From HousingWire:
Less sickness in housing as delinquencies fall 43% from peak
The housing market continues to recover from post-meltdown levels with mortgage delinquencies down 43% from 2010 levels, Lender Processing Services Applied Analytics said Monday.
The number of borrowers who remain underwater – or who owe more on their homes than their current worth – also fell a sharp 47% from Q1 2012 to Q1 2013, LPS said in its Mortgage Monitor Report.
Underwater borrowers now account for 14.7% of all active loans studied by the mortgage analytics platform, LPS explained.
Homeowners carrying high loan-to-value ratios also are on the decline.
In 2011, 17 million homeowners had LTVs greater than 100%.
That figure now sits at 7.3 million mortgages, with borrowers benefitting from rising home prices.
…
Overall, the loan delinquency rate is hovering at 6.08% down 2.11% from the prior month. The pre-sale foreclosure inventory rate sits at 3.05%, down 3.91%.“As we’ve noted before, negative equity appears to still be one of the strongest drivers of new problem loans, and — primarily buoyed by home price increases nationwide — that situation also continues to improve,” said Herb Belcher, senior vice president of LPS.
…
“We looked once again at the number of ‘underwater’ loans in the U.S., and found that the total share of mortgages with LTVs of greater than 100 percent had declined to just 7.3 million loans as of the end of the first quarter of 2013. This accounts for less than 15 percent of all currently active loans and represents a nearly 50 percent year-over-year decline,” he explained.
WASHINGTON (AP) — Hiring is exploding in the one corner of the U.S. economy where few want to be hired: Temporary work.
Gee, really? We had this pegged a long time ago. If you think your exempt, think again. But, no worries, we’re all gonna get Bomma phones and Bomma medicine. Right? Right?
http://finance.yahoo.com/news/temporary-jobs-becoming-permanent-fixture-140133833.html
This is a hot one making it’s rounds on the web this morning, from the Sarasota Herald Tribune:
Big lenders bidding to keep homes
In some cases, lenders this year have bid up to 600 percent more than a property’s worth to retain foreclosures — one of the primary reasons the acquisition costs for competing real estate investors also has spiked in recent months.
In the 12 months ending June 1, 4,865 foreclosures were auctioned in Sarasota and Manatee counties. Lenders outbid third-parties to keep 3,754, or 77 percent.
Banks paid $259.2 million for the properties, an increase of 34 percent from the amount they spent in the same 12-month period a year ago.
It also was the highest tally dating back to the peak of the foreclosure crisis in 2009, a Herald-Tribune review of court records showed.
Banks do not have to pay out-of-pocket until they bid more on an auction than what a court judgment deems they are owed on the foreclosure. That is a fairly rare phenomenon.
Most of the bids from banks and investors alike remain below the principal amounts borrowed on boom-time home loans.
But turning down hard cash offers above assessed value to instead list a home on the market — and assuming the cost of maintenance, repairs and Realtor commissions — is a risk most banks would not dare to attempt just two years ago, Adamaitis said.
“Banks were watching the market carefully, and they have figured out they can hold onto these foreclosures a little longer and make some additional money,” he said.
…
Most industry analysts attribute the change in direction to the so-called “Blackstone effect.”
The infusion of capital from the giant New York-based hedge fund and several others like it has boosted home values and tightened supply since Blackstone began buying single-family investment homes in Southwest Florida last fall.
Coupled with pent-up demand from baby boomers, and conditions that make it difficult for many boom-time purchasers to list a home for sale, banks can hold onto distressed houses with less long-term risk.
From the WSJ:
Why Home-Price Gains Will Slow Amid Higher Mortgage Rates
Home prices moved up at a torrid pace during the first half of the year, but don’t expect them to keep pace during the second half.
The big spike in mortgage rates over the past two months has reset the housing market and figures to take a bite out of demand at a time when more sellers have listed homes for sale and when price gains have tested investors’ purchasing appetites.
Mortgage rates, which stood at a low of 3.59% at the beginning of May, jumped to 4.58% during the last week of June, according to the Mortgage Bankers Association. Rates rose even more last Friday, after a strong jobs report firmed up investors’ expectations that the Federal Reserve would begin to curtail its bond-buying program later this year.
A rule of thumb holds that every one percentage point increase in interest rates reduces affordability by 10%, so the recent move in rates just made homes about 10% more expensive to buyers who need to finance their purchase.
“There’s no one in the business right now who doesn’t think the market hasn’t taken a step back. The evidence is all around us,” said Glenn Kelman, chief executive of real-estate brokerage Redfin. The number of Redfin customers who requested tours during the last week of June was down 5% from the average for the previous three weeks, while the number of customers making offers was down by 8% and the number of new customers edged down by 2%.
A rule of thumb holds that every one percentage point increase in interest rates reduces affordability by 10%, so the recent move in rates just made homes about 10% more expensive to buyers who need to finance their purchase.
Except in North Jersey where everyone has buggaboo strollers.
From National Mortgage Professional:
Number of Improving Housing Markets Tails Off in July
A total of 255 metropolitan areas across 49 states and the District of Columbia qualified to be listed on the National Association of Home Builders/First American Improving Markets Index (IMI) for July. This is down slightly from the 263 metros that made the list in June, but is more than triple the number of metros that were on it in July of 2012. The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Six new markets were added to the list and 14 were dropped from it in July. Newcomers include the geographically diverse metros of Cumberland, Md.; Saginaw, Mich.; Farmington and Las Cruces, N.M.; Kingston, N.Y.; and Olympia, Wash.
“This is the sixth straight month in which at least 70 percent of all U.S. metros have qualified for the Improving Markets Index,” said NAHB Chairman Rick Judson. “The relative stability of the IMI is representative of the broad recovery underway, which is much more extensive than what we were looking at one year ago.”
From USA Today:
Home-buying investors target more cities
Major real estate investors are continuing to expand into more cities as they look for single-family homes to buy and turn into rentals.
In April, institutional investors bought 10% of the houses sold in the nation’s 100 busiest real estate markets, up from 5% the year before, according to real estate tracker Radar Logic.
The increase underscores how important investors such as Wall Street investment funds are to the national housing recovery. Their appetite for homes has helped drive prices up faster than many real estate forecasters expected even a year ago.
From MarketWatch:
Fannie Mae: More Americans may buy homes sooner
Potential home buyers may enter the market sooner rather than later as more Americans expect mortgage rates and home prices to climb, according to new data from Fannie Mae’s monthly national housing survey.
The mortgage-finance company said 57% of the 1,007 Americans polled expect mortgage rates and housing prices to rise over the next 12 months. In May, 55% thought home prices would rise over the next year while 46% thought mortgage rates would go up.
“The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey’s indicators and may increase housing activity in the near term by driving urgency to buy,” said Doug Duncan, senior vice president and chief economist.
Fannie Mae’s survey also revealed 72% think it is a good time to buy a house, down from 76% in May. Meanwhile, 36% said it is a good time to sell, down from 40% in May.
According to the survey, 56% expect rental prices to rise during the next year and the average 12-month rental price expectation was 4.6%, compared with a 4.3% expected increase in May.
The share of respondents who said the economy is on the right track decreased to 38% last month from 40% in May.
1 – Historically, growth in temp jobs was seen as a precursor to permanent job growth, especially in the context of an economic recovery, where employers would opt to hire temp workers at the early stages, and transition to perm jobs once confidence improved. So traditionally, the spike in temp workers would be looked at as a “really good thing” and an expected component of the economic recovery.
The conundrum is whether or not this relationship still holds. It’s clear that the old timings between temp to perm aren’t holding true anymore, but everything associated with this recovery has had their timelines drawn out pretty extensively. We’re now in the longest recession/recovery cycle in modern history*, with a timeline that looks to be 2-3x as long as the previous recessions.
So the question is, is the temp shift now a permanent fixture (pun intended), or are we simply dealing with longer timelines, presumably due to the lack in the business confidence needed to grow/hire. I see no reason why the temp to perm cycle would be operating on any different timescale. I’ve seen estimates of temp to perm of around 4 to 6 months during previous recoveries, given the extended timing, I’d imagine we’d be looking at timings somewhere around 12 to 18 months in the current cycle.
* I believe the recession/recovery timing associated with the Great Depression was 10-11 years from the start of job loss until reaching the previous peak. We’re currently somewhere around 5 and a half years right now, and if you simply expand the current pace of job growth, it’ll be another 2-3 years before we recover the previous peak.
So the question is, is the temp shift now a permanent fixture (pun intended), or are we simply dealing with longer timelines, presumably due to the lack in the business confidence needed to grow/hire.
Repeal Oblammy Care, stop talking about illegal immigration reform and gay marriage, create a huge turnover in the 2014 elections and then maybe we’ll see an attitude change. If I owned a company right now, I wouldn’t be hiring permanent either.
is this related to temp jobs?
@SenSanders: The J-1 visa program has morphed into a low-wage jobs program to allow corporations to replace young American workers with cheaper labor.
We have an army of contract workers. Most want full time especially the older ones with homes and families. No dice yet the C Suite still says no. I gathet the boards of directors for most companies in conjunction with their lobbying groups won’t allow hiring full time for various reasons including OBamacare and higher tax rates.
9 – The use of temp as long term has more to do with quality than with Obamacare.
Why? Because the current quality of temp workers is significantly higher than it would otherwise be. This is a “temporary” situation (again, pun intended).
You have some qualified folks out of work, who are filling the temp rosters. This makes the temp pool more of a viable source of long-term workers. Once these folks move into permanent positions, the quality of the temp pool is going to start to fall rather quickly. The temp pools were never looked at as viable long-term labor because the cost was higher over the long term. Overall productivity was low, staffing issues, absenteeism and attrition were very high, retraining costs start to add up, etc.
I’m sure we’ve got plenty of folks here that have anecdotes about managing temp labor pools, let ’em rip. The anecdotes that include crappy workers will far outweigh the anecdotes that include good ones. And in the latter cases, most of the good temps ended up being hired anyway.
and very strict gov’t regulation.
@jdvanlaningham: The reason Aviation is safe & adequately funded quite simple. The 1% spends a lot of time on planes.
The other alternative thesis that seems somewhat compelling is that the temp surge is nothing more than low-skill, part-time labor outsourcing to staffing firms. The key difference is that these back office jobs can’t be moved geographically, which would allow them to leverage wage arbitrage, so they exploit excesses in the local labor market to do the same. This allows for in-center outsourcing at a lower cost. This, however, has a higher probability of remaining a permanent fixture, especially if those local labor markets continue to have slack.
anon would almost be credible if he could just get the liberal c*ck out of his mouth before he speaks.
…same for those who spew the alleged “conservative” line.
Anyone who holds elected office is a person to be ignored.
With Obama care being extended to 2015 should be hiring binge starting now and a slow down before the 2015 deadline.Jobs lost due to Obama care touted by the right that were lost due to Obama care will be a big test for the right if they will hire back due to the extension.
roops, moderated
From CNBC:
A Break for Smokers? Glitch May Limit Penalties
Some smokers trying to get coverage next year under President Barack Obama’s health-care law may get a break from tobacco-use penalties that could have made their premiums unaffordable.
The Obama administration—in yet another health care overhaul delay—has quietly notified insurers that a computer system glitch will limit penalties that the law says the companies may charge smokers. A fix will take at least a year to put in place.
Older smokers are more likely to benefit from the glitch, experts say. But depending on how insurers respond to it, it’s also possible that younger smokers could wind up facing higher penalties than they otherwise would have.
…
Some see an emerging pattern of last-minute switches and delays as the administration scrambles to prepare the Oct. 1 launch of new health insurance markets.
By the way, this:
A fix will take at least a year to put in place.
Is a complete load of crap. This is not a “glitch” or a “bug” at all. Nice excuse though, so what’s the real reason folks?
From CNBC:
Rising Mortgage Rates Swing Housing Sentiment
Just as America’s homeowners were finally coming up for air, they are suddenly turning more negative on the housing market. Fewer people think now is a good time to buy or to sell a house, according to a monthly survey in June from Fannie Mae.
Those numbers had just hit a survey high in May, thanks to rising home prices and record low mortgage rates. Now mortgage rates have soared well over a full percentage point in the past two months, and 57 percent of respondents to the survey expect them to go even higher. That’s the highest level in the survey’s three-year history.
“The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey’s indicators and may increase housing activity in the near term by driving urgency to buy,” said Doug Duncan, chief economist at Fannie Mae. “Consumers may recognize that today’s still favorable mortgage rates and homeownership affordability levels will recede over time. Given rising home- and rental-price expectations and improving personal financial attitudes, more prospective homebuyers may be deciding that now is the time to get off the fence.”
That could be why pending home sales, that is, signed contracts to buy existing homes, rose dramatically in May to the highest level in over six years, according to the National Association of Realtors. Potential buyers don’t want to suddenly be priced out of the market by both rising prices and rising rates.
…
Mortgage rates are up 45 percent in just the past six weeks. Analyst Mark Hanson called this a “credit event unlike any pure rate spike in recent housing market history.” He pointed to a long period of government-induced complacency in the mortgage markets, because rates were so low and there was very little volatility. In other words, there was no risk.
That scenario has now been turned on its head, and the surge in home prices could also be turned around.
So when is the administration going to start discussing moving to a 35 hour work week?
#21…some thought is that the delays will mitigate impact and help out the Dems in the 2014 mid terms.
As far as glitches, we have failed our last three missile intercept tests with the last success in 2008.
http://www.guardian.co.uk/world/2013/jul/06/missile-inteceptor-test-fails-pentagon
#18
Yome, tell us that you aren’t actually that dumb and can spot a gimmick when they see one.
What does kicking the can down the road two years actually accomplish? It looks to me like he’s foisting the Obamacare fallout on the next president.
And what if Obama’s reason for the delay was to avoid further full time job losses and not stimulating full time job growth?
It’s just as plausible to me –ask anyone involved with low skilled labor — Obamacare and the threat to raise the federal mimimum wage reek havoc — and do lead to job losses for those it’s supposed to help.
OT – anyone have any tips on repelling bugs? They were freakin killing me in the yard last night. There has to be a better way than citronella candles and Off spray!
Higher interest rates = higher inflation = equals higher home prices as homes are correlated to inflation.
Also higher interest rates make it easier for folks to save for a home and makes them put down larger downpayments.
For instance when I was saving for my first home my money market was paying 8% and homes were rising 3%. Young couples rented or bought a cheap couple and held off housing buying till wife was pregant or even till first kid was old enough to walk.
They bought houses 10 years into marriage sometimes with huge downpayments.
Back in 1979-1982 housing was stagnant, no price increases. Meanwhile you could roll five year cds at 17% almost. A couple who got married in 1977 who bought a house in 1984 it was super easy to do. Rents were cheap, interest rates sky high. Damm easy to save up when your money market is paying 15%,
Grim in pharma, temp jobs were used as a protracted interview if you sucked you were gone. that is how I got my foot in the door it is up to the individual to recognize this and run with it.
[10] anon,
J-1s are largely au pairs and summer camp counselors. For au pairs, there are regs that would put off many traditional employers, mostly for cost reasons. These regulations were put in place during Clinton to prevent employers and foreigners from gaming the system. So the employers you implicitly denigrate are usually parents looking for affordable child care options.
Question for the board…
Anyone have any recommendations on a “frost free” faucet brand? I need to replace 2 on my house.
I swear by deep woods off. Don’t bother with anything else. It makes you smell like chemicals but it works.
26.Young Buck says:
July 9, 2013 at 8:43 am
OT – anyone have any tips on repelling bugs? They were freakin killing me in the yard last night. There has to be a better way than citronella candles and Off spray!
New Jersey will soon lead the nation in foreclosure inventory as a percentage of mortgaged homes. From MarketWatch:
U.S. foreclosures down 27% over past year: CoreLogic
U.S. home foreclosures dropped sharply over the past year, but inventories of these distressed properties remain high in certain states, according to data released Tuesday.
More than 50,000 foreclosures were completed in May, up 3.5% from April but down 27% compared with the year-earlier period, according to CoreLogic, an Irvine, Calif.-based analysis firm. Despite the drop, levels remain relatively high — the monthly average of completed foreclosures from 2000 to 2006 was 21,000.
Bad loans are working their way out of the system, and new mortgages for borrowers with better credit are taking their place. Also, rising home prices and low interest rates are helping troubled owners sell or refinance their homes, reducing the pipeline of foreclosures. According to CoreLogic, about 1 million U.S. homes were in some stage of foreclosure in May, down 3.3% from April and down 29% from the same period in the prior year.
see any relationship here?
@SenSanders: Citigroup paid no federal income taxes for the last 5 years after receiving $2.5 trillion in financial assistance from the @FederalReserve.
@ianbremmer: At $1 trillion, there is more US student loan debt outstanding than credit card debt.
Citi, AIG and GM if they paid huge tax bills to US Govt it would just a massive circle jerk.
US need to sell their shares, to sell shares and make money you need profits up. To get profits up you lower tax liability short term. Also we are trying to get unemployment down. Short term with higher taxes Citi, AIG and GM would have laid off more and the govt would end up footing the bill for that too in unemployment, welfare, food stamps and more fannie mae foreclosures.
Citi put uncle sam in the position when your son in law needs a short term loan to keep his business afloat and if you dont make it your daughter and four grandkids get foreclosed on and thrown in the street.
non (the good one) says:
July 9, 2013 at 9:26 am
see any relationship here?
@SenSanders: Citigroup paid no federal income taxes for the last 5 years after receiving $2.5 trillion in financial assistance from the @FederalReserve.
Grim on 14:
Sorry, but the Temp boom started with blue collar, moved on to white collar and now is going into professionals. Several examples – Westchester Medical Center got rid of staff nurses/aides and this are all now through agency. NYC Health & Hospitals, like Barnabas Health in NJ now only hires agency for everything and may be they move you to a staff position.
As much as I hate to say it. The Mob gave the unions their muscle. Muscle gave them power. Power only respects power. As the mob got destroyed, the unions lost their power. Nothings says is like the story of the Dallas Ford auto plant in the 30’s. The Ford plant had two squads. An inside squad to harrass the workers inside the plant. And an outside squad to run out of town, put in the hospital any union organizers that came in to Dallas. Only when New Orleans boss Carlos Marcello sent in his goons to take care of the Ford plant’s goon squads, was the UAW able to unionize.
About 23 – Don’t knock it till you try it. I have a cousin who is a big corporate lawyer. When he was in NYC, it was 80+ hrs week for him. Years ago he transferred to the Paris office, and has not looked back. Loves the 35 hrs/wk rule.
Downside to 35 hour rule and long vacations is your learning curve is slow and older folk, married folk, folk having kids, folk out on disability and burn outs dont happen which makes moving up the ladder much harder.
When I was in big four pre employer of choice nonsense with flex time, manternity leave, work from home bs it was much better for a young kid with ambition. The path from staff to Partner was ten years. You could be a big swinging dick at 31. 80 hour work weeks, travel, all nighters on presentations had folks dropping like flies.
Now you are stuck over 40 folks, married folks, working moms, minorities, handicapped all over. Final insult to injury was the folks skipping out the door to flex time or working moms was work piled on the young single folks desk which gave them even more work than before. But wait come your turn to make partner since too many old white guys having that job, the working moms etc. Took your Partnership and gave you even more work.
France is nice to be a boss. Germany is nice to be a boss. But hard to do. Today I would never have gotten from Staff to Director in the big four in six years. It was like survivor there. Folks quit, freeked out, did drugs, had mental breakdowns amazing what stress will do to you. My mother was in ICU and I went to the holiday party, the week my wife gave birth I met my 70 hour changeability goal, took Friday off for delivery. Friday night banged out all my emails and Monday worked 16 hours to make up for lost chargable time on Friday. That was how you get promoted. Today you cant do it, they hold it against you if you do it.
I had one staffer, great asian girl. Told me you need two years of 40 hours a week to meet her CPA certification, begged me to let her work 80 hours a week so she could get it done in one year. I loved it. Had breakfast, lunch and dinner and a ten pm snack with that team for around ten months. God bless them. We used to even go out to drinks after work.
Screw France. I have around 85 years work experience if I was French based on their stupid 35 hour work week with ten weeks vacation.
Years ago at Cap Gemini I LOVED what they did. They put 100% of employees on the to be fired list every Jan 1st. Until you met your chargable hours you stayed on list, once off the list you were safe for year.
About 23 – Don’t knock it till you try it. I have a cousin who is a big corporate lawyer. When he was in NYC, it was 80+ hrs week for him. Years ago he transferred to the Paris office, and has not looked back. Loves the 35 hrs/wk rule.
Grim – More too it check out ” just-in-time workforce”
http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Creating-A-Just-In-Time-Workforce.pdf
Consultants, Boardrooms and lobbyists they are all preaching temporary workers, we need more Visa etc they scream to Congress these days.
USA is now at an all time high of temp workers about 12% of the workforce.
Where are we headed?
First off these workers aren’t to be confused with Part Time workers.
These are stats from Japan.
34 percent of the workforce are temp workers, up from 25 percent in 1999 and just 15 percent in 1984.
History Rhymes and we are headed the Japanese way. Companies do not invest in long term employees anymore there is little training for example. Why bother when you can just outsource and find someone willing to travel across country for a few months?
But JJ, everyone knows that you are s p e c i a l.
You probably have tiger blood, you have Sheen blood in you. Which is 50% angry spaniard & 50% drunken irish and 100% miserable catholic and all them together give you the energy, the chutzpah, the gall, the fire, to be yourself.
Or the other explanation is that you grew up above the old classified Manhattan Project refuse and dumping ground and you are southern Long Island’s version of Secaucus’s own Toxic Avenger.
Actually I have ADD and I am Hyperactive, so much so the nuns once convinced my mom to take me to a Doctor who gave her a pile of yellow pills to calm me down. She refused to give it to me. She told teachers you got him 8 hours a day 40 weeks a year I got him all the rest, if I can do it you can do it.
I was a terrible student. I am a terrible employee in a boring bank job or utility type job as I cant sit still and do my job. I am terrific in consulting type things with lots of travel, pressure late hours and demanding bosses with no free time. I have the attention span of an ant, which means I cant do any long detailed projects and I hate to prepare and take short cuts and wing it all the time. In Pharma or engineering I would have killed people long ago. In consulting it was perfect. My all time of faking it was I walked into a meeting to give consulting advice which I was doing on a departmental basis in Seattle and I spent my time researching bars. I thought it was run of the mill stuff. I had five one hour back to back meetings. Lumber, Salmon. Aeronautics, Furniture building and Shipping logistics. I was making up stuff, given suggestions defining risks, suggesting new controls and cost saving opportunities I threw our so much BS that 5% stuck, so I wrote up the 5% in a report and the client was like wow in an Office Space kinda way. Luckily during my 8 years of doing this no blowup happened. I had a feeling it would have blown up eventually. But I quit first. I like it, most people would hate it. I say 99% would hate it. The third kid basically grounded me from being gone all the time.
long time observer says:
July 9, 2013 at 10:22 am
But JJ, everyone knows that you are s p e c i a l.
You probably have tiger blood, you have Sheen blood in you. Which is 50% angry spaniard & 50% drunken irish and 100% miserable catholic and all them together give you the energy, the chutzpah, the gall, the fire, to be yourself.
Or the other explanation is that you grew up above the old classified Manhattan Project refuse and dumping ground and you are southern Long Island’s version of Secaucus’s own Toxic Avenger.
http://newsfeed.time.com/2013/07/08/kfc-is-not-amused-by-hitler-fried-chicken/?hpt=hp_t3
There is an actual restaurant called Hitler Fried Chicken. I love it.
#39..hmmm…did I mention that missile test failed……
I remember hearing that management in Europe is NOT a good thing. You get paid a little more, put up with immensely more stress, yet…take home very little more because of the super high marginal tax rates. That’s why most are lazy..except..if you have your own business. So many ways to get around the tax rate yoke.
Being in regular management in Europe makes you a glorified clerk making just a little more than the workers.
Head of Departments is a pretty good deal. Taxes are extremely high in Europe so Heads of get a free company car, a gas card, a few more days vacation and a bit of a T&E which is tax free.
Last time I was there the head of got to pick a new leased BMW or Audi every three years. All gas, lease payments and insurance paid for. At end of three year he could buy it back at a good deal and he gave it to his wife for next three years and then kept repeating. But honestly they make like 50k-100k less than their counterparts in the USA so I would rather just buy my own car.
xolepa says:
July 9, 2013 at 11:11 am
I remember hearing that management in Europe is NOT a good thing. You get paid a little more, put up with immensely more stress, yet…take home very little more because of the super high marginal tax rates. That’s why most are lazy..except..if you have your own business. So many ways to get around the tax rate yoke.
Anon [13];
Yet again; knowing little of what you speak. But your point wasn’t to share or gain knowledge, it was to launch an class-warfare jab. Just like this NY Times reporter – who had to fly coach to Florida (Oh, the humanity!) then whined about it in print for over 1 word per mile flown.
Commercial aviation (Airline, charter) is very safe AND highly regulated. Private aviation is just highly regulated. The high cost of regulation makes the average municipal airport ramp look like a Havana parking lot – avg airframe age is around 30 yrs. and rising daily.
For me the last 5 years has been great with the same team. Hardly anyone has left and we haven’t hired anyone. I haven’t had to interview at all or had to train anyone, productivity is through the roof. 06/07 was horrible – turnover was huge. I dont see appeal of temp workers in anything but unskilled jobs.
Temps suck. They are the worst. Management sometimes thinks they are doing us a favor by sending a temp employee to help us with a project but it is really more of a burden than it is helpful. You have to spend twice as much energy on something because you have to do the work and train someone else to do it to. Time is wasted correcting their mistakes and by the time they are fully trained, the project is over.
Long term paid contract workers are slightly better but the turnover rate is high. You get tired of training people.
anecdote off…
Temps blow. I echo Brian’s sentiment. You spend more time training and checking their work which ruins the productivity of your best producers. I haven’t hired a temp in years.
If there was any doubt.
“Corzine off the crook”
No criminal charges
http://www.nypost.com/p/news/business/corzine_off_the_crook_t3VpDFmfEsx9Qd7VdtCLvM?utm_medium=rss&utm_content=Business
Baa!
The End Is Nigh (Colts Neck Edition):
COLTS NECK – The 41-year-old woman who was stabbed in a Bray Street home early Sunday before her car was stolen was randomly attacked, according to police.
In an email sent to residents, Colts Neck police said they responded to a report of a hitchhiker on Route 34 between Clover Hill Road and Bray Street, and a few minutes later, they received a 9-1-1 call from the Bray Street home.
Police said in the email that it appeared the hitchhiker may have been scared by the police presence and was trying to get out of the area. Police also said there does not appear to be any connection between the victim and her attacker.
The hitchhiker, described as a skinny, white man in his early 20’s with dirty blonde hair wearing a yellow shirt and a backpack, tried to get into the woman’s car in the driveway, police said in the email. She opened the door to her home and was confronted by the man, who then pushed into the home, stabbed the woman, took the car keys and fled in the victim’s vehicle, police said.
Aberdeen police found the victim’s car about 40 minutes later near the Strathmore Shopping Center, the email said. Police, the Monmouth County Sheriff’s Office helicopter and K9 Unit searched the area but did not find the man.
Authorities are looking at video surveillance from Aberdeen businesses and are checking all leads, police said.
The Monmouth County Prosecutor’s Office has released few details on the stabbing, however spokesman Charles Webster said the woman was stabbed at a Bray Street house around 12:30 p.m. and the attacker stole the victim’s car before fleeing the area.
The victim remains in critical but stable condition at an undisclosed area hospital, Webster said Monday.
http://www.nj.com/essex/index.ssf/2013/07/newark_announces_transparent_stop-and-frisk_policy_to_praise_of_civil_rights_advocates.html#incart_m-rpt-1
The only thing I detest more than the news itself is the asinine comments.
“L’etat ce moi” (I am the State) – “Sun King” Louis XIV, 1655
“We are the government” – Barack Obama, 2013
#21 grim
A fix will take at least a year to put in place.
Is a complete load of crap. This is not a “glitch” or a “bug” at all. Nice excuse though, so what’s the real reason folks?
You really need to ask? Its the usual reason. They contracted it out to the private sector. You want the real reason, go ask the usual culprits.
http://www.cnbc.com/id/100315355
#36 JJ
I have had a 35hr week since I started. 9 to 5 with an hour lunch. I was always subcontracted out on that schedule and clients don’t like overtime.
Its funny that you almost get run over outside any NYC office block at 5:02.
Big IBs, insurance, pharma truly don’t give a sh*t about keeping employees because economy is terrible. Why pay six figures, bonus, benefits when you can just pay someone for 6 mos. then be done with them? I get a dozen calls/emails a day about contract jobs (3 – 12 months duration). I get the lone call once a month about FT job and pay is garbage. Right now, companies toss older workers out and train younger workers while economy is still in cr*pper. Over 40 crowd is f*ed like never before due to the length of the recession and prolonged timeline for return to normalcy. And how do you qualify for mortgage when you lose a job or get hired as a contract worker? Most lenders want two years of stable income.
That whoosh you hear is solvent and confident consumers, leaving the markets in droves.
Hunker down time, folks. It only gets worse from here.
Haven’t sold your house? Pull your sign out of the ground, and try again in 47 years.
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“Its funny that you almost get run over outside any NYC office block at 5:02.”
It’s good to know you can be completely clueless/biased/unaware/stupid/etc/etc…. but once in a while you make sense.
Closed on a house in Wayne today, thanks go to Grim and God. It was almost a disaster because my lender went out of business 2 weeks ago
Oh, I realllllllly wish anon, our resident twitter guru, would have updated us on this one…
http://imgur.com/fcySZA7
Barack Obama:
“I wish Muslims across America & around the world a month blessed with the joys of family, peace & understanding.” -President Obama
#Ramadan
Frankie Boyle:
@BarackObama “The ones you’re force feeding in Guantanamo? Or the ones you’re bombing?”
[33] anon,
Mind if I post that on Taxprofblog? They could use a laugh.
[52] anon
“Après moi, le deluge.”
Firestormik – congrats! Now go cut the grass!
Dunno if you were a city slicker before so gird you loins and get down in the dirt!
I kid of-course…..
Twinkies are coming back, and according to CNN, the new (nonunion?) Twinkies have twice the shelf life of the old, union Twinkies.
Anon, that’s red meat for you. C’mon, let’s hear something pithy. Or Fabius, chime in here.
Vehicles for the Coming New Car Season…..
SHELBY TOWNSHIP, Mich. — A man driving an armor-plated military-type vehicle and firing what appeared to be a machine gun mounted on top caused a ripple of panic in suburban Detroit on the Fourth of July.
It turned out the weapon was a modified World War II .50-caliber machine gun that had been converted to fire compressed gas. It produced bright flashes and loud gunfire sounds as the driver, a man in his 40s, drove around Shelby Township.
Recordings of a series of 911 calls capture the fear of residents whose reports of the imposing sight sent officers swarming late Thursday. In one call, bangs similar to the sound of gunshots can be heard.
Shelby Township Police Chief Roland Woelkers stands with the 1944 M20 armored vehicle that was impounded Thursday, July 4, 2013 after a series of 911 calls captured the fear of suburban Detroit residents reporting a vehicle with a mounted machine gun that they thought was firing shots on the Fourth of July. The armor-plated military-type vehicle that featured a modified World War II .50-caliber machine gun had been converted to fire compressed gas, which produced bright flashes and loud gunfire sounds.
Police say they arrested the driver and confiscated his vehicle. He was released Friday. Charges are pending.
Creating the recipe for a food product isn’t the union’s responsibility, as I am sure you know.
Also I wonder if maybe the longer lasting Twinkies don’t taste so good as the old ones. Have you tried them?
If they taste the same as the old ones, maybe you should ask the old management why they did reformulate the recipe. Maybe they could have sold out for more money.