From MarketWatch:
U.S. house values fell for the first time since 2012, Zillow says. Sellers and buyers are facing a very different housing market to 2020
The housing market isn’t crashing, but it’s definitely feeling the burn.
After two frenzied years, home buying is cooling off as mortgage rates rise. Some experts in the field are calling it a “housing recession.”
U.S. home values fell in July by 0.1%, compared to the month before, a new Zillow report said.
While deceleration in home-price growth is typical for this time of the year, Zillow noted, the small decline is the first monthly dip since 2012.
The typical U.S. home value fell by $366 in July, and is now $357,107, as measured by the Zillow Home Value Index.
Given the dip in July, Zillow revised its forecast for the growth in home values to 2.4% through the end of July 2023. The current rate of growth is 16%.
But this hardly counts as a crash in prices, because the typical home value is also up 44.5% from July 2019 before the COVID-19 pandemic.
At this point, sellers are finding themselves with fewer offers, and are having to offer more concessions themselves to entice buyers.
First
Lol
The inventory in the more desirable towns is still scarce and the prices still elevated. Yeah, I know prices are sticky down and it takes forever for real estate to turn but the big covid jump in prices are not going to fade too much. Tack on the price of fuel and food and 2 percentage points higher on the the 30 year from a year or so ago and I it makes my head spin. I can’t figure out which direction the market is headed in this area. I do think the tri-state area in general is rather insulated.
Fast 20 percent increase in a year was unprecedented. No area is immune, it may not be as bad here as in other places, but prices will decline here as well.
Scarface defense
https://nypost.com/2022/08/22/parkland-shooter-nikolas-cruz-developed-in-prostitute-moms-polluted-womb-sister/
One of the high-priced houses in my neighborhood went under contract after about a week and a half listed. Big house (4/4 through what looks like a big rear addition), but very builder-grade in terms of finishes. Not dated, but not fancy or current in terms of style. 679 on the list price. What’s surprising is it’s a corner property that is on Black Oak – so, very busy road, the kind of “defect” that would be the first to see buyer demand fall off during a downturn (aka – nobody cares about power lines on the way up, everyone cares about power lines on the way down).
One of the high-priced houses in my neighborhood went under contract after about a week and a half listed.
Everything is going under contract within days unless you need a gas mask to walk in the joint. If clean and tidy, despite being dated, the house still sells quickly.
jj lives:
https://nypost.com/2022/08/23/oakland-police-investigating-as-fans-over-alleged-sex-act/
Some of the comments are excellent.
“Talk about a blown save”
3b,
Price drops in this area don’t “drop” nominally, they stay stagnant or frozen in a range for a time and then rise again. Maybe in Phoenix they take a bath but not here. We’ve been discussing it on this forum for years. Anyone who bought at the peak around 2008 and sold recently, made money.
Fast: There were houses in my town, that sold for 100k less than at the height of the last bubble. The big difference this time around was that last 20 percent increase in a year; that was unprecedented, and simply not sustainable.
Not necessarily true.
How did I get my GR home for $423K after contingencies in 2011? This home was easily 600K in 2008. As a matter of fact, I think that’s what it was first listed at in late 2010. And no stale cigarette or cat piss smells.
In the NJ suburbs the peak was fall 2005.
In urban NYC+ areas, the peak was early 2007.
https://www.bloomberg.com/news/articles/2022-08-22/cheap-homes-house-prices-are-being-slashed-in-former-pandemic-boomtowns
Home Sellers Are Slashing Prices in Pandemic Boomtowns
“Redfin found that 70% of homes for sale in Boise, Idaho, had their price cut in July, the highest share of 97 metros.”
Lib,
What’s the time horizon? Three years after 2008 is when you bought the GR house. When was the GR house last sold before you bought it? How much could it sell for right now and what will that price be in 3 years from now?
Sold for 610K a month ago. Insane.
https://www.trulia.com/p/nj/hillsdale/36-hillsdale-ave-hillsdale-nj-07642–2006681812
Former Louisville officer to plead guilty to Breonna Taylor cover-up
“Goodlett and a fellow former officer, Joshua Jaynes, met days after the shooting in a garage where they agreed on a false story to cover for the false evidence they had submitted to justify the botched raid, prosecutors say.”
Asking 649K, sold for 740K. A nothing split for 3/4 of a million:
https://www.trulia.com/p/nj/emerson/21-crest-rd-emerson-nj-07630–1102951120
Fast; I think those people who bought that bungalow for 6ook are going to be very sorry.
Another do-nothing split, 775K:
https://www.trulia.com/p/nj/paramus/5-halco-dr-paramus-nj-07652–2006713744
Another sale, 685K for a double-wide:
https://www.trulia.com/p/nj/paramus/183-cleenput-ter-paramus-nj-07652–2006709330
2 BED/1 BATH!!! SOLD!! ASKING 600K, got 645K:
https://www.trulia.com/p/nj/paramus/160-halsey-st-paramus-nj-07652–2006708886
3b,
They got $60,000 over asking price and that bungalow is on a busy, double yellow road.
It is a weird, weird market. This place is a few streets away. This is posted previously. It is odd, putrid, pink-brown home with fraudulent photo-shop everywhere. List was 670K but sold for 680K a month ago. Offer was complete after two days of being listed.
Today, three houses down – a clean colonial that needs updates has been sitting for two weeks now. 4 BDs, 3 BA full basement, 2800 sq ft, 2 car garage. Listed at 799k but it blows other house away. My kids ride back past every weekend and two open houses thus far and not a soul was there. They are using a less known broker so perhaps pennywise, pound foolish..no idea
https://ibb.co/qFwPZPN
245K in 1999
Bought for 423K in 2011
Should sell for around 900K today
Listed at 650k and sold for 680k..these millennials are bonkers.
This listed yesterday for $3.1m in Longboat Key, FL. 4br, 3b on a canal. Sold for $1.3m in 2015. My guess is that it will sell for less than list, but at least double what it sold for in 2015. But that may be less than it would have sold for in October 2021. I’m guessing a house like that doesn’t sell below $2m in the future.
Follow the 10Y. April sale means January rate lock. Not the same market at a 5-6% mortgage.
Fast Eddie says:
August 23, 2022 at 10:28 am
3b,
They got $60,000 over asking price and that bungalow is on a busy, double yellow road.
OMG, priceless..the new owner is probably 34 and his linkedin shows he was food and beverage manager at Country club for years..until two years ago when he jumped into the staffing world. He is now “IT recruiter”. I deal with these no nothing a-holes all the time. There is the market people. Young idiots paying gobs more any rational person would pay, not prepared for downturn. Once major employment hiccup and millennials will find a hard lesson. Media says loans are quality but when the nut is so big and no money is pot..goodbye. Fed to the rescue 3.0..4.0 wherever we are.
…his linkedin shows he was food and beverage manager at Country club for years..until two years ago when he jumped into the staffing world. He is now “IT recruiter”.
No different than a hair dresser becoming a “real estate professional” over night. And, “recruiters” are usually the next occupation for game changers closely followed by “I’m in business with my father.”
Ignoring opportunity cost, maybe
Fast Eddie says:
August 23, 2022 at 9:43 am
3b,
Price drops in this area don’t “drop” nominally, they stay stagnant or frozen in a range for a time and then rise again. Maybe in Phoenix they take a bath but not here. We’ve been discussing it on this forum for years. Anyone who bought at the peak around 2008 and sold recently, made money.
Follow the 10Y. April sale means January rate lock. Not the same market at a 5-6% mortgage.
When I start seeing a “3” handle on a neatly kept, 3bd., non-dormered cape on a 50 X 100 lot in Lodi, then I’ll say the market changed.
Correction. Just checked in with Gator up in Maine. She said the house listed at 530K in 2010. They booted the tenants and then listed it for 540K in 2011. Then they did a bunch of work when it fell out of contract and listed at 480K. It fell out of contract again, they painted and refinished the floors and listed at 460K. We lowballed at 430K. They bit. We then found 7K in inspection items (mainly the roof and rotten trees). We looked for a house in GR for three solid years before we bought. Almost bought a train wreck for 550K next block over during the government 10K stimulus.
2009/10 was a pretty good time to buy. I went under contract late in 2009, two years earlier it was initially listed at just under $1.3m, the seller kept switching realtors and cutting the list price. We eventually bought at $875k.
When I was in Santa Barbara (after Essex stood me up), there was a crypto conference. Though, this one was clearly not your typical ponzi schemers drumming up business for their related services. These were all brainiacs. So much so, that it sounded like they were speaking a different language. Check out this program and watch a you tube.
I think the conference was about encryption. Not Crypto.
https://crypto.iacr.org/2022/program.php
I think 2011 was the bottom in these parts. Everything lags in these parts. Housing prices, employment, etc.
JPM still talking Fed pivot after big 75 bp hike in September. I don’t see that, but we will see who blinks first. Jackson Hole conference will be interesting; we will see what Powell has to say.
Lib yep – The real nerds cryptography researchers from all over the world. They are trying to make encryption even more ubiquitous is all aspects of our lives, many of these guys are now focused on homomorphic encryption which is a bit mind blowing it’s computing on and with encrypted data, without decrypting it first. The RSA scheme which we rely on today was first published in the 1970s. These researchers today want to make it even tougher to crack or attack systems and data for example no side channels attacks which can be common today where the data is unencrypted and can be read etc.
We bought in 2012 for 100k less than the seller paid in 2004. Divorces are costly.
3b – Amazing how the markets are so focused on a face to face interactions in and outside of the Jackson Hole Lodge and the hundred or so central bankers from around the world attending. First meeting was held there in the 1980s was because Paul Volcker was a fly fisherman….
Speaking of the FED and Crypto..
They will be discussing the future of Crypto in Jackson Hole.
Will it be Bye Bye Bitcoin this year or next?
https://www.politico.com/news/2022/08/22/crypto-fed-digital-dollar-00052515
” homomorphic encryption”
Uh oh..did anyone inform Fox News? The libs could pushing the agenda and now encryption is woke.
Juice: Agree. It’s also amazing that some have this new rationale that the Fed can’t tighten because it might cause a recession. So are recessions not part of the capitalist system anymore? You can’t cure inflation without raising rates, and unfortunately yes, that could cause a recession, but you can’t not raise rates because it will cause a recession. The Fed has to get the inflation number down big, and then keep rates elevated to ensure inflation stays tame. They pivot then they inflate everything back up again. Powell needs to make it clear at Jackson Hole that he means business.
Sources are saying Biden will officially announce his stud loan plan tomorrow, which will forgive 10k in stud loans for those making less than 125k a years, as well as extend the no payments required for another 4 months.
3b says:
August 23, 2022 at 12:06 pm
“JPM still talking Fed pivot after big 75 bp hike in September. ”
I have to believe that even if the Fed were considering a pivot, that would go out the window after Joe throws another log on the inflation fire tomorrow when he wipes out student loan debt for many, and pauses repayment until after the election for everyone else.
Small I would agree. A lot of people are going to have an extra 10k in total to spend, and another extension through the end of the year, so more spending power. Plus , I would not be surprised if they extend it again at the end of the year. I doubt very many are making payments during the suspension period, and I doubt a lot of the people who will have 10k forgiven, will save it.
Have to think that raising interest rates hurts main street a lot more than Wall Street. Especially, those with less discretionary income to spend. With that said, I expect the FED to act like the cronies they have become and will not pivot until inflation itself causes less purchasing than the increase in the cost of credit. Especially with the recent wage growth we’ve seen due to the employment problem (everybody is either working or working off of the books).
JJ was right. Don’t fight the FED. He knew who owns the government in this country. Even more so today than back in 2008.
So while I agree, the proper move for the benefit of the whole country would be to keep raising interest rates to deflate (not just prick) the inflation bubble. The government never rarely does the right thing. Look at the loan forgiveness. As Smalls pointed out. You can’t pull at the string at both ends. Inflation is killing those dependent on government checks. The majority of them vote Blue. So you help the bottom and the top and screw the middle. Same as it always was.
Sources are saying Biden will officially announce his stud loan plan tomorrow, which will forgive 10k in stud loans for those making less than 125k a years, as well as extend the no payments required for another 4 months.
Was this part of the Inflation Reduction Act?
Sources are saying Biden will officially announce his stud loan plan tomorrow, which will forgive 10k in stud loans for those making less than 125k a years…
Wait… so, who’s paying for the 10K per student loan?
Fauci retirement and the deep state . . .
Fauci was head of the big government agency that controls health funding. How many researchers didn’t speak up against his nonsense along the way because they were afraid about their research funding?
I don’t know if the virus was created in a lab as I am not a scientist. But, I know that there was a time period where voices suggesting or claiming it was made in a lab were censored off social media and YouTube and the MSM decided such talk as tinfoil hat conspiracy. It is a matter of public record now that there was an email in the Fauci agency that said something like “this virus has markers not consistent with natural evolution” or something like that. It’s also a matter of public record that fauci estimate for vaccine take percentage for herd immunity was made up and changed in response to public opinion, not real science. Finally, public record that he claimed to be “science”.
I hope that when the R’s take the house, they do investigate what the CDC and NIH were doing during covid. Also, hopefully take a hard look at how research funds are being disbursed to scientists by some unelected king within the bureaucracy.
Similar to National Archives guy with respect to Trump and Comey with respect to HRc ahead of 2016, these government bureaucrats have a tremendously-inflated opinion of themselves. Similarly, Andrew McCabe complaining about undergoing a severe audit, complaint about how disruptive and stressful it has been while McCabe spent his life turning people’s lives upside down (some criminals, some not, some basically entrapped like many dumb Muslims in post-911 days and the Gretchen Whitney militia types). I
will vote for anyone aiming to throw water on deep state egos and political dynasties.
Grim: You just have to redefine what inflation means like the rest of the Inflation Reduction Act; it doesn’t, but it does. We live in the upside down world now.
I’m going to go sharpen my pen.
The average middle-income household will see a tax increase of more than $2,400 per year due to the Felated Induction Act. It’ll produce nothing but a pipeline to democrat campaign machines. Rage against the Right all you want, the leftist syndicate and it’s army of 87,000 new shakedown thugs will see to it that you pay up either way. The only reward you get for being a democrat supporter is to be crowned a faithful, obedient cuck.
Apartment construction in the USA is at its highest level in 50 years.
bought in 2011 for 10% less than the buyers paid in 2005, now can sell for close to 50% more..
the problem is for those of us who bought during 2009-2012 – where do go? I am sure most of us have a problem paying the current market pricing…
82 year old drunken goat out driving around likely to kill someone.
Paul Pelosi, the husband of House Speaker Nancy Pelosi, pleaded guilty Tuesday of driving under the influence in Napa County court.
TMZ reported Tuesday that Pelosi, 82, pleaded guilty to one count of DUI.
He was sentenced to three years probation and five days of jail time, getting credit for time served.
Areas of the country with “a tremendously-inflated opinion of themselves”.
Each with their own distinct reasons.
(1) New York City and suburbs (justified – easy for me to say)
(2) Washington DC and suburbs (they think they run everything)
(3) Los Angeles (vacuous)
(4) Silicon Valley (justified)
Crushednjmillenial says:
August 23, 2022 at 1:48 pm
Similar to National Archives guy with respect to Trump and Comey with respect to HRc ahead of 2016, these government bureaucrats have a tremendously-inflated opinion of themselves.
Wait… so, who’s paying for the 10K per student loan?
Tack it on the USA MegaVisa Credit Card
Along with free Boomer penile implants, money for Ukraine, Space Force, attorneys to prosecute Trump, FBI searches of Mar-a-Lago, Medicare bills for Covid, tax breaks for Musk, and senior citizen tax refunds for their houses that doubled in price.
3b: the money is already spent….. it is optics. Most kids were looking for $50K+.
The kind of people for whom this matters live hand to mouth anyway and are already doomed in this environment.
3b says:
August 23, 2022 at 1:38 pm
Small I would agree. A lot of people are going to have an extra 10k in total to spend, and another extension through the end of the year, so more spending power. Plus , I would not be surprised if they extend it again at the end of the year. I doubt very many are making payments during the suspension period, and I doubt a lot of the people who will have 10k forgiven, will save it.
The 4 months is to get it past the elections…… cynical move…..
How about we pay for the loan forgiveness by clawing it back from the institutions where it was spent?
50k would be nice.
It would then equal the amount boomer paid for his college degree taking account for inflation caused by boomer.
Haha. Now that’s funny. I like the idea though it’s never going to happen.
How about we pay for the loan forgiveness by clawing it back from the institutions where it was spent?
“Have to think that raising interest rates hurts main street a lot more than Wall Street.”
WS is a common carrier. Direction of the traffic doesn’t matter, just the flow.
“Wait… so, who’s paying for the 10K per student loan?”
LOL, rhetorical, right? If you are part of the only 50% of the population actually required to pay Federal income taxes…well, of course, it’s YOU.
3b
with scholarships and savings we will be able to pay for 3 years of our first year college students college. We can borrow for senior year and see if the feds will forgive it when he graduates. Maybe we should borrow the interest free 3k we qualified for while he’s in college instead and see if that can get forgiven. We would probably have all 4 years covered with that extract 12k.
I just looked at about 12 universities and colleges. If well spent means dorms with their own swimming pools and gyms, campuses that are groomed as well as Augusta National and larger admin staffs than graduating classes. Well then you are correct. Every school, small, large, private and public look like Mar-A-Lago. Each one outdoing the last we visited. Though, UC Boulder was outrageous. Look at this rec center.
https://www.colorado.edu/recreation/facilities
And check out this gym. Not their basketball stadium mind you.
https://tinyurl.com/10Kinloanforgiveness
This isn’t even academics. All yours for 60K a year out-of-state.
Phoenix, did some Boomer steal your girlfriend or something? Blaming a whole age group is pretty collectivist, and intellectually lazy. Does “boomer” = everyone 10 years or more older than you?
What is the exact age cutoff defining all the bad people, in your mind?
blaming a whole group sounds stereotypical to me
Hold: You are in great shape! Borrow the rest, and wait to be forgiven, you have nothing to lose.
I’m, sure everyone is aware that this student loan debacle is just another disaster caused by the incompetent Dems, but for a laugh (cry???) get a load of the some of the points in this article from 2010…
“By cutting out the middleman, we’ll save American taxpayers $68 billion in the coming years,” the president [Oblama] said. “That’s real money — real savings that we’ll reinvest to help improve the quality of higher education and make it more affordable.”
https://abcnews.go.com/WN/Politics/health-care-obama-signs-student-loan-overhaul-legislation/story?id=10239569
3b
Will definitely borrow the no interest loan amount while he’s in school next year. That will extend us to at least 7 semesters covered, maybe 8 if he gets a an extra few thousand a year in scholarships he’s applying for this spring.
Chicago, I question your assertions.
The S&P CoreLogic Case-Shiller data for New York metro (includes 14 NJ counties making up vast majority of suburban NJ houses) show single family house prices up 39% since the 2005 “peak.” Zillow data for NJ single family homes for the state if NJ show a 29% increase over the same period.
The NY metro condo values are up 33% since the 2007 “peak” according to S&P CL C-S.
$10,000 or less? That is 1/3 of about 43 million borrowers. Of those 14 million or so 50% never received a degree… ….It is close enough to the election to swing voters that is for sure. I would not be surprised if the notice of eligibility for debt forgiveness goes out the week before the election.
They say Californy is the place you oughta be…!
Mr Drysdale the banker was a shyster, only kept in check by Jane Hathaway always trying to rip off the Clampett clan.
Some things never change.
And here we go for this election cycle. Who can pull it off? Go WingNut for your primary and try and pivot of the General.
I called this as a big issue that the GOP would have to face, back when Bonehead wouldn’t put the tea party back in the box.
https://twitter.com/RonFilipkowski/status/1562195241746046977
Ron Filipkowski 🇺🇦
@RonFilipkowski
After trashing John McCain, RINOs, the Cheneys, the Bushes, and her establishment opponent while running to the right of Ghengis Khan in the primary, Kari Lake now says she is all about the Big Tent, inviting moderates and independents to support her in Nov.
Fab -some red meat for ya enjoy..
https://www.reddit.com/r/politics/comments/wvsmii/im_alex_holder_the_twicesubpoenaed_documentary/
Are there any democrat politicians who are either too young to be on social security or did something for a career besides lawyer, bartender , or career politician or government bureaucrat?
https://nypost.com/2022/08/23/florida-democrats-choose-rep-crist-to-challenge-desantis/
Juice whats to enjoy?
We are at the point where Donnie sold off the Family Silver.
Grim,
An interesting one for you. For me I see way overpriced? Suspect we will see a lot more of this?
Spirits Brand and Distillery
Fully operational spirits distillery and brand.
With critical investment in facilities, equipment, working capital, intellectual property, and branding in place, the company is poised for accelerated growth.
The wholesale side of the business is highly scalable and is currently expanding its distribution across multiple states.
https://www.bizbuysell.com/Business-Opportunity/Spirits-Brand-and-Distillery/2012256/
This is when I miss having Eddie Ray in here trying to defend garbage like this.
https://twitter.com/PalmerReport/status/1562201114560237572
The judge is now demanding that Trump explain why he filed this motion in her district. Trump thought that by filing one county over, and landing a judge he’d appointed, it would work in his favor. Instead the judge is telling Trump to get off her lawn.
Meanwhile back in the RE world, CRT continues as normal.
https://twitter.com/Alicia0Givens/status/1561060603908591616
Black couple sues after they say home valuation rises nearly $300,000 when shown by White colleague. This is exactly what they’re talking about in CRT and systematic discrimination.
Looks like Claremont in Fairfield maybe? Not sure if that’s a real photo or stock.
Yo! It was for last cycle not this one.
Not saying it did not happen, but what would the point be to appraise a house lower if owned by a Black couple , and appraise it higher if owned by a white couple? What’s the rational? Just pure racism?
FAB -read the whole court filing, they list and map out the comps used for their refinance. These folks are professors BTW, the dad teaches about redlining. They say their home is worth just as much and the other homes south of them a mile away. Perhaps or perhaps not. The appraisers around here don’t look across the highway here either for comps. Same town, same house much different appraisal depending on which side of the highway you are on.
Their Four-bedroom, 2600 square foot single-family home, they purchased in 2017 for $450,000 and wanted to refi the mortgage and a second loan at a lower rate. Homeland is a small neighborhood in Baltimore, seems the appraiser used some adjacent home sales for comps instead of perhaps the expensive homes sold to the south. There is even a nice map drawn in the court filing of the homeland neighborhood and the majority race that lives on each street etc.
We all know appraisals are subjective. My crap shack is worth more than your crap shack two blocks away, bla, bla, bla.
BTW the comp literally next door to their home sold for just $450,000 on in February of this year.
https://www.zillow.com/homedetails/216-Churchwardens-Rd-Baltimore-MD-21212/36622504_zpid/
https://www.courthousenews.com/wp-content/uploads/2022/08/refinance-complaint-loandepot.pdf
The appraiser is some tiny business owner operator, he is done in real estate for sure, but anyway he has operated in Baltimore for a few years. Did he screw up?
Wow there is a whole reddit forum dedicated to teaching people how to scam employers by working multiple full-time jobs remotely simultaneously and not get caught. This labor market is f’ed from covid.
How difficult are these corporate jobs if people are pulling this off? Tells you what I already know from teaching and putting students in groups. A few carry the group every single time. The rest just jump on their train.
And I hope people stop ripping teachers…no way could you ever carry multiple teaching jobs at the same time. No way, no how.
Of course not, because they all work the same hours 8am to 230pm. Can’t be in two places at once.
“And I hope people stop ripping teachers…no way could you ever carry multiple teaching jobs at the same time. No way, no how.”
Most of us don’t rip teachers. We rip you.
Pot, booze, fast food and social media.
Three things America does better than the rest of the world.
A high, overweight drunk watching social media doesn’t care when your politicians and upper class are draining the last bit of democracy out of the country.
Just out to get another fix.
This is why politicians throw the lower classes a bone now and then. This way they can get some booze and pot at their local watering hole made in an American refinery.
A dumbed down population is much easier to control.
Fabius Maximus says:
August 23, 2022 at 10:08 pm
“Meanwhile back in the RE world, CRT continues as normal.”
You mean like this…
“Off-campus UC Berkeley student housing bans white people from common areas” — https://nypost.com/2022/08/19/off-campus-uc-berkeley-housing-bans-white-people-from-common-areas/
I added one, it’s four things. Had to throw in the fast food for those addicts as well.
3b – I pointed it out above. There is an even more exclusive and more expensive part of that neighborhood in Baltimore, which is a small Homestead a place of 1300 residents. The appraiser who made what $300 for job used adjacent comps instead of the more expensive ones south. It’s all there in the legal doc. Their argument is he was racist and would not change the comps even when they complained, and when the complained even louder to the mortgage rep he stopped taking their calls. Also wacist for not answering the phone etc. NOW PAY ME $10 million dollars….
Juice: Makes sense now. Just leave out some facts and the narrative changes , and it’s because of racism. The madness continues.
10 million is light.
Look what this couple got.
Though I have to say his threads are all the rage.
https://www.ghlinks.com.gh/voncile-hill-melvin-1-7-billion-from-ford/
Best part of the article:
“Under Georgia law, the state is given 75 percent of the $1.7billion, leaving $425million for the Hill family to claim. In total, the family now stands to gain $450million from the car manufacturer.”
3B – Wacism is a virus. From the court filing.
“Defendant Loan Depot relied on Lanham’s appraisal despite being informed that it was infected by discrimination and stopped answering or returning Plaintiffs calls once they challenged the appraisal on that basis.”
Yeah I can imagine that the language they used when speaking to the loan depot mortgage person was salty for sure.
Lanham appraised the Black couple’s home for $472,000.
The couple’s whitewashed property then appraised for $750,000.
Well, have to say, that’s not exactly a slight difference now is it? Did they rebuild the whole place?
“The couple, both of whom are professors at John Hopkins University,”
Teachers. They gonna teach Loan Depot a lesson.
These are all legal capitalistic tactics that are fine to use in America.
Let our fine legal system, notice I didn’t say justice system, do it’s thing.
Worth sharing based on yesterday’s discussion…
*TOLL: BEST MARKETS INCLUDE NYC, NJ, PHILADELPHIA, DALLAS
*TOLL: WORST MARKETS INCLUDE PHOENIX, AUSTIN, BOISE, RENO
“Yeah I can imagine that the language they used when speaking to the loan depot mortgage person was salty for sure.”
No, these are two educated professors at Johns Hopkins. I’m going to guess they were very careful not to make such a mistake. They are both PhD doctors.
Smart move on their part navigating the civil legal system of America.
I got the Covid. Most likely from my brother who thinks it was a hoax. Feels like a sinus infection so far. Timing was good as entire family is away and I am home alone. My brother was sick a little over a week ago, but claims he was clear. I doubt he retested. Spent most of a day with him drinking and driving golf balls kind of stuff.
Smalls.
To be clear, it is not campus operated. This property is operated by a private landlord, and it is not the role of the campus to comment on what private landlords are ‘allowed’ to do,” he said.
Did you read the article?
As a landlord, I can choose to make up whatever rules I want. This landlord is apparently a Black Pantheresque individual. No one forces anyone to stay there.
Do I agree with the policy? Of course not. But I would bet, in most of Montclair and all of Clifton, landlords try not to rent to black people in the first place. Systemic racism indeed.
Lib
Get well soon.
Feel better Lib.
Feel better Lib!
I’ll be fine. Have plenty of bleach and horse tranquilizer to get me through. :P Thanks for the well wishes. Sense of smell is still normal. Definitely can feel a little of the brain fog creeping in. Got the telehealth appointment so I can get the PAX in a few minutes. In a way, I’m sort of looking forward to this. The timing, besides selling my home, is actually pretty good.
Hoping to lose some weight, so far appetite not impacted. :P
Lib,
Feel better, just rest. Sleep is best. Best of luck.
Jim
I have updated all of my drivers and plan to make some EDM when I’m in the Covid fog.
Ten year appears to be on the move again. Get your mortgages now.
“On Tuesday, Kashkari, president of the Minneapolis Fed, said that the central bank needs to push ahead with tightening monetary policy until inflation is clearly moving down. Inflation levels of 8% or 9% “run the risk of un-anchoring inflation expectations” and, if that happened, the Fed would likely have to embark on very aggressive rate rises to restore balance, he said.”
This explains it. Almost guaranteed .75 increase to be announced on Friday. After that, all bets are off.
Pumpkin on teaching . . .
Pumpkin, if a teacher in an urban school had a class of 30 students, let’s say high school sophomores. Which way of dividing the 30 kids gets them all 30 a better education:
-2 classrooms of 15 students each (smaller class sizes), OR
-1 class of 27 and one class of the worst 3 troublemakers (ie, separating away the worst behavioral problems from the rest of the class)
Race in America and that home appraisal thing . . .
I don’t care to read the article about the home appraisal lawsuit.
I have one comment on race in America:
-In the South African war amongst the English and the Dutch, contemporary commentators called it a “race war”
-100 years ago, give or take, Italians and Slavs were mostly not considered “white”
Race is a social construct. Not in the way the woke describe it, though. Americans that don’t know history are being bamboozled by Al Sharpton, Ben Crump, MSNBC, and the rest of the woke to imagine that our “racial issues” are more singular and aberrant than they are (by a factor of 1 million) compared to history or other countries on earth.
I support MLK’s vision for the US – people judged by the content of their character not the color of their skin (for better AND for worse). Down with affirmative action. Down with the propagators of a victim mentality amongst minorities. Up with those who assert that a person of any race or ethnicity can achieve whatever “success” they seek in the US – monetary, health, family, or whatever other thing they aspire to.
Lib
Take Quercetin and zinc with copper to reduce inflammation and chance of cytokine storm.
MLK did have it right. Progress was slow and steady. And by enlarge, a lot of black people were buying in. Until a few extremist white folk set the movement into the dark ages with a serious of assassinations and the continued impact of systemic racism in positions of authority (mainly police brutality against blacks) which sadly was not impacted by MLKs protests. As a matter of fact, it continues today.
See the start of so many of the riots in the long hot Summer of 67.
https://youtu.be/wjkdynBFHuQ
Definitely going to do the zinc thing. Will look up Quercetin.
The Great Pumpkin says:
August 24, 2022 at 10:25 am
Worth sharing based on yesterday’s discussion…
*TOLL: BEST MARKETS INCLUDE NYC, NJ, PHILADELPHIA, DALLAS
*TOLL: WORST MARKETS INCLUDE PHOENIX, AUSTIN, BOISE, RENO
Don’t worry Pumps , once interest rates hit 8-9% everyone will be affected, people are to used to free and cheap money. But don’t worry the 80,000 new IRS agents will squeeze money from almost everyone.
I would just like to know where I can file to get money back for my wife’s college loans and paying for both of my children’s college. Politicians , what a joke! Who made them God?
Lib: Fed officials have been out and about these last couple of weeks warming that they are not done tightening. Powell is quiet ahead of Jackson Hole, I believe whatever he says won’t contradict what the others have been saying regarding the Fed not being done tightening. Market thinks they are bluffing, I don’t believe they are.
Lib
How are you going to play the 10k student loan forgiveness? I’m going to borrow the max interest free amount we can while our son’s in school. I think that’s 3k a year. People are pushing for 50k forgiveness, may borrow his whole senior year in case that happens. I just want to get my fair share. 529 rules are ridiculous. A parking permit is not a qualified expense but an iPad is.
Thank you fast Eddie in advance for helping to pay for my kids college.
… the continued impact of systemic racism in positions of authority…
It’s one of the core campaign messages of the democrat party as well as using its authority to implement mechanisms that will continue to secure their voting block. How ingeniously evil and diabolical, a two-pronged attack in continuing equilibrium.
Lib,
Was a neighbor to one of the retired police officers – he bragged about beating the residents there.
When I moved in, he was cutting the grass 15 feet into my property. Told him to stop.
Later I planted a tree about 10 feet into my property, “someone” yanked it out of the ground when I wasn’t home (BC, before cameras). I provided him and his son with a survey that showed the property lines, including how 2 inches of his driveway were on my property. Later that year, during the winter, his son drove his pickup truck on my lawn.
After that a row of 40 6ft Blue Spruce trees were planted by me along that property line. Peace after that.
The old goat died soon after. Good riddance.
Thank you fast Eddie in advance for helping to pay for my kids college.
Muppet sheep of all shapes and sizes cannot escape the electric razor. We all get fleeced eventually.
NJ is going to have a tax holiday on educational supplies. Goes good with a 10k cash bonanza.
Stock up, fellas.
https://www.nj.gov/governor/news/news/562022/20220818d.shtml#:~:text=Governor%20Phil%20Murphy,-Twitter%20Facebook%20YouTube&text=The%2010%2Dday%20sales%20tax,affordable%20for%20families%20and%20educators.
Quercitin improves zinc uptake in cells. That’s the purpose of it. Zn inhibits replication mechanisms. Zn is the active ingredient, quercitin is the delivery system.
A bit of Jersey History
https://youtu.be/qT7PZeBYMcE?t=1126
Okay, but that’s it besides my daily overdose of A C and D.
As for playing the 10K loan forgiveness. I will borrow as much as I can at 0% or near that. Rising interest rates are good for borrowers. Since all the bullshit the government pulled in 2008, I have been especially careful to max out my borrowing. Uncle Sam will always have your back (unless you make between 250K and about 400K). Above 400K, you just hire a shyster to avoid paying your fair share.
Pretty sure most of inflation at this point is just credit card readers pressuring us to tip 25% on transactions nobody ever tipped on prior to 2020.
Get well soon, Lib.
But it appears that more than a little brain fog has rolled in; you seem to have gone full stooge. I provide a blatant example of blue team racism and you come back with a baseless accusation that Montclair (not you, of course) and Clifton are full of white/anti-black racists. And then another doozy claiming that the race-relation gains made over the prior ~50 years were ended by “white extremists”, when anyone paying attention knows they were ended by that score-settling empty-suit Dem named Oblama. It’s the kind of nonsense I’d expect from that pot-shot-taking carbuncle, Flab; not someone like you that’s usually a bit more thoughtful. I’ll give you a covid ‘pass’.
Nadler wins against Mahoney for the redrawn congressional seat in NY. Best buds, now bitter enemies, Mahoney said Nadler is senile, he said she is not progressive enough. Mahoney today calling out sexism and misogyny, and how NY will suffer without a woman Rep in Congress. Both of these people were 30 years in Congress! Anything to maintain power! Just pathetic!
Recession delayed yet again. Let’s keep kicking the can down the road & maybe it will go away by then.
*BIDEN: STUDENT LOAN PAYMENTS TO RESUME JANUARY, 2023
I thought Pell Grants were exactly that , grants that did not have to be paid back, yet Biden is forgiving Pell Grants as well.
Kristen Gonzales backed by the Democratic Socialists of America wins in a primary race for a Congressional seat representing south west Queens. Backed by AOC, this is where we may be going.
Love the White people who want to end affirmative action and quote MLK. Have these people ever considered that many Black people feel that they have never been judged by the content of their character and are still judged by the color of their skin? Think King would roll over in his grave every time a White person co-opts the intention of his statement.
3b
Nadler vs Mahoney.
Boomer shoot out. She should have fought like this girl-future MMA fighter.
https://mirror.archiveddit.com/reddit/post/27684
end affirmative action?
White people have been headed into minority status since 2008- excluding Hispanic.
https://www.bbc.com/news/world-us-canada-18100457
America just put 500 of the worlds fastest computer processors to work to keep up with the American debt clock calculation.
Affirmative action in education was completely hijacked by white women.
For BRT only. Proves your point.
https://youtu.be/O1xgXJ5_Q34?t=201
Bill Burr is great
Reminded me of the time my wife took one of our kids to a birthday party for kindergarteners when we were living in Livingston. All of the other moms there were on anti depressants. Some were on other mental health meds too. It was like the thing to do.
Libturd,
Hope you’re healthy soon.
How far were you hitting your drives?
Younger son had his 1st day of HS today, wondering if its the 1st school in the state to start,
Fast
I’m going to get me a hybrid or ev too and get that $7,500 tax credit. Booya
Now student loans…god I’m a sucker.
And I do not want to hear any business owner crying about taxes. They get to underreport their earnings. Get loans they don’t have to be pay back. Such a joke.
“11.8 million PPP loans were given
708 received the max amount of $10M
4.1 million loans were forgiven
$98K was the average amount that was forgave”
No One
Wife and I stayed on Long Boat in April and liked the feel of the south part of the island, felt more stable less AirBnB. Was wondering if you had any sense of how many people stay on the island year round?
And all these renters that had their rent paid by the govt over the past 2 years. So much messed up stuff went down over the last 2 years. It’s insane.
And like Lib said earlier…the 250k to 400k professionals have to pay for it all. I didn’t get one penny over the last 2 years, just an inflation tax to pay for it.
Lib feel better…
No rate action on Friday, next meeting is in later September…50-75 likely bandwidth, anything outside of that is just mental masturbation as August CPI and other data not even closed yet..
Jackson Hole speeches are usually on soft issues not hard substance.. think last year was minority unemployment? Anyone expecting hard rate news is likely going to be disappointed
Welcome to America.
Left: I agree, but I think this time around Powell might surprise and address continued tightening. It would send a real message to the market that the Fed means business.
Is Student Loan Forgiveness By Executive Order Legal?
https://thecollegeinvestor.com/35892/is-student-loan-forgiveness-by-executive-order-legal/
3B,
You’re a dreamer!
G’night.
I just want my fair share. And yours too. It’s the new American way.
Lib: Probably. But if Powell did say something substantial, that would certainly back up what all his boys and girls are out saying.
3b says:
August 24, 2022 at 6:15 pm
Left: I agree, but I think this time around Powell might surprise and address continued tightening. It would send a real message to the market that the Fed means business.
3b, The current administration has done so much damage to the SS system , which may cause BIG financial problems to all the people depending on it. Last years increase was 5.9 percent increase this year could easily be over 10%. The money will be gone in a lot less than the 10 years they were predicting.
If Powell pulls back from raising rates we are all in trouble, free college and 80,000 IRS agents will only make things worse. After living through Paul Volckers massive increases we can only hope Powell has the balls….time will tell. I really don’t have much confidence in Biden , his legacy will be ” he was worse than Jimmy Carter”.
I don’t understand this college debt forgiveness; if I just paid off all loans a week or a month ago, do I get $10,000? What about future borrowers? Does the forgiveness go on indefinitely? 5 or 10 years from now? This is madness. So, if you’re a plumber, roofer, HVAC technician, trucker driver, etc., you’re basically a chump and need to pay for somebody’s loan. You’re a nobody, a deplorable, so f.uck you, pay me.
Jim: We shall see, this madness with ultra low rates has been going on for a decade. If Powell does not stick to his guns and raise rates, then the Fed will lose whatever little credibility they have left. As for your comment on Biden, I would say worse than Carter, but better than Trump some would say, not much of a legacy for Biden either way with those comparisons. Carter at least was sincere, Trump is a lunatic. Biden 50 years in DC and this is what we get .
Eddie, first of all it’s illegal. All the hysteria about trump and lawlessness and not a peep from the left. Congress controls the purse strings. He sprung this bullshlt under the guise of covid emergency. Okay then why the fvck do we have an open border.
Second, it’s a twofer. The left now largely consists of coastal elite and people looking for handouts. That’s who gets the check. The working class gets bigger taxes and inflation. Also all the worthless activist degree holders get a bailout. They had been doing that already by repaying loans for government employees but this is for all of them.
Eddie, yes. I paid off my loans in 2004. Stupid. That being said, most of the morons carrying this debt, this is a joke. I know people with 250k in debt. 10k doesn’t even cover 1 years interest. Most of the people begging for a bailout are people walking around with 2 graduate degrees on top of their undergrad. A lot of them are MDs. The reality is, from what I see, maybe don’t drive a Beamer and stop getting the new iphone, and you’ve solved your problem right there. Maybe limit yourself to 1 major travel vacation instead of 2.
And the kick in the balls would be when the recipients of this $10,000 gift gets taxed because it’s considered income. What a f.ucking scam. The democrats violate every RICO law on the books.
Fast
Don’t worry. It will get worse, I bet To pay for it anyone with more than 20k in savings and investments in non retirement accounts will pay a 1% surcharge on those assets annually.
Does the loan forgiveness cover loans for tech and trade schools too?
As I understand it, and I am not familiar with the student loan thing as we paid for our guys, holders of Fed stud loan debt prior to the loan forgiveness announced yesterday, only had to pay 10 percent of their monthly disposable income to loan payments,courtesy of Obama. With Biden’s plan that percentage is being cut to 5 percent of disposable monthly income. Is that correct, or am I missing something?
3b
I think that’s correct. New monthly max is 5%. Now everyone with student loans can qualify for a bigger mortgage and get a new car. Kick the can a few more feet down the road of collapse.
I wonder how long before the percentage we pay into Social security and Medicare goes up to cover inflation and all the 60 something year olds who left work to avoid Covid.
Hold: Unbelievable! So how would one pay back the full amount that they borrowed with that type of payment arrangement? Is the loan extended?
3b
Think about it. You could go to school for 10 years on loans, have a great time, any amount in excess of tuition and board you could spend traveling or partying, and when you graduate you only have to pay 5% of your income towards your ten year party.
Hold: And after the 10 years, what happens to the remaining balance if there is one?
Maybe when I’m 65 or 70 I should go back to school. Take out student loans to cover my tuition and living expenses, hang out, join a frat, teach them youngsters how we did it back in the day, and only have to pay 5% of my income back when i graduate. I wonder if I could take multiple undergrad degrees for a decade.
3b
Don’t
Know. Is there loan forgiveness if You pay on time for 10
Or 20 years? Going back to school at 65 or 70 Would be a great way to subsidize retirement for those who age out of the work force and don’t have enough savings. Beats being a Walmart greeter.
If I was a powerbroker within the Dem party, I would push for as much college access as possible. If I am not mistaken, the trendlines point to getting a college degree as being correlated with voting D.
I don’t know if it is just correlation or causation, but I could see either being true. So, if I was the D’s, I’d increase the amount of the Pell Grant, increase how much FAFSA income a student’s family can have yet still get Pell Grant money, zero interest government loan for some portion of higher ed attednance, government-back a reasonable portion of student loans on top of that, pressure schools to cut cost of attendance by making government-backed student support contingent on certain caps on tuition and such, and the list goes on. I’d be pressuring the colleges to increase their enrollments, at least in leftist states like NY, CA, etc.
On student debt forgiveness . . . some cheers for people who get $10k off and a few more months of non-payment, but some jeers from (1) people who saved to pay for higher ed from pocket through parent savings, high school jobs, scholarships, and working while in college; (2) people who lived frugal post-college to kill down their loans to zero; (3) people still carrying loans but who make over $125k; and (4) people who chose not to go to higher ed due to the costs and opted for a different career path, etc.
Hold: You might as well!!
Chatter by market participants this morning is that Powell will send a hawkish message to the markets at Jackson Hole tomorrow.
3b
And if my application is turned down or I don’t get all A’s Or get rejected by the frat I can sue for age discrimination.
Hold: You have it all covered!!
Beer
https://www.youtube.com/watch?v=drpmyHAChWw
Juice
That was a great movie. Surprised it hasn’t been cancelled.
“Carter at least was sincere, Trump is a lunatic. Biden 50 years in DC and this is what we get.”
This is simply brilliantly accurate.
As for the 10K in debt forgiveness. Personally, I am against it due to the obvious moral hazard it presents. On the other hand, I thank the Lord it’s only 10K. The average college kid today graduates with over 25K in loan debt. And as we all know, it’s nearly impossible to get your college loan discharged in bankruptcy.
The truth is, at the end of the day, it’s about maintaining the current establishment’s power. The border remains open for the same reason Trump reduced corporate tax rates. To try to maintain power in DC. So before everyone starts bitching back and forth about the necessity of any new government program, ask not what it will do for your country, but what it will do to maintain the party’s position that has created it.
They are all the same.
Cousin who lives in Marlboro just had two catalytic converters stolen off his trucks, if you have a garage use it, it’s only going to get worse until the gangs are broken up again.
Lib: Just read an article about a group of older people who are pushing for student loan debt cancellation for 50 and over people. This woman is a 61 year old retired teacher with 70k in student loans. She finished her undergrad degree in early 90s and her masters 10 years ago. She says she has been paying these loans for years, and now she is going on strike and won’t pay anymore. She talks about older colleagues who went to school on the GI bill, and how fortunate they were. She also talks about the well meaning advice from people over the years on how to pay her loans back. But, according to her, they just don’t understand.
She graduated 30 years ago!! How much was a 4 year degree back then? She did her masters a decade ago, how much was a masters in teaching a decade ago?? I just don’t get it.
The thieves were busy down here last night ,and Barney Fife won’t chase and catch them either.
https://www.thejournalnj.com/articles/police-report-catalytic-converter-thefts-in-middletown-last-night/
Back to school was brilliant. So many clever tidbits like this one.
https://youtu.be/JHaBVNJQKZs?t=166
Before Rodney Dangerfield passed, I saw him at MGM in Las Vegas. For about 15 minutes, he rolled off the funniest one-liners I ever heard. I had heard so many of his already, but none of these were repeats. The place was literally rolling on the floor. Was the funniest 15 minutes of my life.
3b,
Not enough info. Where was she a teacher- pension or not? Divorced, widowed or single?
Easily could be an outlier. “Striking” isn’t going to help her. Time for a new plan.
Juice
NJ is a joke. Police don’t protect you, and the law doesn’t allow you to protect yourself.
Been down that road. F everyone who complains.
Now it’s their turn. I lived it with no help from anyone in the legal system. None.
3b,
She probably took more than the tuition. And has been making minimum payments. No excuse. I have a neighbor in his late 40s, has $250k outstanding debt. Scan twitter. Everyone loves to put letters after their name. I see people with MD, MPH clamoring for full forgiveness. I’m sorry, you went for 2 expensive degrees beyond undergrad and never held a real job. Too stupid to do math, but you have a masters in public health.
The rates on Social Security have been jacked up due to inflation, and probably more next year.
That bank is going dry.
So all of those “borrowers” getting the “10k” are working and paying into a system that isn’t going to be there for them, it’s a gift to boomer from them.
10k sounds a bit light especially since it’s boomer that made the cost of college go through the roof, and demanded that everyone have a bachelor’s degree to perform data entry or something silly like that. It was boomer’s game to weed out the “riff raff” that they thought was “inferior.”
Phoenix: Fair points. I went back and read the article she is a retired teacher on disability, no mention of a pension. She was married, now divorced.
So what does he do? MD and no real job? WTF
He can afford to live in your neighborhood how did that happen?
“I’m sorry, you went for 2 expensive degrees beyond undergrad and never held a real job.”
3b
She got shafted by legal. That’s all it takes. That or an illness.
People try to give me advice, then when all the cards are laid on the table they put their tails between their legs and head for the door.
Very few people will actually put any real thought into someone’s situation-their silly answers are usually superficial and boilerplate- till you point out the crap they refuse to look at- then like an idea light bulb it all fits and they shut their traps as they realize just how fuc ced you really are and they don’t have an answer for you any more than you do.
ArtI.S9.C7.1 Appropriations Clause
Article I, Section 9, Clause 7:
No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.
The restriction on drawing money from the Treasury “was intended as a restriction upon the disbursing authority of the Executive department,” and “means simply that no money can be paid out of the Treasury unless it has been appropriated by an act of Congress.”
Phoenix, different person. I like them, they are good people and I don’t even think they are looking for a handout. But they have dug a hole for themselves. But lots of people are.
But anyone with the title MD/MPH has never held a real job until maybe age 35, and their first job and last job is always, career bureaucrat.
“But anyone with the title MD/MPH has never held a real job until maybe age 35, and their first job and last job is always, career bureaucrat.”
Sounds about right. Most of the MD’s I work with are doing just that, working. Most don’t make the money that quack Dr OZ does, however. You give up a good part of your younger years to get those first two letters-its a nasty business where you don’t come up for air until you become an attending. Changed a bit in the last few years as it was considered a bit inhumane. I mean, we force pilots and truck drivers to take a break.
Phoenix: I don’t know what her story is, I am just going by what she said in the article, she is a retired teacher 61, on disability, divorced and owns a house. My point simply was/ is, how much was a 4 year college degree in teaching 30 years ago, and how much was the masters in teaching a decade ago. To your point there could be more information that she did not disclose. I am not commenting on whether or not she should or should not pay. That is her decision.
It would be nice however, to present the other side, those that may have sacrificed for their children and paid, those that took loans and paid, those that just go quietly about their lives and do what they have to do.
You would think if she owns her own house it went up in value enough to cover the nut.
Masters right before retirement? Why, padding the pension check? What are you teaching? Plenty of elementary teachers in NJ with masters plus thirty to pad their salaries and pensions.
Disability? Never saw much of it from the house I used to own, but where I am now I see plenty of viable workers home all day watering flowers they planted on a plot of land they don’t even own and seem happy as hell collecting government checks on a discounted apartment while I pay the full nut. Cat ladies by the dozens.
“It would be nice however, to present the other side, those that may have sacrificed for their children and paid, those that took loans and paid, those that just go quietly about their lives and do what they have to do.”
There are the people that did it right. To be commended.
There are those that just take advantage of everything, some that will be rewarded.
And there are those like me who tried to do it right and were torpedoed by the system.
As much as the 10k bothers some, what about the lawyers and executives driving 6k pound vehicles in order to write them off, what was supposed to be for a landscaper or farmer?
What about those of us who cannot buy an electric car with a 7.5k tax break cause we have no place to plug one in? That isn’t fair either.
Like I said it’s getting worse. A guy tried to stop a thief in Philly and was shot.
Today a woman lost her life in the Bronx over kids in stolen B MW filled with stolen catalytic converters.
“A woman was killed outside of Yankee Stadium early Thursday after her Mitsubishi was T-boned by a BMW X6 filled with stolen catalytic converters, police said.
Arriving cops found 12 catalytic converters in the truck of the BMW, which had no license plates. Cops were trying to determine Thursday if the car was stolen as well.”
https://www.nydailynews.com/new-york/nyc-crime/ny-woman-dies-in-bronx-crash-20220825-vcajm6yz5jd2bafvem2mla4afy-story.html
“She got shafted by legal. That’s all it takes. That or an illness.”
My family is a perfect example of this. If ever you needed evidence in the importance of having a huge rainy day fund, a decently funded 401K and most of your IRAs maxed out, don’t look past my families example.
Though our legal issues are not yet resolved. We are at fourth and half an inch. I will share the moment it is resolved. So I know owe you all our legal nightmare and home sale nightmare.
It’s really a good thing we lived our lives frugally and saved like motherfuckers. We’d be homeless if we didn’t. Trust me on this on.
So when your kid tells you he needs to drive a 75K German car and has to have the $1500 iPhone, refer them to me. The guy who was deemed eligible (and most would say, was right) to buy a million dollar home in 2004, yet drove a $12,700 Honda Civic until 2015 and lived in an owner occupied multi until the Summer of 2012 instead. These decisions saved my life. No amount of features in my BMW could ever have been worth it.
Catalytic convertors are disappearing from cars in peoples driveways around here as well. Know of two this past week from Facebook. Glad I got rid of my Xterra. That dumb truck had four of them.
Phoenix: Agreed. But, this 10k/20k forgiveness thing hits closer to home for many. One would have to be living under a rock to not understand there is one rule for the wealthy, and one for everyone else. People are resigned to that. This loan forgiveness thing is much closer for many people.
“ Market Guru” Harry Dent blames Fed for biggest asset bubble in history, and sees 40 percent decline in stock market and economic depression.
Specifically, Dent sees the NASDAQ down 40 percent.
3B,
I put 20% down on my multi in late 2004. Everyone who put 5% down on their homes around the same time up until the collapse of real estate in 2007, who mailed in the keys, did not have to deal with any repercussions from their decision. As a matter of fact, most of that jingle mailed inventory did not work through the courts for three to five years afterwards. In that time period, you would have been able to save $100K easily to put down on your next home buy living mortgage payment free and saving what you would have paid. This 10K is a pittance compared with the bailouts from 2008-2013. My life has been filled with ass rape for doing the right thing. I learned my lesson from the subprime debacle.
Here is your advice:
1. Keep your credit score spotless so you get advantageous rates.
2. Always make the minimum down payment that does not trigger any insurance or penalty.
3. Never pay anything off early.
4. Never refinance to a longer term, though it’s okay to refinance to a lower rate as long as the term is not extended.
I’ve never paid more than 0% for a car loan.
I am still getting 0% credit card offers with no fees. I ALWAYS take advantage of them. Just don’t max out your borrowing as it will affect your credit.
Credit is always reparable.
Make every decision as if the governments got your back.
There is no morality in paying cash or in full. No one is going to help you when you pay something off.
Debt is good.
Lib: All fair good points the housing mess on 2008 was a mother debacle, I was bitching about that as well. All these people crying saying their mortgage broker told them they could afford it, blah, blah. Give the keys back take the hit, to the credit and then buy another one. What a country! Doing the right thing is for fools!!
As for the 0 percent credit card offers, I am still getting those too. Surprising in this environment, but might have to take you up on your advice and bran it!
What’s the danger. Credit card debt is dischargeable in bankruptcy. In the real world, you would be better off putting all of your college loans on credit cards and declaring personal bankruptcy when you get out and claim you can’t find a job. Then, work off the books saving for your home down payment until your credit is healed. Just make sure you find a solid place to rent before you ding your credit.
Perhaps I DID belong on Wall Street?
There was a profile on a couple circa 2007. Somehow secured over $500k in credit from various stores, I guess every store. Then consolidated it into a home loan and defaulted.
BRT,
I have close to 400K in credit card availability and that’s without every requesting increased credit allowance. If I did, I’m sure I could get that number up to 600K. The only store I have a credit card for is Kohl’s. Otherwise, one airline card (for the free bags and passes) and the rest are all Visa, MC, AMEX and Discover cards all directly from banks. I got rid of my Firestone card when they did me a dirty trick. Found a better shop anyway and do my oil changes at a great place run by a car wash. Place is mad thorough too. Only wish they did brakes.
Reasonable advice Lib, given the Dems continuous assault on the principles that made this a great country: hard work, personal responsibility, frugality, living within one’s means…But the peace of mind that comes with being debt-free (or close to it) is priceless, so at the end of the day I still advise anyone that’ll listen to ‘always be, debt free’!
Trump? Personal responsibility?
The master of bankruptcy?
Firestone card is worthwhile for tires. Especially if you are on the road a lot.
For $20 per tire you get replacements / repair no matter what happens to them or how they get punctured. I can pull into any Firestone anywhere and have a tire repaired / replaced due to road hazard damage.
Construction sites are hell on tires.
Card gets you some amazing discounts. I just have my principles.
I also watched a car drive off their lot where they forgot to tighten the lugnuts and the wheel fell off (well, not off completely, but the wheel well was destroyed with the tire).
Ever since then, I always check my lug nuts when brake or wheel work is done before driving away.
Libturd says:
August 25, 2022 at 1:18 pm
1. Keep your credit score spotless so you get advantageous rates.
2. Always make the minimum down payment that does not trigger any insurance or penalty.
3. Never pay anything off early.
Lib, disagree with 2 and 3. My Credit score is 850 ( the max from what I understand) I have ALWAYS overpaid on my loans , mortgages and any other bills. I owe zero except on house I live in ( I owe $40,000 @ 3.75 %). The great advantage to having everything else completely paid off is when you close you get a monster check.
I had a loan on a foreclosure @ 16% from AVCO finance( Thanks Paul Volckler) that I paid off in 5 years, I put every spare nickel into that loan. Fixed it up and doubled my money plus. I have bought and sold houses and have been to over twenty six closings. Cash is KING and will always be. My partners are the Fed and State of NJ who always takes their share of all the money. With your first sale coming you will understand what I am saying soon enough.
Phoenix,
In your job do you think people with no college education could do as well as you, on average?
Jim,
A few thoughts/questions
The cost of borrowing vs where else you could have those funds deployed needs to be evaluated. Depending on how the ownership of the rental property is structured, insurance, etc., it could be beneficial for liability reasons to not have a free and clear paid off asset. You implied you paid a lot of taxes on the sales to the govt.; could any of that have been mitigated by not paying off the loans as quickly? (e.g. making more each month and taking the proceeds and investing elsewhere… or was the effective tax rate in that scenario higher than on the cumulative capital gains from the sale)
Jim, you are in a unique situation where it may or may not have made sense for you to pay off your loans. My Foret into real estate investment is thankfully near an end.
And yes I’m familiar with the real estate transfer tax. I should’ve put the Home in my brother-in-law’s name, for he’s disabled. They offer a significant discount for them.
Phoenix,
In your job do you think people with no college education could do as well as you, on average?
First, no, cause they would never be hired at all.
Overall, the answer would still be no because even with on the job training there is theory you need to know that allows you to understand why you are doing what you are doing.
But there is a point of diminishing returns where additional college education is not necessary in my career and many other careers. Sure there is physics involved in cooking a Chicken McNugget-but there is no need to get a physics degree to understand the specific gravity of cooking oil for you to work at McDonalds as a fry cook.
One would have to be living under a rock to not understand there is one rule for the wealthy, and one for everyone else. People are resigned to that.
Well, if there is one thing people should be protesting about maybe that should be it.
A 10k giveback to the youth is a drop in the bucket. Granny’s house tripled in value. She can afford it no matter how much she cries poverty.
Pension, lifetime health benefits, Social Security and Medicare fully funded, – feel free to bring them back- you can have your lousy 10k.
joyce says:
August 25, 2022 at 3:30 pm
Joyce , for me it worked having all the buildings paid for, it increased my cash flow and kept my war chest available for additional buildings. Also giving me peace of mind. At the height of my ownership I had 25 units and over $18,000 a month cash flow , but real estate taxes were over $70,000 per year. I also had a construction business at the same time, looking back it was grueling but I enjoyed it.
The taxes that I am talking about were from capital gains, all your write offs over the years were great, but when you sell you are taxed on the cost you sold it for. Some buildings I had for over thirty years. It was painful especially when I sold two buildings in one year.
I remember answering a letter from you about 15-20 years ago if I thought you should purchase a multi unit for yourself , and I advised you not too. I still stand by that, I have been attacked 2 times but tenants and been to court to evict tenants 7 separate times. Fortunately I was strong over 6’4′ and 240 lbs, today@ 70 you could knock me over with a wet noodle. LOL.
I would not change the way I did anything, it worked well for me. If nothing else my kids learned to have a great work ethic , and are not afraid to work.
Lib, It is not the transfer tax that is the problem, capital gains will get you.
I do have one 4 unit left, which I will keep for a few more years to enjoy the write offs, If I can keep it until I die the tax will be minimal to my kids. The value will be what it was worth the day I die. They already know to sell it ASAP, hopefully right after I am cremated. Today it is worth about 575,000, ten years from now??
The capital gains will be interesting. This is the last year that I will paying massive medical costs. This puts me in a much better tax situation than most and also was a factor in me selling. The multi has been empty since April, so not much rental income and this too will be offset by a bunch of the improvements that I made. Medical costs will be 6 figures, and have been for the past six years. It ends this year.
Like I said earlier, my family would have easily been homeless if I did not choose to live the way we have.
Also, I feel like I am on the Covid mend already. Not sure if it’s the Paxlovid, the Quercetin or the Zinc. But I’ve always had a disgustingly high tolerance for pain and so far, this Covid is feeling more like a serious sinus infection and a lot less like the regular flu. Twelve hours of sleep might have helped as well.
Tom0rr0w, I head down to the Borgata to isolate for three more days. I want to stay away from my family and there they will bring me three square meals a day (have 2K in comp) and I don’t have to share the bathroom. They have contactless check in with the digital key as well. Going to leave here by noon to avoid the traffic. I’ll self park so valet won’t be at risk either.
Lib,
Those write offs, tank removal, asbestos removal and all the things you did to clean it up for sale , will certainly help with the tax pain.
Enjoy the Borgata, and be glad you still caught this crazy market. Get well!
Phoenix: Some of these getting the 10k are not youths. A married couple with a 250k income are eligible for it too. I blame the boomers for a lot and have been saying it for years. But, not all Boomers are bad. You want change, stay home on Election Day, like I do. Lots of other ways to peacefully protest too, but most myself included won’t do it. It’s up to the younger generations, but they won’t do it either.
This cop should be fired. His ego trip could have killed a pregnant woman and her unborn child. I hope the couple sues and demands he is fired as part of the settlement.
https://www.dailymail.co.uk/news/article-11146651/Pregnant-woman-doctors-feared-miscarry-STOPPED-going-ER-cop.html
The cycle time between R hypocrisy is getting shorter and shorter.
Congresswoman Marjorie Taylor Greene had $183,504 in PPP loans forgiven.
HMB,
They are doctors now. Control freaks. High bp / pregnancy could be pre-eclampsia.
Personally seen them stroke out. Baby ends up with brain dead mother.
Cops called the rescue squad outside the hospital? I despise lawyers but I hope they sue and sue hard. Taxpayers sit at home eating bon-bons and keep accepting this as normal they get the tax increases they deserve from all of these lawsuits.
Here is another one. Witness says man was doing nothing when attacked.
https://www.youtube.com/watch?v=vHXaSkmASIM
It’s all ego. If you’re in the car, they want you out “for their safety.” If you get out of the car, they want you back in the car “for their safety.” They have to give orders, no matter if those orders actually do anything productive. Actually, I forgot… it’s “for your and my safety” the cops say nowadays. I wonder what marketing expert gave them that line. It’s said by cops all over the country.
Hold my beer says:
August 25, 2022 at 7:27 pm
This cop should be fired. His ego trip could have killed a pregnant woman and her unborn child. I hope the couple sues and demands he is fired as part of the settlement.
A disastrous PPP program giveaway is not a sound argument to forgive student loan debt.
A disastrous PPP program giveaway is not a sound argument to forgive student loan debt.
Maybe not. But still points out that the Sea Haag is a hypocrite. She could give it back, right??
Americans:
When a disastrous giveaway benefits an American, they will overlook it and stuff every last nickel in their pocket.
When a disastrous giveaway benefits someone other than themselves, they braid their hair into pigtails and cry like little babies.
What the federal government should do is $10k off everyone’s student loans, and $20k to those who already paid them off. Hows that sound?
Would be a great incentive. Stop dreaming with 3B.
What the federal government should do is $10k off everyone’s student loans, and $20k to those who already paid them off. Hows that sound?
Sounds like it ain’t gonna happen.
Silly Americans thinking anything in this country is based on fairness or morals.
I’m well aware that this country is not fair, never was. But the cohort clamoring for this 10k handout, I’d love to hear their opinion on my proposal? Would that be unfair to them?
Meanwhile 16% of American households are behind on their utility bills.
https://www.dailymail.co.uk/news/article-11146783/Record-20-MILLION-Americans-power-bills-face-cutoffs.html