From the Washington Post:
Four years after Sandy, the coastal real estate market is recovering
Hurricane Sandy stretched from the central Appalachians well into New England when it came ashore nearly four years ago, tearing through thousands of homes and leaving more than $70 billion in damage in its wake. The storm, which left miles of shoreline buried in sand and killed 182 people, still ranks as the second-costliest in American history after Katrina.
Since then, coastal real estate markets pounded by the storm have mostly recovered, thanks in part to federal, state and local governments pouring billions of dollars into repairing and replacing much of its damaged coastline.
The U.S. Army Corps of Engineers moved millions of cubic yards of sand onto shoreline areas from New Jersey to Maine in an effort to fortify beachfront battered by the storm. The restoration and resiliency projects are part of the $51 billion relief package passed by Congress in the wake of the disaster.
Local home builders and developers are also again erecting new properties in many locations, including some beachfront communities that rank among the most expensive for real estate in the country. From seaside towns along the Connecticut coast and the Hamptons on New York’s Long Island, to locations on the Jersey Shore and Far Rockaway in Queens, property values in many places are again rising and buyers returning, real estate data show.
In the wake of the storm, flood insurance premiums rose sharply, and many municipalities established tighter guidelines on how and where to build along the coast. The new building restrictions reflected rising sea levels and flood risk and followed federal emergency management standards in rebuilding homes to withstand future storms.
The tighter restrictions initially hampered the waterfront property market in more affluent areas, but nearly four years after Sandy some of the priciest coastline locations are now rebuilt and seeing sharp increases in property sales.
…
Along the New Jersey coast, counties hit hardest by Sandy are still grappling with closed streets, broken streetlights and unfinished boardwalks. The storm also wiped out thousands of homes, many of which haven’t been rebuilt.The empty lots in working class shoreline communities such as Ocean and Monmouth counties are not only causing blight: With thousands of homes no longer there, the towns and school districts that count on the property taxes collected from these homes to fund their budget are still wrestling with shortfalls.
I still have some incredible pictures and video. I had already booked a rental in seaside park the summer after. We did go on that vacation and the landlord was able to get the rental livable just before we checked in.
CoreLogic foreclosure report from the other day shows NJ making strong progress towards resolution of foreclosures.
Foreclosure Inventory
New Jersey – 3.4% – Down 29.9% year over year with 15,750 completed foreclosures
New York – 3.1% – Down 19.1% year over year with 14,564 completed foreclosures
If this trend continues at these rates, NY will overtake NJ and take the #1 position within the next 12 months.
At the NYC MSA Level:
New York-Jersey City-White Plains – 3.0% – Down 25.2% in the last year.
The NYC MSA will continue to hold the lead into the foreseeable future, as #2 Miami is resolving foreclosures at a significantly faster pace.
I think we’re still looking at a solid 2 years to catch the rest of the country.
One factor we haven’t discussed here, is that Brexit and the Eurozone issues have created another refinance window for homeowners to significantly cut rates and cost. Especially in those situations where homeowners have been able to slowly claw back some equity through appreciation and mortgage payments. This trend hasn’t gotten much attention, but I think it represents a material amount of underwater borrowers who weren’t able to refi during the last set of rate dips, or through various government programs.
Which carries another set of implications for inventory, as it’s highly likely that these owners remain locked in, and likely not willing to sell. This will especially be the case if we see rates increase materially in the next 12 months.
I think strong evidence of this is the recent jump of refis to 62-63% of mortgage volume.
Given the long period of protracted rates, most medium/high equity homeowners have already taken advantage of the low rates and refinanced, and I don’t believe the current dip is deep enough to create a set of serial refinancers (Refi from 3.8 to 3.65 might not make much sense).
Seeing that this rate remains relatively high, and spiking higher when rates dip – I don’t think it’s serials that are sustaining this, it’s got to be existing homeowners who simply didn’t have the opportunity earlier. Really, who is left to refinance?
poor lady didn’t fulfill her dream to Zimmerman a brother
@nytimes
A 73-year-old woman was accidentally shot and killed by a police officer in a role-play exercise
Just to play a game.
Purchase
2005
$500,000 Sale Price
10% down – $450,000 mortgage
5.5% mortgage rate
To today, 11 years later – mortgage balance would be about $360,000 assuming no refinances.
Let’s assume we are still about 20% under peak.
That $500,000 house is now $400,000 with a $360,000 balance. That’s about 90% and good enough to refinance with.
Suspect that individual, if stupid enough to buy at peak, is also stupid enough to refinance into a NEW 30 year loan.
They’ll take their mortgage (less taxes and insurance) from $2,550 to $1,650. That’s $10,800 more in their pocket at the end of the year, a substantial savings.
Even going into a 20 year loan, which keeps their payoff date roughly the same, that brings the $2,550 down to $2,115, a savings of more then $5000 a year. Which is still substantial.
Or, if they wanted to move to a 15 year – effectively cutting 4 years off their loan, they could still save $1000 a year.
If a bubble buyer has made it this far, and they aren’t interested in leaving. I don’t see why they would consider default or other options. Current rates and their pay down put them in a position where they can substantially cut costs.
never bothered to refi….interest rates? meh
5. typical Florida fun…cesspool really.
I’m
finished defending the south
I’m done with Florida too
The only play I’m happy is in rarified air,
it’s truuuuue.
Bankers…brokers…rich folks
no mcDonalds no poor jerks
this is where the money is
screw those homeless twerps.
poems…from the Vineyard
Jobless claims down to 266k, below 300k for 75 weeks straight – longest since 1970 according to Marketwatch.
4 week moving average at 262,750, which should be consistent with widespread champagne and hookers.
grim , throw in what current rental rates are and your 30 year refi example is a bargain. $1650 rental you are living in a multifamily with one bath. No yard maybe a parking space.
Never understood the cash out mentality during a refi. It just seems to prolong the treadmill.
Anecdotal millennials moving to the burbs evidence. We live in a bergen county town were majority of residents are over 60. This year the neighborhood experienced 4 retirement sale/moves, 2 death sales, and a foreclosure. It is the first summer in our 10 years on the block I see kids riding bikes, shooting hoops and well being kids. All the new neighbors outside talking. I asked my kids to go out and make some friends they looked at me like Im crazy. 10 years I mostly just saw ambulances and elder transport vans. It was like living in a cemetery.
20% below peak? We’ve surpassed peak pricing in my Northern NJ area. Party like it’s 1929, it’s a good time to buy or sell.
“Let’s assume we are still about 20% under peak.”
walking bye [13],
I made the same type of observation a few nights ago. The main street seemed to be awash with young families and strollers. It’s good to see. In fact, my neighbor across from me said recently that he’s noticed a lot of young families moving in the last few years.
This Just in – NAMBLa endorses Trump. Likes his stance on Daughterly luv
Sandy – I still remember those great links to storm surge maps that Lib was providing. Anybody who had access to those and knew how to read them could not have been surprised by the outcome, rather, they knew in advance how bad it would be.
Fast Eddie, I don’t think many of the posters understand this part of Bergen. One thing though, those seniors, though old can be a nasty bunch. Don’t cut them off in the shoprite.
[16] I’m still waiting to hear the news of some 58 year old guy legally marrying a 14 year old boy. There’s ways in most states for that to happen now.
Proof will be in the pudding, we need to check school enrollments to see if there is a trend. I would imagine we would need to see a growth in enrollment that is in excess of the population growth, or at least equal to.
[4] I’m going to take advantage of the low mortgage rates by selling.
[12] Anyone applying for UE benefits would require one having a job first. One in six American families have nobody in the household that is employed.
Jobless claims down to 266k, below 300k for 75 weeks straight
“[12] Anyone applying for UE benefits would require one having a job first. One in six American families have nobody in the household that is employed.
Jobless claims down to 266k, below 300k for 75 weeks straight”
One in seven U.S. households has a negative net worth, as student loans and credit cards plunge a diverse group of people—including those with good jobs—into the red.
http://www.bloomberg.com/news/articles/2016-08-10/you-may-be-broke-and-not-know-it
One in six American families have nobody in the household that is employed.
This is The New Economy ™.
The poor stay poor, besides … the government likes it that way.
Go Wayne!! Two schools in the top 500 in the nation!
http://patch.com/new-jersey/wayne/s/fulpo/51-n-j-public-high-schools-rank-among-nations-best-in-newsweeks-2016-list?utm_source=alert-breakingnews&utm_medium=email&utm_term=schools&utm_campaign=alert
Pimp Your Wayne
It’s called income inequality. You want to help, give up some of your money.
This has nothing to do with America heading downward, or going in the wrong direction. It’s just the economics of how the pie is divided up.
HEHEHE says:
August 11, 2016 at 10:55 am
“[12] Anyone applying for UE benefits would require one having a job first. One in six American families have nobody in the household that is employed.
Jobless claims down to 266k, below 300k for 75 weeks straight”
One in seven U.S. households has a negative net worth, as student loans and credit cards plunge a diverse group of people—including those with good jobs—into the red.
http://www.bloomberg.com/news/articles/2016-08-10/you-may-be-broke-and-not-know-it
I’m currently in the process of refinancing. Taking 10 years of my 30 year loan by switching to a 15 year low rate. Saving a hell of a lot of money.
That’s the bottom line.
grim says:
August 11, 2016 at 11:47 am
One in six American families have nobody in the household that is employed.
This is The New Economy ™.
The poor stay poor, besides … the government likes it that way.
Said it on this blog before, but Wayne is prob the best value in north jersey at the moment based on how much house you get for your money and the school system. Not getting better for your money based on location, demographics, schools, and amenities (close stores).
grim says:
August 11, 2016 at 1:00 pm
Pimp Your Wayne
Wasn’t I saying this? Was laughed at on this blog for claiming the suburbs are not dead. It’s all coming together. Everything I have stated on this blog about real estate is happening before your eyes. Remember, the party doesn’t start till 2020 or later. You are just seeing the building blocks being set into motion. Economy doesn’t stay down forever, just like it doesn’t stay up forever.
Reason this bubble might be bigger than any before……they have not come close to keeping up with the new construction demand. Man, this one is going to blow with so many people fighting over limited inventory.
walking bye says:
August 11, 2016 at 10:06 am
grim , throw in what current rental rates are and your 30 year refi example is a bargain. $1650 rental you are living in a multifamily with one bath. No yard maybe a parking space.
Never understood the cash out mentality during a refi. It just seems to prolong the treadmill.
Anecdotal millennials moving to the burbs evidence. We live in a bergen county town were majority of residents are over 60. This year the neighborhood experienced 4 retirement sale/moves, 2 death sales, and a foreclosure. It is the first summer in our 10 years on the block I see kids riding bikes, shooting hoops and well being kids. All the new neighbors outside talking. I asked my kids to go out and make some friends they looked at me like Im crazy. 10 years I mostly just saw ambulances and elder transport vans. It was like living in a cemetery.
29. saying the government wants you to stay ‘poor’ is like insisting that your parents want you to fail. Infantile.
Several on that list i know folks who’ve personally opted out and said…..nope.
It’s all a cycle. Nj is beginning it’s new cycle as they push out all the baby boomers and replace them with millennials looking to spend with the new jobs/raises they are getting. Nj will become a premiere destination in the next 20 years when they rebuild most of nj. A lot of jersey is going to be looking new as a bunch of money is poured into infrastructure and housing rebuilds.
Remember in 2013, I said that any house you buy right now will be worth significantly more by 2025, still doubt it?
Fast Eddie says:
August 11, 2016 at 10:18 am
walking bye [13],
I made the same type of observation a few nights ago. The main street seemed to be awash with young families and strollers. It’s good to see. In fact, my neighbor across from me said recently that he’s noticed a lot of young families moving in the last few years.
It’s the nature of capitalism. Someone has to be poor. It’s not that the govt wants people to be poor, but it is what it is.
Essex says:
August 11, 2016 at 1:17 pm
29. saying the government wants you to stay ‘poor’ is like insisting that your parents want you to fail. Infantile.
34. Then why do huge pharma firms have a helluva time persuading anyone to move here? Your sunny disposition is based on vapor….
New Jersey will in fact continue to be a laggard….
Since he was inaugurated the Garden State’s 55th governor in January 2010, New Jersey’s overall economic growth has lagged the national pace of recovery. As of the first quarter of this year, the U.S. economy is 22.4 percent bigger than when Christie took office; his state’s economy has grown by 18.2 percent.
It will change, in the 2020’s a lot of money will be poured into this state. Nj is not dying.
Essex says:
August 11, 2016 at 1:24 pm
34. Then why do huge pharma firms have a helluva time persuading anyone to move here? Your sunny disposition is based on vapor….
To pumpkin: https://youtu.be/RpFYfPRilB4
Nj is in a transitional phase. You have to understand that. You also have to understand how large the Nj economy is. How do you expect it to have the same growth rates as these other areas that had nothing 20 years ago? In nj, every county is a metropolitan county. It’s pretty got damn developed, and until it hits its next phase, you can’t expect huge growth until the infrastructure is in place to support it.
Essex says:
August 11, 2016 at 1:27 pm
Since he was inaugurated the Garden State’s 55th governor in January 2010, New Jersey’s overall economic growth has lagged the national pace of recovery. As of the first quarter of this year, the U.S. economy is 22.4 percent bigger than when Christie took office; his state’s economy has grown by 18.2 percent.
Hypothetical conversation between anon and his Democratic master…
Master) What is it Demslave?
Anon) My Lord, our efforts in swaying public opinion are faltering. My endless tweets don’t seem to be influencing anyone.
Master) Not even one?
Anon) Well, there may be one, but he isn’t terribly bright.
Master) What is this person’s name?
Anon) His name is Pumpkin.
Master) What kind of name is that?
Anon) It’s a long story my Lord.
Master) And what makes you say he isn’t smart?
Anon) Well my Lord, he supports higher property taxes.
Master) What?! Ha ha ha! Forgive me slave, that was out of character.
Anon) Of course my Lord
Master) Now Demslave, scurry back to mommy’s basement, and continue tweeting, there may be other’s we are reaching!
Anon) Right away my Lord!
No he accepts and acknowledges that property taxes are the cost of society. He also acknowledges that the costs of society are much higher in high valued areas. Moral of the story, if you don’t want high taxes, go to low value areas that have nothing to offer.
“Well my Lord, he supports higher property taxes.”
29. saying the government wants you to stay ‘poor’ is like insisting that your parents want you to fail. Infantile.
Blah blah blah. At what point does our government making decisions that are completely at odds with this, along with significant amounts of complacency in addressing these issues?
Addressing the issue and saying you are addressing the issue are different things.
We were able to spend $600 billion on military related expenses in 2015…
We spent $40 billion on foreign aid in 2015…
How many trade deals were signed in the past 20 years that resulted in loss of low-skill jobs?
How many low-skill jobs will be lost when the minimum wage is $15?
How many middle income families are going to become low income families based on political changes with regards to selective immigration policies?
And yet, student debt is not dischargable in bankruptcy?
Like I said.
Besides, using a parent/child analogy to describe the relationship between a government and it’s citizens says more about your political ideology than it describes the real world.
Americans don’t want to do assembly work in sweat shop style factories…. we want to be instagram stars and jet setters….come on!
That could have went to state govt that are dealing with pension issues. Hold back foreign aid for a decade, and poof, no pension problems in any state.
“We spent $40 billion on foreign aid in 2015…”
grim grim you don’t know squat about my ‘ideaology’ mate
Americans don’t want to do assembly work in sweat shop style factories….
I don’t think this is the case at all, I believe there are plenty of people who would work assembly style jobs. Sweat shops is an exaggeration.
I worked for an tech company in Wyckoff doing assembly over a summer while in college, it was bench top electronics manufacturing assembly. I made wiring harnesses, did soldering, assembling of boards into chassis, etc.
It was a great job, paid relatively well, clean environment, and some nice people. I’m sure they are doing 100% of their manufacturing in China and everyone that worked there probably isn’t there anymore.
There were probably 20 or 30 people that worked in the manufacturing/assembly area, shipping and receiving, repair, etc.
Maybe I’m wrong, I’d be glad if I was wrong.
36, the reason is cost, it costs far too much to live here. Between the government and their confiscatory schemes and the high housing prices, salaries have to be significantly higher than in other parts of the country for people to maintain their quality of life…so unless people are tied here for some reason no one is moving here without a significantly large salary.
As for Wayne, the Wayne discount is because it is Passaic county, is somewhat economically mixed, and has high property taxes. Up your budget and buy a dated home in Franklin Lakes, it is a better deal, lower taxes, Bergen County, good schools et al.
The NJ property market lives and dies by the NYC Job and property markets, people working in NYC make nice salaries, anyplace with a decent commute(LI, Westchester, Fairfield County CT, North Jersey) will be expensive end of story, limited land and a group of people who need to be there.
The majority of lawsuits against local towns and police departments are from the police themselves.
http://www.nj.com/bergen/index.ssf/2016/08/nj_deputy_chief_walks_away_from_200k_job_over_hostile_workplace.html#incart_river_mobileshort_home
http://www.bloomberg.com/news/articles/2016-08-11/china-s-15-billion-energy-ambitions-crushed-within-two-weeks
49 – New Jersey seems perfectly complicit in taxing poor people to pay some idiotic rich people too much money.
Jersey Shore water temps hitting all-time records I hear, should make for an interesting hurricane season.
Grim,
Stop making sense and disrupting the mantra!
which mantra is that ?
Essex,
Don’t go on vacation anymore; too annoying.
[47] SX
No one knows your ideology, mate. It moves around more than the Golden Snitch.
a moving target….comrade
sorry Joyce…so when are you moving to Punta Gorda…?
Go sleep it off
i picture you as a cross between Amy Schumer and Barbara Corcoron.
Trade deals are a boon to billionaires, corporations and the law firms and accounting firms that service them. Anybody who is not reliant upon those entities for their income is pretty much screwed.
Too easy to move manufacturing operations to Mexico or overseas to China where you have cheaper wages, scant labor laws, and no environmental regulation. Sure there’s some cost in throwing bribe money around and handing out no show/no work jobs to local politicians and their friends but not much more than in a place like NJ.
Poor and lower middle class get to indebt themselves buying cheaper products on credit. Sure could have made them themselves at a higher price but we need that debt to financialize.
On the upside they can always get a bunch of student loans to attend the University of Phoenix or Devry.
The US’s slow recovery from the 2008 recession is due to Republican policies on the local, state and federal level, according to a new study published by the left-leaning Economic Policy Institute (EPI).
The new report comes as the slow pace of recovery has emerged as a key battleground between Republican candidate Donald Trump and his Democratic rival Hillary Clinton, who will set out her economic policy on Thursday.
The EPI report blames the lackluster pace of recovery on Republican-led budget cuts in 2011 following the row over the US debt ceiling, the unwillingness of local officials to spend money when Republicans in Congress were advocating cuts in spending, and the refusal to expand Medicaid in 19 states.
The report comes as the Republican party once again calls for the reining in of government spending and reductions in the deficit.
“Given the degree of damage inflicted by the Great Recession and the restricted ability of monetary policy to aid recovery, historically expansionary fiscal policy was required to return the US economy to full health,” writes Josh Bivens, research and policy director at EPI.
So the answer is inflation?
Someone get a carrier pigeon off to Japan with this critical information
On another note – I hear China is buying up massive amounts of global energy infrastructure.
Soon, we will be their bitch.
The ‘answer’ is and will always be investment.
Investment gave us roads to drive on, energy to use, places to work.
That and keeping scumbags off the streets…..pure and simple.
The upside is they are going to raise the minimum wage to $10-15. The downside is everybody employed as a cashier is being replaced by a self service kiosk. Until we get the robots up to snuff.
This just in….Trump just in it for the Lulz.
Essex is right. Investment is a big key to economic growth. Consumption is actually a killer of economic growth – it’s a dead end, longer term. But government policy has consistently favored near-term consumption over long-term investment.
Savings drive investment – government punishes that for the most part.
Investment needs to be incentivized and protected via property rights, free markets, rule of law, clear and fair legal/regulatory structures, and the absence of anti-investment policy. Countries compete for the global pool of investment.
Investment also needs to be steered toward its highest use – entrepreneurs on a fair playing field investing their own money tend to generate much higher economic returns on investment than governments or government-backed agencies. See American Dream Meadowlands as an example of non-economically productive “investment”.
The best policy would be for a Democrat or Centrist to come to power, and then privatize infrastructure. The government gives itself a monopoly on investment in most infrastructure, but lacks the incentives or structure to channel investment to its highest economic purposes. Privatizing infrastructure and moving towards direct user-pay systems is now technologically desirable and economically feasible. Google could handle it easily- they know traffic flows, they can calculate bottlenecks, they have everything mapped, they can easily give everyone an internet connected GPS device with payment mechanisms.
Only a non-Republican can get such a plan passed, just like only B. Clinton could pass welfare reform. And it was J. Carter who helped deregulate much of the US transportation industry. Because the leftists will scream their heads off at the idea of privatization unless they’re the ones who get to actually run it.
Ok, so cut taxes to spur investment.
Pretty sure we can all agree on the fact that if it’s the government doing the investment, it’s going to be a worthless f*ck up.
Isn’t Hillary looking at raising the cap gains tax?
[32] The poor vote Dem. More poor, more Dem votes. For some reason the poor like being lied to.
29. saying the government wants you to stay ‘poor’ is like insisting that your parents want you to fail. Infantile.
Grim,
Problem is that most Dems really don’t like the idea of investment not run through the government, because they can’t stand to think that some rich person will make money from it, or that the construction might be done efficiently rather than through some politically connected, unionized, race-and gender vetted, highly inefficient group (like the ones that build NJ roads and bridges). Unless it’s investment by their donors for “green” type things that don’t actually make much if any money.
There has to be a balance between consumption and investment. Consumption drives investment in the modern economy. Why do you think savers are getting punished? They are forcing them to spend it or invest it. The biggest thing holding the economy back right now is the huge concentration of capital in too few hands or in hands not spending (baby boomer segment in save mode as opposed to spend mode), unable to spur the consumption needed to spark large growth. It will come soon with the transfer of wealth from the boomers to the millennials, as the millennials take their jobs and savings (death/inheritance).
No One says:
August 11, 2016 at 5:06 pm
Essex is right. Investment is a big key to economic growth. Consumption is actually a killer of economic growth – it’s a dead end, longer term. But government policy has consistently favored near-term consumption over long-term investment.
Savings drive investment – government punishes that for the most part.
74- Econ 101- says savings try investment, which is absolutely true in the early stages of an economy. In advanced stages, consumption drives investment. The economy is enormous out there now, ton of capital in it, savings will do nothing but harm by lessening demand for consumption which will lead to less investment. There is no need to build up capital, when there is a ton of capital that can’t find any investment at the present (negative rates). Only way that capital finds investment is through new found consumption, which leads to demand, which leads to investment opportunities, growing the economy again.
*drive investment
70. yeah like the space program, our system of highways, the Hoover Dam…,
“Maybe I’m wrong, I’d be glad if I was wrong.”
I drove forklifts for various pick-and-pack operations to pay for my college. There were lots of hard working, reliable people who performed this work. And what a mixing pot they were. I, of course, was college boy. I think they were all jealous that they fukced around too much in high school. But they were all really nice hardworking people. I really doubt there’s no demand for these types of jobs today.
Libturd – those jobs are filled by our guest workers today. The locals well they are the layabouts that every society despises. We have one guy from Central America who cleans the toilets a few times a day. This man takes pride in his work too.
Here is a good example of the issue.
https://www.youtube.com/watch?v=QXUdozfL7iM
I would absolutely love to see 1/4 of our military spending diverted to nasa to put a woman on Mars.
Mars? Grim – we won’t be there much longer than a Moon mission. Atmosphere of Mars is less than 1% of Earth’s. Might as well go to to Moon and mine it first.
“I would absolutely love to see 1/4 of our military spending diverted to NASA to put a woman on Mars.”
Me too. If it was Hillary and it could occur before Election day.
Investment: How about national pre-k, wi-fi build out, road renewal, bridge restoration….f’ Mars.
Pumps yelling and screaming today. No one listening. Essex on the other hand was out of character. That was unusual.
I say we spend more money exploring the oceans.
I say we explore your anus.
National chiropractic, yoga, and meditation.
Wifi build out, lol. Only the cities, right? Or should we spent an asinine amount of money per person or per area?
Free wi-fi and satellite in rural areas would help the poor more than almost any other initiative. Access to information and jobs help level the playing field. it would also end the lock that service providers have on data/information.
We could resolve the “last mile” problem in two seconds if the govt(s) wanted to
…and you could get that lower back tat removed…
91 oh boy.
The last mile monopoly is legislative not economic.
In the future, you shouldn’t stray too far from your office and the pills.
i think we’ve done some good work here today…
Michael Phelps….The Man!
Grim [Title Post];
A neighbor I am friendly with is moving. He bought here in 2005. He listed in the spring market but did not take any offers because he could not get what he paid 11 years ago. It took a family discount (The Pumpkin Maneuver™!!!) at the other end of the move where he walks into instant equity to get him to accept market and swallow the haircut on his bubble buy.
Lib [78];
I
reallydon’t doubt there’s no demand for these types of jobs today paying only minimum wage.Why should employers pay market wages when they can spend less than that to lobby Congress for “guest workers”? Revealed preferences: if it wasn’t worth the money, companies wouldn’t pay, right? They’d just pony up and hire Americans.
I hope Pumpskin does a cash-out refi (If he can get the 2nd mortgage holder to subordinate) and buys the most pimped out Volvo on his dragstrip.
99. The Polestar…..has a nice ring to it.
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