Hot market, with caveats

From the Record:

North Jersey housing market hot as buyers return

After 30 years in their five-bedroom Old Tappan colonial, Enid and Generoso Squitieri wanted to downsize, but they held off on a sale, waiting for the housing market to improve. As the economy and real estate market brightened this year, they put the house on the market in late March — and had an offer the next day.

“Before I knew it, I was packing,” said Enid Squitieri. She and her husband are now living with their daughter while they look for a condo in Fort Lee.

As the Squitieris discovered, the spring real estate market has been the liveliest in years in North Jersey, as the region and the nation climb out of the worst housing bust since World War II. Low mortgage rates and a growing sense of job security have drawn buyers into the market.

“It’s a breakthrough year,” said Attilio Adamo, a broker with Better Homes and Gardens Randy Realty in Harrington Park. “If homes are priced right, they’re moving.”

“The ‘buy now, pay less’ mood among home buyers is creating a sense of urgency,” Jeffrey Otteau, an East Brunswick appraiser who tracks the statewide housing market, wrote in a recent report. The pace of sales in the state is the highest in six years, and Bergen County is one of New Jersey’s strongest markets, he said. The local multiple listing services report that sales volume is up about 12.5 percent in Bergen County and 18 percent in Passaic compared with last year.

“I think people are tired of waiting,” said Bob Lindsay, a Re/Max agent in Wayne. In addition, according to Orly Steinberg, an agent with Coldwell Banker in Ringwood, more investors have been buying homes, often with cash.

“Homes that were priced reasonably were receiving multiple offers very quickly,” said Melinda Cronk of Tarvin Realtors in Ridgewood. “If you waited until the open house to see it, you were too late.”

“The spring market has been incredible for sellers,” said Maryanne Elsaesser, a Coldwell Banker agent in Wyckoff. “Most of my listings sell within a week.”

Inventory is low for a couple of reasons, including a years-long plunge in home construction to levels not seen since World War II. Moreover, many homeowners — especially those who bought during the housing boom — can’t put their homes on the market because they owe more on their mortgages than the house is worth, said Otteau. Others are unwilling to accept prices that, in this region, are down about 25 percent from the market peaks in 2006.

But though this supply/demand imbalance has led to bidding wars, the area’s prices haven’t risen as quickly as in the nation as a whole.

“We’re not seeing a dramatic increase in prices,” said Joe Rand of Better Homes & Gardens Rand Realty, which has offices in Bergen and Passaic counties.

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

97 Responses to Hot market, with caveats

  1. grim says:

    From the LA Times:

    Motivated home buyers skip the bidding wars

    Ryan Mathys spent weeks prospecting.

    He drove up and down the little avenue in Solana Beach, taking notes and knocking on doors. He scoured public records. He blanketed the seaside neighborhood in northern San Diego County with inquiries.

    All the detective work had a dollars-and-cents purpose: to find homes the owners would be willing to sell.

    Southern California housing prices are rising sharply, and there’s a shortage of houses available for sale.

    So agents like Mathys are resorting to reconnaissance and back-channel networks to find homes that haven’t yet hit the market. They’re cold-calling homeowners with offers and targeting specific neighborhoods with direct mail. Some come bearing bizarre gifts in return for a listing. One agent offered a seller the use of his exotic car; one of his clients offered free dogs.

    And they’re chasing so-called pocket listings, homes privately marketed among those in the know. The low-profile nature of the listings makes them hard to quantify. But agents and other real estate experts say they’ve become common in the booming Southland market, where the median home price shot up nearly 25% in the last year.

    So Mathys sent a letter to every home on the ocean-view side of the street to see if someone else was interested in selling. He outlined his client’s personal story and qualifications. Mathys knocked on doors. He searched property records for the names of homeowners and reached out through social media and email.

    “They are spreading the word through whisper campaigns or pocket listings, through the broker network and the Web,” said Nick Segal, a real estate agent who estimates that 30% of the deals at his Partners Trust firm are secured without a listing. “You say, ‘I have got something coming on the market; it’s quiet.'”

    Michael Kerwin, 65, sold his Altadena home this month without ever listing the two-bedroom, one-bathroom bungalow. His agent, Addora Beall, found an investor who snapped up the property within days for more than the asking price. The all-cash purchase closed in seven days, faster than it would have with a buyer who needed a mortgage.

    In a market with tight inventory, focusing on pocket listings is simply a way of staying competitive, Izquierdo said. His brokers pounded the pavement hard for listings, working contacts and knocking on doors, he said. And he has no problem listing a property the traditional way.

  2. Essex says:

    Stuff is selling . Prices are looooow.

  3. anon (the good one) says:

    “I think the single most shattering story I heard about him was the fact that a friend put a white ceramic model of the White House into this fish tank that he had in his office. And he took it home in his fist,” adds Morris. “And when Nancy pried his fingers open and said, ‘What’s that, Ronnie?’ And there’s this little, wet White House in his hand. He said, ‘I don’t know, but I think it’s something to do with me.'” -biographer Edmund Morris

  4. Wait until interest rates are around 7% and the Dow has shed about 35%.

    We’re just creating a new wave of people who will be trapped in their houses.

    No hope. No recovery. 50-100 years in the wilderness.

  5. anon (the good one) says:

    7% ain’t very high

  6. 7% isn’t high at all. But just imagine what it will do to the current RE market.

    Fog a mirror will be back. Big.

    We all know how well such things end.

  7. Anon E. Moose says:

    Anon [2];

    Reagan reportedly said that in his 90’s, after having his mind eaten by years of Alzheimers disease.

    Too bad the media never reported what President Choom said in his 20’s after voluntarily subjecting his mind to a purple haze, for comparison.

  8. I only wish Bojangles had a steady supply of choom right now.

    When this guy gets an idea and gets motivated is when he’s most dangerous.

  9. Anon E. Moose says:

    Scrapple [6];

    We all know how well such things end.

    Yeah — I sell (maybe a little sooner than I’d like) in about 6 years or so, and acquire a large pile of B-notes. Despite their drawbacks, some muppets still find them valuable, so they can be put to some use.

  10. JJ says:

    Scrapple n’Ricin says:
    June 24, 2013 at 7:52 am
    Wait until interest rates are around 7% and the Dow has shed about 35%.
    We’re just creating a new wave of people who will be trapped in their houses.

    That happened in 2000 and RE went up.

  11. Juice Box says:

    Snowden did not make his flight to Cuba. He may have gambled wrong here and now Putin has him.

  12. Juice Box says:

    New form of Collecting bargaining in Beijing. Get Whitey to wire your severance before you let him leave town.

  13. Grim says:

    Maybe Putin will throw him in a secret prison and torture him into revealing additional secrets to the Russians.

  14. Juice Box says:

    Might be time for a no-fly zone over the UK.

  15. JJ says:

    2.64 10 year treasury.

  16. Libtard in Union says:

    Just saw that too JJ. I’ve never seen it move up so rapidly before. Inflation coming?

  17. grim says:

    At this point looks like the refi window may be closed all together. I wouldn’t be surprised to see quotes firmly in the 4.5% range today, if not even pushing towards 4.75%.

    Any efficacy of HARP 3 (Extending refi options to non-GSE loan holders) as a positive influence on the market is very quickly burning away. Couple more bps upward and it’s not going to pay to do anything but shred the draft legislation.

  18. Libtard in Union says:

    I wonder if the speed of the increases in the mortgage rates might cause a jump in home sales as buyers/sellers fear the increase in mortgage costs and the eventual negative impact it might have on future sales (regardless of what the data states)?

  19. Fast Eddie says:

    Wall Street awoke to a global meltdown on Monday after the People’s Bank of China in effect told participants in the Chinese banking system that they would be left to their own devices in handling an apparent liquidity crisis.

    Any questions?

  20. Fast Eddie says:

    Libtard [18],

    Sort of like the “red giant” effect in the life of a star.

  21. Anon E. Moose says:

    Lib [18];

    I know that this theory is usually applied to the buy side (I’ve done it myself) to explain upward rate shocks increasing sales and prices.

    Why doesn’t it affect sellers? If rising rates is liable to depress prices and scuttle deals, they should have equal motivation to lower their price to get a deal done now. *shrug*

  22. Nomad says:

    Lib 18 – or perhaps mtg rates continue to creep, housing begins a stall, economy slows and Ben goes above 85 / month. Some aggressive price drops in train towns last week.

    Maybe a fall window housing opp where prices and mtg rates drop a bit.

  23. Libtard in Union says:

    I’ll hazard a guess. Sellers can usually wait (usually way longer than they originally planned to). Buyers usually can not.

  24. By the fall, Western civilization will be at the precipice.

    Prepare for the endtimes.

  25. Hey, this Chinese banking thingy is pretty fun.

  26. raging bull jj says:

    Time to put my buying shoes on. Any stock or bond tips boys. Dont want to catch a falling knife but time to get a buying list together.

    I bet July will be a good month for Munis. June sell offs are usually historically followed by July bounces as July is a huge coupon month and lots of bonds were pre-refunded/called last month for July and that wont chance. That is becuse munis locked in low rates in May June to pay off the July bonds.

  27. Anon E. Moose says:

    Lib [23];

    Something came to me – seller has less to lose. They can give a discount now or give a discount later. They equate the two in terms of size of discount, and foolishly put zero value on the time lapse between the two. A seller would have to believe that they have more to lose in sale price by waiting to offer the discount now. Flip the script, the buyer with a higher rate pays more later even at the same price.

  28. After the margin calls cease, start buying gold.

    That is all.

  29. Fast Eddie says:

    The asset always finds it’s way home. Do you hear that echoing thud? That’s the sound of a rising interest rate. The sleeping giant has awaken.

  30. chicagofinance says:

    Use this as an example of a greater effect occurring out there…….keep an eye on this one…..essentially there is a huge explosion that just happened and some people are going to pay a dear price…….

  31. chicagofinance says:

    The real problem is that the market has become unglued coincident with running up against a quarter-end……this situation has mushroomed so quickly that there is not a big enough rug under which to sweep the mess……alternatively, it is part of the reason the mushrooming is happening…..

  32. chicagofinance says:

    Everyone who just closed on a house in the last 90 days just top-ticked the market for now……..winner curse…..not lethal if people stayed within their means or made a lateral move price wise…….

  33. chicagofinance says:

    JJ: muni’s getting barfed up…..I think it may be more extreme after people open 6/30 statements, but who knows….

  34. raging bull jj says:

    I am just going to put some “feeler” bids in at 100bp under the ask next few days on some discounted munis.

    I agree wild card is Ma and Pa looking at end of June statements combined with first week of July tons of traders are off for holiday making for thin bid/asks.

    I do thing come July 8 when calmer heads return and traders are back and we have the 7/1 and 7/15 coupons to put to work we will have some noramality return.

    chicagofinance says:
    June 24, 2013 at 11:28 am
    JJ: muni’s getting barfed up…..I think it may be more extreme after people open 6/30 statements, but who knows….

  35. Young Buck says:

    Are there closing costs when refinancing a car loan?

  36. Anon E. Moose says:

    Fun quote for the ‘pox on both their houses’ and/or ‘republicrat’ types here:

    “It’s true, we have a two-party system in America: The Evil Party, and the Stupid Party. And every once and a while the Evil Party and the Stupid Party get together to pass something really evil and stupid. That’s called ‘bipartisanship.’”

  37. Painhrtz - Disobey! says:

    Moose depedning on the day the evil and the stupid party switch hats. It just depends on who is in power or who they want to f*ck over.

    So what is the over under on the Chinese collapse +/- 6 months and which happens first collapse or summary executions of the board of directors at those Chinese banks?

    yeah October contagion will be unleashed, inflation will eb rampant and the moron republicans will be further washed into power replacing the idiot democrats. Meanwhile milk will cost 12 bucks a gallon. Happy days

  38. Dissident HEHEHE says:

    Man the miners keep getting spanked. Especially the juniors. How far below book can they go?

  39. JJ says:

    NLY is getting spanked too, at 52 week low, which is scary cause it is x-div on 6-27 and you dont see too many 52 weeks lows a few days before x-div on a div stock.

  40. JJ says:

    Muni market just turned upward like 15 minutes a ago, stuff at 102 got pulled and redone at 105, but crazy same stuff was like 120 in May.

    That is a lot of bouncy bouncy on investment grade muni.

    I bought a high rated investment grade muni with a 5% coupon at 102, that was 118 a few weeks ago. Into a little margin, but only enough that will be paid by my July 1st coupon.

  41. JJ says:

    101.281 10 4.838 06/24/2013 11:52:51 Customer Buy
    101.181 10 4.850 06/24/2013 11:52:51 Dealer to Dealer
    101.181 10 4.850 06/24/2013 11:52:49 Dealer to Dealer
    100.931 10 4.881 06/24/2013 11:52:00 Dealer to Dealer
    109.743 625 3.830 06/11/2013 01:05:44 Dealer to Dealer
    109.683 625 3.836 06/11/2013 01:02:14 Dealer to Dealer
    109.923 25 3.810 06/07/2013 04:16:53 Customer Buy
    110.023 25 3.800 06/04/2013 10:51:12 Customer Sell
    114.426 50 3.315 06/03/2013 12:33:57 Customer Buy
    113.176 50 3.450 06/03/2013 12:33:57 Dealer to Dealer
    114.116 425 3.350 05/24/2013 01:19:00 Customer Buy
    115.255 50 3.230 05/21/2013 03:27:00 Customer Buy
    115.255 50 3.230 05/21/2013 03:27:00 Dealer to Dealer
    117.344 50 3.016 05/06/2013 09:11:42 Customer Buy

    That is some crazy bond moves considering FED has not raised rates and these are Bronx Zoo/Central Park Zoo bonds. Like NYS is going to default and give us the Central Park Zoo!!!

    Usually you see this like in 1994 when Fed unexpectedly raises rates several times.

  42. JJ says:

    I think David Learner Clients are doing a mass suicide when they open their June Statements

  43. Libtard in Union says:

    JJ…I’m real close to piling into NLY. Taking a page from your playbook, ain’t no way the plug is pulled on QE3 based on the initial market reaction to even tapering.

  44. Dissident HEHEHE says:

    Some of things that have been spanked are crazy oversold. GDXJ has been murdered the past six months. You’d think the FEDS would have raised rates at every meeting from the action in that puppy.

  45. grim says:

    Are there closing costs when refinancing a car loan?

    The bigger question is whether or not you can close your existing car loan without paying all of the interest you would have otherwise. Makes little sense to refinance if your payoff amount is all remaining P+I. I’ve seen where they’ll say there are no “prepayment penalties”, but all that means is they won’t tack on any additional fees on top of the precomputed P+I you’ll be paying them.

  46. Richard says:

    Have a look at some closed end bond muni funds. Many are selling at good discounts to NAV.

    Pref shares have sold off a lot too. MET-A is floating rate note. RBS prefs are all cheap. SCE-F had a big day (not sure if there was as div)

    I bought too many on Friday but am having some remorse. If the bond market is really going to pop, 10% off isn’t that cheap.

  47. raging bull jj says:

    The guys who run NLY are super smart and it is well run. Double wild cards of when the market sell off dies and what Fed does.

    We get another sell off before x-div it might be looking reall good for NLY, trouble is it still is risky so it is only play money.

    Libtard in Union says:
    June 24, 2013 at 12:44 pm
    JJ…I’m real close to piling into NLY. Taking a page from your playbook, ain’t no way the plug is pulled on QE3 based on the initial market reaction to even tapering.

  48. Libtard in Union says:

    RB JJ,

    Yup. Will probably wait for Thursday to see if price drops any on dividend day, which it always seems to.

  49. Young Buck says:

    Really? I just checked my loan account @ BofA online, and the final payoff amount is right around where I would expect the outstanding balance to be per the amortization schedule (within $300).

    45. grim says:
    June 24, 2013 at 12:57 pm
    Are there closing costs when refinancing a car loan?

    The bigger question is whether or not you can close your existing car loan without paying all of the interest you would have otherwise. Makes little sense to refinance if your payoff amount is all remaining P+I. I’ve seen where they’ll say there are no “prepayment penalties”, but all that means is they won’t tack on any additional fees on top of the precomputed P+I you’ll be paying them.

  50. Statler Waldorf says:

    Car loan? Come on fellas, cash and carry.

  51. JJ says:

    I have a zero percent loan on one car which is my first loan ever.

    Trouble is on new cars they dont give you a discount for cash. With my Caddie I was able to calculate cars on the “float” vs. days on lot vs. depreciation etc. With Cash I basically got my used caddie off the lot right before xmas as dealer would have to pay to finance it int 2014, also works well with used cars or cars at auction.

    Funny in new cars they dont want cash anymore

    Statler Waldorf says:
    June 24, 2013 at 1:42 pm

    Car loan? Come on fellas, cash and carry.

  52. 1987 Condo Buyer says:

    #51, they don’t want cash because if you pay cash you avoid the “Finance guy” who has about 2 hours of potential add ons and options that he needs to discuss with you!

  53. Painhrtz - Disobey! says:

    but JJ will the caddie float when the next storm hits LI.

    I’m glad that I’m at a point in my life where I look at cars as what they are a depriciating asset and assign their value as such. After not having car payments for years the thought of going back to financing with any thing over 0% is ridiculous. That and unless I get a new car for a steal I’m buying used.

  54. chicagofinance says:

    Honestly……I had no idea that the sequel to the adult film “John Wayne Bobbitt Uncut” was called “Frankenpeni$”….

  55. Anon E. Moose says:

    HEHEHE [38];

    Man the miners keep getting spanked. Especially the juniors. How far below book can they go?

    It seems to me the value of proven reserves is not what they are worth if you had them on the surface today, but what they will be worth by the time you dig them up. And if the market outlook for future of the commodity price is lower, well, just do the math.

  56. chicagofinance says:

    accompanying video for the JWB story…..

  57. 1987 Condo Buyer says:

    Detroit Munis:

    Note: they plan to treat GO bonds as UNSECURED:
    “If you lent money to an insolvent city that has been going insolvent as openly and notoriously as possible since 2000, and you don’t have a security interest, then you are an unsecured creditor.”

    NEW YORK (MarketWatch) — Just before the small Rhode Island city of Central Falls filed for bankruptcy in 2011, the state legislature quietly passed a law that gave holders of the bonds backed by a municipality’s taxing power first pick of the city’s revenues in a restructuring.

    It was an unprecedented move, assuring that bondholders would have a so-called statutory lien on revenues, ultimately giving them full repayment during Central Falls’ since-concluded Chapter 9 bankruptcy.

    MARKETS | Expanded markets coverage
    • The Tell: Market news and analysis
    • U.S. and Canada markets | Canada section
    • Columns: Stocks | Oil | Gold | Bonds | Dollar

    TOOLS AND DATA | Markets data menu
    • My Portfolio: Know where your funds are?
    • Real-time currency exchange rates
    • After-hours stock screener
    /conga/story/misc/markets.html 240610
    “That was, in my opinion, the best orchestrated series of events ahead of a bankruptcy filing to clarify bondholder priorities,” said Lisa Washburn, managing director at Municipal Market Advisors.

    When the city of Detroit unveiled its restructuring plan 10 days ago, prepared by state-appointed emergency manager Kevyn Orr in an effort to avoid a bankruptcy filing, the messiness that ensued served as a stark contrast to the Central Falls case. The proposed plan is drawing ire across the municipal-bond industry and at the center of the dispute is the classification of a similar type of bond as in the Central Falls case.

    Bonds backed by the city’s taxing power, known as general obligation (GO) bonds that are protected by its full faith and credit, hold a special place in the world of municipal finance. If an issuer defaults, bondholders often have the right to compel the issuer to increase taxes to pay the bonds. Investors usually pay a higher price and receive a lower yield on GO debt than on comparably rated debt without the full-faith-and-credit pledge.

    But in his Detroit restructuring plan, Orr pulls the GO debt into a category of unsecured creditors that also includes $1.43 billion in pension certificates that many say are legally lower down on the food chain (those went into nonpayment as part of the plan).

    The plan, which is sparse on specifics, purports to give all of these creditors an equal recovery out of the city’s general fund, which media reports have estimated at less than 10 cents on the dollar.

    Since releasing his proposal, Orr reiterated his intention of putting GO bondholders on par with other unsecured creditors. Orr told The Bond Buyer last week: “If you lent money to an insolvent city that has been going insolvent as openly and notoriously as possible since 2000, and you don’t have a security interest, then you are an unsecured creditor.”

    Click to Play Asian markets tumble John Shipman previews the Monday trading day, including the impact of a broad Asian market decline on U.S. futures.

    Bondholders are crying foul, saying that it erodes the legal protections that cause investors to pay a premium for GO bonds.

    “What is in front of everybody seems to be challenging the notion that a moral obligation and a [duty] to put your full faith and credit behind an obligation in the capital markets commands the security and seniority that it has commanded for decades,” said Jim Colby, senior strategist and portfolio manager at Van Eck, who holds Detroit debt in his exchange-traded funds.

    The GO debt includes $161 million of bonds backed by the city’s taxing power. But it also includes $369.1 million of so-called unlimited tax GO bonds backed by both the general taxing power pledge and a specific tax that goes solely to debt service.

    The unlimited tax GO bonds are thought to be the most protected in the case of a restructuring: not only are they backed by the city’s full faith and credit, but they have a specific tax that is levied for the purpose of paying the bonds.

    There is little legal consensus on whether those bonds inherently come with the type of statutory lien granted to Central Falls bondholders.

    Nonetheless, those bonds are entitled to continue receiving dedicated tax revenues, rendering Orr’s plan to get rid of that revenue stream a breach of legal protection on the bonds, according to Tamara Lowin, municipal analyst at Belle Haven Investments, which holds some of the insured unlimited tax GO bonds.

    “Treating the debt service of an unlimited tax general obligation bond as an expenditure of the general fund is incorrect. He calls it unsecured, but that does not mean that the dedicated revenue stream that backs the bonds can be diverted for any other use,” said Lowin.

    The issue of the seniority of each group of bonds is of particular interest to their holders, but the rest of the municipal market is watching. That’s because if Detroit is successful at forcing GO bondholders to take less than they are owed, it sends a signal that GO debt may not have the relative benefits that has been conferred upon it in the past.

    “From a market perspective, it’s significant in terms of how the market has viewed GO debt relative to other unsecured debt,” said Washburn, of Municipal Market Advisors.

    Because of the face-off between bondholders and Orr that the restructuring plan sets up, many believe a bankruptcy filing is the next logical step. A Chapter 9 municipal bankruptcy filing is rare, and can be a long and arduous process as creditors fight for an insolvent city’s remaining coffers. But averting what would be the largest ever municipal bankruptcy requires a task that is perhaps even more difficult: getting 100% agreement to a plan from creditors.

    “I think the market now thinks bankruptcy is a foregone conclusion. There is little incentive to agree to an out-of-court settlement,” Washburn said.

    But debt restructuring is an art as much as it is a science. Orr’s proposal is a starting point from which much is likely to change as negotiations move forward.

    “Everybody has to think out of the box on this,” said Richard Ciccarone, chief research officer at McDonnell Investment Management.

    And Michigan, which has historically taken great pains to protect bondholders, could always lessen the pain by sweeping in prior to any bankruptcy filing and helping protect Detroit’s GO bondholders in the same way Rhode Island stepped in during the Central Falls case.

  58. JJ says:

    I hope not. Damm BMW almost floated away.

    Speaking of storm, was down at the beach place and one guy was ranting and raving to me about Sandy, his unit and his float damage. Long story short he had float insurance for 12 years. But since his unit on all four sides is below grade and building has a master policy they denied his flood insurance claim and sent him to SBA, who approved him for a 31,900 loan, meanwhile his neighbor without flood insurance got $31,900 immediately, he protested based on he was a senior on a limited income and he got SBA to deny loan which got him $31,900 three months after neighbor got his payment. And they did not refund his 12 years worth of flood payments. And the crazy guy collects ART and had 40K worth of paintings on wall in a below grade flood zone.

    Long term what happens to those units, he fixed his. They are below grade in a flood zone, are considered a basement so you cant buy flood insurance. There is a single lifetime payment of $31,900 on any property so next owner cant even get that. If they stop making main payments they sieze their condo, if they stop paying RE taxes town siezes condo. Most have no mortgage. From what I guess, they rebuild, pray for no storms in next ten years, then die and let estate worry about it.

    Kicker is when Condo was built lowers were $1,000 cheaper. Looks like now they are 100K cheaper than uppers.

    Met life told me they are no longer writing homeowner beach town condo or coop policies on units below third floor, units floor 3 or up get cheap homeowners and dont need flood insurance. I wonder if Jersey shore etc becomes high rise condos down the road.

    Painhrtz – Disobey! says:
    June 24, 2013 at 2:00 pm

    but JJ will the caddie float when the next storm hits LI.

    I’m glad that I’m at a point in my life where I look at cars as what they are a depriciating asset and assign their value as such. After not having car payments for years the thought of going back to financing with any thing over 0% is ridiculous. That and unless I get a new car for a steal I’m buying used.

  59. Anon E. Moose says:

    1987 [57];

    Just following the GM & Chrysler playbook. The sainted public unions and other inhabitants (that are left) in Detroit are entitled to at least as good a deal as the UAW got, right? Who cares if the people who actually put up hard cash get screwed when 700k reliable Democratic votes are at stake?

  60. Comrade Nom Deplume, Historian says:

    What a difference a day (and administration) make:

    Carney on IRS: “Inappropriate behavior” by low level employees, not evidence of Washington string-pulling.

    Carney on China: Adminstration “not buying” story that failure to detain Snowden based on decision by, wait for it, low level employees.

  61. Dissident HEHEHE says:


    Layoffs at Weil and Jones Day today

  62. JJ says:

    How volatile are bonds lately? Long-dated Treasuries have reversed course and just turned positive on the day, after government bonds of all stripes had fallen sharply this morning. The 30-year bond is up 10/32 in price, dropping its yield to 3.548%, per Tradeweb data, down from 3.587% at the start of the day and an intraday high of 3.646%. The ten-year note is lagging a bit, still down 2/32 to yield 2.522%, down from a 2.661% intraday high.

  63. chicagofinance says:

    dedicated to our neighborhood pacifist …clot:

    Ammo firm markets pork-covered bullets ‘to kill Islamic terrorists and send them straight to hell’

    An Idaho ammo company is selling pork-coated bullets for use on Islamic terrorists, a bid to strike fear of being sent to hell into the hearts of jihadists.

    Idaho County-based Jihawg Ammo says the process makes the ammo “Haraam” meaning that a strictly observant Muslim would have committed sin if they touched them.

    “We at Jihawg Ammo hope you will stock up on Jihawg as a natural deterrent to the ever growing threat of radical Islam and Sharia Law,” the company says on its website.

    A leading Muslim civil liberties organization was quick to dismiss the product as a stunt pulled by “publicity-seeking idiots.”

    “It’s the same old bizarre nonsense,” said Ibrahim Hooper of the Council on American-Islamic Relations. “These people are trying to take advantage of Islamophobia to sell products and make a quick buck.”

    “These are the same type of people who buy into anti-Muslim conspiracy theories, the same people who think that Sharia law is going to take over America,” Hooper continued, “they are publicity seeking idiots.”

    In addition to ammunition, the company also sells apparel with slogans like “Put Some HAM in MoHAMed!” and “Do 72 Virgins a Favor.”

    Jihawg Ammo says it was founded in response to outrage towards the mosque being built near Ground Zero.

  64. Shiny, bitchez! All else will be burned to the ground.

  65. chi (63)-

    Got a stock symbol for the firm that makes this stuff? I smell a marketing hit.

    Shot by trayf. What a way to go.

  66. JJ says:

    Some guy named Jimmy Dean is selling it.

    Scrapple n’Ricin says:
    June 24, 2013 at 3:43 pm

    chi (63)-

    Got a stock symbol for the firm that makes this stuff? I smell a marketing hit.

    Shot by trayf. What a way to go.

  67. Painhrtz - Disobey! says:

    Chi Hell where there is a market someone will find a way

  68. Grim says:

    The only sin associated with tasty bacon is letting it go to waste. Truly the candy of meats.

  69. raging bull jj says:

    Best ever is when you wake up to the smell of bacon and coffee and then go back to bed for some porkin

    Grim says:
    June 24, 2013 at 4:57 pm
    The only sin associated with tasty bacon is letting it go to waste. Truly the candy of meats.

  70. Statler Waldorf says:

    Compost sparks fire that destroys home

    Jun 24, 2013 11:13 AM EDT

    TUPPER LAKE, N.Y. (AP) — Firefighters in Tupper Lake say a compost pile near a deck spontaneously caught fire over the weekend, destroying a house.

    Franklin County Fire Investigator John Bashaw tells the Adirondack Daily Enterprise the fire erupted Saturday morning.

    Compost piles break down organic material such as grass clippings, leaves and vegetable matter to make garden fertilizer and mulch. Heat is generated by the decomposition process.

    Bashaw says the material can ignite when it reaches a certain temperature and he recommends keeping the pile away from structures.

    No one was injured in the blaze.

  71. Comrade Nom Deplume, Halfwit dumbass says:

    [61] hehehe

    Jones Day binges and purges more than a supermodel.

  72. I could go on a crack binge right about now.

  73. Comrade Nom Deplume, Halfwit dumbass says:

    [61] hehehe,

    And thx for the heads up. Went over to ATL for details. Six months severance??? Damn, that’s generous. I knew folks let go at my old firm who were getting two weeks.

  74. Comrade Nom Deplume, Halfwit dumbass says:

    And. . . Everybody Wang Chung tonight!

  75. chicagofinance says:

    clot: put it in the window of your store……

  76. chicagofinance says:

    What do you get a Polish web administrator that has everything for Father’s Day?

  77. chi (75)-

    Great. Liquor, pork and anti-Islamic epithets. We’d prolly get firebombed within 24 hours.

  78. chicagofinance says:

    “The wife will sit at the rabbi’s feet and eat pork.”

    Scrapple n’Ricin says:
    June 24, 2013 at 6:26 pm
    chi (75)- Great. Liquor, pork and anti-Islamic epithets. We’d prolly get firebombed within 24 hours.

  79. Comrade Nom Deplume, Historian says:

    [78] moose

    We HAVE to get these two together at a GTG. I’d drive up for that.

  80. Comrade Nom Deplume, Historian says:

    [77] Chifi

    Sold out. Seems someone named JJ ordered every last bottle delivered to Long Island.

  81. Of course, it comes in .223.

  82. Brian says:

    N.J. retains top 10 ranking as one of best places to raise a child, report says

    1 / 9
    By Susan K. Livio/The Star-Ledger
    Email the author | Follow on Twitter
    on June 24, 2013 at 6:00 AM, updated June 24, 2013 at 11:25 AM
    View/Post Comments
    New Jersey is the fifth best state in America to raise a child, with fewer kids in poverty, more attending preschool and more graduating high school on time than the national average, a new report released today shows.

    With the annual Kids Count report, New Jersey has now ranked in the top ten kid-friendly states for 15 consecutive years, although it slipped one spot from last year’s survey. The report by the Annie E. Casey Foundation uses the latest government data to measure family health, wealth and stability.

    “We’re a relatively wealthy state … and more than that, we have some progressive policies we have remained committed to over time,” said Cecilia Zalkind, executive director for the Advocates for Children of New Jersey, which released the report.

    Just last month, Zalkind’s group released another Casey-produced report on how vulnerable Jersey kids fared during the Great Recession, and the news was grim: the number of children in poverty rose 20 percent during a four-year period that ended in 2011, and nearly a third of them were 5 years old or younger.

    But take a step back and compare the state to the rest of the nation, and New Jersey shines, Zalkind said.

    Only New Hampshire, Vermont, Massachusetts and Minnesota were deemed better states to raise children, according to the report. New Jersey ranked high for its education achievements and its strong family and community bonds.

    “When compared to the rest of the country, we do extremely well,” said Zalkind, saying Jersey kids benefit from the FamilyCare health care program and a commitment to preschools.

    Like in years past, the state owes a big part of its lofty ranking to how well children did in school. New Jersey was second only to Connecticut on the four educational measures in the report. New Jersey scored high on proficiency tests, and just 13 percent of high school students failed to graduate on time compared to a 22 percent national average, according to the report.

    The state also had the nation’s lowest percentage of 3- and 4-year-olds not enrolled in preschool from 2009 through 2011: 38 percent. Nationally, 54 percent of children missed out on preschool, according to the report.

    New Jersey partially owes its preschool dominance to a 1998 state Supreme Court decision that mandated the state pay for preschools in 31 impoverished school districts. The school funding law in 2008 recommended expanding preschool funding across the state, but state lawmakers have not included it in the budget, Zalkind said.

    Mayelin Lopez of Elizabeth said she weeps with gratitude when she thinks about what the Egenolf Early Childhood Center in the city has done for her 4-year-old son, Brandon, who is diagnosed with developmental delays.

    After finishing a year at the school this month, the boy who did not speak, talk to other children or participate in class when school began now wields an impressive vocabulary, loves books and will return to a regular classroom in the fall with the support of an aide, she said.

    “The school is such a support system,” said Lopez. “Every time I see them I want to cry. There are no words for me to tell them how much I appreciate what they’ve done.”

    The report showed New Jersey slipping in some areas, however. The state fared worse than in the past in some economic and health measures, but relative to the rest of the nation, it still comes out looking strong.

    New Jersey ranked 18th best for economic well-being, with 15 percent of its children living in poverty and 27 percent of children with parents who did not have a steady job in 2011.

    Nationwide, 23 percent of kids lived in poverty and 32 percent were raised in homes without spotty employment, according to the report.

    “Clearly New Jersey’s investment in education pays off, as the state continues to lead the nation in critical academic areas,” Zalkind said. “The decline in child health and the persistent child poverty are areas that demand focus and sustained attention from our leaders … As the economy show signs of improving, investments in children should be at the top of our list of priorities.”

  83. Bebo is a product of NJ public skools.

  84. Comrade Nom Deplume, Halfwit dumbass says:

    [85] Brian

    Impressive, but still beaten out by half of New England, and most of that being backcountry.

  85. Brian says:

    Just read the post on the pork flavored bullets. Crazy.

  86. Painhrtz - Disobey! says:

    Nom that was some ending sorry the B’s lost. No I’m really not but these have been some classic games.

  87. Fabius Maximus says:

    Any lawyers (or Joyce) chiming in on Salinas vs Texas?

  88. joyce says:

    Do you have to relinquish your right to remain silent in order to invoke your fifth amendment right(s)? Apparently the terrorists wearing black costumes think so.

    I would personally like to revisit how “in good behaviour” equals life-time appointment.

  89. Look At This says:

    I value the information on your web site. Thanks for your time!

  90. Heya i’m for the first time here. I came across this board and I find It truly useful & it helped me out a lot. I hope to give something back and help others like you aided me.

  91. Fastidious answer back in return of this issue with real arguments and telling the whole thing
    on the topic of that.

  92. Write more, thats all I have to say. Literally, it seems as though you relied
    on the video to make your point. You obviously know
    what youre talking about, why waste your intelligence on just posting videos to your blog when you could be giving us
    something enlightening to read?

  93. Excellent way of describing, and fastidious paragraph to get facts concerning my presentation
    subject matter, which i am going to convey in college.

  94. Great post ! Thanks for your hard work on this .Keep on posting.

Comments are closed.