From MarketWatch:
How luxury-home owners dodge foreclosure
When the owners of high-end homes fall way behind on their mortgage payments, foreclosure is not a foregone conclusion.
Lenders can be more willing to craft a new payment plan to make high-dollar homes more affordable. Paperwork and procedures are also often delayed, keeping homeowners in some states in their homes for two or more years after they’ve stopped making mortgage payments. And in some cases, lenders are offering homeowners tens of thousands of dollars in cash in exchange for their agreeing to a short sale, in which a home is sold for less than the borrower owes on the mortgage.
Repossession rates show the difference. Last year, roughly 85% of homes worth up to $1 million that received default notices were eventually repossessed, according to RealtyTrac, which tracks real-estate data. For homes worth more than $1 million, about 28%, or around 1,400 homes, were repossessed.
For lenders, it’s worth the extra effort to avert foreclosure on luxury properties. They incur substantial expenses holding these homes, including paying property taxes, maintenance costs and, often, homeowners’ fees. The homes are also more difficult to sell, since fewer buyers can afford to purchase them. And when lenders eventually unload them, it’s often at a loss. “Lenders have more of an incentive to work out payment plans for these borrowers than with the ones [whose homes] may move quickly,” says Jon Maddux, co-founder of YouWalkAway.com, which helps borrowers, including luxury homeowners, in default or foreclosure.
…Separately, some lenders will encourage owners to consider a short sale. Armando Tiongson Jr. of Rockaway, N.J., says Bank of America recently offered him and his wife up to $30,000 in cash to sell their 4,100-square-foot home, which they purchased for roughly $1 million in 2006, in a short sale. Tiongson, an IT program manager, says he and his wife haven’t paid their mortgage in 18 months after the monthly payments on their loan, which initially required just interest payments, spiked. By offering this cash in exchange for a short sale, Bank of America says it can reduce the losses that would kick in if the loan goes to foreclosure. (The bank adds that it has been making such cash offers to homeowners of all loan levels since last year.)
The Tiongsons are going to take the bank up on its offer and sell. “We are going in for the short sale mainly to avoid foreclosure,” Tiongson says. “The cash option is really just a benefit.”
They basically got to live in a $1m house for (almost) free for the past 6 years.
You guys? SUCKERS.
Paid: $960,000
Mortgage: $768,000
DP: $192,000
18 Months Free Living = $5000/mo x 18 = $90,000
$90k + $30k key money = $120k in the pocket when leaving.
192k in, 120k out, net 72k for 72 months.
Not too bad. The $1k a month outlay would barely get them a rent controlled apartment.
They can then just take that $120k, plow it into the house two doors down. It’s listed at $739k, but will sell for substantially less. It was originally listed at $1.2m in 2005.
They’ll end up with an even nicer house for a significantly lower payment.
And do it all over again!
467 Navesink River Rd, Red Bank
Approximate upset-$3,566,464.73
First foreclosure sale scheduled- 6/09/2008
Been rescheduled every month since.
$60k a year taxes?
If the Spring market was on fire, it’s now in ashes. The RE section of the Bergen Record looks barren for this time of year. I did another quick search on NJMLS and once again, the same piece of sh1t homes in various towns keep popping up.
Keep telling me about these “back door” transactions, I love the comedy. My search now spans from Cedar Grove to the NY State border to the north. Why I’m even looking any longer is beyond me.
By the way, my lawyer, who has been doing RE transactions exclusively for the last 17 years, says the amount of pre-foreclosures and foreclosures is f.ucking mind bending. Yeah, let’s pay top dollar for fat Joe and Mary’s dump.
good stuff grim!
You know, I’m beginning to think that the only things that make sense in this world anymore are dogs and babies. Pay your mortgage? You’re a chump. Save for a rainy day? Laughable. Gotta get more coffee and pet the dog. Dogs and coffee I understand.
205 BC SFH into attorney review in the last week, Spring market is shaping up to be strong.
(Snipped out anything under $300k)
506 ELIZABETH 300000 NEW MILFORD
209 W HUDSON 309900 ENGLEWOOD
14-14 ELMWOOD 309900 FAIR LAWN
658 BRIARCLIFF 315000 MAYWOOD
436 HIGHLAND 319000 WOOD RIDGE
2-15 17TH 320000 FAIR LAWN
14 DALTON 329000 BERGENFIELD
252 SUSSEX 329000 WOOD RIDGE
46 MAPLE 339000 RUTHERFORD
45 ROMANO 339000 DUMONT
344-B DEWOLF 339000 HACKENSACK
12-32 SCRIBNER 339900 FAIR LAWN
66 SHERIDAN 340000 WALDWICK
221 SUMMIT 345000 BOGOTA
124 DANIEL 345000 RUTHERFORD
172 SCHEPIS 345000 SADDLE BROOK
39 CRESCENT 349000 CLOSTER
150 LAKESHORE 349000 OAKLAND
38-49 VANORE 350000 FAIR LAWN
46 ARGYLE 350000 GLEN ROCK
796 SUMMIT 350000 HACKENSACK
38-45 VANORE 350000 FAIR LAWN
205 OVERPECK 354900 RIDGEFIELD PARK
162 PROSPECT 359000 NEW MILFORD
29 ANDREW 359000 OAKLAND
4-15 LYONS 359900 FAIR LAWN
720 FRANKLIN 362200 ALLENDALE
361 LANTANA 369000 ENGLEWOOD
655 RIDGELAND 374900 LEONIA
249 MARLBORO 378000 WOOD RIDGE
371 PLEASANT 379000 CLIFFSIDE PARK
602 PENN 379000 TEANECK
50 W SADDLE RIVER 379900 WALDWICK
131 LINCOLN 387500 HACKENSACK
53 ALBERTA 389000 SADDLE BROOK
183 FERN 389900 LYNDHURST
81 LINCOLN 389900 WALDWICK
786 7TH 399000 RIVER EDGE
276 VAN WINKLE 399000 RUTHERFORD
181 KNICKERBOCKER 399000 HILLSDALE
72 E EDSALL 399000 PALISADES PARK
154 PAGE 399777 OAKLAND
481 NELSON 399998 CLIFFSIDE PARK
91 HACKENSACK 399999 HARRINGTON PARK
127 BRAKESHOE 399999 MAHWAH
464 MYRTLE 414000 ENGLEWOOD
202 BIRCHWOOD 418000 NEW MILFORD
264 RANDOLPH 425000 EAST RUTHERFORD
13-09 EASTERN 425000 FAIR LAWN
510 PIERMONT 425950 HILLSDALE
352 WINDSOR 430000 RIVER EDGE
6 GROVER 445000 FAIR LAWN
35 LEXINGTON 449000 CRESSKILL
41 MAPLE 449000 CRESSKILL
305 SPRUCE 449000 EMERSON
49 MIDLAND 449000 HILLSDALE
424 CEDAR 449000 PARAMUS
404 LASALLE 450000 HASBROUCK HGHTS
22 MEDFORD 459900 DUMONT
99 HUDSON 459900 WALDWICK
315 WALTHERY 459900 RIDGEWOOD
50 CHESTNUT 464440 ALLENDALE
54 PRELL 469000 NEW MILFORD
29 HARMON 469000 PARAMUS
65 CHEROKEE 474900 ALLENDALE
460 WEISCH 474960 WYCKOFF
115 ACKERMAN 475000 RIDGEWOOD
34 OAKLYNN 479000 GLEN ROCK
128 IROQUOIS 484800 OAKLAND
53 LASALLE 485000 HASBROUCK HGHTS
1138 PALISADE 489000 FORT LEE
370 ACKERMAN 509900 GLEN ROCK
154 LINCOLN 517000 WOOD RIDGE
119 CHEROKEE 519000 MAHWAH
92 OXFORD 524900 GLEN ROCK
44 DONALDSON 529000 RUTHERFORD
33 FEN 539000 RAMSEY
40 BALFOUR 539900 RAMSEY
468 DEMAREST 545000 ORADELL
5 COLONIAL 549000 TENAFLY
132 MORNINGSIDE 549900 PARAMUS
508 SHERWOOD 559000 HO-HO-KUS
326 WYCKOFF 560000 RAMSEY
16 HILLSIDE 565000 MIDLAND PARK
638 CARUSO 567890 RIVER VALE
1312 ELMORE 569000 FORT LEE
60 GOLF 569000 TEANECK
406 RUCKMAN 574500 CLOSTER
42 DIAMOND 575000 GLEN ROCK
77 OLIVER 579900 PARAMUS
183 SHERIDAN 589900 HO-HO-KUS
352 ANDOVER 589900 WYCKOFF
34 OLIVE 599000 CLOSTER
9 WIELD 599000 PARK RIDGE
760 BLANCH 599999 NORWOOD
89 WANAMAKER 609000 ORADELL
519 ARDMORE 619900 HO-HO-KUS
566 LINWOOD 629000 RIDGEWOOD
319 NORTHERN 629900 RIDGEWOOD
669 ARCADIA 639900 RIDGEWOOD
222 E MIDLAND 648000 PARAMUS
40 CIRCLE 649000 PARK RIDGE
506 MORNINGSIDE 649000 RIDGEWOOD
28 1ST 649000 WESTWOOD
217 N PLEASANT 649900 RIDGEWOOD
22 7TH 659000 CRESSKILL
5 OAK 659000 HARRINGTON PARK
5 BOULDER 659000 MAHWAH
60 STOCKTON 665000 HILLSDALE
290 KENSINGTON 669000 NORWOOD
906 HILLCREST 675000 RIDGEWOOD
2147 MACKAY 679000 FORT LEE
32 COTTAGE 695000 UPPER SADDLE RIVER
484 ADLER 698900 PARAMUS
7 CHERRY 699000 UPPER SADDLE RIVER
9 LORI 699000 WOODCLIFF LAKE
38 MALCOLM 699900 MAHWAH
7 MALCOLM 715000 MAHWAH
210 OVERLOOK 729000 LEONIA
35 CUMBERLAND 745000 GLEN ROCK
191 PARK 749000 ALLENDALE
42 ETHELBERT 749000 RIDGEWOOD
18 BIRCHWOOD 750000 UPPER SADDLE RIVER
45 PARKER 765000 UPPER SADDLE RIVER
27 EILEEN 769000 MAHWAH
41 CRESCENT RIDGE 799000 MAHWAH
148 NORMA 799900 TEANECK
484 BRINKERHOFF 819000 FORT LEE
64 EISENHOWER 820000 CRESSKILL
138 CHESTNUT RIDGE 828000 SADDLE RIVER
304 LEXINGTON 849000 RIVER EDGE
10 FOX HILL 849900 UPPER SADDLE RIVER
12 BOWERS 889000 CLOSTER
259 MCKINLEY 925000 PARAMUS
490 ANDERSON 935000 CLOSTER
11 FREDERICK 949000 BERGENFIELD
33 CLEARWATER 949000 HO-HO-KUS
10 ELLIS 949900 WOODCLIFF LAKE
178 COTTAGE 999900 WYCKOFF
37 CARTERET 1075000 ALLENDALE
252 MCKINLEY 1160000 RIDGEWOOD
33 ANONA 1199000 UPPER SADDLE RIVER
12 HILLCREST 1290000 OLD TAPPAN
822 CLOSTER DOCK 1299000 ALPINE
42 BERKSHIRE 1375000 WOODCLIFF LAKE
847 RIDGE VIEW 1399000 FRANKLIN LAKES
3 LONE CEDAR 1450000 OLD TAPPAN
5 HELLER 1500000 MAHWAH
16 N BRAE 1580000 TENAFLY
10 CIDER 1599000 MAHWAH
184 W RIDGEWOOD 1600000 RIDGEWOOD
42 PIERMONT 1795000 ROCKLEIGH
73 ADAMS 1999000 CRESSKILL
4 EAST VIEW 2295000 HAWORTH
10 of those houses in that list between 500 and 600K are in the towns I’m looking and they’re probably 10 that I saw and respectfully passed on. I guess one man’s pit is another man’s paradise. :)
I looked at a house in Little Falls last week. It has original everything from the early 60s, wall paper in every room, an oil tank in the basement and 40 year old carpet in every room. That’s fine, except they wanted close to 600K for the place… in haughty “Little Falls.” It would take a 100K to gut the place and who knows what lurks beneath the surface.
Curious: What percentage of houses that enter attorney review wither and die on the vine?
Grim, I doubt they have 90k. My parents had a 1 million dollar home that they paid 675k for in 1998. They lived in the home for 10 years and went on a total credit binge. They got foreclosed on. While living in the home for free for nearly 3 years, they didn’t pocket any money. They just ran up more debt any way they could. The second they got foreclosed on, they had nothing to pocket. The types of people that overextend themselves hardly have the inclination at all to save at any time.
Spring market is abysmal where i’m looking as well. Absolutely no new inventory. Turn-key houses have multiple bids within a few days. Went to one turn-key open house in Chatham a few weeks ago and the place looked like a frat house on a Saturday night back in the 80’s. The only houses sitting on the market in that area have a fatal flaw (horrible yard, original kitchens and baths, bedrooms on different floors) or he asking price is way out of whack.
There hasn’t been an appealing listing in Chatham or Berkeley Heights in about 4 weeks other than that open house. This market must be scalping realtors everywhere… They dont care if prices are up or down, they just want transactions. And with very low or no inventory, nobody makes fees.
When it comes to houses that need work, especially cosmetic stuff, I’m with Grim in the fact that it presents an opportunity to take advantage of.
Replacing carpet… removing wall paper and painting… removing part/all of a non-load bearing wall… updating bathroom fixtures… replacing a countertop… stuff like that
If you either do that yourself or hire someone to do each thing individually, it’s not really that much money in the grand scheme of real estate.
When it comes to houses that need work, especially cosmetic stuff, I’m with Grim in the fact that it presents an opportunity to take advantage of.
Replacing carpet… removing wall paper and painting… removing part/all of a non-load bearing wall… updating bathroom fixtures… replacing a countertop… stuff like that
If you either do that yourself or hire someone to do each thing individually, it’s not really that much money in the grand scheme of real estate.
True, and I wouldn’t mind doing the work myself. The only problem is, these crap shacks are priced like the work has already been done. I have no problem shelling out 250k for someone’s beaten down home that hasn’t been updated in 30 years. These sellers act like the fact that their oven still works counts for something.
The only problem is, these crap shacks are priced like the work has already been done.
Amen to that!
Tough to find decent dirt for $250k, let alone a house and the dirt.
The national unemployment rate fell from 7.9 percent to 7.7 percent this week, after a strong Non-Farm Payrolls report.
But the unemployment rate differs greatly for people with different levels of education.
From Bill McBride at Calculated Risk, here’s the latest look at the differing levels of unemployment by level of educational attainment.
For those with a bachelor’s degree (blue line), the unemployment rate is below 4 percent.
For those with no college (purple line), the unemployment rate is around 8 percent.
Calculated Risk
The question of whether college is “worth it” continues to be hot. Those who believe it is worth it will find this data helpful, although some will say that college enrollment self-selects for the more talented, and thus the relationship between low unemployment and having a bachelor’s degree is more correlated, rather than causal.
Fast Eddie,
Wholeheartedly agree. Same story in lower CT. I placed a bid on a home in Ridgefield several weeks back and basically offered the guy his 2002 price. Plenty of homes are going below 2002 price since Ridgefield is way the f* up in exurbia. Home was built in ’99 and still has low quality builders grade everything. Guy did nothing in over 10 years of ownership. He turned me down. He wanted 5k more than his 2002 price. What a moron. I was his only offer in 5 mos. He is now re-listing to see if he can sucker someone else into thinking his steaming pile is a new treasure. In the last week only 5 homes came on market in all of Fairfield County within 500k range (min 1,500 sq). Three of the five are bagholders who tried to sell two years ago but their delusional acid trip came crashing down. Now they are trying to sell above that mark. Grim can post all the kool-aid data he wants but I ain’t buying it..or anyone else’s overpriced sh*t-nest. Homes sales may pick up but this thing ain’t sustainable in the long run. Taxes, commute costs, food, energy all headed up with no ceiling while salaries are stagnant.
I should qualify my statement- I am excluding the towns in Fairfield County where a child needs a brown-bagged lunch with a gun inside. (Norwalk, Stamford, Bridgeport).
Grim can post all the kool-aid data he wants but I ain’t buying it..
I am offended.
I placed a bid on a home
But you clearly are buying it.
Plenty of homes are going below 2002 price
So what’s the big deal, why are you hung up on this one, go buy one of the other ones.
You have been dropping hints to people for days, but I think people rather complain than deal with the facts in front of them. The conditions of 2013 are exactly how the real estate market works. We are in a period where prices are below previous levels. Prices are sticky. The only answer is rising prices. Simply put, people are not going to capitualte and lower their price. If you are a buyer and you do not want to pay up, then you need to wait……see you in 2014….
grim says:
March 10, 2013 at 7:21 pm
Grim can post all the kool-aid data he wants but I ain’t buying it..
I am offended.
I placed a bid on a home
But you clearly are buying it.
Plenty of homes are going below 2002 price
So what’s the big deal, why are you hung up on this one, go buy one of the other ones.
Grim,
I’ve been reading this blog for a long time. Until recently, you seemed pretty fair and balanced about the state of the housing market. I am just surprised by the amount of bullish data lately. I know you are a stats man but we are only a few years removed from the mother of all housing busts. Unemployment, recession, natural disasters, insane taxes and gas prices- yet bull market on housing. Now, this spring, when lots of homes should be rushing onto the market, I hear crickets chirping. I’ve been looking seriously for a year but everything points to 2002 prices (or even prior). I am now seeing people list their homes for 2008 prices thinking the market has returned. This mentality is very frustrating. Do you really believe this can be sustained? Clearly, government/bank manipulation is impacting inventory. Do you believe a boomer exit from this area will occur? How long are these people going to sit and wait? I am not unreasonable. I just believe in stats closer to home like looking at my immediate family and close friends. Nearly all (12 people out of 13) bought homes between 2003 – 2012 and equity is anywhere from minimal to underwater. I don’t see any buyers coming from my side of the world, besides myself.
chifi,
I think it is delusional for a seller to get an offer within 1% of their 2002 price and then give their absolute, final offer of 5k more than their 2002 price. I could pull comp after comp of 2002 priced sales and also I was his first offer in 5 months..but guess I am just an unreasonable buyer. I am giving my truthful, front line take on what is going on this spring. Some sellers are snorting the Hawaiian-punch flavor..
Randy [12]
What price range you are looking at? In BH, besides 2 well-off-Asian favored subdivisions (Cinnamon Ridge and M.H. Farm) most everything else is 20-25% below peak, irreparably bad locations (high tension wire, Irene-flooded, major road) are 30% below or so. You should only have a problem is your target is 750K+ house…
DP: $192,000
18 Months Free Living = $5000/mo x 18 = $90,000
$90k + $30k key money = $120k in the pocket when leaving.
192k in, 120k out, net 72k for 72 months.
Not too bad. The $1k a month outlay…
Hold on there. What about the $5000/mo x 54 months that they actually paid the freight? They appear to have spent $462k, not $192k. Even if they get paid off $30k, they’re out $6k per month.
My point is that you hear about how the real estate market works in past history and are frustrated that history reflects today’s reality. None of what you are experiencing is unusual or unexpected. Annoying, idiotic etc.. yes.. but it is playing out exactly as you would expect. You need to adjust your expectations or wait until next year. What grim is pointing out is that given current conditions, we could be subject to huge price increases, which will bring more sellers into the market….I doubt you will get the price you want, maybe just focus on the house you want at the time you want.
Bystander says:
March 10, 2013 at 8:42 pm
chifi, I think it is delusional for a seller to get an offer within 1% of their 2002 price and then give their absolute, final offer of 5k more than their 2002 price. I could pull comp after comp of 2002 priced sales and also I was his first offer in 5 months..but guess I am just an unreasonable buyer. I am giving my truthful, front line take on what is going on this spring. Some sellers are snorting the Hawaiian-punch flavor..
I just came onto your post and found it quite interesting. I am also associated with sell my house fast, sell property fast, Sell your house fast and love to enjoy the stuff on the same as its rarely found on internet. Thanks again for writing such a good post.
Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast.
Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of “disappointing performance” in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.
In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.
With 70% of the U.S. economy dependent on consumer spending, Buffett’s apparent lack of faith in these companies’ future prospects is worrisome.
Unfortunately Buffett isn’t alone.
Fellow billionaire John Paulson, who made a fortune betting on the subprime mortgage meltdown, is clearing out of U.S. stocks too. During the second quarter of the year, Paulson’s hedge fund, Paulson & Co., dumped 14 million shares of JPMorgan Chase. The fund also dumped its entire position in discount retailer Family Dollar and consumer-goods maker Sara Lee.
Finally, billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.
So why are these billionaires dumping their shares of U.S. companies?
After all, the stock market is still in the midst of its historic rally. Real estate prices have finally leveled off, and for the first time in five years are actually rising in many locations. And the unemployment rate seems to have stabilized.
It’s very likely that these professional investors are aware of specific research that points toward a massive market correction, as much as 90%.
One such person publishing this research is Robert Wiedemer, an esteemed economist and author of the New York Times best-selling book Aftershock.
Editor’s Note: Wiedemer Gives Proof for His Dire Predictions in This Shocking Interview.
Before you dismiss the possibility of a 90% drop in the stock market as unrealistic, consider Wiedemer’s credentials.
In 2006, Wiedemer and a team of economists accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States. They published their research in the book America’s Bubble Economy.
The book quickly grabbed headlines for its accuracy in predicting what many thought would never happen, and quickly established Wiedemer as a trusted voice.
A columnist at Dow Jones said the book was “one of those rare finds that not only predicted the subprime credit meltdown well in advance, it offered Main Street investors a winning strategy that helped avoid the forty percent losses that followed . . .”
The chief investment strategist at Standard & Poor’s said that Wiedemer’s track record “demands our attention.”
And finally, the former CFO of Goldman Sachs said Wiedemer’s “prescience in (his) first book lends credence to the new warnings. This book deserves our attention.”
In the interview for his latest blockbuster Aftershock, Wiedemer says the 90% drop in the stock market is “a worst-case scenario,” and the host quickly challenged this claim.
Wiedemer calmly laid out a clear explanation of why a large drop of some sort is a virtual certainty.
It starts with the reckless strategy of the Federal Reserve to print a massive amount of money out of thin air in an attempt to stimulate the economy.
“These funds haven’t made it into the markets and the economy yet. But it is a mathematical certainty that once the dam breaks, and this money passes through the reserves and hits the markets, inflation will surge,” said Wiedemer.
“Once you hit 10% inflation, 10-year Treasury bonds lose about half their value. And by 20%, any value is all but gone. Interest rates will increase dramatically at this point, and that will cause real estate values to collapse. And the stock market will collapse as a consequence of these other problems.”
See the Proof: Get the Full Interview by Clicking Here Now.
And this is where Wiedemer explains why Buffett, Paulson, and Soros could be dumping U.S. stocks:
“Companies will be spending more money on borrowing costs than business expansion costs. That means lower profit margins, lower dividends, and less hiring. Plus, more layoffs.”
No investors, let alone billionaires, will want to own stocks with falling profit margins and shrinking dividends. So if that’s why Buffett, Paulson, and Soros are dumping stocks, they have decided to cash out early and leave Main Street investors holding the bag.
But Main Street investors don’t have to see their investment and retirement accounts decimated for the second time in five years.
Wiedemer’s video interview also contains a comprehensive blueprint for economic survival that’s really commanding global attention.
Now viewed over 40 million times, it was initially screened for a relatively small, private audience. But the overwhelming amount of feedback from viewers who felt the interview should be widely publicized came with consequences, as various online networks repeatedly shut it down and affiliates refused to house the content.
“People were sitting up and taking notice, and they begged us to make the interview public so they could easily share it,” said Newsmax Financial Publisher Aaron DeHoog.
“Our real concern,” DeHoog added, “is the effect even if only half of Wiedemer’s predictions come true.”
We will all soon be naked and homeless, wandering the country in armed packs.
Let’s see how sticky home prices are then.
It is the Gottendammerung. What happens here will be a drop in the bucket, compared to the violent collapse of the Chinese regime.
Essex – cite your source.
bizarro. it is almost as if these co viewed paying taxes as illegal.
how does this relates to current state of affairs? corporate profits are massive.
“Honeywell boosted its stash of untaxed earnings held by its offshore subsidiaries and earmarked for foreign investment by $3.5 billion last year to $11.6 billion — a rise equal to its annual profit, excluding a pension adjustment. CFO Dave Anderson says his company has to invest outside the U.S. to fuel foreign sales, which accounted for more than half of Honeywell’s revenue last year. He also blames the tax code. “The anachronistic tax system that we have penalizes companies for their success outside of the U.S.,” he says.
The amount of money at stake is a big chunk of change at a time when lawmakers are battling over the deficit. Just 19 of the 60 companies in the survey disclose the tax hit they could face if they brought the money back to their U.S. parent. Those 19 companies say they might have to pay $98 billion in additional tax— more than the $85 billion worth of budget cuts in the sequester.”
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