A couple of days old, but it’s big news and I missed it. From HousingWire:
FHFA increases conforming loan limits for first time since 2006
For the first time since the housing crisis, the Federal Housing Finance Agency is increasing the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2017.
For much of the country, the Fannie Mae and Freddie Mac loan limit remained at $417,000 for one-unit properties (or single-family homes) in 2016, just as it had for the previous 10 years.
The FHFA announced Wednesday that for 2017, it is increasing the loan limit from $417,000 to $424,100 for single-family homes.
The conforming loan limits for Fannie and Freddie are determined by the Housing and Economic Recovery Act of 2008, which established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels.
The FHFA noted that until this year, the average U.S. home price remained below the level achieved in the third quarter of 2007, which it designates as the pre-decline price level, and therefore the baseline loan limit had not been increased.
But as the FHFA noted earlier Wednesday, its Home Price Index for the third quarter of 2016 makes it “clear” that average home prices are now above the level of the third quarter of 2007, which means that the conforming loan limits can be increased.
…
Loan limits will also be increasing in what the FHFA calls “high-cost areas,” where 115% of the local median home value exceeds the baseline loan limit.As the FHFA notes, median home values generally rose in high-cost areas during this year.
According to the FHFA, the new ceiling loan limit, which applies in areas with the most expensive homes, will be $636,150 (which is 150% of $424,100) for one-unit properties in the contiguous U.S.
Happy cyber monday
Strong black friday weekend for retailers?
Yes and no. The front end of November was below avg due to election so this past weekend had an extra bump.
Why is the BLM movement so pissed? They already have two holidays on the calendar. MLK day and Black Friday.
Is it Friday yet?
http://www.nj.com/hudson/index.ssf/2016/11/daredevil_nj_teen_finds_new_building_to_dangle_fro.html#incart_2box_nj-homepage-featured
re: Strong Black Friday sales.
Nope the demise of the brick and mortar indoor and strip mall stores continue. I was out at Best Buy and Costco, there wasn’t even a mess in the aisles and/or fighting at the checkout lines. The security guards did not even looked stressed in the least.
Based upon the NRF survey from Sunday it spells doom for commercial retail space, perhaps even a 10% shrink in Retail for 2017?
NRF survey from yesterday says Online spending up 18%, in-store sales down 10%.
http://www.marketwatch.com/story/more-shopped-online-than-in-stores-over-thanksgiving-weekend-2016-11-27
We were out Black Friday. Except for garden state mall which we never go to Paramus was fine. Hit Costco too in teterboro no crowds.
I can’t believe any intelligent person thinks that Romney was ever in the running for Secretary of State. Would any sitting president allow a confirmation hearing to occur where a question like this could be asked:
“Governor Romney, you appeared on TV last Spring and said that President Trump was both a phony and a fraud. Do you still feel that way, or has your opinion changed?”
We had an exciting Thanksgiving in NJ. Vehicle break-down. It happened at full throttle literally yards within the confines of New Jersey on Southbound 287. At first it sounded like I blew off part of the exhaust, nothing dragging and the car was still able to maintain highway speeds. When the CEL came on I pulled over, checked the oil, no problem there. Started the car up again with the hood open, sounded like a hole in the exhaust manifold, really high, really loud. Called AAA. While waiting for the tow truck I got on the ground and looked at the exhaust manifold for the front 3 cylinders, didn’t see anything. I then peered down from the top and on top of the same exhaust manifold I saw something that looked like a disconnected hose. I picked it up and knew immediately what the problem was. The “hose” was the boot from one of the spark plug coils. I blew a spark plug out of the head, first time ever. I had AAA tow the car to Mahwah Sunoco (which was closed). Now that the engine was cool I reached up under the engine cover to feel around and see what plug blew, #5. Not only that, I felt my knuckles move something loose, it was the spark plug! I left a note on the dash along with my diagnosis, the boot, the plug, and the car keys for the proprietor. He fixed it the next day with a threaded insert for $433. The plugs were changed 25,000 miles ago. Not sure if the plug was loose, over-torqued, cross-threaded or just one of those things that happens to Ford engines (and they seem to happen more frequently than you would think).
Interesting linkage in the news today.
Kushner knows Wildstein? In fact, he purchased PolitickerNJ from Wildstein when he put together Observer.com?
Small world.
Sounds like radically over-torqued to the point of tearing the thread out, especially if repaired with a helicoil.
Torque wrench. One of the cheapest and smartest tools to have in the toolbox. Strange looking thing though.
Expat…who did the tuneup where those plugs were changed?
You probably could have put a piece of chewing gum or tin foil over the spark plug hole and driven to the gas station safely. Had a girlfriend who drove a V-8 as a V-7 for the same reason for over a year. Thing pinged like a time bomb.
I agree, grim. If it was under-torqued it probably wouldn’t have taken 25,000 miles for the problem to occur, but over-torqueing the steel plug into the aluminum head, even slightly, might take a long time and a lot of stress to show up the error and consequent damage to the threads in the head.
grim – Slightly off-topic – do you own Park bicycle torque wrenches? I built a very high end bike for myself a few years ago after obtaining a Tom Kellogg Spectrum custom titanium frame that fit me perfectly for $925 (instead of $3800). I thought I would have the bike finished for $2000, but by the time I was done it cost me $3500, and that was with Rival, not Red. Some of the cost was specialized tools including Park torque wrenches, headset tools, and Chris King headset and bottom bracket tools.
Sounds like radically over-torqued to the point of tearing the thread out, especially if repaired with a helicoil.
BTW, the flatbed tow was only $35 ( 3 miles free and and 7 miles X $5 per mile). The tow truck driver was really nice and actually drove an extra 6 miles so I could tell my 80 year old MIL how exactly how to get off 287 North to fetch us. I tipped the driver $20. Here was another interesting “distance learning” endeavor. My MIL is on her 2nd cell phone, we bought her the first one 16 years ago. She’s made emergency calls from her cell phone before, but she’s never, ever, ever answered a call on the phone. I had to teach her how to answer her cell phone before she left home in Blairstown to fetch us.
My trusted mechanic down the block, 25,000 miles ago. Occasionally I’m sure his frequently rotating cast of “helpers” do work on the car, but he’s saved us thousands and thousands of dollars over the years. Most recently I heard an annoying knocking from both sides of the front suspension, and he has, over time, rebuilt the whole front end, it was absolutely fabulous just a couple months ago. I was sure it was the sway bar end links which I have had replaced probably 6 times (3 times under warranty) and he thought the same thing when he drove the car, but it wasn’t. It was the bushings in the lower control arms. $105 to replace on both sides, which I think is a bargain. I have friends in Boston who claim that it doesn’t ever matter what is wrong with their car, the cost is always $900.
Expat…who did the tuneup where those plugs were changed?
Fair enough.
I own 4 of them, two for cars, two for bicycles. My first hands on one of them was when I removed the head on my 1970 Fiat Spider for a valve job. I rented one from Taylor Rental (anybody remember those places?) to torque the head and new head gasket back down. I misunderstood completely how they worked. I thought that it would break free when you hit the dialed in torque, not just a click and a couple degrees. I most frequently use my torque wrench whenever my wheels have been off the car, I loosen all the lugs and torque to spec, drive a few miles and then do it again.
Torque wrench. One of the cheapest and smartest tools to have in the toolbox. Strange looking thing though.
Lib – BTW, a torque wrench is far from the cheapest tool in your toolbox. If you own expensive bicycles, this is a cheap tool that will save you the most money:
http://www.parktool.com/product/chain-wear-indicator-CC-3-2
And this is the best “tool for your tools”. Once you own a few of these you will curse yourself for not owning them years ago: http://www.acehardware.com/product/index.jsp?productId=49867456&KPID=19736465&cid=CAPLA:G:Shopping_-_Craftsman_-_Brand_-_New&pla=pla_19736465&k_clickid=39871683-d715-47d8-bc1c-7e3ce8b510e0
I didn’t realize that bike chains wear out. I’d say, the most important cheap tool to own is a very good pair of vice grips. It’s like a 3rd hand.
Those socket rockets are great. I have one of those $80 socket sets with a head for every possible thing you can think of. Fortunately, the box holds them tight.
It’s pathetic that libs start to care about election fraud AFTER they lose the election. Won’t it be funny when this recount scam being orchestrated uncovers more DNC corruption? We know it’s out there since ever fiber of the DNC has been demonstrated to be corrupt.
With my very first paycheck as an engineer, January 1984, I went out and bought good tools. I’ve never stopped.
Re:Vice grips, I have a little roll-up vinyl case with 3 sizes.
Re: Bicycle chains, almost no one realizes that they wear out, because they didn’t used to…much. As gears went up in numbers, chains got slimmer to accommodate them. You can’t even buy a chain that is the same thickness as came on the original “10 speeds”. It is planned obsolescence. The thickest chain you can buy is an 8 speed chain (which works on 5-8 speed freewheels/cassettes). Here is the insidious thing about chain wear. When the gap between links grows, the first thing that happens is the rear cassette wears to accommodate the increased length, but you’ll never notice it. Next the rear derailleur pulleys and front chainrings will wear similarly. Eventually all of the parts will wear to the point that the chain starts skipping. If you replace the chain at this point you’ll be saddened to find that the whole system now skips worse! You’ll end up needing a new cassette (rear cogs), new derailleur pulleys, and 1 or more new chainrings up front, at least the one that you use the most.
Also, the move to bushing-less (Sedis) chains in the early 1980’s reduced costs, but also causes more rapid wear. More money for bike stores.
I read an interesting article many years ago about how the 20″-wheeled, high rise handlebar, banana seat bicycles of the late 60’s and early 70’s killed the bicycle as a transportation vehicle in the US. The premise was that the bicycles were mechanically inefficient yet allowed children to ride the small-wheeled bike for many years by raising the seat instead of graduating to a conventional 24″ wheel bicycle prior to an “adult” sized bike. In essence, wheelie-pulling banana seat bikes branded bicycles as toys and cheap gas, expanding suburbs, and highways pushed all adults into cars.
The popular vote will also disappear if you back out all the illegals.
It’s pathetic that libs start to care about election fraud AFTER they lose the election. Won’t it be funny when this recount scam being orchestrated uncovers more DNC corruption? We know it’s out there since ever fiber of the DNC has been demonstrated to be corrupt.
I just heard this on the radio:
An attack on ISIS launched from the aircraft carrier Charles DeGaulle is reported to have killed a high ranking ISIS leader. Claims have been made several times before that this leader was killed.
BTW, Trump can win with less than 270 electoral votes if shenanigans take some states out of play (and this does not require a vote in congress). D1ckhead Dems are just trying to store up capital for the next election, but like everything else they’ve tried, they will be seen for what they are not. They are not heterosexual white men. We are the champions, my friend.
And while WI and PA recounts are underway, it seems like an even longer shot for ‘Jillary’ to start recount in Michigan even though she is expected to ask for a recount (and has until Wednesday).
http://www.zerohedge.com/news/2016-11-28/michigan-certifies-donald-trump-winner-states-electoral-votes
Honestly….WTF is the difference for you?
Lost says:
November 28, 2016 at 9:05 am
Is it Friday yet?
The pumper is trying his hardest, emphasis on hard, to not post for 5 days. With spooge all over the place, its a cinch that he’ll fail.
Honestly….WTF is the difference for you?
Lost says:
November 28, 2016 at 9:05 am
Is it Friday yet?
Was at the Costco Wireless kiosk in Marlboro on Friday….they had a special on three different flat screen TV’s….they had a pretty big line when they opened (according to staff)….they said they sold a sh!tload of TV’s that morning, but they still had a ton out on the floor…..I asked why was there a line, since the sale was from 11/18 until today? They mentioned that people had been shopping all night at malls and other stores, so they were out anyway, and stopped at Costco before going home…..
3b says:
November 28, 2016 at 10:31 am
We were out Black Friday. Except for garden state mall which we never go to Paramus was fine. Hit Costco too in teterboro no crowds.
My B-school classmate wrote this one….kind of interesting, but a little bit overkill…
https://fungglobalretailtech.com/news/us-black-friday-store-tours-top-5-takeaways/
They are not heterosexual white men. We are the champions, my friend.
Is it wrong for me to smile proudly when reading that statement?
Chgo: makes sense. We went out mid to late afternoon so we may have missed the big crowds. Definitely great deals on flat screen tvs. Saw a 50 inch in target I believe for 400 bucks.
The safe zone begins about 100 miles from the ocean.
Is it wrong for me to smile proudly when reading that statement?
Trump 306 – Hellary 232
The more the left keeps crying, the more pain inflicted. How many seats did they lose from the local to federal level? Do they understand that talking about genderless bathrooms all day long has nothing to do with prosperity?
Think of the hermaphrodite children.
I can’t think of a sentence that gets me less hot.
Think of the hermaphrodite children.
Is it true that men who support Hillary have micro d1ck?
The last study that I read was 1.5″ flacid. Another study stated always flacid.
Is it true that men who support Hillary have micro d1ck?
http://dailycaller.com/2016/11/28/ohio-state-attacker-identified-everything-we-know-about-abdul-razak-ali-artan
The man behind Monday’s horrific attack at Ohio State University has been identified as Abdul Razak Ali Artan.
Ohio law enforcement officials confirmed to NBC News Monday afternoon that Artan — an 18-year-old freshman at OSU — was the man who plowed a car into a crowd of people on campus and subsequently attacked passers-by with a butcher’s knife.
“The Lantern” — OSU’s campus newspaper — ran an interview with Artan just a few months ago, in which he criticized the school for not having Muslim prayer rooms on campus.
“I wanted to pray in the open, but I was kind of scared with everything going on in the media,” he stated. “I’m a Muslim, it’s not what the media portrays me to be.”
“I don’t blame them,” he cotinued. “It’s the media that put that picture in their heads so they’re just going to have it, and it’s going to make them feel uncomfortable.”
My B-school classmate wrote this one…
Shame you couldn’t get into an A-school.
FlabMax’s favorite new libation
http://nypost.com/2016/11/28/this-cafe-shop-is-selling-anti-semitic-smoothies/
shame you are an a-hole
grim says:
November 28, 2016 at 4:28 pm
My B-school classmate wrote this one…
Shame you couldn’t get into an A-school.
and a slackwad
Target is the big winner per my wife. She said carts were overflowing. Nowhere else even remotely as popular/crowded. They had some of the best black Friday deals on tech, better than Best Buy.
spam detectors….meh
Here is the link.
http://www.independent.co.uk/news/world/americas/venezuelas-currency-hyper-inflation-oil-crisis-devalued-shop-keepers-weigh-notes-a7443596.html
Tool of the day.
http://www.harborfreight.com/10-Piece-12-In-Torque-Limiting-Extension-Bar-Set-69870.html
Lug nut sockets and the electric Impact wrench and you can change your snow tires faster than Bo and Luke
When we move in January I have to make some decision about our living room TV. It is a Philips 30″ HD Tube, bought in 2004. Weighs over a hundred pounds. The nice thing about it is you can actually watch Standard Def channels without being mortified with the picture quality, and the HD channels still look great.