From HousingWire:
FHFA: Rising interest rates not slowing down home prices…yet
Home prices increased during the fourth quarter and, despite rising interest rates, showed no sign of a slowdown, according to the Federal Housing Finance Agency’s House Price Index.
Home prices increased 1.5% from the third quarter and 6.2% from the fourth quarter of 2015, the report showed. FHFA’s seasonally adjusted monthly index increased 0.4% from November to December.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.
“Although interest rates rose sharply during the fourth quarter, our data show no signs of a home price slowdown,” FHFA Deputy Chief Economist Andrew Leventis said.
“Although it will certainly take more time for the full effects of the elevated interest rates to be felt, there is no evidence of a normalization in the unusually low inventories of homes available for sale, which has been the primary force behind the extraordinary price gains,” Leventis said.
Good Morning New Jersey
What is the current rate for a 30 yr. fixed in our area? I don’t think rates meandering around for years is the issue in the NJ/NY area. It’s the lack of inventory.
Rates are still very low, 4 1/8 to 4 1/4 on a 30.
Just learned of another major commercial development going in south of me. Our township is resisting development and will stay semi rural but I need only go two miles and it looks like Route 22
What’s it matter if the rate bumps a few eighths when jobless claims (the less volatile 4 week moving average) are at a nearly 45 year low. The last two years, every week, straight, under the critical 300k mark.
If the rate can fight it’s way up to 5.5%, it’s going to be because the economy is on fire.
Just learned of another major commercial development going in south of me. Our township is resisting development and will stay semi rural
Until enough NJ’ians move into your town, it’s government, and begin to demand more. Our big locust demands require big budgets, and big budgets require big ratables. It doesn’t matter that you don’t agree, because you’ll be the minority.
The Northeast and West Coast are spreading it’s cancer all across the country in moving trucks.
I giggle a little bit when the Carolinas boast about their inflow from the Northeast. They haven’t quite yet grasped what that will really mean.
She came from Providence,
the one in Rhode Island
Where the old world shadows hang
heavy in the air
She packed her hopes and dreams
like a refugee
Just as her father came across the sea
She heard about a place people were smilin’
They spoke about the red man’s way,
how they loved the land
And they came from everywhere
to the Great Divide
Seeking a place to stand
or a place to hide
Down in the crowded bars,
out for a good time,
Can’t wait to tell you all,
what it’s like up there
And they called it paradise
I don’t know why
Somebody laid the mountains low
while the town got high
Then the chilly winds blew down
Across the desert
through the canyons of the coast,
to the Malibu
Where the pretty people play,
hungry for power
to light their neon way
give them things to do
Some rich men came and raped the land,
Nobody caught ’em
Put up a bunch of ugly boxes,
and Jesus people bought ’em
‘nd they called it paradise
The place to be
They watched the hazy sun, sinking in the sea
You can leave it all behind and sail to Lahaina
just like the missionaries did, so many years ago
They even brought a neon sign: “Jesus is coming”
Brought the white man’s burden down
Brought the white man’s reign
Who will provide the grand design?
What is yours and what is mine?
‘Cause there is no more new frontier
We have got to make it here
We satisfy our endless needs and
justify our bloody deeds,
in the name of destiny
and in the name of God
And you can see them there,
On Sunday morning
They stand up and sing about
what it’s like up there
They call it paradise
I don’t know why
You call someplace paradise,
kiss it goodbye
Hard to believe that was ’76, right? Henley’s best tune.
So in the mail the other day is a “Private By Invitation Only” invitation to a program called “FLIP New Jersey”. Hosts are Tarek & Christina El Moussa.
2 Locations:
3-7-17 at noon & 6pm at Holiday Inn Parsippany / Fairfield
3-8-17 at noon & 6pm Hilton Hasbrouck
My VIP tickets show a $147 value …
So by getting this is it near the end?
Grim & 30 yr, you are both RE experts – why is inventory so low? If you looked at the historical pieces parts i.e. segmentation of sellers (first time, move up, downsizing staying in state, downsizing moving out of state, relocation to or from the state and foreclosure) what segments have contributed to the significant inventory reduction.
Chi & Stu, markets going crazy. Are we now walking on the edge of a razor blade and when and how much does this whole thing go south. Income growth still poor, consumer debt (while better quality) at all time high, U6 listed at what, 9.8% when in fact likely north of 14%. Retail sector struggling and going to get worse impacting jobs, REITs, etc. and I could go on. Me thinks when it rips, and it will most will be blindsided by swiftness and magnitude.
during prez Obama extreme right wingers shouted this not to be true as every single dog, cat, infant and 90 yr old had given up looking for a job. so I ask you extreme right wingers, what’s the true unmployment rate? 30, 40%?
prez Obama saved the world from the Global Financial Crisis and left us with an economy ON FIRE!
grim says:
February 24, 2017 at 7:47 am
What’s it matter if the rate bumps a few eighths when jobless claims (the less volatile 4 week moving average) are at a nearly 45 year low. The last two years, every week, straight, under the critical 300k mark.
I personally still believe we are in a “shadow” bubble of 2007. Just like there was a shadow bubble in 1991-95 after the late 80’s RE crash. At least the late 80’s was cleaned up better with the Resolution Trust Corporation and over 5000 convicted crooks.
I agree this storm will be swift and hard. Making it worse will be Trump giving in to exact opposite of why people voted for him. Which they did not. They voted against Clinton. But all these hard right turn with Private Prisons and going after legalized pot, which is by the way the only thing that would help straighten out the State of NJ financial books a bit, will turn people against him. Add a little hot war, which is definitely coming and it will make a very nice bonfire.
this from your leading father republican. better work on that tax cut now to avoid an autumn’s impeachment process
@BillKristol
The dam is breaking.
Republicans on the Hill beginning to feel free to move away from Trump in public.
prez Obama saved the world from the Global Financial Crisis and left us with an economy ON FIRE!
Oh yeah, on fire so much the Fed was afraid to raise the interest rates beyond 1% his entire presidency and still is
typical lying hypocrites as how everything should be a state issue unless it’s not.
need to fill those private prisons somehow
Not Nomas Nomad says:
February 24, 2017 at 8:23 am
But all these hard right turn with Private Prisons and going after legalized pot, which is by the way the only thing that would help straighten out the State of NJ financial books a bit, will turn people against him.
In some cases, a first time buyer will try to buy directly from another homeowner. This leads to small, annoying complications that oftentimes end deals. For example, you may absolutely love how a particular chandelier sets off the dining room in a Victorian home but only find out later that the chandelier was something not included in the sale. A lot of what realtors do is pay attention to details. They’ll remember to ask questions that you might forget and to make sure you know what the seller really considers to be part of the deal.
puzzy,
Economy on fire:
What was average GDP for the Obama presidency? What does the wage scale look like from 2008 until 2016 and finally, why is the FED rate still near zero?
I have been hearing since 2013 that this market is due for a crash. A crash is not going to happen for a while. There will be a pull back, but it will be a quick bounce back. Lots of drivers of growth at play here combined with favorable demographics. Remember, the real growth should be picking up 2019/2020. Right now we are just at the fuel stage of this enormous boom that is coming in the early 2020’s.
My take on the market going up so much; the big boys are paying attention to the business and demographic cycles at play, and have made their bets. Retail doesn’t move a stock market up 15% in 100 days, the real players do. So don’t be so quick to think this is coming to a crashing end. The major crash will come when people are full of euphoria and cant’ see it coming some time in the second half of the 2020’s. Right now too many people calling for a major a correction or crash, and we all know how that works out.
“Chi & Stu, markets going crazy. Are we now walking on the edge of a razor blade and when and how much does this whole thing go south. Income growth still poor, consumer debt (while better quality) at all time high, U6 listed at what, 9.8% when in fact likely north of 14%. Retail sector struggling and going to get worse impacting jobs, REITs, etc. and I could go on. Me thinks when it rips, and it will most will be blindsided by swiftness and magnitude.”
Grim,
I think we are seeing bump bc fence sitters saw rates rise and moved. My dad’s home in River vale sat for 4 mos with no offers. He was going to cut it but buyer swooped in last month with near full offer. I just don’t believe job market is strong enough to support increase in rates, taxes, prices and everything. As someone active in job market (though employed now so not desperate), here is a standard job listing. Job is sr. level, you will manage team of 6 people and you must know your greeks. Role is with Morgan in mid-town. Anyone want to guess target starting salary?
This role is for a senior hands-on manager/developer/business analyst/project manager in the Global Risk Analysis Technology department.
A different shade of hate crime:
http://www.kansascity.com/news/local/crime/article134508139.html
Olathe, if you are not aware, is a pretty rich, white suburban town.
I would think there would be riots in NJ if it happened here
Possibly, but you have to view the overall nature of HOW it is happening……..it just looks as if someone (in aggregate) is just pouring money in…..Trump is going to have to fcuk something up (he will, give him time)…but I think this will peter out (pun intended) versus blow up……
Look at the 2Y ….. that is not a misprint…..
https://www.bloomberg.com/markets/rates-bonds/government-bonds/germany
Nomad says:
February 24, 2017 at 8:07 am
Chi & Stu, markets going crazy. Me thinks when it rips, and it will most will be blindsided by swiftness and magnitude.
“during prez Obama extreme right wingers shouted this not to be true as every single dog, cat, infant and 90 yr old had given up looking for a job. so I ask you extreme right wingers, what’s the true unmployment rate? 30, 40%?”
Wow have the tides turned!
I tend to disagree with you……if Trump pulls some levers (or grabs some puzzies as it were), I think the sugar rush will help you appreciate that the last 10 years have really been bad…….was it Obama’s fault? Not entirely. Any time there is a recession that is based in the financial part of the market, world history has shown that the recovery looks very similar to the malaise of the last 8-9 years. That said, Obama’s policies and placing social engineering above the economic well-being of the U.S. certainly didn’t help. How much it held us down is up for a lot of debate……I think it had a major impact, but that is only my opinion, I can’t substantiate it.
Grab them by the puzzy says:
February 24, 2017 at 8:20 am
prez Obama saved the world from the Global Financial Crisis and left us with an economy ON FIRE!
I think the biggest factor in the low inventory is due to boomers holding out for their price. It’s causing a bottle neck. Also, homeowners with low rates will be hesitant to sell and pay higher rates.
With each passing year, the buyer pool will get larger and larger. They will also grow their savings and earnings while waiting to find a home, eventually they will have enough money to start pushing the prices up and get the market moving again by getting the boomer’s their price. This is still a few years away.
“Grim & 30 yr, you are both RE experts – why is inventory so low? If you looked at the historical pieces parts i.e. segmentation of sellers (first time, move up, downsizing staying in state, downsizing moving out of state, relocation to or from the state and foreclosure) what segments have contributed to the significant inventory reduction.”
I have been hearing since 2013 that this market is due for a crash.
I have been hearing the FED will raise rates next year for 7 years.
My opinion on the market and the potential FED lending rate increases is that they are playing a game of Do-Si-Dough. Fed threatens to raise rates (Yellin Melonhead used the term “many” fed members this time) and the market slows in anticipation (which would explain this morning’s down day especially with crude dropping). Then the rate increase is much smaller and less frequent than originally expected and ends up being symbolic. I think one needs to focus more on corporate earnings to determine if there will be a pullback.
Of course, with all this said, when the market goes up like Anon’s blood pressure every time Gary posts, it is never a bad idea to lock in a profit. I’m currently 100% long stocks in most of my retirements accounts. Watching this inexplicable Trump rally roll on day after day (was at DOW 20800 yesterday, no?), I’ve been watching real closely for a reason to change to more of a 75stock/25fixed something mix. I was planning on waiting for DOW 21K which I’m guessing will act as a psychological ceiling for a while much like 20K acted. But this is really just a guess. If earnings weren’t so damn decent, I would have made the change already. I expect I’ll make the change sooner than later though. Just managing risk here.
In other news, we got some new urinal pucks in. They smell so much better than the old ones. That fake rose scent was awful and took me back to grade school. Got some new mop heads in too. Life in the janitorial closet is looking up.
And Air Lease had a huge beat yesterday. One of these days, it’s going to get it’s true valuation and I’m going to be very happy. https://ycharts.com/companies/AL/pe_ratio
And I look again at the major indexes and they appear to be laughing of the fed rate threats once again. Like Grim, it’s indeed time to load up some ammo for the next Wall Street induced crash. Certainly Obama did less than nothing to lower the odds of a recurrence. But on the bright side, there are less prisoners in Gitmo and that .001 percent of the population that can’t figure out if they are a boy or a girl can now sh1t in Target.
https://www.youtube.com/watch?v=lisun0lCD8w
Why is inventory low?
Inventory is not low, inventory is normal. A decade of insane bubble market has clouded everyone’s perception of what normal inventory is. Seven For Sale signs on a street is not normal. Thirty four open houses in the same small town on a Sunday is not normal. Why is there expectation that shopping for a house should emulate your selection at Costco? We will not see absurd bubble inventory until the next bubble.
Do you think this is due to big money having to diversify? With so much wealth, they have no choice but to put their money here with no return except a guarantee on their money. Is this the cost associated with ultra safe diversification options in a low inflation environment?
“Look at the 2Y ….. that is not a misprint…..
https://www.bloomberg.com/markets/rates-bonds/government-bonds/germany“
Repost from yesterday – If anyone can help with a contact I would really appreciate it. Thanks!
REAL ESTATE QUESTION!!!:
Can someone pass along the contact information for the uber-inspector that has been so highly touted on these pages? I don’t recall the areas that he works in, is Randolph/Mendham area in his wheelhouse? Thanks in advance
10:06 – see California real estate for next bubble
Crazy buyers with unrealistic expectations…
I don’t like oak cabinets, I don’t like carpet, the hardwood floors are the wrong color, the boiler is 15 years old, it’s on the wrong side of the street, the granite countertops are too brown.
Wahhh Wahhh Wahhh. There’s no inventory!
Trump and Mnuchin are setting this idea flow up to take credit for the stock market on the way up, and blame the FED for the eventual selloff……it is so telegraphed it is unbelievable….pure scumbaggery…..
Steamy Cankles Foundation says:
February 24, 2017 at 9:55 am
My opinion on the market and the potential FED lending rate increases is that they are playing a game of Do-Si-Dough. Fed threatens to raise rates (Yellin Melonhead used the term “many” fed members this time) and the market slows in anticipation (which would explain this morning’s down day especially with crude dropping). Then the rate increase is much smaller and less frequent than originally expected and ends up being symbolic. I think one needs to focus more on corporate earnings to determine if there will be a pullback.
Das Uberinspektor is Peter Bennett in Little Silver.
http://www.afullhouseinspection.com/
homeboken says:
February 24, 2017 at 10:13 am
Repost from yesterday – If anyone can help with a contact I would really appreciate it. Thanks!
REAL ESTATE QUESTION!!!:
Can someone pass along the contact information for the uber-inspector that has been so highly touted on these pages? I don’t recall the areas that he works in, is Randolph/Mendham area in his wheelhouse? Thanks in advance
For post at 9:23, the answer is $135k base. Look at all Those rol slashes, look that you will manage 6 people, look that they expect you to be a hands on developer as well. This was Morgan in the city. As JJ said, a garbage man makes over $100k with better benefits.
Das Uberinspektor
Du
Du hast
Du hast mich
Try and get that out of your head!
A good deal of institutional money has a policy mandate that makes the funds completely price insensitive.
Also, it wouldn’t surprise me that money is coming out of US Government bonds and into other countries as well as the US stock market.
The US Govies DWARFS (by a lot) everything else…..just a small bit of selling (re-allocated obviously) can have an impact.
The ECB (i.e. arm of the German manufacturing companies) is warping thing over there in ways only Trump can fantasize.
The Great Pumpkin says:
February 24, 2017 at 10:13 am
Do you think this is due to big money having to diversify? With so much wealth, they have no choice but to put their money here with no return except a guarantee on their money. Is this the cost associated with ultra safe diversification options in a low inflation environment?
One of the best Depeche Mode covers….
https://www.youtube.com/watch?v=iR1JjVIHT-E
Steamy Cankles Foundation says:
February 24, 2017 at 10:51 am
Das Uberinspektor
Du
Du hast
Du hast mich
Try and get that out of your head!
Bystander,
For post at 9:23, the answer is $135k base
It’s a lot of hats for sure. Is this what the specs looked like for this job 15 years ago? Is this standard requirements but should command a different pay scale?
What’s the bonus?
energy will be cheaper than water. lng price is crashing due to massive supply and production hasn’t even started
The Great Pumpkin says:
February 24, 2017 at 9:04 am
Lots of drivers of growth at play here combined with favorable demographics.
Hard to disagree with that. People seriously expect a perfect house. No idea what planet they are living on or where this mindset is coming from. Maybe HGTV or maybe it’s just a mindset that develops in the bust of a large bubble. During the bubble, the mindset is buy anything for whatever price. Afterwards, everyone becomes a stickler for every little thing including price. Really seems like everything is cyclical.
grim says:
February 24, 2017 at 10:44 am
Crazy buyers with unrealistic expectations…
I don’t like oak cabinets, I don’t like carpet, the hardwood floors are the wrong color, the boiler is 15 years old, it’s on the wrong side of the street, the granite countertops are too brown.
Wahhh Wahhh Wahhh. There’s no inventory!
the bonus is that you still have a job. you wanted outsourcing, you destroyed unions, you destroyed workers rights, you destroyed pension plans, you wanted corporate profits at all costs
and now your solution is to have blog supremacists run the US govt
grim says:
February 24, 2017 at 11:09 am
What’s the bonus?
As the left goes crazy and off the rails over the Trumps DOJ not pursuing in court having dicks in the ladies and locker rooms, the Medical Professionals have now weighed in.
“The American College of Pediatricians issued a statement this week condemning gender reclassification in children by stating that transgenderism in children amounts to child abuse.
“The American College of Pediatricians urges educators and legislators to reject all policies that condition children to accept as normal a life of chemical and surgical impersonation of the opposite sex. Facts – not ideology – determine reality.”
Actual Policy statement –> http://www.acpeds.org/the-college-speaks/position-statements/gender-ideology-harms-children
“the bonus is that you still have a job.”
you wanted outsourcing (Clinton), you destroyed unions (hell yeah…what a corrupt group they’ve become), you destroyed workers rights (Really? which ones?), you destroyed pension plans (they all went belly up all on their own except of course, for public workers where taxpayer continues to get fleeced), you wanted corporate profits at all costs (I think the reduce headcount to increase earnings really too hold over the last 8 years). I know that I used to directly manage over 20 and now I manage 5.
“The American College of Pediatricians issued a statement this week condemning gender reclassification in children by stating that transgenderism in children amounts to child abuse.”
Is CNN covering the protest by the snowflake misfits?
https://rumble.com/v2zhl8-greatest-basketball-arcade-player-on-earth.html?mref=6i76&mc=8jxox
“Whenever someone says, “Real estate is a good investment because God isn’t making any more of it” I reply, “He’s not making any more salt water or sand either, what’s your point?”
In 2005 I wrote — It isn’t a comforting thought that what most people know about the housing market they learned from a real-estate agent.
Here’s my 30-15-10-5 rule of thumb. Each year, 30% of actively managed stock funds will outperform their benchmark index. After five years this number falls to 15%, after 10 years it falls to 10% and after 25 years only about 5% will outperform.
”What if it’s true?” More money has been lost after these words were thought, whispered or spoken than any other phrase in the English language including “Stick ‘em up!” and “Your money or your life!””
Pu$$y [8:24];
Republicans on the Hill beginning to feel free to move away from Trump in public.
That must be why two Democratic Senators (Heidi Heitkamp and Joe Manchin) from states that voted Trump, and who are both up for election in ’18, were posing with Trump at the White House. (linky)
Fool on, you hypocrite.
Pumpkin one has to live somewhere. If you are losing money you aint doin it right.
Grim you are saying average inventory today is normal. If you looked at average inventory say rolling four year averages starting in 1995, would the long term inventory trend be declining? Are you of the opinion that home ownership participation rate will remain somewhat where it is for years to come vs returning to what it was before the meltdown?
Punkin you say inventory lower because people can’t get their price. So then people don’t even list houses because they are certain its not worth their time. They won’t get enough $$ to move up to house they want or won’t get enough money to leave NJ / retire or won’t have enough bucks to rent in NJ so they just stay put?
Seems like many if not all on this board do better than the average Joe. That said, and no offense intended but do any of you think you live in a bubble? The people I know and socialize with in NJ for the most part are doing reasonably well. Not that people are not working harder for less money and under more stress, but not the horror stories that appear on TV and stories of people I know from an earlier life in another place.
JCP said this am they are closing 130+ stores. Does this simply mean consumer spending is still strong but not done at physical stores but online? Mall operators, REITs can only have so many anchor tenants close until the mall can’t service its debt and the REIT that owns the mall gets into trouble and so on and so fourth… This isn’t the last story of a large retailer shutting stores and there will be more BK in the retail space.
S&P 500 PE ratio I think historically is around 16 or 17. Right now I believe it is over 23. Is EPS growth a function of earnings growth or share buyback. Top line growth still tough to get. How much longer can big Pharma evade competitive bidding? Once that happens, how many more good jobs go by the wayside. AI is supposed to take millions more jobs away and while its viewed as unskilled jobs going from AI, Vinod Khosla is backing a startup that will automate reading of x-ray and associated imaging procedures normally done by radiologists. Self driving cars and trucks. What replaces all of this jobs?
“Upon retirement, your 401(k) must be converted into cash flow that will last through retirement. Investors with little or no education in financial matters, who would rather mow the lawn then read The Wall Street Journal and who consider mathematics a foreign language have little chance of successfully accomplishing this task.”
What’s the problem, you couldn’t find a tweet from Jon Farveau about respect for women to quote approvingly? Who’s the hypocrite?
Exactly. If one part of the market doesn’t move, it causes a domino effect on the rest of the market.
“Punkin you say inventory lower because people can’t get their price. So then people don’t even list houses because they are certain its not worth their time. They won’t get enough $$ to move up to house they want or won’t get enough money to leave NJ / retire or won’t have enough bucks to rent in NJ so they just stay put?”
Chi
Just for you.
https://www.theguardian.com/commentisfree/2017/feb/24/richard-spencer-depeche-mode-are-not-the-official-band-of-the-alt-right
Tough to make predictions of this. Markets are constantly changing. You go through bad periods where it’s the survival of the fittest which eliminates most of the competition, then like clockwork, the industry goes through a growth period again. The retail market has been going through a survival of the fittest period for at least 10 years. I wouldn’t bank on it getting much worse. Thing is, it’s been thinned out to the point where it can’t be thinned anymore; hence, amazon opening up a brick and mortar location in Paramus. They wouldn’t be doing this if retail would continue it’s free fall. Just my two cents based on what I can observe and analyze.
“JCP said this am they are closing 130+ stores. Does this simply mean consumer spending is still strong but not done at physical stores but online? Mall operators, REITs can only have so many anchor tenants close until the mall can’t service its debt and the REIT that owns the mall gets into trouble and so on and so fourth… This isn’t the last story of a large retailer shutting stores and there will be more BK in the retail space.”
Guaranteed income, Universal basic income.
Corporations should invest/hire or fund Universal basic income by taxing any share buyback at 100%
Nomad says:
February 24, 2017 at 12:18 pm
Corporations should invest/hire
What do you mean by “invest/hire?” What does that mean?
1:23 It means that corporations through the hiring of new employees can stimulate the economy in certain towns in America….See how that works?
Ventura,
So, you’re telling me that if you study or learn skills and work hard, companies will hire you with benefits packages? Oh, now I get it.
Ace,
Just as a follow-up, would it behoove someone to learn skills that are in demand and not expect companies to accommodate certain groups/individuals because they’re forced to do so?
1:35 True….and I’m saying that “if” companies put some of the trillions in cash to work by offering a full array of training and job opportunities, then yeah, we might get a generation that can afford college and a house. Someday.
…“if” companies put some of the trillions in cash to work by offering a full array of training and job opportunities
Oh, so companies should be paying for the education. Interesting! Hmmm… does this mean I can demand retribution?
Most firms hire entry level people and they train them. Most firms offer continuing education and certification, some pay and some are partial pay. The only retribution that you might claim is from G-d for creating you in the form of a douche nozzle.
Fracking….earthquakes….excellent…
https://www.youtube.com/watch?v=yytT-6bU4DY&feature=youtu.be
Grim
There was a bonus but I would never trust a hiring manager to tell the truth. I’m sure someone here knows what MS pays out in risk technology group. Reality is that MS had the balls to out to market with those requirements and look to pay $135k and think it is right price. That tells me are no where near meeting the needed wage inflation numbers that people are talking about.
Private enterprise buying public property with public tax dollars. These clowns should be hung.
“Pink Hula Hoop—more correctly “ Pinkhulahoop1, LLC”—is a profit-making company, one of four legal entities created to, among other things, raise money for the Team Academy Charter schools in Newark so it can buy and occupy public schools put on the auction block by the state-appointed school administration in New Jersey’s largest city. The Team Academy is considered a “region” of the better known KIPP charter schools.
Although it is a separate limited liability company—a cross between a corporation and a partnership—the men and women who run Pink Hula Hoop are really the same people who run the charter schools. Some might call it a front organization; others would probably see it as a complex legal maneuver to help the charter schools raise cash from private and public sources.
Pink Hula Hoop was created specifically to aid Team Charter Schools in the purchase of Newark’s Eighteenth Avenue School, an elementary school that sits on 2.6 acres of land on the border of the city’s south and central wards. The school was built in 1876 and sits on land given to the city by the Krueger family, the people who helped make Newark the beer capital of the country.
The property was assessed by the city at nearly $10 million but, like all municipal assessments, that probably was unrealistically high. An appraisal conducted for the sale valued it at $5.3 million. Cami Anderson, the state-appointed superintendent of schools sold it to the charter school—well, to Pink Hula Hoop–for $4.3 million. She has the power to do that— by herself—under state law, as long as the state education department agrees. Which means if Christoper Cerf, the state education commissioner, agrees.
Cerf has a history with the people behind the deal.
The members of Pink Hula Hoop—the partners—are listed in one document as Timothy Carden, Hannah Richman and Dan Adan. Carden, his wife Amy Rosen, and Cerf were all once partners in the Public Private Strategy Group (PPSG) which, among other things, helped New York City’s school privatization efforts. Carden is also chairman of the board of Friends of Team Academy Charter Schools, the fund-raising arm of the charter school. Cerf, before he became commissioner, also was a member of the charter school’s trustee board. Now, he says, he recuses himself from any decision involving he school. Including, one wonders, any decision that generally helps charters, including Team Academy? Right.
Carden, who served as a cabinet member in Gov. Brendan Byrne’s administration and unsuccessfully ran for Congress in 2002, also is a principal of Kingston Educational Holdings, Inc., a non-profit. Kingston received $25 million in financing from the New Jersey Economic Development Authority (NJEDA) to purchase and renovate property for charter schools. Carden was once a member of the board of the EDA.
Carden’s wife, Amy Rosen, is chairman of the board of the Team Charter Schools. Adan is on the school’s trustee board. Hannah Richman plays a role in all four corporations. The Cardens and Richman live in Montclair where Cerf lives, or lived, depending on who you believe.
Not a lot of degrees of separation in any of this.
Carden is managing director of Public Financial Management, Inc., headquartered in Philadelphia. Rosen is president and CEO of the Network for Teaching Entrepreneurship, a “non-profit organization that provides entrepreneurship education programs to young people from low-income communities;” she also describes herself as education adviser to Cory Booker, the former Newark mayor now US senator. Richman works for the Team Academy charter school but once was director for charter school development in the Massachusetts Department of Education. Adan, who worked as an analyst for Goldman-Sachs, now works as an Analyst in the Risk Arbitrage group at Perry Capital in New York.”
“the Medical Professionals have now weighed in.
“The American College of Pediatricians issued a statement this week condemning gender reclassification in children by stating that transgenderism in children amounts to child abuse.”
Nope, medical professionals have already weighed in. Check a reputable association. American College of Pediatricians is a socially conservative advocacy group.
“Fracking….earthquakes….excellent…”
Pretty much sums up what I’ve been saying for years. The cheap NG is worth it? Right?
You may hate CNN and NYTimes, but blocking them from WH gaggle is the beginning of the end for free speech!
What do the right wing nuts on this board think?
Hillary Clinton calling for resistance. We know that’s a key word for slash and burn everything the doesn’t fit within the progressive movement.
@Garmin
We’re devastated by the senseless tragedy that took the life of Srinivas Kuchibhotla and injured Alok Madasani
What do the right wing nuts on this board think?
The left attempted to silence conservative talk radio for years.
They failed.
Yes…..fixed the mistakes; find solutions and punish anyone who cut corners.
A responsible Federal Government would have been on top of this development. But instead the Obamunist insisted on stonewalling. He put the public at risk as a result.
A profound failure in leadership due to arrogance and being obstinate.
Fabius Maximus says:
February 24, 2017 at 3:21 pm
“Fracking….earthquakes….excellent…”
Pretty much sums up what I’ve been saying for years. The cheap NG is worth it? Right?
fix the mistakes
https://m.forbes.com/sites/niallmccarthy/2017/02/22/trumps-family-trips-cost-taxpayers-nearly-as-much-in-a-month-as-obamas-cost-in-a-whole-year/?s=TrumpsAmerica
It’s obscene how much taxpayers pay for Presidential vacations. Talk about pissing money away. Trump spent 10 million on 3 trips in a month? I would love to see an audit. It doesn’t make much sense to me.
10 million in a month and a 120 million a year if he keeps this up. This is the definition of taxpayer money being wasted. How in the world can you justify this?
PL,
Refusing to speak to someone isn’t = to restricting speech. If the MSM doesn’t like it, they can call a lawyer.
@altStatedpt
If Melania Trump stays at Trump Tower through a 4yr term, it will cost taxpayers approx. $1.4B. Is this what populist Trump voters wanted?
The Great Pumpkin says:
February 24, 2017 at 3:52 pm
10 million in a month and a 120 million a year if he keeps this up. This is the definition of taxpayer money being wasted. How in the world can you justify this?
@mcuban
Fake News is a claim you only hear from people afraid of transparency
Puzzy ( and can I tell you how happy I am that were finally using an appropriate name for you? ),
“Corporations should invest/hire or fund Universal basic income by taxing any share buyback at 100%”
Well, first, corporations don’t tax anything. Governments do. But my reason for reposting is to thank you for illustrating “deadweight loss” in the tax policy context. Your tax if implemented would collect exactly 0 dollars. This is the perfect example to illustrate how tax policy distorts behavior, and the amount of attacks can actually suppress the revenue collected from it.
For tax policy wonks, it is a facetious example. For you, it is a wet dream.
Tax, not attacks.
@DavidFrum
Taxpayers are super-honored to contribute $100,000 to the costs of Eric Trump’s trip to sell Trump condos in Uruguay
“When the president-elect’s son Eric Trump jetted to Uruguay in early January for a Trump Organization promotional trip, U.S. taxpayers were left footing a bill of nearly $100,000 in hotel rooms for Secret Service and embassy staff.
It was a high-profile jaunt out of the country for Eric, the fresh-faced executive of the Trump Organization who, like his father, pledged to keep the company separate from the presidency. Eric mingled with real estate brokers, dined at an open-air beachfront eatery and spoke to hundreds at an “ultra exclusive” Trump Tower Punta del Este evening party celebrating his visit.”
The Great Pumpkin says:
February 24, 2017 at 3:50 pm
It’s obscene how much taxpayers pay for Presidential vacations. Talk about pissing money away. Trump spent 10 million on 3 trips in a month? I would love to see an audit. It doesn’t make much sense to me.
Neat. The retards are in charge.
GOAT,
Here’s what I said:
>>”beginning of the end for free speech!”
This is not the same as “end of free speech”.
This is how it all begins. This country is too young to know of course.
PL
Now you’re grasping.
The whole problem with universal basic income is that millenials think it should be based on a few things:
1. Unlimited Data Plan for Verizon
2. Spotify Premium
3. Two 5 dollar Starbucks Latte’s a day
4. Yoga class membership
5. Uber rides
Study my altered devise
sexy games free downlod android application for free download how to use google voice on androif free download hd themes for android costume lingerie
http://adult.google.play.lastnews.in/?register.emmalee
game for app market app download pc games download photo booth app download android mobiles
These are certainly interesting times. The day began with a stock sell-off and a bond rally. The day ended with a stock rally, but no bond “un-rally”. It seems as if the bond market sees growth problems ahead but the stock market sees just the opposite, growth opportunities. Short-covering and foreign yields may figure into both of these divergent views. The German Bund (2 year bond) fell to nearly MINUS 1 percent today (-0.96%).
I wonder if ProudLiberal drinks his own breast milk or that of his Mom.