From the LA Times:
Many underwater homeowners are coming up for air
Home equity is back, and it’s growing fast.
According to the latest data from the Federal Reserve, Americans’ net equity in their houses jumped nearly $500 billion during the last three months of 2012 and $1.7 trillion since spring 2011.
What does this mean to you personally? Depending on where your home is, it could mean that finally — after years of struggling with an underwater mortgage, one that exceeds the value of the home — you are seeing the market value of your property rise into positive equity territory, or at least closer to the break-even mark. Zillow Real Estate Research estimates that nearly 2 million U.S. homeowners exited negative equity status during 2012 alone.
…
Here’s what the Fed found in its “flow of funds” study released March 7:• Thanks to recovering housing values, total home equity is now at its highest level — about $8.2 trillion — since the bust and is gaining rapidly. In 2012, it rose a stunning $1.2 trillion.
• Outstanding mortgage debt continued to fall as owners paid down their balances and refinanced into smaller loans, taking advantage of unprecedented low mortgage rates. Foreclosures and principal forgiveness by lenders also have helped whittle away mortgage debt. Americans now owe about $1 trillion less on their homes than they did in 2008.
Jed Kolko, chief economist for Trulia, an online real estate research and information company, said growing home equity has three key effects. First, owners feel wealthier and are more likely to spend some of that perceived wealth — even if it’s illiquid in the form of real estate equity — on goods and services.
Second, higher equity reduces the likelihood of mortgage defaults. People have a deeper financial stake in their properties and are less willing to risk loss through foreclosure.
Fewer delinquencies, in turn, “mean less stress on the financial system,” thereby reducing the probability of another banking crisis a la 2008-09, Kolko said in an interview.
Finally, by encouraging owners to consider selling — either now or later in the cycle when prices could be even higher — growing equity holdings allow the real estate market to work better, with more transactions, more mobility for families, more new construction, more jobs and so on.
…
Doug Duncan, chief economist for mortgage investor Fannie Mae, said the recent jump in equity “puts us back on track toward where we were prior to the crisis” and represents a “transition to normal” conditions in the housing market. Though there are markets where last year’s double-digit price gains look bubbly and unsustainable to Duncan — notably in some of the inland cities of California — the increases in values elsewhere tend to be more modest and solid, simply making up for the declines experienced in the latter half of the last decade.
Good Morning New Jersey
From the Record:
Homeowners associations find short sales an option to recoup losses
When the real estate market crashed at the end of the last decade, homeowners associations found themselves dealing with unprecedented numbers of homeowners either unable or unwilling to pay association dues.
Associations in the past simply filed liens and started foreclosures when homeowners failed to pay assessments or dues, a costly and time-consuming process. But the associations rarely recovered money they were due.
As the foreclosure crisis lingers, however, boards are trying new tactics when homeowners don’t pay dues, people in real estate say.
Some associations are choosing to foreclose on delinquent dues-payers, taking title and renting out the home while they wait for the lender to foreclose and take ownership. Sometimes, a homeowners association will end up renting to the original owner who had stopped paying, said Andy Pressley of Charlotte, N.C.-based MECA Properties, which manages about 20 associations representing 2,000 condominium units.
…
In another trend, some real estate agents and property managers say they are starting to encourage delinquent homeowners to do a short sale, where the property is sold for less than the outstanding mortgage. They say more associations are warming up to the idea of a short sale and postponing foreclosure auctions.
A short sale doesn’t guarantee a homeowners association will recoup unpaid dues. But it takes the property out of the lender’s hands and can get a new, dues-paying homeowner in more quickly.
Cyprus go boom.
Wait until the deposit confisc@tions and capital controls begin here.
They are going to need to rethink taking
Russian KGB money.
http://mobile.reuters.com/article/idUSBRE92H07M20130318?irpc=932
Wasn’t the whole point of confiscating the deposits to essentially steal from foreigners who were just using Cyprus as a tax shelter anyway?
Crooks stealing from crooks, what’s this world coming to? And what now, Putin (a crook) defending the crooks too?
Who cares, Cyprus is irrelevant, if the island sank into the sea tomorrow I doubt anyone would even realize it, let alone care. If you asked 10 people this morning where Cyprus is, they’d all be wrong.
GDP of New Jersey is 20 times the GDP of Cyprus. The city of Newark is more important to the global economy than the whole of Cyprus is.
that’s why is better to own real estate than have lots of cash sitting in the bank….
Scrapple Cannon says:
March 18, 2013 at 6:20 am
Cyprus go boom.
Wait until the deposit confisc@tions and capital controls begin here.
Out of college money spent
See no future, pay no rent
All the money’s gone, nowhere to go
Any jobber got the sack
Monday morning turning back
Yellow lorry slow, nowhere to go
The Cyprus bailout terms are a real problem as it could cause panic in other bailout nations. Cyprus is insignificant as is the size of bailout, but it is the terms laid out by the EU that raises an eyebrow. The people of the debtor nations of europe are already prepared to let it all burn down because of a little austerity.
3 – denninger agrees. http://market-ticker.org/
9 Yawn … the problem is the position is largely supported by irrational fear. Realize that Samsung’s release of the Galaxy S4 smartphone will be more important to the global economy this year than all of Cyprus.
The fact that Cyprus’ GDP is what it is, is likely driven largely by the Russian oligarchy and others using Cypress to hide funds. What’s the estimate? Some 40% of deposits in Cypress are foreign? You sure that Cyprus itself isn’t a sham? You realize this whole “nuclear option” approach is just a scam to get the EU to fund the bailout directly, no?
Grim – Euro and the markets took a hit on Cyprus news.
I saw something recently called a land tax. They want to tax you in real time on gains on your property rather than wait till you sell. I like it. Greedy landlords and homeowners should be punished for their nerve to attempt to get a return on their money.
anon (the good one) says:
March 18, 2013 at 6:56 am
that’s why is better to own real estate than have lots of cash sitting in the bank….
Scrapple Cannon says:
March 18, 2013 at 6:20 am
Cyprus go boom.
Wait until the deposit confisc@tions and capital controls begin here.
Seriously Cyrpus is scary due to contagion fears. Imagine instead of bailing out banks via TARP if they just took 9% off all deposits. It would set off the great depression part two in a matter of minutes
Sure… Treasury won’t even let a money market trade at .99 without a massive bailout but somehow now they’ll change their mind because of Cyprus and take 9% of deposits?
You hoping for a pop in bonds to unload a little?
Grim 6 – “If you asked 10 people this morning where Cyprus is, they’d all be wrong”
Which exit off the parkway?
[14] JJ,
Yep. All that needs happen is for Obama to get caught near a open mike saying “damn, why didn’t I think of this Cyprus thing?”
16 – It’s the greek diner on Rt 10 in East Hanover, no?
Dedicated to Linda:
I’m coming for you
When the sun goes down
I’m coming for you
When there’s no one around
I come to your house
Break down the door
Girl I’m shaking
I need more
There’s only one way to soothe my soul
Only one way
I’m coming for you
I need to feel your skin
I’m coming for you
To stop this crawling
I’m taking my place
By your side
I’m not leaving
Until I’m satisfied
I’m coming for you
My body’s hungry
I’m coming for you
Like a junkie
I can’t stop
The desire in me
I’m not waiting
Patiently
There’s only one way to soothe my soul
Only one way
http://www.youtube.com/watch?v=g63RDFzfRcU
Cyprus is a case study as is Argentina. This is coming here in the form of forced bond purchases from retirement accounts. I imagine the natural gas of Cyprus is in play here.
Nice work clot!
http://economy.money.cnn.com/2013/03/15/wine-exports/
Cyprus banks stopped all form of payments. Even the rent check will bounce. Looks like another masterful plan out of Brussle’s to erode depositor confidence.
1) Deposit Insurance worthless
2) EU Pledge nearly 5 years ago from the major countries including Merle’s Germany not to touch deposits is now worthless
3) Bill’s not paid
4) Payroll not paid
5) Forced extended bank holiday
6) Roil the Russians who will surely withdraw what remains of their investments
7) Markets down (losses far exceed a bailout)
And we are in recovery, nearly 5 years in? This is going to be a very long walk home.
Anthony Weiner is back, and so are the headlines……
Weiner rage comes to a head
The Chester County, PA swoon continues. I am continuing to see price drops on houses I dinged. And some houses I thought nice but overpriced continue to languish. DOM here is skyrocketing.
And my agent is beating her “buy now or be priced out forever” drum. If she weren’t a genuinely nice person when not wearing her realtor hat, the wife and I would mock her more.
NY State adverts are touting their tax cuts, including property tax cuts. Apparently, they didn’t get the CBPP and CTF memos about how taxes shouldn’t matter to business.
My landlord owns a small vineyard down in south Jersey. He gives us a bottle of his wine every Christmas. It promptly goes down the drain as soon as I open the wrapping paper, I would not even give it to a homeless bum.
[18] grim,
The diner has a larger GDP
[26] juice,
True. I tried some Tomasello once. It sucked. I have to think that a lot of unlabeled juice gets shipped out only to return as “Californian”
S&P futures are down 16 points, and the Dow Futures are down 95 points
also here are the best NJ Sandy Damaged homes on the market
http://www.buylbi.com/damaged_homes,_lbi_real_estate,_long_beach_island_08008,_hurricane_sandy.htm
Leading Edge Advances In Medicine (JJ Edition):
Rx bid for man with no peni$
By DAVID K. LI
A British man born with no peni$ is preparing for ground-breaking surgery that will attempt to create a functioning organ from the skin of his arm.
If the surgery is successful, it would end decades of torment for 39-year-old Andrew Wardle, who was born with testicle$ but no peni$ and with his bladder outside his body.
“I never thought this day would come, and I still can’t believe it is possible for me to actually have a fully functioning peni$,” Wardle told The Sun newspaper in London.
Wardle’s bladder was surgically repaired, and doctors fitted him with a tube in his bladder to urinate.
“I got used to hiding. Apart from the operations, I could live like a normal lad my age,” Wardle said.
“It was when I got into my teens and started getting interested in girls that it became a problem.”
He boasted that even without a peni$, he has bedded more than 100 women — although he has been limited as to what he can accomplish.
He said he relied on drugs such as ecstasy and LSD as a crutch to hide his disability.
“By taking drugs, I gave myself the perfect cover,” he said. “I’d bed girls but said things could only go so far because the drugs meant I couldn’t rise to the occasion.’’
Surgeons plan to use the skin, nerves and blood vessels from his forearm to build a peni$ that ejaculate$.
Grim that’s the point Cyprus is insignificant, but the message being sent by the EU is not a good one and they are making an example of Cyprus. It will cause fear in EU depositors in that a fundamental promise of the banking system has been broken and the behest of the ECB and EU. I’m with Juice on this one, it will ruffle some feathers. If I were in Italy, a nation of savers(enough wealth in the banks to pay the entire nations debt), I’d be worried about my deposits because while they are acting on Cyprus, they look at Italy.
Nom [24],
It’s 2005 here in North Jersey again. You should see it. Houses are selling within hours at over ask price. My house is rising in price by the hour. I heard the commute to Manhattan is getting closer by the minute, too!
“This is coming here in the form of forced bond purchases”
Save America Bonds…coming soon to the USA, around 2016.
Jindal warns Republicans not to become ‘party of austerity’
http://blogs.marketwatch.com/election/2013/03/15/jindal-warns-republicans-not-to-become-party-of-austerity/
31 – So you are saying go long Treasuries?
Key West real estate is on fire. Prices in my area are up 50% from 2010 bottom.
Key West is known for top men and bottom men so I would say 50% of folks there are always searching for a bottom
njescapee says:
March 18, 2013 at 9:17 am
Key West real estate is on fire. Prices in my area are up 50% from 2010 bottom.
NJ Wine:
>In Asia “there’s a lot of conspicuous consumption,” said SUSTA Executive Director Jerry Hingle. “They want something unique, something their neighbors aren’t drinking yet.”
If they’re drinking Trenton Cabernet, that’s probably a pretty safe bet.<
I bet there are villages in France that think the same thing about the swill they ship over here at premium prices but they wouldn't see fit to make vinegar with.
[33] hype,
History repeats itself. I predict a bond push along the line of the war bonds of WW2 will be considered. Imagine Chris Matthews telling the wealthy its their patriotic duty to buy bonds. Of course, without a war, and without a fully co-opted media, it would fail spectacularly.
Looking at the last two weeks in BC…
14-14 Elmwood, Fairlawn – $309k – 6 days
1432 Hubert, Teaneck – $320k – 3 days
552 Columbia, New Milford – $350k – 12 days
737 Princeton, New Milford – $350k – 11 days
39-49 Vanore, Fairlawn – $350k – 6 days
4-15 Lyons, Fairlawn – $360k – 8 days
124 Terbell, Rivervale – $380k – 5 days
131 Lincoln, Hackensack – $388k – 4 days
101 Roosevelt, Westwood – $388k – 6 days
53 Alberta, Saddlebrook – $389k – 5 days
81 Lincoln, Waldwick – $390k – 1 day
786 7th, Riveredge – $399k – 5 days
72 E Edsall, Palisades – $399k – 4 days
666 McKinley, Washington – $399k – 4 days
181 Knickerbocker, Hillsdale – $399k – 3 days
134 Franklin, Oakland – $400k – 14 days
59 Pierce, Cresskill – $400k – 7 days
71 Page, Oakland, $400k – 6 days
211 Adamns, Riveredge – $405k – 13 days
4-35 Summit, Fairlawn – 12 days
46 Demott, Tenafly – $438k – 5 days
6 Grover, Fairlawn – $445k – 4 days
451 Berkshire, Ridgewood – $448k – 12 days
41 Maple, Cresskill – $449k – 5 days
3 Burlington, Fairlawn – $450k – 9 days
133 Godwin, Ridgewood – $460k – 7 days
481 Linden, Ridgefield, $469k – 7 days
115 Ackerman, Ridgewood – $475k – 7 days
410 Kinderkamack – $479k – 9 days
12 Pennington, Waldwick – $499k – 7 days
8 Saddlewood, Hillsdale – 7 days
6 Commanche, Oakland – $510k – 4 days
7 Erold, Allendale – $529k – 10 days
132 Morningside, Paramus – $549k – 12 days
443 Van Emburgh, Ridgewood – $580k – 10 days
40 Circle, Park Ridge – $649k – 10 days
280 W Oak, Ramsey – $649k – 9 Days
5 Oak, Harrington Park – $659k – 6 Days
111 Crescent, Allendale – $699k – 11 Days
495 Island Way, Franklin Lakes – $700k – 9 Days
78 Glen, Glen Rock – $725k – 10 Days
32 Dillingham, Englewood Cliffs – $725k – 12 days
43 Ethelbert, Ridgewood – $740k – 7 Days
66 Dogwood, Ramsey – $779k – 12 Days
425 Wastena, Ridgewood – $799k – 11 Days
525 Carlton, Wyckoff – $799k – 6 days
498 Wellington, Wyckoff – $820k – 7 Days
68 Everett, Closter – $850k – 8 days
42 Kenwood, Tenafly – $899k – 7 Days
139 Hudson, Tenafly – $899k – 5 Days
206 Claremont, Ridgewood – $949k – 10 days
26 E Gramercy, Glen Rock – $979k – 10 days
41 Carol, Englewood Cliffs – $999k – 3 Days
178 Cottage, Wyckoff – $1m – 4 Days
33 Anona, Upper Saddle – $1.2m – 5 days
822 Closter Dock, Alpine – $1.3m – 9 Days
18 Lambs, Creskill – $1.375m – 6 Days
3 Lone Cedar, Old Tappan – $1.45m – 7 days
24 Cameron, Saddle River – $2.4m – 7 Days
325 Highview, Englewood – $2.8m – 13 days
So I officially hate the US Govt
So I get off the phone regarding my SBA Loan
I was told since I don’t have a mortgage or much debt I would have to pay the highest interest rate possible on a loan. I am ineligible for a low rate as I have the means to pay back my loan. Rates ran from 0-3.3%. Then loan terms run from 1-30 years I got 7 years. Crazy!!! They said I could afford to pay it back in 7.
Then insult to injury. I was told if I had only bought another top of line GMC truck and took out a second 100% loan it would have helped. Since I paid cash for second new car it hurt me.
This one’s for Fast Eddie, just in case he has envy of that monstrosity on the corner of Oradell Ave./Pascack Road. A downmarket version, “conveniently located near the upcoming convenience store with six gas pumps and a likely 14,000 square foot CVS, and across the street from the fire house (quiet neighborhood!). [/snerk]
http://www.trulia.com/property/3112230810-649-Washington-Ave-Washington-Township-NJ-07676
If its busy again does anyone have anecdotes about who the buyers are? Still investors with cash, or renters who’ve been looking for a few years or upgraders who have their house on the market?
Just trying to figure out if its short term pent up demand or back to normal or really a boom.
Home equity is back, and it’s growing fast.
It sure is. I know a guy who financed his $1.5 million dollar house with a $1.2 million dollar piggy back mortgage(s) in 2006. A couple years later he did a cash-in refi and brought his mortgage down to $1.0million and last year he did another cash-in refi to bring his mortgage down to $800K. His equity is growing way faster than the decline in value of his purchase, so I’d guess you’d say his equity is growing…kind of.
“Outstanding mortgage debt continued to fall as owners paid down their balances and refinanced into smaller loans, taking advantage of unprecedented low mortgage rates.”
When we recently did exactly this, all parties involved in the transaction had trouble understanding why we would do such a thing.
biggest reason equity is rising is short sales and BKs, if all folks with negative equity are being taken out and folks not underwater, keep making their payments with some principal payment home prices can stay flat and equity will rise
Modern lemming-think is to take out a mortgage of infinite term with varying payments. It’s all about the payments. Don’t worry about the future, that will take care of itself or be taken care of for you. You know, the same way poor people buy cars.
“Outstanding mortgage debt continued to fall as owners paid down their balances and refinanced into smaller loans, taking advantage of unprecedented low mortgage rates.”
When we recently did exactly this, all parties involved in the transaction had trouble understanding why we would do such a thing.
Correct, JJ. Also the foreclosures are bought for cash so that bumps up equity as well.
biggest reason equity is rising is short sales and BKs, if all folks with negative equity are being taken out and folks not underwater, keep making their payments with some principal payment home prices can stay flat and equity will rise
If equity keeps rising like this we will be a true nation of homeowners…and tenants. Mostly tenants, really.
[40] grim – How many of these sellers are the boomers you expected to stay at home and die there? I think this is the year of many sellers of many nice homes. Watch the fun that ensues when the buying pool depletes.
grim says:
March 18, 2013 at 9:36 am
Looking at the last two weeks in BC…
If we already know it, is it news?
http://tv.yahoo.com/news/cnn-becoming-fox-news-msnbc-pew-study-finds-141551909.html
Some of my neighbors (and me) are paying cash for home improvements as well.
46.JJ says:
March 18, 2013 at 10:41 am
biggest reason equity is rising is short sales and BKs, if all folks with negative equity are being taken out and folks not underwater, keep making their payments with some principal payment home prices can stay flat and equity will rise
JJ [41];
Your story reminds me of my interactions with FEMA. FEMA is nothing more than a slush fund for the benefit of favored classes and the political class that doles out their crumbs. You made the mistake I did of presuming that there was some semblance of rational thinking in how the funds would be disbursed; or that ‘equality before the law’ meant something to these Jacobins.
Some animals are more equal than others.
time to go postal
Found this gem today, just went back on the market. One of four post exchange buildings built by the army in the early 1900’s. Has a basketball gym sized room on the back, thought you might find it interesting. Do they have indoor bball courts on the back of houses down the shore?
biggest reason equity is rising is short sales and BKs, if all folks with negative equity are being taken out and folks not underwater, keep making their payments with some principal payment home prices can stay flat and equity will rise.
Stop trying to inject logic into the equation. Just drink the koolaid and believe the cheerleaders.
Homes bought 20 years ago and took home equity to Re model the homes are underwater.They are staying foot through HARP 2 and waiting to get above water.They are not selling.Underwater mortgages are not selling,staying foot.
Boomers with no mortgage or sitting on huge equity,FK ,short sales are the only sellers.If you are looking for an updated home,you need to wait for homes that are staying foot waiting to get above water.Then again prices and interest rates would have gone up by that time.
I got the $31,900 in two weeks. SBA is giving me a headache. Also NYS Sandy is giving me grief. They are supposed to pay for my new oil burner.
Anon E. Moose says:
March 18, 2013 at 10:57 am
JJ [41];
Your story reminds me of my interactions with FEMA. FEMA is nothing more than a slush fund for the benefit of favored classes and the political class that doles out their crumbs. You made the mistake I did of presuming that there was some semblance of rational thinking in how the funds would be disbursed; or that ‘equality before the law’ meant something to these Jacobins.
Some animals are more equal than others.
The new play,buy grand Pa’s POS that never seen a paint brush since it was bought.He will not go for less than what he wants.He is in no hurry ,house is paid.He is not going no where.
Avocado Green appliances and harvest gold bathrooms comes with that
http://www.allaspectsinspections.com/hall-of-shame.php
Home inspectors hall of shame,
Statler (45):
We did our first refi back in 2009 I believe. We were shortening our loan by 5 years. The mortgage broker said we were the first one to shorten their loan in almost a year. And our broker is a huge volume broker.
Another prediction that I didn’t have the stones to pursue:
http://www.cnbc.com/id/100533949
This is a ridiculous long shot question, but if anyone knows of a DelCo or ChesCo, PA version of Das Uberinspector, I’d like to get a name. Not drafting any offers yet but want someone lined up just in case.
Reuters) – Dotted with swimming pools and golf courses, the thriving seaside enclave of Ewa Beach perches just down the coast from bustling Honolulu, Hawaii. The island-style homes fronting palm-fringed streets offer views of two mountain ranges and proximity to some of the best big-wave surfing in the world.This resort community, where houses sell from around $200,000 to more than $1 million, enjoys another perk: easy access to no-money-down home mortgages, guaranteed by the U.S. Department of Agriculture. The guarantees are provided to qualified homebuyers courtesy of the farm agency’s rural housing program, created in 1949 to help lower-income Americans in rural areas who lacked access to “safe and sanitary dwellings” and couldn’t get credit any other way. Reuters found at least 250 of the loans in the Ewa Beach area. It also found them in a lot of other places that aren’t very isolated or very rural: Los Angeles; Washington, D.C.; Austin, Texas; Seattle, Washington; and Tampa, Florida. The mortgages pop up near Silicon Valley’s Sand Hill Road, the main drag for high-tech venture capital, and a short distance from the headquarters of Google, Facebook and Apple, as well as in dozens of small to midsize cities across the United States, from Salinas, California, to Spring Hill, Florida.
Durwood Canaday and his wife, Lisa, used a zero-down, USDA-backed mortgage last year to buy a 102-year-old house in Benson, North Carolina, for $84,000. “I could have bought a house another way,” says Durwood, a semi-retired advertising executive, who lives less than a 30-minute drive from his office in Raleigh. “But this allowed us to travel, and our hope in a few years is to purchase a beach property in Surf City that we can rent out now and retire in later.”
http://www.reuters.com/article/2013/03/18/us-usa-mortgages-usda-special-report-idUSBRE92H0CO20130318
The Housing Maket Is Recovering But…….http://finance.yahoo.com/blogs/daily-ticker/future-housing-market-great-unknown-robert-shiller-133256983.html;_ylt=AgxXv8tljaTKZzTanKNaz7.iuYdG;_ylu=X3oDMTNyamppa2JsBG1pdANGUCBUb3AgU3RvcnkgTGVmdARwa2cDZjg1N2FiNmMtY2E0Mi0zNjkzLWFjZmYtMWExMDJlMTdhMGM1BHBvcwMyBHNlYwN0b3Bfc3RvcnkEdmVyAzdjZWMwMDIzLThmZGEtMTFlMi1hMzVmLWVhNDllZjI1ZjgwMA–;_ylg=X3oDMTIwNjVsc3ZuBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QDVGVzdF9BRkM-;_ylv=3
With banks’ lending standards persistently tight in the wake of the 2008 financial crisis, use of USDA-backed loans has ballooned, growing faster than any other type of government-backed loan. New lending under the program has risen to $16.9 billion in 2011 from $3.1 billion in 2003. More than 8 percent of that financing was for homes in urban areas.
45/61 – Between 15 and 20% of HARP refinances move into a shorter term mortgage.
And Freddie said a full 27% of Q4 2012 refis shortened term.
Re 64 the mere fact that vacation home properties get fannie mae mortgages means nearly all vacation homes receive same benefit
The Cyprus analogy is all wrong by the way.
It would be more similar to Grand Cayman or Bermuda asking Britain for a bailout. What do you think Britain would say? It would be laughable. Go get your bailout from the tax evaders, money launderers, crooks, and hedge fund masters who call your island home.
If you are one to believe some of of the stats posted to the tinfoil hat metals blogs, rumor has it some 80% of assets housed offshore, on Cyprus, belong to Russians. Hence Putin’s strong words.
Grim – for all the NJ commuter suburbs into NYC – any analytics showing price recovery in these specific markets lagging at all? Wondering if the declining headcount from wall street has impacted train towns?
Cyprus just a trial balloon perhaps?
All you energy traders – any thoughts on Arthur Berman – man has interesting comments about fracking for natural gas.
62 CND
Sounds like a great job, changing colostomy bags for $10/hr. Wonder what I could buy in BC with that kind of money. Probably a part time job with no benefits either. Someone willing to empty poop bags would be better off served by eliminating the middle-man and getting 20/hr cash on the side.
re # 70 – Grim – makes no difference who assets they are, Russian, British or American the money is all Euros and covered by European law for Deposit Insurance.
If there is no insurance then there is no reason to deposit your hard earned money in a bank and earn 0% interest in perpetuity.
Juice,
And that’s 0% nominally, negative interest in real terms in perpetuity.
Juice [74];
covered by European law for Deposit Insurance
Juice, I’ve read that the the first €100k are insured, but the insurer is the country’s own banks, which are the ones that need the bailout. Counterparty risk is a b!tch.
juice box [74]
They could have honored the deposit insurance within its limits, but then they should’ve levied about 14% tax on the Russian (and other above 100K EUR per account money). Probably felt it’s better to screw own retirees than mess with Vlad.
Hi,
I am thinking of bidding on a house with popcorn ceiling in few rooms. What are the odds of it containing asbestos? The house was built in 1978. How easy to remidy the ceiling if it contains asbestos? Should I not bother with the house at all? Any thoughts?
Thanks
Unlikely if the house was built in 1978, asbestos was banned in 1978.
If you have any concerns at all, write an asbestos test into the contract and pay a couple bucks for the test.
OT Traffic alert
Just got a violation notice from cherry hill. Went online and video clearly shows a loaner that we had, with PA plates, going through a YELLOW light.
Hmmm. Clearly no violation. Out of state plates. Lots of other cars possibly cited (or not). I’m thinking class action!
[73] Phoenix
True but that isn’t where the value added can be found. And I’d pay $20 if I was billing $60.
Nom [80];
I’ve got lots of ideas for class actions. All I need are (named) plaintiffs.
Grim,
Thanks. I read that although it was banned in 1978, they exempted the material that was already manufactured. I think asbestos contingency in the contract may be the right way to proceed. My question was whether it is a bad idea to buy a house with asbestos containing popcorm ceiling knowingly and try to remidy later.
Genworth Raising Long Term Care Premiums 60% for the next year
Pinebrook – buy a garden sprayer from Home Depot – fill with warm water & spray
4′ x 4′ sections of the popcorn ceiling and wait a couple of minutes for water to soak in and popcorn to soften – then use a 4″ tape knife and the stuff will come off with minimal effort. Popcorn ceiling was put on for a reason – you need to find out why as it is probably hiding or hid a leaky roof.
What does popcorn ceilings have to do with absestos. I had it in my den, it is just paint with small rocks mixed in. They still sell it. Rather that sand all that stuff off, I bought a can of the rough white paint and filled in a few spots.
Pine_Brook says:
March 18, 2013 at 1:36 pm
Hi,
I am thinking of bidding on a house with popcorn ceiling in few rooms. What are the odds of it containing asbestos? The house was built in 1978. How easy to remidy the ceiling if it contains asbestos? Should I not bother with the house at all? Any thoughts?
Thanks
Older popcorn ceilings were asbestos based. Newer (after ’78) were cellulose based. Test consists of taking a little chip and sending to analysis. $100 thru home inspection or $30 if you buy the kit directly from these guys http://www.prolabinc.com/
85 – Was in a house a few months back, the owners were so proud they removed the popcorn they bragged about it, took them weeks!
Looked like they sprayed honey on the ceiling and let loose a pack of rabid badgers. Really, the popcorn would have looked better.
Ever see the shit with the gold glitter in it? That’s the playa’s popcorn.
New Jeahsey and you…Perfect together. I hear the roads suck right now.
78 in Florida, little bit sticky though.
New roof, new siding, new deck, new windows, new doors, new kitchen new bathrooms, new HVAC, new hardwood new moldings new fixtures. How does one figure the cost to replace all of this in a 30 year old house?
Tomorrow’s NY Post headline:
“Cyprus: Fcuk You, Pay Me”
“Headless Cypriot Found in Putin’s Outhouse”????
Don’t mess with the Russian mob.
That should be rule #1 of European necronomics.
I took one look at Cyprus and hit the sidelines. Up 10% for the year, I’ll book that and sit out for six months. Cyprus will walk this back tomorrow, but I think the damage is already done. Best case, you see a slow bleed of capital from the banks, worst case, will be bank runs be the end of the week.
Disclaimer, I am a janitor by day and this is my personal view from behind the broom.
Turn on Charlie Rose now! Hank Greenberg explaining his lawsuit against the Feds . . .
Rose: “If AIG hadn’t been bailed out would it have really taken the financial system down?”
Greenberg: “I don’t believe that at all”
Um, then why was it soooo necessary to bail them out? Rose didn’t ask that question . . .
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