I counsel 529s set up by grandparents and not tapped until sr year at earliest. Also counsel a trust to pay off student loans but not for a few years after graduation and structured so as to keep it out of creditor hands if kid can qualify for relief.
Best use of 529 are for kids themselves. Kids should graduate college and start contributing for themselves immediately for their grad degrees.
Also, for folks with their own businesses, there are a wealth of ways to help your kids, still qualify them for aid, and reap tax benefits.
#26, do not worry, they will not have to pay….have we seen this before?
http://online.wsj.com/article/SB10001424127887323978104578332222805526516.html?KEYWORDS=student+loans
The number of young borrowers who have fallen behind on their student loan payments has soared over the past four years, the Federal Reserve Bank of New York said in a report released Thursday.
According to the report, 35% of people under 30 who have student loans were at least 90 days late on their payments at the end of last year, up from 26% in 2008 and 21% at the end of 2004.
The new figures, which exclude borrowers who are still in school or aren’t yet required to make payments, show that young Americans are having a tougher time repaying college loans as debt loads increase and job prospects remain shaky.
Related Video
With total student-loan debt approaching the trillion-dollar mark, WSJ’s Jason Bellini deconstructs how we got here and what it all means. Image: Getty
..
Amplifying the burden: a growing number of young adults have become student borrowers. All told, 43% of 25-year-olds had student debt in the fourth quarter of 2012, up from about 33% in the fourth quarter of 2008.
Concerns about higher debt loads and rising delinquencies are leading government officials and families to focus more on the payoff from a college degree. Meanwhile, colleges and universities are facing increased pressure to limit tuition increases. Some are even freezing or cutting their charges.
The high delinquency rate is very worrisome, said Wilbert van der Klaauw, an economist with the New York Fed, noting that higher education has traditionally produced a sizable financial payoff. “We hope the returns to these educational investments are going to be there” as the labor market rebounds, he added.
The amount of U.S. student-loan debt increased 11% last year to $966 billion and is up 51% since 2008, according to the report. Student-loan debt climbed even as other types of borrowing fell.
While 40% of student-loan borrowers owe less than $10,000, a growing number have higher loan balances. Nearly 47% of borrowers owe between $10,000 and $50,000, up from 38% in the fourth quarter of 2005. The share of borrowers with balances of $100,000 or more has also jumped, to 3.7% from 1.7% during this period.
Student-loan borrowers of all ages are struggling to make their payments, according to the Fed report. Overall, the portion of borrowers who are 90 days or more past due climbed to 31% in 2012 from 24% in 2008. Delinquency rates were highest for borrowers under 30, with 35% of them 90 days or more past due last year, up from 21% in 2004.
The New York Fed’s numbers exclude the roughly 44% of borrowers who don’t have to make loan payments, typically because they are still in school or have been granted a loan deferral or forbearance. The share of all borrowers who are 90 days or more past due climbed to 18% in the fourth quarter from 10% at the end of 2004, according to the report.
The amount of other types of consumer debt held by borrowers ages 25 to 30 tumbled between 2005 and 2012 even as student loan balances have increased. The reduction in other types of debt was greatest for borrowers with $100,000 or more in student loan debt, a group that includes many borrowers with advanced degrees.
Borrowers who are behind on their student loan debts are far more likely to also be late on auto-loan, credit-card and mortgage payments, according to the report.
[30] JJ
Except that this income is seen and counted against them for undergrad degrees. I want to keep 529 assets off the radar entirely.
I ment for kids looking to get their part time MBA or something while working. Lots of places like NYU want at least five years work experience
Comrade Nom DePlume says:
March 1, 2013 at 10:16 am
[30] JJ
Except that this income is seen and counted against them for undergrad degrees. I want to keep 529 assets off the radar entirely.
[32]. Condo buyer
In 2012, college students were fed hints at grassroots level that Obama would forgive their loans. But this wasn’t, and likely cant, be traced to the campaign. So Obama got benefit of a promise that he can say he never made.
Problem is that the chicken will come home to roost. In 2016, dem candidates will get asked outright if they favor a student loan bailout. Look for them to duck the question.
My son passed his accounting board exam except the state requires him to have some more credits equivalent of a masters.MS will give him 10 grand a year but be tied up for 3 years. I dont know if he took part time masters degree,the 10 grand a year still stands.
But even if he takes a loan to get his masters today,its a win win for him.He is not taking masters before knowing if he can pass the boards.He just needs the extra credits to get his license
#36..I am trying to get my son geared up to get the 150 credit that you apparently need completed within the 4 years..since NC State charges the same flat fee for 12 -18 credits…take the 18 each semester! He’ll still have to take a few courses in the summer but he can take those at Montclair State
37
He passed the boards last year.He needs 30 credits to get his license.From what you are saying,he does not have to take masters credits to fullfill the requirements.I wonder if he knows this
Just remember Jack Lew was paid $685,000 by NYU to LEAVE NYU for Citigroup so that more student loans could be funnelled to Citigroup and NYU could get kickbacks……
grim says:
March 1, 2013 at 8:58 am
Daughter of a family friend got almost a full ride to Rutgers, and could have lived at home (sound familiar Yome?), but instead went to NYU with almost zero support (I think there was a minor scholarship or something).
She could have graduated with a very respectable degree and zero debt.
Instead.. well..
We’ll see what her job prospects are when she finishes.
Bomma phone?
Comrade Nom DePlume says:
March 1, 2013 at 10:21 am
[32]. Condo buyer
In 2012, college students were fed hints at grassroots level that Obama would forgive their loans. But this wasn’t, and likely cant, be traced to the campaign. So Obama got benefit of a promise that he can say he never made.
Problem is that the chicken will come home to roost. In 2016, dem candidates will get asked outright if they favor a student loan bailout. Look for them to duck the question.
He can enroll to Middlesex County to satisfy 30 credits and get the CPA afer his name
#38..right, check that out, it is unclear to me…but it appears they can be undegraduate credits, although there is, I assume, value for a Masters In Accounting or a Masters degree rather than just 150 under grad credits.
condo
thanks for the info
Nom, aren’t you violating the first rule of nompunding by posting this stuff?
Is it a Mossberg 500? That’s really the only gun I’ve ever wanted. Never been a fan of the other stuff. I like the “combo” model. Comes with 18″ barrel and 24″ barrel I think. You can go skeet shooting with it then swap the barrel in seconds and you’re back to home defense mode.
89.Comrade Nom DePlume says:
February 28, 2013 at 10:37 pm
[88]. Chifi,
A few years ago, I bought a used mini 14, extra mags, and a decent amount of .223. Also bought a mossberg, a couple of boxes of shells, extra ammo for my short guns and enough .22LR to plink until Rubio is president. Haven’t touched any of it since I bought it.
Foresight is a wonderful thing. Now my only concern is shelf life.
The End Is Nigh (Spirits Edition):
LONDON — A massive spill at a Chivas plant has sent the smell of spirits flowing through a Scottish sewer and sorrow coursing through the hearts of Scotch whisky fans.
Chivas Brothers Ltd. spokeswoman Jennifer Stevenson says the group is investigating what she described as an “accidental loss” of spirit at the company’s bottling plant in Dumbarton, Scotland on Feb. 26.
She declined to estimate how much of the bulk whisky had been lost, saying only that it was less than the 4,755 gallons mentioned in media reports.
Bulk whisky can be used in various ways, and it wasn’t immediately clear which Chivas brand the liquid was meant to fill.
Stevenson said Friday she did not want to comment on the spill’s circumstances until the company had completed its investigation.
Home Defense sounds like a can of bug spray
Bad news Blue Angels cancelled due to sequestration:
http://www.reuters.com/article/2013/03/01/us-usa-fiscal-blueangels-idUSBRE9200HO20130301
On the plus side Lee Greenwood singing of “God Bless The USA” will not be impacted.
WSJ had a big story and accompanying spreadsheet on student loan default rates for nearly every university last week – everything from Devry to Harvard. Over past 25-30 years my law school and undergrad tuition have both almost increased five-fold from when I attended. Talk about a scam.
Where?
Dissident HEHEHE says:
March 1, 2013 at 12:55 pm
WSJ had a big story and accompanying spreadsheet on student loan default rates for nearly every university last week – everything from Devry to Harvard. Over past 25-30 years my law school and undergrad tuition have both almost increased five-fold from when I attended. Talk about a scam.
POOR MAN: I’d like a mortgage… I don’t really have any money though… is that cool?
BANKER MAN: Totally cool. Since housing prices are always going up it won’t be a problem. POOR MAN: You guys are awesome!
GORDON GECKO: You wanna know what the mother of all bubbles was? Us. The human race.
GORDON GECKO: Somebody reminded me the other night that I once said “greed is good.” I swear I don’t remember it but it sounds like something I would say in the eighties.
GORDON GECKO: All fires start with a well meaning spark.
JACOB: It’s funny. The more we found ourselves as the slaves of chance… the more superstitious we become.
GORDON GECKO: They were insuring the end of the world.
BRETTON WOODS: Only the obsessive compulsive or the insecure egotistical feel the need to collect things.
DIEGO: You know what I heard a guy say yesterday? JACOB: I know you’re going to tell me… DIEGO: “This market’s just like a divorce. I’ve lost half my money… only I still have my wife!”
JACOB: You named your dogs after futures market terms? BRETTON WOODS: Of course not… my children did.
JACOB: The best opportunities are found where angels fear to tread.
BRETTON WOODS: It’s time to call it a day. Spend more time with my family. I suppose this moment comes for all of us. JACOB: You still have 600 million.
GORDON GECKO. All the while I sit in my 8 x 12 and watch real crooks by the thousands give out mortgages like candy…. And spit cancer out into the world.
GORDON GECKO: See — [market] bubbles are the purest form of Darwinsm.
GORDON GECKO: The man you loved like a father threw himself in front of the Uptown at five this morning…
BRETTON WOODS: (to JACOB about a client): If he offers you a child, raise it.
GORDON GECKO: The one thing I learned in jail is that money is not the prime asset in life. Time is.
GORDON GECKO: Because everyone is drinking the same Kool Aid.
Money is a bitch that never sleeps.
What the hell were all of these kids doing in school? Drinking? Partying? Sitting around playing video games? “Finding themselves?” Get a god damned job, start a business, do something.
They’re currently texting with their little baby fingers and weepy eyes while mommie brings them hot chocolate in their basement bedroom.
Hey Gary, here are the people bidding up all that prestigious RE near you.
WSJ/ By RUTH SIMON and RACHEL LOUISE ENSIGN
The number of young borrowers who have fallen behind on their student loan payments has soared over the past four years, the Federal Reserve Bank of New York said in a report released Thursday.
According to the report, 35% of people under 30 who have student loans were at least 90 days late on their payments at the end of last year, up from 26% in 2008 and 21% at the end of 2004.
Impossible. The Spring market is on fire and there are 10 bids on every home within hours.
They used to say never trust anyone over 30, now it is never hire anyone under 30.
Fast Eddie says:
March 1, 2013 at 2:15 pm
What the hell were all of these kids doing in school? Drinking? Partying? Sitting around playing video games? “Finding themselves?” Get a god damned job, start a business, do something.
They’re currently texting with their little baby fingers and weepy eyes while mommie brings them hot chocolate in their basement bedroom.
Or over 50.
54.JJ says:
March 1, 2013 at 2:26 pm
They used to say never trust anyone over 30, now it is never hire anyone under 30.
[2] grim – from the article:
The number one reason my husband and I chose to buy our first home now is low interest rates
Idiots.
The number one reason we chose to buy a yacht right now is low interest rates. We don’t even like the water, but at these historic low rates how can you not?
I interviewed an old guy a couple weeks ago. He was the “tech guy” at a ritzy Boston Hotel for the last 25 years or so. The hotel got sold and 3 months later he got canned, that was back in June. He just started interviewing because he thought he would be more presentable at interviews if he got his remaining teeth pulled and got dentures and that’s what he’s been doing for the last many months. No Lie.
Or over 50.
54.JJ says:
March 1, 2013 at 2:26 pm
They used to say never trust anyone over 30, now it is never hire anyone under 30.
We’re going out tonight to celebrate the sequester. Any day gov’t is forced to spend less is a good day. Now if only these were real cuts….
Was just at the Starbucks and the guy in front of me ordered a Tall Blonde……I was standing behind him and said “that’s great”…and he said “huh? yeah, that’s pretty cool isn’t it?”
[44] Brian,
No. Violating the 3rd rule.
ChiFi:
http://www.zerohedge.com/news/2013-02-19/presenting-college-whose-graduates-have-62-student-loan-default-rate
I bring my own “grande” cup to Starbucks all the time, but order a Tall Blonde so there is room for milk and it only costs $1.66 (refills are free if you use a SB card, btw). The funny thing is I frequently give my “Tall Blonde” order to a petite brunette who is about 5 foot even.
Was just at the Starbucks and the guy in front of me ordered a Tall Blonde……I was standing behind him and said “that’s great”…and he said “huh? yeah, that’s pretty cool isn’t it?”
I see you point, My buddy who is like 55 told me he always worries about well educated smart man with ambition between the ages of 30-45. He is always fearful that someone younger than him will steal his job. Folks by last 40s early 50s missed their chance, older folks than him are grateful for a job and folks younger than 30 by time they are able to steal his job he is ready for retirement.
Lucky for me I have none of that fear, Although I think I have at best 5 to ten years left and when I get near home stretch I got to watch out for you wipper snappers.
My youngest graduates college in the year 2029 so just another 16 years of blogging to go. Thank god grim pays me like 10K a week.
honestly, right now for someone under 25 I might be the best person in world to work for. I would groom you and tutor you then hand you the keys to kingdom when I leave.
Brian says:
March 1, 2013 at 2:40 pm
Or over 50.
54.JJ says:
March 1, 2013 at 2:26 pm
They used to say never trust anyone over 30, now it is never hire anyone under 30.
Dunkin has a deal with free refills all day. I know a guy where he buys one, fills up one by one his co workers three cups, gets refills. Different coworker each day. Cuts costs by 75%
The Original NJ ExPat says:
March 1, 2013 at 3:27 pm
I bring my own “grande” cup to Starbucks all the time, but order a Tall Blonde so there is room for milk and it only costs $1.66 (refills are free if you use a SB card, btw). The funny thing is I frequently give my “Tall Blonde” order to a petite brunette who is about 5 foot even.
re #9 – “This is essentially forgiving the owner for purchasing during the bubble.”
Yeah except we all have to take a bite out of the shit sandwich now and forever for their mistakes.
There is talk again of winding down Fannie and Freddie, Barry O will be long gone before this one is resolved.
http://blogs.wsj.com/developments/2013/02/27/six-questions-on-the-latest-fannie-freddie-overhaul-proposal/
Say it ain’t so…
http://bcove.me/6ac0vejc
GGW Gone BK
Beware The Ides Of March http://www.reuters.com/article/2013/03/02/us-usa-fiscal-idUSBRE91P0W220130302
Vigoda =1; Bonnie Franklin = 0
60. You guys had a moment there dintcha…..
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