Offbeat Signs Of Possible Financial Desperation
Readers suggested a topic around economic signs. “Offbeat signs of possible financial desperation. 1. At work yesterday, I heard the people running the social club (which theoretically operates on an cash-based honour system) discussing one person who was into the club for over $300 in IOU’s.”
“2. The weekly duplicate I attend at the local Bridge Club has seen a significant drop-off in numbers over the last year. There’s a quiet belief that some pairs are playing rubber bridge at each other’s homes to avoid the fees.”
One added, “We know that stores like Home Depot and Lowes are empty and having problems since they are directly related to housing. But what about stores that aren’t related to housing in any way?’
“Recently, I have had to buy some new clothes. In two stores I go to, both were empty when I went. Both of them are also running a lot of buy one shirt (or pair of pants, etc.), get the second shirt (or whatever) 50% off deals. This is in addition to the $20 off coupons they sent me (which I have never gotten from either of them before). The whole thing reeks of desperation on their part.”
One had this, “Usually Borders and Barned & Noble are busy on weekends, but a few days ago they seemed a little quieter than usual. Macy’s is dead. Catalog stores are sending me sale emails every day of the week. (Probably because I broke down and bought a few things.)”
Another posted, “I work with car dealerships and times are sure tough for them. One service department went from seeing 140 new cars everyday two months ago to an average of 70 new cars daily. The sales department just can’t seem to get the suv’s and anything priced over 30k off the showroom floor. The traditional cliente of said dealership are 100k+ annual income types.”
One on groceries, “I went to the local Kroger today around lunchtime. It was deserted. It was like being there in the middle of the night. When I went to checkout, I was the only person there, all of the lines including the self check out were empty.”
“This week I was also in one of the upscale northern burbs. A new ritzy non-anchored retail center called The Avenues had just opened. It looked to be about 90% leased. But within a 2 mile radius there are at least 5 brand new unanchored retail centers that are completed with no tenants. I’ve never seen even one new retail center in the Atlanta market that was not immediately leased up.”
“And scariest of all, there are now green & white government signs posted on Hwy. 9 in Roswell ( another upsacle area) to direct people to the North Fulton County Food Bank. I guess this is where all the former Kroger shoppers have gone.”
The Orlando Sentinel from Florida. “The auction of the remaining 20 or so office condo units in the north and south towers of The Plaza in downtown Orlando went more slowly than many expected Thursday, one more sign of the stagnant real estate market.”
“Most of the suites that were sold range from 2,600 to 3,500 square feet. The three largest, priciest units on the top floor of the south tower went for $150 per square foot. They were originally at $265 to $285 per square foot.”
“Other units generally sold during the auction for $141 to $147 per square foot. ‘These are prime locations,’ Lori Chipps said, urging bidders on, sometimes dropping down to $1 per square foot increments when the bidding slowed. ‘This is an unbelievable deal.’”
The Asbury Park Press from New Jersey. “Little Silver resident Bruce Jennings has had his four-bedroom house on the market since December. He started by asking $489,000. He has reduced it several times to its current price: $449,000.”
“Prospective buyers have attended open houses, but, so far, no serious offers have come in, he said.
“‘There seems to be people going around, kicking the tires, but since the market has been declining, they are offering very, very low numbers to try to ’steal’ one as opposed to coming in with comparable sales,’ said Jennings, a senior loan officer at Allstate Mortgage in West Long Branch.”
“The economy may be one reason his home has not sold yet, he said. ‘My house would be perfect for a young couple, or young couple and a child, but they don’t want to take on the financial obligation of a house right now because they are afraid of the economy.’”
“Jim Brown, executive VP at USA Financial Services in Spring Lake Heights, said the market is seeing so-called ’short sales.’ ‘There are a lot of homes that are for sale that people are just literally trying to get out from under their mortgages,’ he said. ‘They are solid citizens, but they are not willing to wait the risk out. They are having trouble paying their mortgage and they are trying to sell.’”
“Lawrence Vecchio, a broker in Middletown, estimated that 10 to 20 percent of the deals at his company are ’short sales. ‘In most cases, they (the banks) are taking it because they want to get it off the books,’ he said. ‘They don’t want to go through the foreclosure.’”
The New York Times. “Robin Sotire thought she had a financial plan all worked out when she moved from Arizona to Connecticut in the summer of 2006 to handle her mother’s estate and care for an elderly aunt. She was going to sell her house in Arizona, fix up her mother’s three-family home in Stamford using home equity loans, and then sell both houses.”
“With the profits, according to her plan, she hoped to pay off a $645,000 mortgage she had meanwhile obtained to buy her dream home in quiet, rural Redding.”
“But Ms. Sotire’s dream soon deteriorated into a financial nightmare and has turned her into a statistic in the national foreclosure story. The self-employed healer and metaphysical mystic is in at least $1.6 million debt and facing foreclosure on both Connecticut properties. After taking out a combination of first and second mortgages, refinances and home equity loans on all her properties, she plans to file for bankruptcy.”
“Ms. Sotire financed much of her debt in 2005 and 2006 through ‘no doc’ loans, where she didn’t have to verify income. She said brokers seemed satisfied when she told them what she believed her potential income to be, based on a certain number of clients she estimated she could see each day.”
“Though she had more than $500,000 of first- and second-mortgage debt for the Stamford loans, and still owed $149,000 on the Arizona house, she went ahead and bought the Redding colonial. She said she even used some of the money from the mortgages and equity loans for a $70,000 down payment on the Redding home.”
“Ms. Sotire expected the profits from the sales of the two homes to pay off most of her mortgage for the home in Redding.”
“Jack Scherban, a Stamford lawyer who represented Ms. Sotire on the closings of several of her loans, said he cautioned her that she might be in over her head. ‘It was piling on. I said, ‘Are you sure you can do this?’ but she definitely had a plan,’ he said. ‘She’s very strong-willed and she was going to go through with it.’”
“As she juggled the Stamford and Redding properties, Ms. Sotire fell into a cycle of refinancing to get cash to stay afloat and avoid the steep increases of adjustable rate loans. She said she was unable to work as a healer - she is certified as a master in the Reiki technique - because she was so busy juggling all her responsibilities.”
“Even though she knew it was a risk to buy the Redding home before the other properties were sold, she said she needed a quiet house where she could work.”
“‘At times I was robbing Peter to pay Paul and was amazed when I got mortgages, but I really thought I’d be able to pay everything,’ she said. ‘When houses didn’t sell, everything spiraled down. Looking back, I’m smarter and would do things differently.’”
“Offbeat Signs Of Possible Financial Desperation”
Garage sales have always been popular in my hood, but they have lately become all the rage. Yesterday our next-door neighbors held one, and afterwards they made good on their debt of $100 in gas money they borrowed from us a couple of weeks ago. Seems their stimulus check is delayed for some reason…
In my neck of the woods in Western PA, you can judge by the 4-wheelers(ATVs), Motorcycles, Boats, Cars and Trucks parked at the end of driveways with for sale signs on them.
It looks like the pain started hitting my area a year ago, and has continued unabated ever since.
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There is so much excess stuff out there that there will be a big Demand Destruction for new stuff, which means cut back in production (abroad, mostly) and jobs related to new purchases. We probably have 3-5 years worth of excess stuff that needs to clear. Tough economic times do their job of cleaning up.
Jas
Around Winchester VA (outside the Northern Virginia blast radius, haha) I can’t drive more than 5 miles along a rural road without seeing some Ford or Chevy or Dodge truck for sale. Haven’t seen many Toyota Tacomas for sale, though there’s a decent number driving on the roads.
There’s a fair number of offroad 4×4s/ATV’s with price tags in driveways too.
Foreclosures in and around Frederick County VA are pushing a 35% drop from high prices in summer 2005, and nobody’s buying yet in any numbers.
‘The economic downturn is putting a new twist on spring cleaning. Tamme Wisinski discovered how much unnecessary stuff she had amassed after losing her job in January. Looking to raise some money, the 36-year-old Chicagoan began going through her closets, discovering clothes and books and jewelry that she says she “went nuts purchasing” before she found out that her company was shutting down.’
‘In the past, I’d go crazy,” said Wisinski. “Instead of buying one top, I’d buy several in different colors. Or if it was on sale, I’d buy it whether I needed it or not. Now I’ve learned to be much more reasonable about what I need and don’t need. Even after I do get a new job, I’m going to be a little more reserved in my spending than in the past.’
‘Even after I do get a new job, I’m going to be a little more reserved in my spending than in the past.’
I say that every month. and every week I find more lime green tops and sweaters at the local DAV.
Went for sushi last night and no boomers were there. I thought I was at a night club for co-eds. All young people. They must be renters!
Last winter I was noticing the couples often weren’t wearing wedding rings, suggesting that the pricier restaurants I eat at (not so frequently these days) is being populated by people on dates, not families. But I live in a summer tourist mecca, so the restaurants are getting much busier now and not reflective of the local population.
Cousins subs…I stopped of some for a sandwiches the other day. I had some of those mail out coupons.
It is usually packed and at a good location.. Only me an one other customer who called in for a pickup at lunch time. My buddies and I always leave the kids tips in their tip jars.
The girl gave me two “summer 50% OFF” coupon for any purchase the next day and the manager gave me enough year long “Buy Two get one Free” variety coupons to feed a platoon of starving paratroopers month.
My buddies and I HOPE that they don’t go out of business any time soon
Local sushi place on the Upper West Side. Good food. Not a chain.
Four coupons in the mail yesterday.
This hood be hurtin’.
Most of my neighbors are moving out. Some have barely been here a year.
Police order of eviction on one door (and this is a rental!)
Good sushi on UWS? Neo, or a more classical place I’ve not seen?
Classical. Relatively recent.
Mid-70’s. There are two or three reliable ones.
..Even after I do get a new job, I’m going to be a little more reserved in my spending..
I sincerely doubt that. These people have learned and will learn nothing from the experience. When the money is good again, they will blow it off again. When credit is available the same FBs will over extend themselves again.
Being frugal and financially responsible requires an appreciation for the many benefits of the lifestyle. We absorb this stuff as kids at home or, chances are, never.
You should see the really E color VVS2 .92 ct. diamond I bought two weeks ago for $475 from a FB on Craigslist. I still can’t believe it.
that was one hell of a deal .. i guess you had it appraised and the guy didn’t find a microscopic laser-cut ID number pointing to a stolen ring..
I’ve been window shopping a motorhome for about 6 months.. but what i want is still very high-price sticky. Oh well.. no hurry.
Yes, it had a laser ID which matched the person who sold it to me. Sad.
Did you buy it with your stimulus check?
Ha! What stimulus check? I haven’t gotten any of the past 2 or 3 “stimulus checks.”
txchick57,
Can you help put that $475 price for the E color VVS2 .92 ct. diamond in perspective for those of us who are not familiar with diamond pricing and what all that means? Is that something like 10 cents on the dollar compared to retail? Ol’Bubba’s clueless here.
Thanks.
yeah, maybe 15-20c on the retail dollar. Diamonds have gone up in price since this one was bought originally in 2000. Once you get over a carat in very well cut one, the price really jumps.
Ha! What stimulus check? I haven’t gotten any of the past 2 or 3 “stimulus checks.”
Maybe the FED thinks you’re one over stimulated txchick ?
Joey:
If you look at spending as an investment, then that changes your outlook. I think nothing about buying 50 cd’s at a time because i can make money as a dj. I want a $2500 laptop with Final cut Pro, and 2 wireless cameras, because i know i can make money going into clubs and taping editing band videos and making on the spot dvds. I drive a 12 year old station wagon, because what do i really need a new car for?
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I sincerely doubt that. These people have learned and will learn nothing from the experience. When the money is good again, they will blow it off again. When credit is available the same FBs will over extend themselves again.
aNYCdj,
Quick OT question. Someone told me older good quality turntables have some value. Is that true?
Yes Dual 1019’s, lots of people still need to record their 78’s to cd Thorens Empire AR turntables, are still rare collectibles… Kenwood with the concrete base, Older technics 1500’s 1600’s with the arm on the same pivot as the platter they move together eliminating skipping as you walk across the floor…Avoid the Technics 1700 1800 mk2 mk1’s are pretty good the 2’s well suuuck but people still try and sell them as a high end product
The problem is weight even the technics 1200 weighs 32 lbs, so shipping coast to coast is double and triple what it was 5 years ago….so i encourage a local pickup, also it means you can bid higher then anyone else since there is no shipping boxing etc.
You really should have the cover and a working stylus too.
aNYCdj,
Thanks for the info. It’s my turntable from the mid-70’s and has a cover and a stylus. I have no clue what model it is, I just recall it’s a technics. My ex-wife found the turntable boxed up in her house and I’ll be picking it up in a few weeks, along with some records. I think it’s direct drive, not belt driven. I find it hard to believe it’s worth much. Hell, this is 30 years ago when I was in college. Didn’t get a lot of use as I recall.
aNYCdj: I want a $2500 laptop with Final cut Pro, and 2 wireless cameras
what kind of cameras? my son does video of minor hockey games. I assume you do post-editing so that you don’t do fades between the cameras?
I don’t know about that. I lost my job and was unemployed for 6 months after the tech crash, where I got in touch with my frugal self and learned many valuable lessons about finance and savings. I was a spender before losing my job, but at 24 years of age and just 2 years in the working world I wasn’t pulling in a whole lot either. Well, now I am quite grateful I learned that lesson early and have since worked hard to pay off all debts and mass up a big pot of savings. I gotta thank this blog too, I’m set for a couple years if the economy really falls apart.
Turn in a Cook..and make money. I just wish this happened for the Wall Street Criminals
http://www.nytimes.com/2008/05/18/us/18crimestopper.html?no_interstitial
Professor,
You’re in a high fluting hood. Your neighbors are borrowing gas money???
It is sad but true.
That would make George Bush unhappy. The most important thing is money for the so called war and defense corporations.
Yeah, Macy’s and Nordstrom, those old war corporations. *rolleyes*
Don’t know how “so called” the war is — the Twin Towers certainly no longer exist. Seems real enough to me.
What did 9-11 have to do with Saddam? Oh, wait, I forgot –Saddam and Osama are one in the same person. And we already caught him –my bad. And Obama is his brother.
I *love* having a garage sale…people take away your junk, and then pay *you* money. Also, craig’s list has been a Godsend for us as well. We’ve been trying to downsize our junk and clutter, and it’s great to know that things won’t end up in a landfill, and that you get a little extra cash in the process.
The process goes:
1. Can you garage sale it or craig’s list it? If so, do it.
2. Can you donate it? If so, do it.
3. Is it not hazardous? If so, dump it in the rented trash bin.
The feeling of downsizing all of that cr@p is phenomenal.
4. If you can’t donate it, put it outside with a free sign. Some one will pick it up.
In Albuquerque, NM, the “free” sign is not required. Outside is enough.
The best way of getting rid of junk is putting it outside with a “for sale” sign. Goes within minutes……
I went to Jiffy Lube on monday and I drove right in. All hands were on deck and my car was done in 8 minutes. No other cars around.
“She said she was unable to work as a healer - she is certified as a master in the Reiki technique - because she was so busy juggling all her responsibilities.”
These healers pull in one grand for a series, perhaps more.
What do these healers “heal”?
Can they cure cancer? Can we do a double-blind study for FDA approval? Do their vibrations in harmony with the universe allow them to pay the bills?
Tune in next for the exciting answers to these questions.
Deep Tissue massage.
Anger filtration.
Calm Center balancing.
I got “Hellered” once and the guy massaged my pelvis, my rib cage, my arm pits, my nasal canal and my tongue! It cost big bucks but it healed my tendonitis.
Anger Filtration?
Is that like a Brita Filter™? Can we market it and make mega-bucks? Does it come in pretty colors like cerulean blue and fuchsia?
sounds kinky. Did he look like this?
http://newyork.craigslist.org/mnh/m4w/678977569.html
Chick, I almost emailed him my mother possum photo I took here. She has twelve babies on her back and tummy. May I send you a copy? Anybody want to see the babies?
I just killed a wood spidar. I’m still shakin’
He was a model? For who Spock? The clown has pointed ears.
You had tendonitis in your pelvis?
That was hilarious implosion, the tendonitis was in my bra!
I’m not much for alternative medicine, but the rolfer cured an ankle issue in one visit that three trips to the orthopod had done nothing for. Rolfers stretch your fascia, or claim to. I guess, having had it done that I’m willing to believe that they do. Not cheap, tho, so possible this woman, per client, could have looked impressive on the income side.
She’s going to heal herself with a non-exciting, non-mystical bankruptcy. Just another value the FB data.
Appears they don’t do well at curing defaults
I’m seeing the same thing at the grocery store. Went to Stater Bros yesterday at prime shopping time. The place was dead. Had the same experience at the Target across the street. People are cutting back in a major way.
Looking on Craigs List for a fun convertible for the weekends…taking my time as prices are falling on the HELCO car purchases..no rush..
Stores very quiet in the area, new Wal Mart on HWY 9 up by Milton, not very busy for a nice new store…lots of shopping centers going up but without tenants..some new ones just built still empty months later…
Thrift stores hopping, lines, and new types. More middle class.
Other stores empty. All sales. All smiles. “We have some great deals today.”
Scary. And just beginning.
Bay area.
My mother is a reiki master!
Already reported, but here is a FT article which discusses two broad-based indicators of U.S. financial desperation:
US consumer confidence at lowest since 1980
Single family housing starts hit fresh low - 16:15
“Some economists remain optimistic about the outlook for spending because US consumers began receiving the first of more than $110bn in rebate cheques at the start of this month.”
Paulson cites housing as ‘biggest risk’
By James Politi and Chris Bryant in Washington
Published: May 17 2008 02:02 | Last updated: May 17 2008 02:02
Hank Paulson on Friday said that housing remained “the biggest risk” to the US economy, as new data showed construction of family homes dropping to the lowest level in 17 years.
Wonder if Hank reads this blog. Doubtful he made that brilliant deduction on his own, given the kind of advice he is likely to get from his sycophants.
This blog provides a potentially valuable service to policy makers, as I get the impression that most who post here don’t give a flying fark about who is offended by their takes on the situation at hand. The license to offend promotes honesty.
I thought the most compelling thing about the article was a link in the article stating that http://www.ft.com/cms/s/0/02a1c460-2286-11dd-93a9-000077b07658.htmlJ, indicating that the weak dollar hasn’t rescued export sales. This can only portend some serious job layoffs down the road for the widget makers.
Those “get rich quick” infomercials have changed! Now it’s “Get Rich Quick on Foreclosures!”
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“Get Rich Quick on Foreclosures!”
Must be working because most of the foreclosure buys seems to be from invesuckers. Appeal of Get Rich Quick seems eternal.
Jas
Of course it’s eternal.
Get rich without doing a damn thing is the real #1 American dream. Home ownership as the American dream is probably a distant 3rd (after #2, nailing Jessica Alba)
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And who is Jessica Alba?
Jas
Hollywood bimbo, now pregnant.
somebody achieved the dream
I’m female and hetero, so banging Jessica isn’t number two.
Maybe Gerard Butler (were I single).
I’m male, but I had one of those ‘gay weddings’ and I don’t know who Jessica Alba is.
self-employed healer and metaphysical mystic
Wtf? Maybe next they will start giving loans to cartoon characters.
And may I be the first to say: Metaphysician, heal thyself.
“…start giving loans to cartoon characters.”
I would. They have far more steady and secure income.
Jas
watch out for the magic bosses…they know how to make jobs disappear.
You would have thought she would have known how the story turns out.
Her income was ‘Mystical’ in the end
Last year, the vending machines at the shop would typically run out every week, and I would call them to fill up the machines, then the prices went up 30%….now, they only come around once every two weeks, and then its only a handful replacement crackers, cookies, and chips.
Have not had the pop machine filled in over a month.
Worrisome microcosms, are we seeing what we want to believe is a slowdown, or is the overwhelming anecdotal evidence pointing to consumption behavior rapidly slowing?
consumption behavior rapidly slowing ??
As a wave change ?? I have my reservations particularly when I watch my son & the dozen or so group of his friends….If they got it they will spend it is what I see…Oh, by the way, they are all in their late twenties and early thirty’s…I coached all of them for many years and we are all still very close…
And one more note; None are married yet….
Front page story in today’s Waco Tribune: Handgun sales and concealed weapons permits are going way up due to “uncertain times”
This is Texas. The solution to pretty much every problem involves firearms I guess:
http://www.wacotrib.com/news/content/news/stories/2008/05/17/05172008wacgunlicenses.html
Hey, UZI does it!
RE: UZI does it!
I’ll take one of those Saiga auto .12 gauge with the 20 round clip. It’ll clear a parking lot.
Almost impossible to find gun dealer with stock.
One shot, one kill - environmentally friendly.
The Terminator: The .45 Long Slide, with laser sighting.
Pawn Shop Clerk: These are brand new; we just got them in. That’s a good gun. Just touch the trigger, the beam comes on and you put the red dot where you want the bullet to go. You can’t miss. Anything else?
The Terminator: Phased-plasma rifle in the forty watt range.
Pawn Shop Clerk: Hey, just what you see, pal.
~ Terminator (1984)
I don’t see how Texan’s manage it. A Bible in one hand and the gun in the other…when they go to the crapper
People cling to guns and religion.
It’s the bad economy, you see. They never liked guns and religion when times were good…
“People cling to guns and religion.”
It’s what happens when your jobs and community disintegrate.
One look at the middle east will confirm that.
Kent - just this week a friend of mine told me about an acquaintance out of state who drives a pickup truck and in recent months was receiving a lot of road-rage hassle. He installed a gun rack in the truck - no gun anywhere in the truck - and hasn’t been hassled since.
An armed society is a polite society.
There was a science fiction short story about all the citizens being armed. Part of the story covered how polite everyone was to each other.
Re: armed = polite.
That was Robert Heinlein, “Beyond This Horizon” iirc.
Could look it up, but laze prevails.
I looked it up. Your right mjc. Thank you.
The local Tampa Bay area news reported yesterday about two Mexican nationals found shot dead in the streets of Dade City, a (formerly) pleasant rural Florida town with charming older Florida houses in tree shaded neighborhoods. To be fair, the part of Dade City where this happened is called “Tommytown” and is considered “the wrong side of the tracks”. The ex and I nearly purchased a house in Dade City in 2000, except when we found that the house was just about on the border of this neighborhood, we lost interest quickly. Tommytown has always been an area of mischief, drug dealing, etc. But finding two dead bodies in the streets is over the top for this quiet little town. It’s not like it’s some back alley in LA or Miami, or a local swamp or even the depths of an orange grove (another popular dumping ground for bodies in FLA). Yessir, so much for small-town Florida charm. That won’t be much of a draw for Dade City now. Other than agriculture and antiques, that’s about all it had.
There was a 22 year-old girl murdered in my subdivision last week, on the commons right by where we used to walk the dog. She was out late at night with her ex-boyfriend, or was tracked down by her ex-boyfriend ( 2 different stories ), and he did her in. An interracial break-up situation, evidently. Terrible for the family and gr8 for home values around here.
Well, I had to chuckle when I read Hoz’s posting about taking a test-drive in a new car b/c the dealership was offering $5 Walmart gift cards to anyone who came in for a test-drive….sure smells like “financial desparation” to me, hoz…
What I want to know is what Hoz bought with that $5 card?
On a similar note, I was perusing the local BMW website for a possible “pre-owned” (ahem…. used) model and was pleased to see a HUGE number of cars available - especially recent models.
AND, the dealership is offering to make the first two payments. So, it seems like they’re getting a lot of second hand stock IN and not a lot of it is moving OUT.
Brother in Law wanted a Ford Shelby Mustang when they first came out. The dealer had the car roped off in the show room, no touching etc. “These will be collector items etc”.
Price: Car $45,000 Dealer Add on: $40,000
Fast forward about 1 Yr. Mustang Shelby sitting outside price $45,000. Carsales man: Just live for the moment, dont worry about the slow down.
My nephews learned a great lession.
Who’s going to buy those domestic gas pigs in these times? I think the answer is clear. In fact, I saw a guy on the local news who said he was going to mothball the Shelby due to the prices at the pump. The people for which gas prices are non-issue won’t mess around with a piece of crap Ford. They’re thinking Italian.
I saw an article yesterday that said used Geo metros and the like are selling for 15% more than last year. Not many cars appreciate like that.
There is an article in today’s Chicago Tribune about the price of gas, etc. Apparently the station owners now make more money on a can of soda than on a $40 gas tab. The problem, according to the article, is that folks are so strapped they aren’t buying the soda.
A major Toyota dealer in my area sent out mail ads promising $50 for a test drive.
I meant to go, but, well, forgot. Found the ad today.
TOYOTA!
I was dithering between a Camry, Accord, or Malibu. Got a deal on the Malibu. (And you could almost hear an echo at the dealership it was so devoid of browsing customers.)
“The economy may be one reason his home has not sold yet, he said. ‘My house would be perfect for a young couple, or young couple and a child, but they don’t want to take on the financial obligation of a house right now because they are afraid of the economy.’”
__________
At $400+, The “young couple” would need to earn over $200K per year to make such a purchase based on conservative - or even rational - income to debt ratios.
How many “young couples” do you know who earn that kind of money?
It’s still early in the game. In addition to the throngs who are totally oblivious, tens of thousands of homeowners are just now deciding to sell and have virtually no idea what’s up with the RE market. Negative economic effects are, as yet, minor compared to what’s coming down the turnpike. The bubble is still around half full, imo.
“How many “young couples” do you know who earn that kind of money?”
Jenna Bush and her new husband.
And the perpetual legacy rolls on….!!!
we’re not that lucky…
And why would he recommend a 4-bed for only a couple or couple +1? That’s got me shaking my head.
The need to save is hitting the family pocketbooks at every level. They are even gouging the BABIES.
Young girl with a baby I know was complaining that a 2.5 oz jar of Gerber Turkey & turkey gravy baby food is $1.10 at the gentrified supermarket and 97 cents at the old handy dandy Pick ‘n Save.
You know where that young family will be shopping
You’re gouging the babies yourself.
Pureeing a bunch of boiled vegetables is hardly rocket science.
Buying the crappy stuff filled with high fructose corn syrup, and soybean oil has to be one of the worst foods for babies ever.
Hello, diabetes!
New cookbook. Looks good.
http://www.amazon.com/Ottolenghi-Yotam/dp/0091922348
Gonna go by the local B&N and take a gander.
I agree, Faster. If I ever have a child (looking more and more unlikely by the year), I’d stay away from that processed crap. I wouldn’t be surprised to hear it’s made in China these days.
I’m curious what these low ball offers are that he’s getting and not taking. My guess is that the offers are probably more realistic prices. When we were selling a couple months ago we didn’t get any offers that were close to the appraisal. With prices falling hard and fast, we took what we could get. And when it came down to it the price we got was probably quite a bit more than it was actually worth.
I’m willing to bet that the offers he’s getting and refusing now are probably more realistic. And in another year, after he’s dropped his price by $100k and it’s still not selling, the low ball offers that he’s refusing today are going to look pretty sweet. When we sold, I was very influenced by what I saw on my own street. Someone had been trying to sell a house for a couple years. Last year’s asking price was $399,000. I wish I knew what sort of offers they turned town in the last couple years –because now they’re priced at $260k, and the house still isn’t selling.
What happened to the little red “Home” button?
Yes, I was wondering that myself..
Red HOME button, yoo hoo where are you?
sorry too many cold meds
What with yesterday’s foreclosure that disappeared off the map where the ‘owners’ had demolished it, these stories get funnier everyday.
I mean, what the bloody ‘ell is a “Metaphysical mystic”?
Good job she doesn’t live in Salem, otherwise she’d be burned at the stake.
They vibrate to the Rhythms of the Universe™ which allows them to cure cancer.
Peace, man!
“Self employed healer and metaphysical mystic” with over $1.6 million in debt!
I needed a good laugh this morning, but not in the midst of swallowing a sip of coffee.
There’s some wickedly funny stuff out there this morning–both in the main post and in the comments.
Think of it: Sotire got $1.6 M in loans through the following 4 part process: 1) She “believed” her income 2) “potential” to be sufficient, based on the number of client she 3) “estimated” she 4) “could” (not “did”, or “had”, but “could”) see each day. And the loan people went along with it, for a metaphysical healer.
This is funny beyond words.
1.6 million in debt was given to a metaphysical mystic and self-employed healer now facing foreclosure and bankruptcy .
Apparently the lenders allowed this borrower to estimate the potential daily income she could make on a stated income loan . So ,if stated income loans were based on a potential income a person could make ,than its no wonder this housing boom is crashing hard . I think this story might top the cherry picker making $15 a hour who got a 700k loan .
Is there any doubt why prices are crashing ? If lenders could actually fund loans like this during the boom ,than it was simply a lending crime wave .
This borrower got in on the bandwagon of loan fraud and get rich quick by real estate ,and now she is walking . To bad she couldn’t look in her crystal ball and see what was going to happen .
I think a lot of these borrowers were simply straw buyers who were found by creep sellers and agents to churn the housing stock .
You have the other story wrong. It wasn’t a $15 an hour ($30K at 52×40) cherry picker. It was a $15K a year strawberry picker.
Sorry Darrell , I guess the cherry picker made half that much ,but you get my point . These people could never afford the loan amounts they took out .There is just so many of them .
“She was going to sell her house in Arizona, fix up her mother’s three-family home in Stamford using home equity loans, and then sell both houses.”
Okay, the first thing wrong with this plan is that it involves selling the house in Arizona twice.
LOL - it’s just a minor flaw that will work itself out.
I went to just about every sheriff sale at the county courthouse in the past two week. I estimate 95% are ‘postponed, no reason given.’ There are hundreds of properties hanging in ownership limbo. The trustee rep told me the lenders are overwhelmed and are just putting it all off. Don’t believe the foreclosure stats folks. It’s a lot worse than we are being told.
Lets see:
Getting bombarded with E-mail from retailers who would send out a sale notice once in a while, now it’s every few days. Had to to tell 1-800-flowers to knock it off, they were out of control.
Large Trucks being parked on Streets with for sale signs.
Safeway offering 10% off grocery purchase if you cash your stimulus check there. With typical 3% margins I can’t explain the business rational behind this.
If traffic in San Jose gets lighter then I’ll know we are screwed.
Extraordinarily cheap float.
They’re all leveraged, remember!
“Getting bombarded with E-mail from retailers who would send out a sale notice once in a while, now it’s every few days.”
Me too. The worst offenders have been Victoria’s Secret and Bluefly, from whom I bought one dress a couple years ago and am now getting daily emails.
That’s not surprising.
Do you have any thoughts about when/if the sales will actually be dumped on the market? Are lenders ramping up their services depts, etc to deal with it?
That’s the kicker. Taking these losses will require lenders to expand their payroll by hiring folks to process the paperwork.
Maybe if the banks put off foreclosures long enough, motivated houseowners who live “rent free” will be able to cobble together a payment to bribe the bank for a few more months…delaying the inevitable long enough to collect their bailout money.
Mr. Dodd and Mr. Frank are working feverishly to make sure that the government pays the mortgage so the FBs aren’t foreclosed on until 2010 or so, then I predict foreclosures will be back on track because it won’t be an election year. Should give time for the banks to increase their staff by then, I guess.
Ben…What do you mean by “Sheriff Sale”..??…We have trustee sales but I am not sure what a sheriff’s sale is…
“There are hundreds of properties hanging in ownership limbo. The trustee rep told me the lenders are overwhelmed and are just putting it all off.”
Oh, that’s a good tactic…NOT! If they’re overwhelmed now, what does that say for later on??
“Don’t believe the foreclosure stats folks. It’s a lot worse than we are being told.”
I don’t believe the foreclosure figures, just as I don’t believe the inflation figures, or the unemployment figures, or the war propaganda, and on and on and on. This country has a problem with honesty.
You nailed that Ben. A thread?
“Don’t believe the foreclosure stats folks. It’s a lot worse than we are being told.”
I believe my eyes before any reports coming from the REIC, and my eyes tell me many of the thousands of new homes built in the Rancho Santa Fe Valley corridor are sitting vacant, as evidenced by a dearth of automotive traffic through the back streets. It is somewhat frustrating for commuters, as we spend a fair amount of our free time sitting at (dumb) traffic lights which are timed to allow plenty of passage time for phantom traffic. I would guess that upwards of 50 percent of time at traffic lights in many of these areas is spent waiting for phantom traffic to pass through.
“After taking out a combination of first and second mortgages, refinances and home equity loans on all her properties, she plans to file for bankruptcy.””
Isn’t this fraud? She’s going to max out on debt and then walk away. Are the banks this stupid? Still?
Yes they are…I’m truly astounded that most people think they can refi themselves out of this mess, and that banks are still sometimes making stupid loans.
It’s easy to be in denial when you are smoking crack paid for by Uncle Fed’s free taxpayer money.
Anyone who thinks the mortgage mess is either temporary or salvageable (Congress and the MSM) is no better than a drug dealer, IMO.
This is all sort of amazing. Years ago, during the savings and loan scandals, we had Neil Bush in charge of the bankrupt Silverado Savings and Loan and all their bad loans to friends.
Now, here we have his older and wiser brother, George Bush in charge of …umm.errr…What IS it …that he is in charge of again ?
He’s in charge of “Energy Policy”…. Remember? Circa 2000 his platform campaigned on criticizing the previous administration for having no energy policy….. Remember? It was when gas was 1.10/gal and fuel oil was 45 cents.
Whats fuel now? 5.09/gallon?
I’m glad we elected someone based on their uniquge experience in energy.
At my local mall, there was always a long line for the Panda Express. Last few times I was there, no line.
3 garage sales in my small hood yesterday. Yes, it is the season, but that is a lot.
International business school less than a mile from me is selling half it’s land. Growth plans are out the window and now they are just hoping to survive.
http://www.azcentral.com/business/articles/2008/05/17/20080517biz-gl-council0517-ON.html
My duaghter dropped her TV off her dresser and it no worky no more.
So, I go to a pawn shop looking for a deal. Their used TV shelf is full with some sitting on the floor. One that looks brand new was slashed from $75 to $50. But, when I see no remote, I said I want to check a couple other places first. They say they’ll drop the price to $40 so I can go buy a universal remote. Same TV new at Wall Mart is $130.
Not necessarily “desperation” - but a few economic indicators/musings:
1) Signed up for the (free) Borders discount card a few years ago - (I mostly utilize the library, but I do occasionally buy a book or CD). I used to get an occasional e-coupon from them — now I get something offering a big discount on books or CD’s about every three days in the ol’ in box. They also push some affinity “perks” program that you can sign up for that is worded like it’s a big savings at all kinds of other stores (broks brothers, olive garden, all kinds of stuff) that really isn’t much of a deal when you look a the fine print.
2) Beer is getting really expensive. Nothing but bud/miller/coors type products is under $8.99 a six pack, it seems.
3) I like farmers markets, and there a couple in the DC area I frequent on occasion. I haven’t really noticed it yet, but I’m interested to see how many of the producers who come from a good ways in Virginia, West Virginia and Pennsylvania decide the fuel prices aren’t worth the money they make at these things.
4) Personally - I’ve got to figure out how to spend less on food and drink. I can afford it, but I still shudder at the prices I pay for even a pretty casual night out with friends with some eats and couple beers.
I went out with a friend last night: Two $18 entrees, a shared appetizer, two desserts, and 4 drinks + tip = $97 bucks.
Without the drinks, it would have been $60.
I am going to start pretending that I’m Alanon when I go out now and therefore not allowed to have alcohol. I’m also going to start eating my appetizers at home.
Can’t quite bring myself to skimp on the desserts yet, though…but I think they are cheaper than being on an antidepressant.
Last night, we went out and just the drinks and tip (3 glasses of wine) = $60, which was half the bill. Kind of freaked me out. I had to have another drink just to calm down - and thus began a vicious cycle.
Beer is getting really expensive ??
Its killing me…Went to watch a final NBA game the other day…Had the wife drop me off at a mid level restaurant that has a small bar and plasma flat screens….I’ll sit back, have one appetizer, drink some beers until the game is over, call the wife for a pick up and head home….$52. with tip…!!!
No Single — Wouldn’t you have to pretend to be in AA? If you’re a member of Alanon, you just can’t watch *other* people drink, right?
I’m looking for local restaurants that offer “corkage” - where I can bring my own bottle of wine and pay them a fee to do so, instead of the typical three-times-retail price they sell their own stuff for around here. Sure wish there were a Website that listed such places, as they are few and far between.
Great corkage place in Baltimore Federal Hill. Thai Arroya…great food and they do not in have a corkage charge. There is a wait though, they do not do reservations.
No corkage fee at Los Altos Bar and Grill- I bring in as many bottles as I want, order some appetizers and I’m all set, Cheers.
For my wedding reception we raided a family wine collection. $15/bottle corking fee, but the wine was already a sunk cost, and not likely to be enjoyed. Owners were off the sauce for medical reasons.
Gadsby’s Tavern in Alexandria.
As Prices Rise, Crime Tipsters Work Overtime
To gas prices, foreclosure rates and the cost of rice, add this rising economic indicator: the number of tips to the police from people hoping to collect reward money.
Calls to the Southwest Florida Crime Stoppers hot line in the first quarter of this year were up 30 percent over last year. San Antonio had a 44 percent increase. Cities and towns from Detroit to Omaha to Beaufort County, N.C., all report increases of 25 percent or more in the first quarter, with tipsters telling operators they need the money for rent, light bills or baby formula.
“For this year, everyone that’s called has pretty much been just looking for money,” said Sgt. Lawrence Beller, who answers Crime Stoppers calls at the Sussex County, N.J., sheriff’s office. “That’s as opposed to the last couple of years, where some people were just sick of the crime and wanting to do something about it.”
(NY Times article)
I guess crime can pay.
I hit Family Dollar once or twice per month to stock up on toiletries, cleaning stuff, tins of house brand coffee, etc. The help and most patrons usually do a double-take when I waltz in with tie, shirt and coat. Anyway, maybe more white collar customers are hitting the place; stock on shelves seems none too deep lately.
“The help and most patrons usually do a double-take when I waltz in with tie, shirt and coat.” This must have to do with the lack of pants
A new Chipotle opened up last week. On the first day, there was a huge line (almost hundred people, I guess). Someone told me everything was free on opening day. aaah. Well, everytime I pass that place now, it’s empty.
Worse, where I go at lunchtime of the 10 people, 6 were employees eating their lunch there on break. (Which is normally a good sign.)
A pity, I really like this chain. Good simple food with high quality ingredients (supposedly). They try hard, the employees are always competant and friendly and the quirky decorating and philosophy is fun. I guess McDonalds has now fully divested themselves of their initial investment in the chain? (Is this another impact of the real estate slowdown, since corporate McD’s is really in the RE business?
)
the lady was gonna move to Redding. that’s where Kudlow’s home is (when he’s not in the city).
I have not noticed any drop-off in observed business activity in San iego. Parking lots at Bestbuy, malls, and other retail places are still incredibly hard to find.
However, how much people are spending could be another story.
I see people shopping, but not doing a lot of actual purchasing. It’s as though some people don’t know what else to do but go look at things they cant afford anymore.
I’m also seeing more empty retail areas in strip malls.
The place where I get my hair cut seems to be empty quite often.
When I leave a tip somewhere, the person receiving it seems happier than normal.
In the desperation department — a couple of days ago, someone had handwritten signs with stakes, advertising a Rent to Own home. The unfortunate homeower placed them along the street and on every corner at every intersection, including the median turn areas in a 3 mile area that I was driving through. Signs sprouting up everywhere like bright yellow weeds! How much money did this FB spend on an enormous pile of signs and markers, I wonder.
“I see people shopping, but not doing a lot of actual purchasing.”
Zombie shoppers
A stranger I had just met in a business setting offered me their MLS listing.
“And scariest of all, there are now green & white government signs posted on Hwy. 9 in Roswell (another upscale area) to direct people to the North Fulton County Food Bank. I guess this is where all the former Kroger shoppers have gone.”
I wouldn’t call Roswell an ‘upscale area’ no matter what anyone says. It’s a mixed bag. In that locale these days you tempt fate on a bike and/or walking. Using a marked pedestrian crosswalk on any of the big streets in the area is an adventure. Yes, Roswell has those same areas of quaint country charm from years past, but mostly the area is a sea of housing developments and shopping/eating places. Yes, there are a couple long established parks to jog and to take your dogs to poop, but most communities have parks. The last move my family made before dad finished his working life was to Roswell. I attended high school there for a few years, graduated and moved on to military and college out of country/state. That was 1972. I’ve been back to the Roswell area over the ensuing decades (family matters). Although part of life is about adapting to change, I still find it a depressing experience to see what Roswell has become. The peaceful fishing trips up off Holcomb Bridge Road, the picnics and parties in the open woodlands of Alpharetta, and the easy commute out to Sandy Springs and Buckhead are but distant memories.
The word I’am hearing from Taiwan and China is as follows:
Expect 4-6% price increase for any orders due to Dollar value falling.
Expect 4-6% price increase due to material costs rising.
What someone told me after speaking with some East Asia manufactures:
Price increase to Japanese and response:
Ok we understand, let’s talk about it.
Price increase to Europeans and response:
Ok we understand, how can we work together.
Price increase to Americans and respones:
NO!
The Asians are starting to complain about the Americans and saying in private maybe Americans are no so important. We as Americans may have to start standing third in line.
We stopped buying Chinese ‘want’ goods months ago, because we couldn’t afford them, and now they are forced to raise prices on most everything they sell here, in a box store near you…
What does China make that we really ‘need’, anyway?
Medical equipment. Made in China.
Well, wouldn’t it be advantageous for Asian goods to skyrocket in price, so we buy less, and so we maybe start producing some stuff HERE for a change.
Personally, I hope they see crazy-butt inflation so they have to pay their people more so they won’t be nearly as competitive price-wise with the West. Equal footing might be good, no? Then maybe I can see some USA made products when I go shopping…
“The self-employed healer and metaphysical mystic is in at least $1.6 million debt and facing foreclosure on both Connecticut properties.”
————————————————————————–
Looks like we have a paradigm shift from Voodoo to Corporeal Economics.
I was just recently thinking about what malls looked like in the 80s, when I was growing up. Most of the stores that were popular: Foxmore’s, Miller’s Outpost –I forget some of the others. And I remember when Crocker Bank was our bank.
I think in the next couple years we’re going to see a lot of changes in business, where weaker stores will either go out of business or be bought out by the stronger. And there will be a lot of banks, like Crocker Bank, that we’ll forget existed in a few years. Anyone have any guesses about which businesses will survive? And which ones will disappear?
Survivors: Freeze-dried or storage food companies like Alpine Aire, Mountain House, and Walton Feed. (Mountain House has suspended orders on #10 canned items because of overwhelming demand.) Water filter companies.
These types of businesses are all going absolutely flat-out right now. Even the smaller survival/preparedness businesses are booming, such as Nitro Pak, Frugal Squirrels, etc.
Victims: Anything having to do with discretionary income or paying extra for luxury brand names or requiring driving. Louis Vitton, Prada, Plastic surgery, cable TV, premium beer, beauty salons,
Prada et al seem to be booming in Asia alright.
Drinking less beer and fewer lipo and boob jobs? Well, that’s a couple steps in a more sane direction.
And, frankly, people paying extra for “name” brands is dumb as poop.
If folks are going to be making more meals at home to be frugal, taking lunches, yes, I figure those companies making “pack your own” sorts of useful stuff should see an upswing.
I know we’ve been doing more home meals and packed lunches. We used to eat out all the time, nearly daily. Now, we can go weeks without dining out, except for maybe a pizza now and then.
I invested in a slow cooker and new pots and Rubbermaid tubs. Meals at home = less moolah!
Linens and Things & Circuit City Stores probably not be with us.
Hollywood video is already on it’s way out. I’ve seen two stores in the area close down. Netflix should keep going strong. As parents we don’t get out to the movies much. But even if we did, there are few movies worth $10 per person. We get more movies and convenience for the buck with netflix.
I’m curious if Borders will make it. I like Borders because I like the large journals they sell for cheap. I bought some stock, but I’m not sure if I should hold on to to the stock or just go out and buy up the journals that I like.
Starbucks is suffering, but I think they’ll survive.
Oh yeah, in the last several years, a lot of new McMansions have been built in “Tuscan style” –especially with those huge high-ceiling dark cabineted kitchens. In a few years the Tuscan style home is going to be completely out of fashion, and representative of the gaudy excesses of the 2000s.
I remember standing in line at Crocker bank with my mom when I was little! And Miller’s Outpost was where my older cousins shopped! Is Orange Julius still around?
Yep, I opened up my first account at Crocker. I must have been ten years old. And I remember the woman at the bank explaining how wonderful it was to earn interest. Miller’s Outpost was so cool -though the really cool girls shopped at Contempo Casuals and bought their sweaters at Beneton.
I’m pretty sure I’ve seen Orange Julius at a mall recently. Though I haven’t had an Orange Julius drink in ages. I’m kind of craving one now…
IN THE WEALTHY TOWN OF MORAGA CA, at 2:00 pm yesterday the burgerking was packed and the AC was on low
I was in Costco for lunch today (foot long polish dog and coke $1.50). I was watching people leave and noticed not much in the carts, only one or two things. No carts were filled.
Was in Canadian Tire Saturday. At the checkout the customer in front was pushing a cart full of goodies and pulling a new Honda lawnmower. I estimated at least a $500 total. I wondered how many credit cards to pay for this. None, lady opened her purse and pulled out a huge wad of cash. She pad the bill easily then put the still huge wad of cash back in her purse. I sheepishly paid $6.77 cash for my purchase. Cash is King.
Went to Kohls this afternoon and picked up a few things for our daughter (out of season). Discounts up to 80% off. There were a lot of cars in the parking lot and a lot of shoppers in the store.
But the definitive sign of economic stress was at Taco Bell. They have new $0.79 and $0.89 menus. Their stock is trading near all-time highs.
Not sure how the new Taco Bell pricing is a sign of stress. Don’t you remember the 69/79/99 menu?
From what, 15 years ago?
There’s a pretty good article in Bankrate today re how to cut the cost of a BBQ. Gives good info on cuts of meat and how to buy. I’ve tried for years to talk my wife into our getting a meat freezer - she claims that fresh meat is so much tastier. So what, if it costs a lot more? I can give up a little flavor, if it saves 30%.
I’ve never seen even one new retail center in the Atlanta market that was not immediately leased up.
There’s been a spurt of strip mall building and renovation around my neighborhood last year (an older, inner neighborhood in Albuquerque NM). I’ve been watching it as I drive to work, shopping, etc.
Starting last summer, the renovation has slowed significantly. One strip mall with about 6 small lease-or-own storefronts, finished a year ago, is full — exercise, a music store (sheet music, instruments and lessons, not CDs), legal services, etc. And the parking lot seems to stay about half full.
But another just-built strip-mall with 8 small lease-to-own stores just down the block from the first, finished about six months later, after aover six months has only one occupied… a psychic (sp?) reader. All 7 others empty, for maybe 9-10 months now.
One big new store, that had been built about two years ago for a national drugstore chain planning to expand to Albuquerque that cancelled its expansion plans, is now a Walgreens. The Walgreens used to be one traffic light east, in a smaller store in a worse area; I assume they got a good deal for a building that had been empty for almost two years. But it’s the first time I remember a Walgreens not just buying a chunk of strip mall, demolishing it and custom-building their own store. (Now the old store is standing empty.)
Just up the street is a two story small-office complex. I’m not sure if they ever finished the renovation, but I am sure I haven’t seen a single sign of life there since sometime last year.
The strip mall a block from my house used to have a big thrift-store (moved to a smaller shop elsewhere), a big chain drugstore (closed, some staff let go, others moved to other store locations), a local chain supermarket (closed, moved about a mile to right across the street from a local WalMart Superstore(!), again some staff let go, others moved to other store locations). The fancy petstore and the medical supply store that have been there for years are still there. The big supermarket ended up split in half, with a Dollar Store taking one half about a year after it closed and now a “Golferrings” (sp?) advertised as coming there.
The old thrift store is still empty (after a major renovation), but the old chain drugstore is now a “Farmer’s Market” — I put that in quotes, because it’s really an organic yuppie-still food store, with soy products and other not-what-I’d-call-farmer’s-market items (also, not-what-I’d-call-farmer’s-market prices!) But apparently very successful — parking lot’s almost always full.
But all the nail salons and tiny used car lots every block are still there, together with payday loans, car detailing, insurance, pet grooming, etc. New and renovated mall space seems to fill very slowly if at all, but I’m not seeing a lot of the older shops going out-of-business yet.
Sorry — make that “yuppie-style” above.
Strip malls are the bane of civilization. Sure wouldn’t miss them.
Offbeat signs:
I this year’s renewal notice from my synagogue, they mentioned that a significant number of people weren’t able to pay what they had pledged in the previous year!
Note that my synagogue is in the 25th most expensive zip code (according to Forbes) with a a 2005 Median Sales Price of $1,553,500 and a
2005 Median Household Income of $155,674.
We pledged last year a particular amount to support a missionary family in the Middle East. I paid the pledge early this year (ie, 100% by March, instead of half first half of year, half latter half), just in case something came up. I also increased our donation to the local food bank.
Well, something came up. Hubby got laid off. Fortunately, he got job offers pretty quickly.
Food banks are running short while demand has gone up.
I expect many charities are gonna suffer in this and coming year (s). Hope they’re starting to scale back operations proactively or start hitting up the richy-riches for moolah–those Hollywood and CEO gazillionaires and overpaid sports celebs. One less designer gown on a starlet would feed a few families for a year.
Although we have a lot in savings, we’re finding my husband is having a hard time finding a job since he had to leave pharmacy school due to health/age & memory-problems reasons. He’s doing all of the cooking and meal-planning now, and acting as a support system to me while he looks for work. It’s been 6 months - one job - he got let go after 30 days - too old/slow to handle the cash register in the pharmacy. He’s a chemist by profession with 30 years or more of experience. No job offers - he’s applied to 300 or more jobs since January. He’ll be applying for S.S. disability soon. We’ll probably have to get an attorney to handle the claim after he gets denied on the first go round, but he’s most likely qualified - memory problems, heart problems, diabetic, depression, and the list goes on. I’m pulling all of the overtime I can at my job. We’re buying our food through a church program called Food Angels - starting in June. Most of the shopping we do at Krogers, or what’s left of it, will be gone. What meat we purchase is of tougher cuts ( can you say “marinade” ). We just grill it and it tastes great. We shop quite a bit at Aldi’s ( much cheaper but limited selection ) now. We still go out and have fun periodically, but the price of food in restaurants has just sky-rocketed, so we’re mostly staying at home. We’re not going up north on our usual vacation to Lake Michigan this year. We’re going to an inn about 60-miles away on a beautiful river. Rooms are half the price of the hotels up north, and much cheaper in gas….we did go shopping at a new, empty Kohls today. I had gotten a 30-percent off coupon for everything purchased, plus Kohls is offering DEEP discounts. I got 3 new tops for work at 70 percent off, my husband got a new shirt for 70 percent off, and we purchased some decorative cushions for our sofa at 60 percent off. We also saved about 20 percent on the groceries we had purchased at Kroger, and our big lunchtime date out at the new coney island cost $ 15.05. We’re leaving 7 percent tips now instead of 15 percent. I don’t feel so bad though, considering Professor Bear’s neighbors are borrowing $100 in gas money. I’m glad we’re frugal by nature. Now we absolutely have to be, so we’re not having too much trouble adjusting.
do not use a lawyer just tell them if your denied you want to see a judge and have him answer weather you deserve SSI or not worked for me first time. And i got my back pay has well. Good luck
Was driving down the road here in Texas. Passed by a pawn shop. There was a large red banner on the front of the store that read: Accepting broken gold Jewelry for gas money. Definitely an awareness of the gas issue out there…
A local jeweler specializing in high end watches was having a sale. I went in and noticed that even the Rolexes were 20% off. Rolex NEVER allows it’s dealers to discount. So, I asked the sales clerk what gives and he says Rolex was demanding 1.5M in facility upgrades in order to keep their distributorship and the owner said NO WAY, not in this economy. So, they were discounting their remaining stock.
Did you buy a Rolex considering the 20% discount ? You can get them on ebay for 50 % of what they cost in the high-end jewelry store, slightly used….
No, wasn’t interested in a Rolex. I’d be very very careful buying a Rolex on ebay. I’ve collected watches for many years, and have seen fakes that I couldn’t tell from my real one even side by side. Even the movements are “faked”.
I’m going to kills a two stones with one bird (animal lover!):
“Good job she doesn’t live in Salem, otherwise she’d be burned at the stake.”
No burnings in Salem - hangings/stonings
Baby food - better to make it. Couldn’t be easier. Web has tons of recipes. Freeze it in ice cube trays for one little meal at a time.
Dog food - as above. Just don’t use the same recipe…….
Going out to dinner - 2 appetizers & dessert, no alcohol. El Cheapo, but filling.
Local MA Economy - NE of Beantown - High end malls deserted, ladies at Coach Bag Store looking bored and lonely. Salvation Army store in Saugus really hopping on a Saturday.
Freecycle is very busy - more “wanteds” than “offers.”
My favorite racks of mark-down fruits/veggies/breads at Stop & Shop have been pillaged by roving hordes of soccer moms.
On the other hand:
6 cylinder behemoths still doing 80 on 495
New dog hotel just opened in Danvers - yes, hotel, not a “kennel”
My golden retriever has decided to cut back and will not be vacationing this year. I wonder if frugality will spread among the breeds.