From Inman:
All-cash purchases, institutional investors saw record lows in May single-family market
The percentage of single-family homes and condos purchased with all cash or by institutional investors hit record lows in May.
Nearly 25 percent of all home sales in May were all cash purchases, according to RealtyTrac’s U.S. Home & Foreclosure Sales Report. This figure represents the lowest level of all-cash closings since November 2009. A year ago, more than 30 percent of buyers closed with all cash.
The share of institutional investors — entities purchasing at least ten properties in a calendar month — dropped to 2.4 percent of single-family home sales in May, the lowest level since January 2000.
The most common states for all cash deals in May were New Jersey and Florida, with these transactions accounting for nearly 48 percent of all sales in both locales. New York (38.8 percent) and Massachusetts (37.1 percent) followed.
Good Morning New Jersey
New Jersey should legalize fireworks
Posted: Jun 30, 2015 10:25 PM EDT
Updated: Jun 30, 2015 10:25 PM EDT
Editor:
The time is overdue for New Jersey to follow the lead taken by New York in legalizing the sale and use of certain consumer fireworks. New York is the 47th state to make some level of consumer fireworks legal for sale and use.
The facts are clear that residents of the Garden State do not need protection from the legislature in prohibiting them from using consumer fireworks.
Since 1994 there has been a 59.3 percent increase in use of fireworks in the U.S. measure by imports that grew from 117 million pounds in 1994 to 186.4 million pounds in 2013.
Against this substantial increase in use of fireworks, the actual number of fireworks-related injuries during the same period dropped by 8.8 percent as reported by the U.S. Consumer Product Safety Commission.
More than 36 percent of the reported injuries in the CPSC statistics resulted from illegal firecrackers, public displays, altered devices and unspecified devices. This makes the reduction in the rate of consumer fireworks-related injuries more impressive.
This reduction in the rate of product-related injuries is unmatched by any other consumer product with any risk associated with it such as trampolines, motorcycles, jet skis, and the like.
President John Adams’ now famous letter written on July 3, 1776 to his wife Abigail mused that Independence Day “… ought to be solemnized with pomp and parade, bonfires and illuminations (fireworks) from one end of this continent to the other, from this day forward forevermore.”
Write or e-mail your legislators, who have the power to change the fireworks laws, and ask for legalization of consumer fireworks in New Jersey. Take New Jersey out of the consumer fireworks dark ages and into the modern era. This is too long overdue.
Enjoy Independence Day with your family and celebrate safely.
William A. Weimer
Vice president
Phantom Fireworks
Youngstown, Ohio
I hated Guiliani for cracking down on the Chinatown fireworks bacchanal.
Remember once we did a big alley deal, we told the kid we wanted sticks of dynamite. He goes down a chute into the basement and comes back with two huge sticks. Almost humorous how big they were.
We confronted him asking if they were any good.
“Good? GOOD?!? BEEEEEG DAMAGE YOU BLOW UP CAAHHHH”
They set off every car alarm in a half mile radius.
New Jersey, once again in the minority when it comes to freedoms
http://www.cnbc.com/id/102799136
I
[2[ dfens
Drive across any bridge into PA and load up the trunk. Retailers are at every river crossing. And PA never used to allow these sales to residents; they only sold to nonresidents, AKA NJers. Now they sell to all and you can buy consumer fireworks at Costco or Giant
Regarding yesterday’s Fast Eddie discussion…The listing agent works for the seller! Therefore the listing agent is bound to obtain the best price and terms available for the seller at that moment in time. It is true that the agent doesn’t need to be an a$$hole about how they handle negotiations and that they should be ethical. It is also true that buyers in bidding war situations imaginations run wild and they imagine all sorts of far fetched scenarios that simply are not true.
Sorry to see that 3b got used as fresh troll meat yesterday.
30 year,
No disagreement with what you said. It just seems like I deserve answers considering I’m potentially putting food on the @sshole listing agent’s table. Tell me what the agreed upon offer is and chances are, I might play to my emotions and bid higher. Instead of playing this elusive f.ucking game, why not see who has the b.alls to “gamble.”
7 clotluva thanks. But don’t worry about me I have done battle with other simpletons on the blog over the years. It was fun yesterday.
The listing agent should at least have the courtesy to speak to your agent. When I have multiple offers on a listing I offer zero information to other agents. I find it best to keep a level playing field. The reality is that if a listing agent has their own buyer, after collecting highest and best offers they will give their own buyer a right of first refusal. If you really want a shot at a hot property you need to make your offer through the listing agent!
I concur on the Giuliani nonsense. He ruined all the fun for everyone. Prior to that, it was awesome. A bunch of white guys asking everyone if they want fireworks out in the open. After the crackdown, the chinese vendors had them all hidden in boxes in the back of a shop. They had the best crap. You are right…the stuff they would sell you was deafening. Our friends reported hearing the stuff we lit from a mile away.
When the waterproof wicks were attached to them…one time, we took the quarter stick, tied it to a heavy rock, lit it, and threw it in the pond. You barely hear anything and see a bunch of bubbles. Next thing you know….30 fish float to the top of the water.
Drive across any bridge into PA and load up the trunk. Retailers are at every river crossing. And PA never used to allow these sales to residents; they only sold to nonresidents, AKA NJers. Now they sell to all and you can buy consumer fireworks at Costco or Giant
Thought crossed my mind as I was in Langhorn yesterday. The reality is…I don’t know where the heck I would light them off. Certainly not in my neighborhood. Life was better when I was a punk kid.
Also…the Chinatown stuff was just downright illegal. It was so big and powerful.
Perfect example of the ethical behavior of real estate agents–Giving an advantage to the deal which will net a double commission.
“The reality is that if a listing agent has their own buyer, after collecting highest and best offers they will give their own buyer a right of first refusal. If you really want a shot at a hot property you need to make your offer through the listing agent!”
“Regarding yesterday’s Fast Eddie discussion…The listing agent works for the seller!”
Not when the buyer is represented by the same agency, regardless of the agent. Then they must not give an advantage to either the buyer or the seller. Of course most agents are quite ethical… (See the above example and NAR’s cheerleading during the housing bubble).
If you really want a shot at a hot property you need to make your offer through the listing agent!
“If you really want a shot…”
Nothing further, your Honor.
The listing agent should at least have the courtesy to speak to your agent.
All correspondence has been conducted through text messaging equipped with one word answers from the listing agent.
(13) Nothing ethical, b.s. We have mouths to feed. Everyone on this board would do the same.
Any righteous out there?
Ottoman, what exactly are you saying? Are you disputing the fact that the behavior you are calling unethical gets more money for the seller? Is it that the buyers given the opportunity to offer highest and best really didn’t give their highest and best offer and given another bite at the apple they would have paid more? Or is it that you do not calculate for the obvious realities of human nature in your dealings in life?
that’s exactly the kind of listing agent I’d want to sell my house.
pormptly getting rid of those who aren’t serious buyers
“All correspondence has been conducted through text messaging equipped with one word answers from the listing agent.”
10, 30 year that is a perfect example of unethical behavior. So one buyer has transparency, while the others are fed vague BS about how they should bid higher. Like any profession there are some ethical realtors but there are also a lot of crooks. I also love the pressure technique of dropping the listing price as soon as you go UC in order to field back up offers. There is so much BS that goes on today that would make the old timers shake their heads.
Guess, you are okay with him spreading bs like Teaneck and Bergenfield pay the highest taxes in Bergen county. If I said that, I would have been called an idiot. If I stated nj education was garbage, I would be called an idiot. Now I’m a troll for pointing out how wrong he is. I see how it works around here.
I guess if you accept home prices and taxes for what they are, you are a troll or idiot. I get laughed at for pointing out why taxes are high. It’s so easy to label nj as the highest tax state when we have the most valuable real estate and a ton of rich people that demand the most services and drive up the price. So follow the money. Rich people drive up taxes and prices.
How do I know this? Look at any lower income area, whether in jersey or across America, and they have cheap taxes and cheap homes. My cousin who lives by lake hopatcong pays 4,000 for property taxes. My other cousin in brick also pays 4,000 in taxes. This is nj (one ocean county and other Morris) paying 4,000, not some other state. I’ll check south jersey taxes and I bet they are cheap.
clotluva says:
July 2, 2015 at 8:36 am
Sorry to see that 3b got used as fresh troll meat yesterday.
It’s great highest and best EXCEPT for one buyer who can decide if they want to beat the other offers? In what universe is that fair? So one buyer gets access to information and the others do not? I’m going to guess the last time I was in that situation I was probably outbid by a few thousand dollars by unqualified buyers who then could not complete the transaction, we will see what the final closing price was. The truth is transparency would get the highest price for the seller, giving every potential buyer a chances to best the other bidders, doing it this way just gives the realtor an easier job, and a bigger commission and one lucky/unlucky buyer has an opportunity to only pay slightly higher than the other buyers “Best” offer. So it is unethical, the broker is representing the seller and is not truly getting the highest possible price, if you think anything else you are lying to yourself.
#20 – No vague BS, no information other than the reality that there are multiple offers. As far as manipulating the price after the property is under contract, in 30+ years in the business I have never heard of such a practice. Where do you come up with this stuff?
This is not to dispute that here are plenty of unethical practices by real estate agents. The bigger problem by far is incompetent real estate agents.
Exactly!! The agent knows the fast Eddie type. The agent obviously priced the house right and refuses to deal with someone that wants it at “his price”.
anon (the good one) says:
July 2, 2015 at 9:41 am
that’s exactly the kind of listing agent I’d want to sell my house.
pormptly getting rid of those who aren’t serious buyers
“All correspondence has been conducted through text messaging equipped with one word answers from the listing agent.”
21, lets make the distinction of total dollars vs. rate. By tax rate those towns are egregious, and the schools suck. The taxes are not super high because the shacks are not worth that much. Alpine with an average tax of 20k is nothing because the average home is 5m, 20k for your 1060 4 bedroom split on a 1/4 acre is very high.
And then these same people (fast Eddie you are one of them) complain and ask what does a realtor get paid for. Yet, I’m the idiot. You can’t win with these types.
30 year realtor says:
July 2, 2015 at 9:38 am
Ottoman, what exactly are you saying? Are you disputing the fact that the behavior you are calling unethical gets more money for the seller? Is it that the buyers given the opportunity to offer highest and best really didn’t give their highest and best offer and given another bite at the apple they would have paid more? Or is it that you do not calculate for the obvious realities of human nature in your dealings in life?
The agent obviously priced the house right and refuses to deal with someone that wants it at “his price”.
The agent priced the house 15% higher than 3 to 4 other similar houses that recently sold. You know what’s funny, though? There is still no evidence that the the house is in attorney review. Hmmm….
#22 jcer – if you are involved in a multiple offer situation on one of my listings you are required to sign a multiple offer disclosure. They buyers that sign this disclosure attest in writing that the offer tendered with the signed disclosure is their highest and best offer. Are you saying that these people are not telling the truth?
If I read you correctly you are accounting for human nature in buyers but not in real estate agents. The reality is when you push buyers too far the real human nature comes out. Once the contract hits attorney review or during inspections the re-negotiations begin.
You seem to forget you are dealing with humans. Humans are a bad breed!
No way in hell that alpine residents are using the same amount of services. Bottom line, they still pay the highest avg tax rate in Bergen County with limited services.
“So why does a house in Ridgewood with a $500,000 assessed value pay more in taxes than a $2,000,000 house in Alpine?
In general, property taxes support municipal and county governments, and local school districts. According to the New Jersey League of Municipalities, “no part of it supports state government, but a large part of it supports functions that the state has imposed.”
Town budgets are clearly driven by school spending which, in turn, is driven primarily by the number of students. Other factors like the number of special needs students come into factor. But generally, the more children who live in a town, the more property taxes are needed. Alpine has such low taxes per $100,000 in assessed value because it has so few school-age children – the latest census data shows that Alpine has 800 households, compared to more than 7,000 households in Ridgewood.
Commercial properties also keep residential property taxes low; the tax rate in Englewood Cliffs, for instance, is kept lower because of large corporations such as LG, CNBC, Unilever Bestfoods and others. Low property tax communities like Englewood Cliffs and Alpine also do not have high schools; they have sending-receiving agreements with other towns, but many students also attend private high schools.”
http://www.bergencounty.com/money-and-business/bergen-county-property-taxes-a-town-by-town-guide-1.1019475
jcer says:
July 2, 2015 at 10:03 am
21, lets make the distinction of total dollars vs. rate. By tax rate those towns are egregious, and the schools suck. The taxes are not super high because the shacks are not worth that much. Alpine with an average tax of 20k is nothing because the average home is 5m, 20k for your 1060 4 bedroom split on a 1/4 acre is very high.
When did they sell and why didn’t you buy one of them?
Fast Eddie says:
July 2, 2015 at 10:08 am
The agent obviously priced the house right and refuses to deal with someone that wants it at “his price”.
The agent priced the house 15% higher than 3 to 4 other similar houses that recently sold. You know what’s funny, though? There is still no evidence that the the house is in attorney review. Hmmm….
Anyone think real estate taxes in Newark are low?
Landlords better get charged on how much they are making. Nice try.
xolepa says:
July 2, 2015 at 10:16 am
Anyone think real estate taxes in Newark are low?
32- and Newark pays like 3,000 to 4,000 in property taxes. I would not call that expensive.
Punkin,
Low interest rates, cheap credit, low lending standards, and information asymmetry all drive up prices. High taxes do not drive up prices, and do not correlate to an increase in services.
If you accept prices for what they are, and don’t question the underlying drivers and fundamentals, then yes, you are at best a speculator and at worst an idiot.
Hopefully you loaded up on precious metals when they were selling for ludicrous prices as well. Price is price, right? Everybody else was buying gold at $1700/oz.
Is homeownership going out of fashion?
A quick glance at the most recent batch of data, contained in a report published late last month by the Joint Center for Housing Studies at Harvard University, certainly seems to suggest as much.
The center’s survey of the housing market for 2014 revealed that homeownership rate slid to a 20-year low of only 64.5%, and it has continued to fall, hitting 63.7% in the first quarter of 2015.
Not on the Ironbound side. As it turns out, most poor NJ cities have disproportionately high taxes for one major reason: Tax exemptions. When I was in the Rutgers MBA program 35 years ago, my RE professor stated that Newark was 50% tax exempt. 50 fuken percent! It turned out all those run down shacks along Springfield Ave and around were deemed working chapels, Places of Worship. So who picks up the slack?
Now, reading this: http://www.njleg.state.nj.us/PropertyTaxSession/OPI/free_new_jersey.pdf. The estimates are even higher.
Nope. Terribly wrong statement.
“The truth is transparency would get the highest price for the seller….”
Pumpkins statement about taxes is incorrect! I bet you if I looked up his relatives property taxes they are higher than stated!
Jeez, why such a drastic difference in tax bills in different parts of the state?
“Three New Jersey counties saw average property tax bills top $10,000 in 2014, and just as many exceeded $9,000.
Property taxes are highest in the northern part of the state, where bills averaged $10,896 in Essex, $10,826 in Bergen, $10,241 in Union. Morris County came in slightly lower at $9,666, followed by Passaic County at $9,572 and Somerset at $9,269.
Average tax bills there more than double South Jersey counties such as Salem, Cape May and Cumberland, which are home to the lowest average tax bills in the state. Cumberland county residents pay, on average, $3,797 in property taxes.
But from 2013 to 2014, property taxes rose fastest in New Jersey’s Hudson County.”
I never said that high taxes drive up prices. Other way around. High prices drive up taxes. Wherever you go to live in this country, if the neighborhood is wealthy, the prices and taxes will reflect that.
clotluva says:
July 2, 2015 at 10:21 am
Punkin,
Low interest rates, cheap credit, low lending standards, and information asymmetry all drive up prices. High taxes do not drive up prices, and do not correlate to an increase in services.
If you accept prices for what they are, and don’t question the underlying drivers and fundamentals, then yes, you are at best a speculator and at worst an idiot.
Hopefully you loaded up on precious metals when they were selling for ludicrous prices as well. Price is price, right? Everybody else was buying gold at $1700/oz.
As someone who faces the public, I concur……I think a good number of people are quick to point the finger and slow to use their thumb…..
30 year realtor says:
July 2, 2015 at 10:10 am
You seem to forget you are dealing with humans. Humans are a bad breed!
w
hy is this so difficult to understand ?
The Great Pumpkin says:
July 2, 2015 at 10:36 am
I never said that high taxes drive up prices. Other way around. High prices drive up taxes. Wherever you go to live in this country, if the neighborhood is wealthy, the prices and taxes will reflect that.
Corruption drives up taxes. Plain and simple. Hudson county has a surplus. Here in Hunterdon, the freeholders are cheap. They have a farmer mentality, which I don’t complain of. County employees hate them because they keep getting laid off, or privatized. My taxes have not budged in 8 years. I have not appealed, no changes. Most of the town rates have been stable for years. It helps, too, that the school populations are going down.
When I was a kid our lake had a goose problem. They tried buying swans but after a while the geese realized there were more numerous and muscled them out.
Brother and I addressed the invasion with fireworks. Threw a couple ‘blockbusters’ into the gang while they were resting on shore. Two died from… a heart attack? The rest left and never came back.
36- from that study. You won’t hear this argument on this board. You will just hear complaints about abbot funding.
“Where is the justice in a state law that forces a city to subsidize those who live in the suburbs?” (Pomp 2002, 385). Indeed, where is the justice in public policy that heaps the burden of many onto the few least able to bear it.
People love to make excuses. They refuse to accept the fact that rich people are their own worst enemy when it comes to property values and taxes. They drive up the value of their neighborhoods and then cry when their taxes go up. It’s no different than the chumps making a million dollars and then crying about have to pay hundreds of thousands of dollars in taxes.
anon (the good one) says:
July 2, 2015 at 10:40 am
w
hy is this so difficult to understand ?
The Great Pumpkin says:
July 2, 2015 at 10:36 am
I never said that high taxes drive up prices. Other way around. High prices drive up taxes. Wherever you go to live in this country, if the neighborhood is wealthy, the prices and taxes will reflect that.
46- don’t want to pay a lot of taxes…..don’t live in a neighborhood filled with rich people and don’t make a lot of money. Problem solved.
@SenSanders: There is only one major country on earth that does not guarantee health care as a right – the United States.
A complete transparency of any and all pending offers on a house should be listed on a website. It should be a dynamic list and only those qualified should have access.
You guys are a riot. You should take your comedy act on the road.
Honestly, what can you do about corruption. Corruption doesn’t only drive up taxes, it drives up the price on the shoes you wear and the food you eat. It’s impossible to stamp out due to human nature. Anytime someone gets over on the rest, the rest have to absorb the cost. So next time you do something you know is wrong(not being honest on your taxes…and you know damn well you cut corners on that in your life), don’t do it, otherwise do not bitch about corruption or high taxes because you are part of the problem.
xolepa says:
July 2, 2015 at 10:49 am
Corruption drives up taxes. Plain and simple. Hudson county has a surplus. Here in Hunterdon, the freeholders are cheap. They have a farmer mentality, which I don’t complain of. County employees hate them because they keep getting laid off, or privatized. My taxes have not budged in 8 years. I have not appealed, no changes. Most of the town rates have been stable for years. It helps, too, that the school populations are going down.
Truth hurts? Would you rather blame the govt for high taxes?
clotluva says:
July 2, 2015 at 11:10 am
You guys are a riot. You should take your comedy act on the road.
Adding to the employment report’s soft tone, 60,000 fewer jobs were created in April and May than previously reported.
At least 432,000 people dropped out of the labor force, pushing the unemployment rate two-tenths of a percentage point lower to 5.3 percent, the lowest since April 2008.
The shrinking work force drove the labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, to 62.6 percent, the lowest reading since October 1977.
Any questions?
it’s a free country…move to a low tax area
The Great Pumpkin says:
July 2, 2015 at 11:21 am
Truth hurts? Would you rather blame the govt for high taxes?
clotluva says:
July 2, 2015 at 11:10 am
You guys are a riot. You should take your comedy act on the road.
For everything or just real estate?
Fast Eddie says:
July 2, 2015 at 11:09 am
A complete transparency of any and all pending offers on a house should be listed on a website. It should be a dynamic list and only those qualified should have access.
21 silly pumpkin. You are an even bigger idiot today. And a twit!!
52- by the way, the govt is only an institution. An institution has no role in creating high taxes. The players involved in creating that institution have a roll in that. They set up the rules, the institution didn’t. So once again blame rich people in control of the govt. They lobby so that they pay less and you pay more. They are responsible for high taxes by driving them up and then trying to use the govt to get out of them. Truth hurts.
joyce [55],
I was thinking just real estate but why not apply it to anything? It’s a form of compare and shop. Put it all out there. If I knew the highest bid, I might be tempted to go a little higher. We’re human, right? :)
I’m silly, yet you spew nonsense like Bergenfield pays the highest taxes in Bergen County.
3b says:
July 2, 2015 at 11:28 am
21 silly pumpkin. You are an even bigger idiot today. And a twit!!
28 highest and best is one thing but you yourself said the selling broker is than going to take highest offer to his buyer. That is where I see the problem, when everyone is bidding blind except the buyers working with the sellers agent. Otherwise in the blind bidding their is no motive besides the highest price.
Old tap pan Harrington park northern valley recently turned down a referendum for a 20 million dollar school expansion. Overwhelmingly voted no. Starting to realize high taxes have an effect. I know a few people in various unicorn towns having trouble selling due to high taxes. In the original town of the unicorn when you mention the name. It’s the first thing out of the realtors mouth. Omg the taxes are so high there. And it’s not said positively.
59 pumpkin twit I said bf is one of the highest and it is. You are a still an idiot.
The discussion of transparency and real estate agent ethics points out the problems with the law of agency in NJ real estate transactions. Before the law was changed there were no buyer’s agents, all agents had a fiduciary obligation to the seller. This law may not have been good for buyer’s but there was no confusion on who stood where.
My opinion is that there should be NO DUAL AGENCY! Disclosure only signs away rights for the buyer or seller, it does not improve transparency or eliminate the temptation for agents to work for self interest. The trouble is that the public doesn’t understand . Try to sit at a seller’s kitchen table and tell them… I have no buyers for your home. I will not be showing the property to buyers or doing any open houses. Not only that but I will not be advertising the property because I cannot show it to the people who call. That will be a 6% commission…now please sign here. Yes, that exclusive right to sell listing is for 6 months.
Speaking of fireworks.
I did a small fireworks show last year, limited to 15 minutes, small rockets no big explosions to test the waters in my neighborhood. Went well some neighbors came out to watch, no cops showed up. Heck I have never seen a patrol of my neighborhood they mostly stick to the main roads.
This year I was thinking of upping the ante and do a 1/2 hour show. I checked the laws and if you are caught using or merely possessing fireworks, it is a disorderly persons offense.
However there could be an over reaction by the police, they could show up with their MWrap and full gear, and charge somebody with property destruction etc.
I will wait to see for now, if there are lots of fireworks going off in town then I doubt they will react to my show.
Luck Eddie says:A complete transparency of any and all pending offers on a house should be listed on a website. It should be a dynamic list and only those qualified should have access.
I say:
Who determines the ones that should be excluded or included?
Who determines the ones that should be excluded or included?
You must prove you’re qualified. Real players only. Show me the money and you get to play. You login with an ID only and that’s all the other players can see. Your privacy is assured, it’s just an ID number listed.
“ID 2475 bid $455,000? Ok, I was going to bid $445,000 as my highest but maybe I’ll go up to $457,000.”
Catch my drift? Now you can decide and play with it in your head.
#10 30 yr,
Guess some sellers get “ethical” listing agents from time to time. I submitted offer through listing agent at 10% off offered price. She kept trying to get me to come up to ask. When we 10k apart, I finally told her to take it out of her commission if she wanted deal to go through. She refused so it did not happen. They had another offer at full ask which got the home but she lost about 5k of commission overall. My only thought was that perhap both offers were through listing agent. Why else would she kick me away?
66 – She may have had a dual commission arrangement. For example…if listing agent sells property herself the commission is 3.5% but if another agent sells the property total commission is 5%. Best statistic I ever had on this was that the listing office sells the property 1/3rd of the time. Has to be less than that for the listing agent. For the agent it is a numbers game. Lock in the listing and the numbers will work in your favor over the long hall.
Foreclosures Up As Housing Market Eyes New Inventory
Read More At Investor’s Business Daily: http://news.investors.com/business-inside-real-estate/070115-759871-more-real-estate-owned-properties-are-hitting-the-market.htm#ixzz3ekb3VpSh
Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
A surprise uptick in home foreclosures by banks might mean that the long-discussed “shadow inventory” is finally coming to the residential housing market.
Thirty-eight states posted year-over-year increases in real estate owned (REO) properties in May, according to a report released on June 18 by RealtyTrac, an industry researcher and consultant.
The list includes heavily populated states such as New Jersey (up 197%), New York (up 116%), Ohio (up 114%), Georgia (up 108%), Pennsylvania (up 106%) and Florida (up 63%).
RealtyTrac also says that overall REOs in May increased on a year-over-year basis for the third straight month.
This shadow inventory “is not massive,” as some had expected, said Daren Blomquist, vice president at RealtyTrac. But it “is a backlog coming to market. It’s taken longer than expected for this inventory to come out.”
Shadow inventory is typically defined as homes with mortgages that are 90 days or more delinquent but not yet repossessed or listed for sale.
Market watchers have long feared that banks were holding a large amount of shadow inventory, and worried that if these houses finally came onto the market all at once, they would wreak havoc on prices.
But now the strength of the housing market can withstand the foreclosure boost, analysts say, and investors may see more REO buying prospects as some of the shadow inventory comes on the market in the next 60 to 90 days.
Read More At Investor’s Business Daily: http://news.investors.com/business-inside-real-estate/070115-759871-more-real-estate-owned-properties-are-hitting-the-market.htm#ixzz3ekaswjPb
Changing subject temporarily. Passed by a spec home being built several streets away. The builder is using particle board for wall AND roof sheathing. I’m surprised that, with all the recent rain and heat, the house hasn’t melted yet.
Must be new tech glue.
Almost 94 million are now out of the labor force.
30 yr,
Ahh, probably the case..the numbers seemed to work in my favor if the agents were splitting 5% but she probably had some other arrangement. No matter..my purchase worked out way better anyway.
Fast,
Advice is to rescind offer in 24 hrs then have agent stop communication. No need to come off desperate or angry. They could be blowing smoke but you will never know. From my recent experience, if deal falls through your agent will get a call immediatetly anyway.
61 grim please unmoderate don’t know what trigged it.
What % of these people are working for cash?
My friend has a brother in law that works for 1200 cash a week. Gets all the welfare hookups along with it. My friend gets sick to his stomach thinking about it.
Alex says:
July 2, 2015 at 12:20 pm
Almost 94 million are now out of the labor force.
Wide World Of Sports (jj Edition):
The price to get a genetic piece of American Pharoah is — not surprisingly — going to be high.
The Triple Crown horse’s owner, Ahmed Zayat, told ESPN.com on Thursday that interest in American Pharoah’s breeding has been so great from around the world that Coolmore Ashford Stud, which purchased the majority of the horse’s stallion rights, is thinking of charging near-historic prices for a first-year stallion.
“It’s their decision and not mine, but the talk is that the stallion fee is likely to open at north of $200,000,” Zayat said.
American Pharoah’s owner, Ahmed Zayat, told ESPN.com that interest in his breeding has been so great that Coolmore Ashford Stud, which purchased the majority of the horse’s stallion rights, is thinking of charging near-historic prices. Al Bello/Getty
That would be more than three times the opening stud fee of 2008 Kentucky Derby and Preakness winner Big Brown. That horse, whose breeding rights were sold on a reported valuation of $50 million, had an opening stud fee in 2009 — no doubt discounted by the economic crisis — of $65,000.
Move along, nothing to see here. Standard “buy now or forever be priced out the market” piece.
The ‘hot’ housing market is about to experience a serious cooldown
“For more than 30 years, consistently falling mortgage interest rates have helped spur more home sales. But in about a year’s time, that decades-long tailwind will likely shift to a housing headwind.” Sales will be hit hard, according to a worried analysis from Zillow…And there’s a reason for this: mortgage rates have been near historic lows but are scheduled to rise, and now a buyer’s panic has broken out. People are desperately trying to grab the cheap mortgage rates while they’re still available and buy a home, no matter what the price….Rising mortgage rates would begin to be a “drag” on sales by mid-2016, Zillow figured…
And there’s a particularly troubling problem with rising mortgage rates:
But for homeowners currently locked in at a low rate, rising mortgage rates could represent a budgetary curveball should they decide to buy another home in coming years. Homeowners used to a certain monthly mortgage payment may balk at paying a higher amount per month in financing costs for a home roughly comparable to their current residence, to say nothing of a home that is more expensive.
In this way, higher mortgage rates – and higher prices! – make it more difficult if not impossible for households to move to different home, which cuts housing turnover and sales and puts downward pressure on prices: the “mortgage rate lock-in” phenomenon, as it’s called.
“For decades, homeowners haven’t had to worry about that,” the analysis warns. “By this time next year, they’ll need to start.”
Read more: http://wolfstreet.com/2015/07/01/home-buying-panic-sets-in-housing-bubble-2-soars-industry-drools-but-its-doomed-says-zillow/#ixzz3ekj8EfN3
Question for the board…
If you could build a home from the group up today, what things would you insist that it have?
I would have to do a through review of the latest “green” products like the hot water heaters. And maybe more instillation than they usually to address the reoccurring expenses like utilities. I would also like every room be wired for cable and have Cat6 lan lines. I know everything is wireless now but I like the option of plugging in, especially with the new smart tvs. And a bedroom/bath on the main level.
Save the Robots
A robot has killed a contractor at one of Volkswagen’s production plants in Germany, the automaker said.
The man died Monday at the plant in Baunatal, about 100 kilometers (62 miles) north of Frankfurt, VW spokesman Heiko Hillwig said.
The 22-year-old was part of a team that was setting up the stationary robot when it grabbed and crushed him against a metal plate, Hillwig said.
http://abcnews.go.com/Technology/wireStory/robot-kills-man-volkswagen-plant-germany-32163980
Happy 4th of July
http://www.thedailybeast.com/articles/2015/07/01/brooklyn-s-obnoxious-secret-flag-burning-ends-with-a-whimper.html
This is what happens when you try to host a mass flag burning in Brooklyn: You don’t. At least not on the day advertised on social media.
Because on Wednesday evening, a horde of patriotic bikers and American-flag-hoisting hotheads crawled out of the city’s conservative netherworld and descended on Fort Greene Park—hell-bent on stopping a red, white and blue barbecue they tripped over on Facebook.
48,
The reason the US doesn’t guarantee health care as a right is because historically, American founders actually understood what a right is, and other countries don’t. America’s stupidity is rapidly catching up to the rest of the world’s, however.
On Independence Day, named after a declaration written by people who understood rights much better than the pea-brained politicians of our day, it’s a good time to improve one’s understanding of rights, to help prevent our country from becoming the sort of place the Anons of the world dream of.
http://ari.aynrand.org/issues/government-and-business/individual-rights
A “right” is a moral principle defining and sanctioning a man’s freedom of action in a social context. There is only one fundamental right (all the others are its consequences or corollaries): a man’s right to his own life. Life is a process of self-sustaining and self-generated action; the right to life means the right to engage in self-sustaining and self-generated action — which means: the freedom to take all the actions required by the nature of a rational being for the support, the furtherance, the fulfillment and the enjoyment of his own life. (Such is the meaning of the right to life, liberty and the pursuit of happiness.)
The concept of a “right” pertains only to action — specifically, to freedom of action. It means freedom from physical compulsion, coercion or interference by other men.
Thus, for every individual, a right is the moral sanction of a positive — of his freedom to act on his own judgment, for his own goals, by his own voluntary, uncoerced choice. As to his neighbors, his rights impose no obligations on them except of a negative kind: to abstain from violating his rights.
…
There is no such thing as “a right to a job” — there is only the right of free trade, that is: a man’s right to take a job if another man chooses to hire him. There is no “right to a home,” only the right of free trade: the right to build a home or to buy it. There are no “rights to a ‘fair’ wage or a ‘fair’ price” if no one chooses to pay it, to hire a man or to buy his product. There are no “rights of consumers” to milk, shoes, movies or champagne if no producers choose to manufacture such items (there is only the right to manufacture them oneself). There are no “rights” of special groups, there are no “rights of farmers, of workers, of businessmen, of employees, of employers, of the old, of the young, of the unborn.” There are only the Rights of Man — rights possessed by every individual man and by all men as individuals.
FKA, 76
Here are some things on a house wish list:
How about one of those Japanese toilets that spray & wipe your butt for you? Need to have electrical prepared for that.
I’d also suggest a dedicated home theater room with projector, screen,and wet bar in the basement, where it’s easiest to control light. With very good sound insulation that most contractors would never bother to install. And dark paint including ceiling.
Backup nat gas generator is probably easier to build in from the start than retrofit.
Extra strong kitchen ventilation. High power gas stovetop.
[70] alex
“Almost 94 million are now out of the labor force.”
Many of them are older, white men. They don’t count, not in labor stats and not with the prevailing party or attitude.
For Mass. and NJ, this is dead on. And the first line for Rhode Island is one I’ve been using for years.
http://www.rantplaces.com/2015/06/14/common-stereotypes-for-each-state/?utm_campaign=RantPlacesFB&utm_source=facebook.com&utm_medium=referral
For a look at taxes one needs to appreciate Chestnut Ridge NY. Youtube it and you can see what happens when towns are overwhelmed by people not paying taxes and utilizing all its services. The same is happening in Suffern NY. Homes valued at $600,000 (10 year old, 4 bed, 4000sf on 1 acre lots) are getting hit with $35 to $40k in taxes.
#83…2 words…Kyrius Joel
#84 Only development outside of NYC able to tap into NYC water supply.
oh..they are “tapped in” alright…..
Fast Eddie, did you include with your offer a $1,000 check or a $100,000 check?
Had it been the latter, you would probably be under contract right now.
https://en.wikipedia.org/wiki/Kiryas_Joel,_New_York
http://www.recordonline.com/article/20150701/NEWS/150709958
Hoovler and Chief Assistant District Attorney Christopher Borek detailed how they found that some business owners take advantage of loopholes in the system. Owners can legally structure corporations so a 100 percent owner has to report as income only the pay he or she draws from the corporation. Because program eligibility is often based solely on income, even if the businessperson has a house and cars and a big bank account, he or she can legally qualify for public assistance benefits.
Borek said they’ve found that some owners structure their business corporations and practices “not just to avoid taxes, but to also ensure that the people who own these corporations become eligible and will remain eligible for public benefits, particularly Medicaid.”
88- Disgusting. Pathetic.
“According to 2008 census figures, the village has the highest poverty rate in the nation, and the largest percentage of residents who receive food stamps. More than five-eighths of Kiryas Joel residents live below the federal poverty line and more than 40 percent receive food stamps, according to the American Community Survey, a U.S. Census Bureau study of every place in the country with 20,000 residents or more.[4] A 2011 New York Times report noted that, despite the town’s very high statistical poverty rates, “It has no slums or homeless people. No one who lives there is shabbily dressed or has to go hungry. Crime is virtually nonexistent.”[14]”
89 the govt needs to cut those people off, that is welfare abuse. When you actively are engaging in behavior that depends on government assistance, why should I support your lifestyle. I totally understand the social safety net but this goes beyond. People on govt assistance who are having children should have the children taken from them, it is reckless behavior. These people need to be responsible adults and only have children they can afford.
Well said
jcer says:
July 2, 2015 at 5:20 pm
89 the govt needs to cut those people off, that is welfare abuse. When you actively are engaging in behavior that depends on government assistance, why should I support your lifestyle. I totally understand the social safety net but this goes beyond. People on govt assistance who are having children should have the children taken from them, it is reckless behavior. These people need to be responsible adults and only have children they can afford.
http://www.nj.com/union/index.ssf/2015/07/is_the_watcher_a_woman_letters_contained_female_dn.html#incart_2box_nj-homepage-featured
Laughable!!!!
The Garden State is the only state in the country that more people said they don’t like than do like, according to YouGov’s recent survey, which says 40 percent of people have an unfavorable opinion of the state while only 30 percent have a favorable one.
Dear Abby:
My husband is a liar and a cheat. I’m pretty sure he has cheated on me from the beginning, but when I confront him, he denies everything. I feel like everyone knows that he cheats on me, and I’ve heard from some people that he may have cheated on me hundreds of times! It’s so humiliating!! Also, ever since his last job finished fourteen years ago, and our daughter graduated from college a few months later, he hasn’t bothered to look for a new job. To be fair, he has found ways of making money here and there, so he does contribute financially, but it’s because of my contacts. All he really does is smoke cigars, and take trips and shoot the breeze with his buddies, and I’m pretty sure these trips usually have lots of young female companions, some even younger than our daughter! Meanwhile, I’ve been working tirelessly for the past fifteen years to pay our bills. But worse is that over the past fourteen years, he doesn’t even pretend to like me, and even hints that I’m a lesbian! What should I do?
Signed, Clueless in Westchester
Dear Clueless:
Grow up and dump him. Good grief woman, you don’t need him anymore! You’re running for President of the United States. Act like one.
Dear Abby:
My husband is a liar and a cheat. I’m pretty sure he has cheated on me from the beginning, but when I confront him, he denies everything. I feel like everyone knows that he cheats on me, and I’ve heard from some people that he may have cheated on me hundreds of times! It’s so humiliating!! Also, ever since his last job finished fourteen years ago, and our daughter graduated from college a few months later, he hasn’t bothered to look for a new job. To be fair, he has found ways of making money here and there, so he does contribute financially, but it’s because of my contacts. All he really does is smoke cigars, and take trips and shoot the breeze with his buddies, and I’m pretty sure these trips usually have lots of young female companions, some even younger than our daughter! Meanwhile, I’ve been working tirelessly for the past fifteen years to pay our bills. But worse is that over the past fourteen years, he doesn’t even pretend to like me, and even hints that I’m a lesb!an! What should I do?
Signed, Clueless in Westchester
Dear Clueless:
Grow up and dump him. Good grief woman, you don’t need him anymore! You’re running for President of the United States. Act like one.
Oh the joys of home ownership. My pool pump motor burned out, just spent the last few hours installing a new one. In the two years I have owned this place that is the third electrical motor to burn out. 1 ac compressor motor, 1 pool polaris booster pump motor and 1 pool pump motor. I am starting to think I need a line conditioner.
There’s your ‘healthy’ New Jersey RE market, folks.
48 percent. All. Fcuking. Cash. Buyers.
That is all.
Who needs fireworks when you can make yourself some perfectly good pipe bombs?
Used to buy buckets of loose M-80s in Chinatown back in the day.
Boy, those things were the definition of bang for the buck.
gary (49)-
I love you pal, but no to this one.
“A complete transparency of any and all pending offers on a house should be listed on a website. It should be a dynamic list and only those qualified should have access.”
30 year (62)-
If I coulda teamed up with even 2-3 guys like you, I might still be in RE.
While we’re doing away with dual agency in our perfect world, let’s do away with Salesperson licenses. Make everybody who wants in earn a Broker license, or GTFO.
“My opinion is that there should be NO DUAL AGENCY! Disclosure only signs away rights for the buyer or seller, it does not improve transparency or eliminate the temptation for agents to work for self interest. The trouble is that the public doesn’t understand . Try to sit at a seller’s kitchen table and tell them… I have no buyers for your home. I will not be showing the property to buyers or doing any open houses. Not only that but I will not be advertising the property because I cannot show it to the people who call. That will be a 6% commission…now please sign here. Yes, that exclusive right to sell listing is for 6 months.”
Alex (70)-
Was in Troy, NY today (don’t ask). They have certainly contributed their fair share to that number.
“Almost 94 million are now out of the labor force.”
I forgot to encourage Punkin to drink heavily and handle lots of fireworks this weekend.
When I was 18 we did the Cannon Ball run on I95 to Spring Break in Florida. We completed the drive down to Daytona in about 12 hours with quick stops for gas and food etc. One stop was the South of the Border Fireworks place in South Carolina. We loaded up with lots of the good stuff, and in the middle of the night we decided to just continually toss some fireworks out the window of the car while cruising at 100+ MPH. How we did not get stopped or cause an accident was just dumb luck. We actually made it through Georgia in about an hour. I still cannot believe we did not get stopped anywhere on I95 for speeding.
Flash forward to Spring Break 2015, my co-workers son went to Spring Break in Mexico from U of Arizona, they managed to hit the back of a truck while passing and totaled the vehicle, this was in Mexico and thankfully nobody was hurt. The car was Dad’s so they left it on the side of the road and squeezed into another friends car headed the same way. Dad had to go down and deal with the mess, while kids partied….
Strange times we live in ( I must be getting old).
Re#87 – isn’t 5 percent standard?
Re:100 – you can always dust off your old suits and get back into the game.
box (106)-
All those suits went to Goodwill. Finally took my grandpa’s advice and stopped willingly putting a noose around my own neck every day
re # 107- my grandpa was a carpenter. His only advice was to not have 9 kids. So far so good.
Almost forgot his other gem. Leave church early to get your seat in the pub.
Grandpas generally give good advice.
Unless it’s Charles Manson’s grandpa.
Based on futures, we might get a little Black Friday thingy this morning.
All is well.
Carry on.
Happily sitting on some dry powder. Living within my means. And living vicariously through Eddie. Carry On!