Bits Bucket for April 3, 2012
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The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Name:Ben Jones
Location:Northern Arizona, United States
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Who knows where the foreclosure crisis ends? Searching shadows for the answer
By Associated Press, Published: March 31AP
Economists at CoreLogic, a California company that analyzes mortgage data, chart 1.6 million homes in shadow inventory nationwide. They count homes not listed for sale, with loans at least 90 days overdue, in foreclosure or bank-owned.
Others say the shadow is much bigger. Laurie Goodman of Amherst Securities in New York says it covers from 8.3 million to 10.4 million homes. Goodman’s analysis includes homes with loans at least 60 days overdue, those that were delinquent before and are likely to default again, and thousands whose owners are making payments but may give up because they owe more than homes are worth.
“In many ways, we can both be right,” he says.
A recent check of records in this one county found more than 10,000 cases in which a bank secured a final judgment more than a year ago, yet there has still been no change in title, says Michael Olenick, a West Palm Beach computer programmer who tracks the system.
Isn’t it great. Without TARP none of this type of thing would even be possible. The banks would have had to sell those houses for whatever they could get for them and prices would have fallen drastically. Armageddon would be upon us if this were the case and we would all be really sorry. Thank God we have dynamic, innovative leaders who knew exactly what to do. A big thank you to Hank Paulson from all of us.
I don’t think that TARP has had much effect. Forebearance by bank examiners, yes. but TARP, HAMP and the rest have had little effect and have been used to “help” a rather small number FBs*.
*Their lenders really.
TARP (along with other F*cked-up government policies) allowed lenders the “luxury” of holding defaulted properties indefinitely. The FBs get to be payment-free deadbeats as a side-effect. And they get to buy iPads and $hit.
TARP (along with other F*cked-up government policies) allowed lenders the “luxury” of holding defaulted properties indefinitely.
Actually I think it was primarily the change in accounting rules put through by FASB- a private organization-that allowed that luxury.
Yup, it was the suspension of Mark to Market that enabled all of this. I remember my first year or two on here when the students like myself were asking what was going to happen, and the more experienced people said “Mark to Market is what will put and end to this”, and they explained how it would work. Then the crisis peaked. And “they” suspended the rule.
Now there are no rules, TPTB does whatever they want and justifies it would scary stories of what will happen if we don’t go along with them.
Actually I think it was primarily the change in accounting rules put through by FASB- a private organization-that allowed that luxury.
The suspension of mark-to-market gave banks the MOTIVATION to hold them—because at inflated valuations, it improves their books relative to reality.
But bank examiners (e.g. the Fed) are the ones responsible for letting them get away with this fraud, with a wink-wink-nudge-nudge.
So even if the foreclosure is done, they can still leave the title in the FB’s name, and keep the loss off their books?
“So even if the foreclosure is done, they can still leave the title in the FB’s name, and keep the loss off their books?”
Apparently that is the case. For what other reason would the propeties be held in the shadow? (other than the possibility that the lenders are waiting for a recovery to “sell-into” which I’m pretty sure is part of the plan). The fact remains that without government support, the banks would not be in a position to be able to afford such a luxury as more time to hold. ZIRP is complete bull$hit!
The banks don’t own most of the loan. The bond holders do. The mark to market rule suspension was mostly for bonds, not individual loans.
Who then, are the bond holders? The Fed maybe…, the banks? The taxpayer?
So even if the foreclosure is done, they can still leave the title in the FB’s name, and keep the loss off their books?
A few months ago, a two-house property was foreclosed near the Arizona Slim Ranch. Despite the fact that the tenants were long gone and the property had a July 2011 NOTS on the front door of the house facing the street, the county assessor still listed it as being owned by the in-VEST-or who bought it back in 2007.
And, wouldn’t ya know it, I just the county assessor records again. Still listed under the name of the in-VEST-or. This, despite the fact that the place appears to have been sold to new owners. (The “for sale” signs that were there until a few weeks ago are now gone.)
Methinks that some financial institution is reluctant to recognize the loss on this place.
The house across the street has been ABANDONED for over FIVE YEARS and the woman who owned it HAS BEEN DEAD for FOUR YEARS. The house is listed as being in PRE-FORECLOSURE!!! WTF?? Something is certainly going on here with accounting trickery on a national level.
“Who then, are the bond holders? The Fed maybe…, the banks? The taxpayer?”
Any place there is a giant pool of money - banks (though not necessarily the one that is the servicer), insurance companies, pension funds (foreign and domestic), mutual funds, hedge funds, private equity funds, a few individual investors/speculators, the Fed, college and university endowments, private foundations, perhaps foreign governments, etc.
The house across the street has been ABANDONED for over FIVE YEARS and the woman who owned it HAS BEEN DEAD for FOUR YEARS. The house is listed as being in PRE-FORECLOSURE!!! WTF?
I am still trying to find out how to get hold of the asset management department or REO department of a particular bank re a specific vacant and foreclosed property.
There are several that I am interested in. Well, I only need to buy one house, but there are several that would be perfect for us.
I guess it’s all about who you know.
I mean, how “shadowy” are these houses? Where do they “sit” (on paper) before they get assigned a listing agent?
“Who then, are the bond holders? The Fed maybe…, the banks? The taxpayer?”
Koch Bros., Jon Corzine, and Will Smith?
February 10, 2010 8:00 AM
Mortgage Backed Securities Purchase Program: Is $1.25 Trillion Enough?
But the Federal Reserve Bank, which has spent $1.25 trillion buying U.S. mortgage-backed securities says it will be done buying these loans as of March 31, 2010. (Actually, the Federal Reserve was going to stop buying these loans last December 31, but decided the credit markets weren’t quite ready.)
The Fed’s move has been widely telegraphed. Everyone knows that come March 31, when the last of the $1.25 trillion has been spent, other investors will have to step up and buy these mortgage-backed securities. Industry observers believe that interest rates will spike anywhere from half to a full percent, or from around 5 percent to maybe 6 percent.
But is the Fed wondering whether the housing and credit markets are ready to stand on their own? Are they wondering if the real estate market will again droop if they withdraw the financial life support?
http://www.cbsnews.com/8301-505145_162-37141648/mortgage-backed-securities-purchase-program-is-125-trillion-enough/ - 91k -
The Fed knows the deal. Absent another gigantic bubble, there is no way they can pull even the slightest amount of support. The Fed IS the wind beneath the wings of the economy. The economy is a 747 made of lead.
“The economy is a 747 made of lead.”
“The Fed IS the wind beneath the wings of the economy.”
Hark, eyes hear the GOP TrueAngrie$ $inging/yelling/$creaming:
“Audit-thee-FederalRe$erveInc.!”
… Action-is-Pending! in Congress .. any.day.now., Re$ults & Action$ & Punishment$ forthwith!
No GOP support here. Just calling a spade a spade.
2010?
“2010?”
It`s off their books in 2012? Where did it go?
Forebearance by bank examiners, yes ??
Maybe Ben or Pbear can answer this but if I recall, some number of years ago wasn’t there legislation passed that allowed the banks to not Mark-to-Market and categorize the asset as non-preforming so as to not require the bank to increase their reserves significantly ??
Yes, it was complete authorization for Enron-style accounting for the big banks. The idea was to take pressure off of the Fed to make the size of the bailouts seem less ridiculous. * Keep in mind the Fed really doesn’t have any money.
wasn’t there legislation passed that allowed the banks to not Mark-to-Market
It was not “legislation” per se; the accounting standards are controlled by the FASB, which is a private organization. That is the organization that made the change in the standards.
But I’m sure there was political pressure brought to bear on them to approve the gutting of mark-to-market.
Political pressure was hardly necessary. I’m sure they were eager to do it. You don’t think accountants actually like telling their largest (best paying) clients that they are bankrupt, do you?
You don’t think accountants actually like telling their largest (best paying) clients that they are bankrupt, do you?
He!!, they should get bonuses from the regulators for that.
The banks are only allowed to suck at the taxpayer’s teat if they do not publish a true ledger. If they show they are insolvent they die immediately. The Fed has suspended the law to keep them on milk, until such time they get some meat on their bones. Not that the taxpayer will have any substance left at that point, but it is really not about them.
We should call it Zombie Inventory.
Japan x 100.
Its not taxpayers who are paying for all of this. Taxpayers would never stand for even a fraction of the the level of confiscation required.
Consider that we are all taxpayers. Consider that debasement of the currency is a tax as well. People seem to be accomodating this quite nicely. After all, the alternative is really really bad something.
In the end there is no alternative to reality. We are currently exploring a ficticious alternative facilitated by the Fed. We are being hosed.
In the end there is no alternative to reality. We are currently exploring a ficticious alternative facilitated by the Fed. We are being hosed.
Whose being hosed? I don’t own any US treasuries… The “ficticious alternative facilitated by the Fed” started with Nixon closing the gold window, and will continue until we repudiate the debt and devalue. Taxes being raised? You can’t squeeze blood from a stone.
Now we all know the endgame and can prepare accordingly. So again, whose being hosed? Our Debt holders… China, Japan, UK. Caveat Emptor would seem to apply here…
Do you buy food? Gasoline? Do you have savings? You sir, are currently being hosed.
You sir are currently being hosed
The only people getting hosed are those sitting in cash waiting for deflation to take hold and those purchasing and holding Treasuries. We all know how this is going to end…. badly for anyone in US dollars or US Treasuries. If I were the Chinese, the Brits, the Japanese, or the Saudis, I’d alternate between anger and fear over an eventual US default.
FYI, global demand for food and gasoline is up in the last 10 years, so the increase in prices is not solely due to monetary inflation but global competition as well.
Gold is up 500% in the last 10 years. Why would anyone keep savings in cash knowing inflation is the norm for the global financial system as it exists today? They certainly don’t in China or India… is it purely an American trait to have complete faith in paper currency while deriding the government and central bank that debases it? I would think you can’t have it both ways…
So you are suggesting going “all in” on Gold? Really? What about Apple - that is up far more than gold in the last ten years. Why not just invest every penny in Apple? I personally am holding out for Facebook. My investment in Facebook is going to keep me well ahead of inflation. Yeah, that’s the ticket.
So you are suggesting going “all in” on Gold? Really? What about Apple
I’m not suggesting go all-in on anything. I am suggesting that cash beyond whatever is needed for day-to-day/monthly budgetary needs is probably not the best place to be during an inflationary period nor a devaluation of the currency. Same goes for US Treasuries. I am saying a devaluation/debt default is a certainty sometime in the future, so hedge accordingly.
As far as stock du jour, I have a friend who rode Apple from 200 to 600+ today. He’s quite pleased. Me, not so much, though given some price targets are now approaching 1000, maybe it’s time to think about buying in on any corrections. Much depends on whether QE3 happens and whether this recovery has any legs.
I’m going “all in” on housing. Just waiting for a good entry-point.
A few months ago, Naked Capitalism estimated a shadow inventory of 9.8 million houses. Which implies that the much-ballyhooed bottom in the housing market is still a-ways off.
Which implies that the much-ballyhooed bottom in the housing market is still a-ways off.
My bet is that much of that shadow inventory never comes to market for individual sale. Looks like bulk sales to deep-pocketed investors and mark-to-fantasy bank accounting will artificially keep inventory more in line with demand.
Add in increases in compensation from inflation/an improving economy, as well as increasing rents, and I’m thinking we see an equilibrium in supply and demand over the next few years.
My issue lies with the shadow inventory “estimate.” If the taxpayers are propping up this log-jam of non-performing assets then why this “estimate” BS?
Who knows where the foreclosure crisis ends? Searching shadows for the answer
By Associated Press, Published: March 31AP
Then there are houses like one where Peter Gardner answers the door. Gardner, a former laser technician, bought it for $44,000 in 1995. After a car accident left him disabled, he says he tried to catch up on payments, but couldn’t meet demands to pay accumulated late fees. The lender filed foreclosure papers three years ago. Gardner, who says it’s been years since he’s made a payment, tried for a loan modification, but every three months was told to reapply. Last fall, the lender claimed his house at auction for $500.
It’s now owned by Bank of America, whose representatives still call. “They want me to live in the house, mow the lawn, keep the air conditioning on so the fungus doesn’t grow in it,” Gardner says. He tells callers he no longer owns the place, but they don’t believe him.
“Somebody went and sold my house and they’re telling me I’m not even in foreclosure,” Gardner says. “I was mad crazy with it and every time you just have to laugh. Otherwise, you’d just kill yourself inside.”
Type: MTG
Date/Time: 10/13/1995 09:44:36
CFN: 19950330203
Book Type: O
Book/Page: 8957/1800
Pages: 5
Consideration: $41,800.00
Party 1: GARDNER PETER H
Party 2: FIRST FED S&L PBS
Legal: NORTH LAKE WORTH B37 L5 BL
Type: MTG
Date/Time: 1/7/2003 12:03:35
CFN: 20030010134
Book Type: O
Book/Page: 14634/1232
Pages: 12
Consideration: $104,000.00
Party 1: GARDNER PETER H
Party 2: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC
AMERICAS WHOLESALE LENDER
Legal: NORTH LAKE
Type: MTG
Date/Time: 1/25/2006 12:40:40
CFN: 20060049235
Book Type: O
Book/Page: 19844/1350
Pages: 11
Consideration: $129,700.00
Party 1: GARDNER PETER H
Party 2: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC
COUNTRYWIDE HOME LOANS INC
Legal: NORTH LAKE WORTH B37 L5 BL
Type: LP
Date/Time: 1/16/2009 12:15:30
CFN: 20090019199
Book Type: O
Book/Page: 23039/1204
Pages: 1
Consideration: $0.00
Party 1: COUNTRYWIDE HOME LOANS SERVICING LP
Party 2: GARDNER PETER H
GARDNER SPOUSE
DOE JOHN
DOE JANE
Legal: NORTH LAKE WORTH B37 L5 BL
gee, no clue about why the lender won’t update the titles, except maybe hoa fees…so we’re still searchin’ searchin’ searchin’ for answers…
Who knows where the foreclosure crisis ends? Searching shadows for the answer
The housing market is working through a riddle, determining what homes are worth given limited demand. But shadow inventory keeps part of the supply hidden.
“It goes deep and you have no clue,” says Danielle Giunta, who checks on distressed homes for lenders. Giunta sold real estate until the market tanked. Now, a few days a week, she drives a 120-mile route through six Palm Beach County zip codes, knocking on doors and snapping pictures.
Giunta says it’s troubling to see vandalized homes and talk with families worried about eviction. But she’s also bothered by the difference between the number of homes listed for sale and all the others she sees.
“I go online and see what they’re reporting and it’s not the same,” she says. “It’s not going to be better for years …and the reason I say that is the truth is not out yet.”
There is, however, substantial demand for foreclosures at the right price. Driving through inland neighborhoods, agent Sharon Restrepo stops in front of a condo she bought for $30,000 a few months ago and resold to an investor for $40,000. After the investor paid $1,600 to fix it up, the place now rents for $950 a month. Restrepo says she’s buying five to 10 homes like this a month, turning most around as profitable rentals. You can’t build these houses for what they cost, she and others say.
There is, however, substantial demand for foreclosures at the right price.
Thanks to shadow inventory staying in the shadows. What happens when it’s all in the open? The “right price” should be lower, right?
Who knows where the foreclosure crisis ends? Searching shadows for the answer
By Associated Press, Published: March 31AP
But investors complain banks are not realistic about the prices they’ll accept. Verna, the real estate agent specializing in distressed properties, says slowing the flow of homes into the market artificially lowers inventory in some neighborhoods, which can temporarily lift prices. At the same time, lenders are increasingly selling homes or the underlying loans in bulk to hedge funds.
That’s where Verna comes in, tracking down borrowers to convince them to trade deeds for cash, and turning around homes for rent or sale. At this rate, Verna figures it will be three to five years before lenders let all the homes go. The risk is that going too slow could artificially raise prices in some areas, which might spur investors who bought homes as rentals to put them up for sale.
“The truth of the matter is we would have already gotten over it if they just let the properties get out there and get sold,” Verna says. “So what are you doing? You’re not stabilizing the market. You’re creating more chaos.”
http://www.washingtonpost.com/business/markets/who-knows-where-the-foreclosure-crisis-ends-searching-shadows-for-the-answer/2012/03/31/gIQA5AaBnS_story.html
Any relation to our Koch Brothers?
HONG KONG — Two billionaire brothers who run Hong Kong’s top property developer said Tuesday they’re innocent of the suspected corruption they were arrested for last week in the city’s biggest graft probe in decades.
Raymond and Thomas Kwok, joint chairmen and managing directors of Sun Hung Kai Properties Ltd., were arrested briefly Thursday by the Independent Commission Against Corruption.
http://www.washingtonpost.com/business/hong-kongs-billionaire-kwok-brothers-profess-innocence-amid-high-profile-corruption-probe/2012/04/03/gIQAA65YsS_story.html
I think we’ve established there is a huge shadow inventory nationally. The real question for us in flyover or where the run-up was muted is where is it? Are most of them in the big problem states of FL, CA, NV, AZ? Are they mostly in the areas where we saw crazy overbuilding? What public data would provide us a clue to how many are in our community?
“What public data would provide us a clue to how many are in our community?”
Who knows where the foreclosure crisis ends? Searching shadows for the answer
By Associated Press, Published: March 31AP
“I go online and see what they’re reporting and it’s not the same,” she says. “It’s not going to be better for years …and the reason I say that is the truth is not out yet.”
“Are they mostly in the areas where we saw crazy overbuilding?”
If you live where there are people that “own houses” and you saw this commercial my bet is you have a shadow inventory.
I’m in debt up to my eyeballs… - YouTube
Feb 1, 2011… funny Lending Tree commercial where a guy named Stanley Johnson … Stanley had the big house, a country club … … Somebody help me!
http://www.youtube.com/watch?v=r0HX4a5P8eE - 92k - Cached - Similar pages
What public data would provide us a clue to how many are in our community?
Trulia actually does list foreclosures, just not the address. The other subscription websites (foreclosure.com, foreclosureradar, etc) also list the street name and the square footage.
If you are looking at a neighborhood that you are familiar with, it’s not that hard to locate the NODs, auctions, and REOs and then between zillow, property shark, and the local assessor’s website, find out who owns the property, when it was last sold or went into foreclosure, etc.
Again, I am still stymied after this point: how to find someone at the bank’s REO dep’t that knows anything about a specific property is a mystery that no one seems to know the answer to.
Again, I am still stymied after this point: how to find someone at the bank’s REO dep’t that knows anything about a specific property is a mystery that no one seems to know the answer to.
You appear to be chomping at the bit for a mortgage despite the entry point of the boomer retirement wave and likely drop in consumptive spending. Did you see the PDF that I posted for you?
Foreclosures give rise to a new industry
By Edward Robinson, Published:
March 31The Washington Post
Ken Major climbs the steps of a county courthouse in a San Francisco suburb with $500,000 in cashier’s checks in one hand and a list of addresses in the other. Major is a buyer for Waypoint Real Estate, an Oakland-based investment firm that is scooping up foreclosed homes in California.
On this afternoon, he joins a dozen house flippers as an auctioneer starts hawking the latest batch of defaulted properties to hit the market. Major bids on a three-bedroom house in Antioch, and after other buyers counter, he wins at $147,600.
“We got it,” he mutters into a cellphone mike dangling from his ear. The house was valued at more than $400,000 in 2006.
Waypoint, a private-equity real estate fund with $150 million in assets, is pioneering a new approach to making money from the housing crash. Since 2007, investors have been trolling the cratered suburbs stretching from California to Florida for cheap houses to flip. And firms such as PennyMac Mortgage Investment Trust have sought value in subprime-mortgage-backed securities.
Waypoint, which owns 1,100 houses and is buying five more a day, is betting that converting foreclosures into rentals is a better way to make a profit. Other firms, such as Landsmith in San Francisco, are now cropping up and pursuing the same strategy in Arizona, California and Nevada.
‘The yields are awesome’
http://www.washingtonpost.com/business/foreclosures-give-rise-to-a-new-industry/2012/03/31/gIQAVOgDoS_story.html -
‘The yield$ are awe$ome’
$o i$ the mind$et.
They’re $inging @ the Di$count Window$:
“Monie$ fer nuthin and yer loan$ fer fee$”
“Monie$ fer nuthin and yer loan$ fer fee$”
Do they get their chicks for free too?
See the little Flipper with the earpiece and the cellphone
Yeah buddy that’s his own hair
That little Flipper got his own jet airplane
That little Flipper he’s a millionaire
“Do they get their chick$ for free too?”
No $ir, they$ pay$ hand$omely for those.
($eems they can’t leave the Fed’s Di$count window$ quick enough! Look at them boy$ go!)
Excellent.
Waypoint, which owns 1,100 houses and is buying five more a day, is betting that converting foreclosures into rentals is a better way to make a profit ??
Think about it for a moment….Limit the number of qualified buyers by selling the asset @ auction, no conditions, cash only…Guess who gets the benefit of the deep deal ?? The deep pockets thats who…
Take the same asset, offer it to the open market with reasonable financing to a qualified buyer and the common guy has a shot at a decent deal…
Its rigged on the way up and its rigged on the way down….
You know it.
Heads I win, tails you lose.
Would you want to buy in a neighborhood where all other homes are owned by Waypoint?
It might be preferable to a neighborhood full of squatters. Unless it’s all section 8.
It might be preferable to a neighborhood full of squatters. Unless it’s all section 8.
Ok here’s a very true story:
Saw an old, tiny, but cute as a button house last weekend. Too small for us.
But the realtor, what a nut. He was going on and on about how he needed therapy because SF was turning into a rich persons city and that as a result he was becoming a communist after being an agent in the city during this whole housing debacle.
He talked our ear off.
We got on the topic of the shadow inventory and he got real animated and suggested that we find an REO that no one knew who actually owned the title and then go squat in it. He seemed mostly serious.
Waypoint, which owns 1,100 houses and is buying five more a day, is betting that converting foreclosures into rentals is a better way to make a profit ??
Here in Tucson, we have quite a few people drinking this very same Kool-Aid. This despite the fact that our local rental vacancy rate is around 16%.
On a personal note, I rented from a lady who was in property management for many years. I lived in the front half of her duplex from 1992 until I moved over here in 2004.
Never once did I hear her say that the Tucson rental housing market was an easy place to do business. Matter of fact, I was treated to numerous laments about our town having a bad rental market. I doubt that my former landlady has changed her tune.
An observation concerning some of my fellow employees who are opting for early retirement: Some of them think they will be called back to work because those running the company will discover the company cannot continue to run without them. This is no joke.
They feel this way because their immediate supervisors have been playing them for all these years so as to extract the maximan effort from them. They have been told over and over again that they are indespensible and this is how they feel about themselves. Nobody can do their job; The managers repeatidly demonstrate this because it is they - the most valued employee - that is first to be called upon when a tough situation needs to be attended to.
But there is a difference between being able to do a job and being the only one able to do a job. The managers call on these guys first because calling on them first is the easiest path (but not the only path) to getting a difficult problem solved. And this is something these guys will discover when the call for them to return to work is never made.
I have seen this happen many, many times in the past.
Nobody is indespensible. When a key person goes, the work may not get done the same way by someone else, but it will get done or get ignored, and everybody will call it good.
I posted something similar below… although I am just 30. Our firm let a lot of the bunch of the younger people go and made some of the rest of us take days off and take a salary reduction. What they found out is, a) everyone was willing to take a 20% cut and 1 day off a week in order to keep a job and b) firm’s productivity didn’t drop and the partners have the same revenue as before.
The firm recently bought a couple high end office programs and equipment so they could probably even cut back further while giving the clients the same service.
When this happened to me, I had options and worked only 32 hours (8-8-8-6-2, as I was told to come in every day). But I had options and was gone within six weeks. Most people didn’t have options.
The people without options worked a full 40, if not more, for the promise that salaries were going to be restored “as soon as possible”. Hence, productivity barely dropped, perhaps even increasing as people fought to impress each other, the management team, and corporate leaders.
I have seen this before also. It works - for awhile.
Eventually, people wise up and leave.
New and good people get harder to get.
And some just play it for the game it is - a part time job.
None of us who were cut back are working more than 30-32 hrs/week. And for us, it’s really not the hours spent at work, it’s whether or not all the cases get handled. Clearly technology is a big help in this regard. Same work done with less human effort. I don’t blame the partners for upgrading technology while they cut back on people. I am glad to be able to have a job while I look for a new job, for sure. I’m also really glad that I’m dealing with this while young–it reinforces a lot of life lessons like having a large “rainy day fund”, not assuming anything about job security, keeping expenses low, etc.
I think this is harder to pull off in small companies where people are already used to job hopping every couple of years.
I had to explain this to my boss, who is a lifer here at ‘the firm’. We have a few reqs open and he is prejudiced against people who job hop. He really has a hard time accepting that this is “normal” with small employers.
People seem to job hop because either they didn’t get a raise at the current job or because they finshed a project and there really isn’t any work for them to do anymore and they don’t want to get laid off.
Colorado, you nailed it. At a big company, you can job hop a lot, while never changing employers. If you’re in the same exact job for a few years, it’s really not a good sign. Because if you can’t improve and move up from time to time, then you’re not keeping pace.
At a small firm/company, the next job you need/are qualified for might not be available at the small firm. The other thing is, a lot of small companies are run basically as serfdoms. The company really doesn’t care if they grew or improve, everything is premised on generating income for the people at the top… and keeping expenses low is a much more conservative and easy way to keep the money flowing at the top.
“The other thing is, a lot of small companies are run basically as serfdom$.”
$mall “Bidne$$”?
Why the limitation$?
You believe a “Board-of-his/her-Director$” is a re$traint on $alary & Decree$?
[Hwy scans through CEO/Ab$olute Power$ filed bookmarks to support his assertion$ ...]
What I’ve seen is big companies being suspicious of job hoppers, but in the end still hiring them at salaries much higher than they pay the people who have worked for them for many years. At a big company if you’ve been there more than a few years you’re almost always getting hosed, salary-wise.
What I’ve seen is big companies being suspicious of job hoppers, but in the end still hiring them at salaries much higher than they pay the people who have worked for them for many years.
Back when I was still in the employment world, I held on to my last full-time job for at least twice as long as I should have. Why? Because I didn’t want to be perceived as…
…a job hopper.
Once I decided that life was too short for putting up with this outfit’s shhh!, I quit, and I am glad I did.
the rest of us take days off and take a salary reduction ??
There is your stagflation…Stagnant or lower real income with higher prices on the stuff you must have…
The future belongs to Lucky Ducky
“The graveyards of the world are full of indispensable men”
“indispen$able”
same as: “deadbeat$”
What’s a Megabank$ without$ it$ loan$?
$ing it Jeff!
Realtors Are Liars®
Lies are like air to breathe in this polluted, surreal, corrupt, artificial PONZI economic era.
Realtors are better equipped to exist in this environment than any of us are.
Realtors will be just fine.
unfortunately.
We are in trouble!!!
The population of this country is 310 million.
160 million are retired.
That leaves 140 million to do the work.
There are 85 million in school.
Which leaves 55 million to do the work.
Of this there are 35 million employed by the federal government.
Leaving 20 million to do the work.
2.8 million are in the armed forces preoccupied with killing TERRORISTS
Which leaves 17.2 million to do the work.
Take from that total the 15.8 million people who work for state and city Governments.
And that leaves 1.4 million to do the work.
At any given time there are 188,000 people in hospitals.
Leaving 1,212,000 to do the work.
Now, there are 1,211,998 people in prisons.
That leaves just two people to do the work.
You and me.
And there you are, sitting on your ass,
At your computer, reading jokes . . .
Nice. Real nice.
“That leaves just two people to do the work.
You and me.”
But every day there is an exchange $120,483,629,579,251,233,658,324,086 U$ Currencie$ between the Mega-Banker$ and the Federal Re$erve Inc.
And a know fer certain that Hwy50 ain’t involved with that Ginormou$ “work”
Therefore, it’s quite conclusive my dear Wat$on, that Mr. palmetto is the one doing ALL the dirty work!
Don’t be a slacker Palmy!
160 million are retired.
FWIW, about 40,000,000 collect SS retirement benefits. And more than a few of those 40 million still work, even if it’s as Wal-Mart greeters.
wal-mart recently did away with greeters here..
Did away with greeters?? Good grief my future career plans will need to be reworked. Carl Morris and I were going to cover both entrances of Walmart. And then have wheelchair races after our shift on the way home to the RV park.
They won’t stop us from doing it, they just won’t pay us.
I’ve heard that VA hospitals are a good place where you can “borrow” a wheelchair from!
And don’t forget to place those NASCAR and NHRA stickers on your wheelchair. They make it look cool.
Disguising my oxygen bottle as a nitrous bottle on my Rascal will immediately bump me to the top of the “cool” pyramid. But I don’t want a VA wheelchair, I need a motor.
But I don’t want a VA wheelchair, I need a motor.
Medicare will pay for it
Whoohoo!
Carl…. dying laughing here.
Yo dude…. I’ll have spinnaz on my HoverRound and dropped 3″. Wheel buried in the fenders.
I foresee ground clearance issues getting on and off curbs for you. I’ll come over and bump you off, though. Maybe I’ll jack mine up and put a Gravedigger paint scheme on it.
whoa…. you don’t understand dude. My HoverRound is gonna have gold spokes, hydraulics with double pumps and 12 inch two stage hydraulic cylinders in all 4 corners. I’ll be hittin’ the switches and 3 wheelin’ all the way back to the RV.
Curbs and clearance will be no problem for my tricked out low ridin’ HoverRound.
Uhhh…I stand corrected.
The local Walmart still has greeters but they are not at the doors now. \a friends who works there told us that there are only greeters on the doors at night.
They still have ‘greeters’ at the Walmarts in crappy areas- but they’re usually not grandmas but rather big burly types who are checking to make sure there’s a ‘paid for’ sticker on that flat screen you’re carting out.
Don’t forget the 100 million who are all driving blinged out Escalades to go buy steak and lobster on their EBT cards. EVERY SINGLE ONE OF THEM!
How could you leave out the 30 million on disability?
anecdote:
my little brother’s neighbors who have one of the nicest houses on the street had their power turned off for not paying their bill…
wait for it….
still gonna make you wait…
more waiting….
….
…
while they were at Disney World.
still a long way to go people…a long way to go…and just think. your children and granchildren are on the hook for this DBs loan.
anyhoo…what’s the latest on the voice or with that black guy that got shot by that white guy who really isn’t a white guy?
Somebody shot someone?
btw…42 years old here and have never been to disney.
couldn’t afford it as a kid…and back then…when you couldn’t afford it…you didn’t go.
now days the future taxpayers have got the bank’s back so…party on wayne.
” …42 years old here and have never been to disney.”
Di$neyland, like home-owner$hip, is really quite over-rated, eye wouldn’t beat my$elf up too much about mi$$ing out.
I’ve never been to Disney either, but I spent several decades in Wonderland. I figure I got my fill.
“Wonderland$.”?
Isn’t that where Goofy & Mc$crooge $leep with their twin$, Chipper & Dale?
(My oh my, how time flie$! eye can just imagines a bunch of chrome-dome$ standin’ in them looooonnggg lines, with their wallet$ gettin’ a thinner$ & thinner$.)
Wonderland is where Alice went.
“Wonderland is where Alice went.”
Alice or $uzanne?
(Eye hear there are curiou$ critter$ like the FederalRe$erveInc. & the great Vampire $quid that dwell/live down that rabbit hole, perhaps it’s be$t not to go there, … ever.)
loved it madly, until I didn’t. I think was the fake rocks.
“I think was the fake rocks.”
You mean like the caves that cost you a “C” ticket for the raft ride!
(Okay, eyes admits it, there were some great make-out spots over on Tom Sawyer’s island.)
You’re dating yourself Hwy. The coupon (ticket) books were retired over 30 years ago. I’ve heard that complete, unused books are sought after by collectors, especially ticket books from the 50’s and 60’s, who will pay a pretty penny for them (say $100 or more).
“anyhoo…what’s the latest on the voice or with that black guy that got shot by that white guy who really isn’t a white guy?”
You know iffin yous where to stand by the water-cooler that’s supplin’ $upport for all those folks standin in line @ the FedInc’$ Di$count window$, you would’nt have to be bothered by such ponderin$.
“Oh, good morning to you Mr. Dimon”
Wall $t. Jaundice headline:
“JPMorgan CEO Jamie Dimon says his bank, the U.$.’s large$t, may still be too $mall to $ucceed.”
You could pay a few years of electric bills for the cost of a Disneyworld vacation.
And it it’s even crazier. DIsney has its own timeshare program which costs about $20K to buy into, has a huge annual fee, just for a week’s worth of hotel room … and they sell them like hotcakes.
“and they sell them like hotcakes.”
I know a guy who is in collections on a DIsney timeshare.
Now THAT would be a great reality show.
I know a guy who is in collections on a DIsney timeshare.
Send the beagle boys to “collect”. Great family entertainment brought to you by the “happiest place on earth”.
There is a healthy resale market for the “Disney Vacation Club”. I’m guessing that a lot buyers either got tired of trekking down to Orlando year after year or they just can’t afford it anymore.
I’m guessing that a lot buyers either got tired of trekking down to Orlando year after year or they just can’t afford it anymore.
Northeast weather is the chitz, and nobody gets tired of leaving the cold, even for a long weekend. Yeah, can’t afford it anymore makes sense.
I know a guy who is in collections on a DIsney timeshare.
+1 Ya’ just can’t make-up this stuff. LOL!
what’s the latest on the voice or with that black guy that got shot by that white guy who really isn’t a white guy?
The latest is pretty much all the evidence is going against the right-wing vigilante hero, so there’s an effort by the right-wingers to make people quit talking about the case, so we can get back to discussing important things like how Obama always uses a teleprompter.
Gossip is only evidence in Sloth Court.
There was a guy here who killed seven Amish in a truck meets van situation. He got 20 years. No discussion on what wing he was from, or what ethnic identity crisis might have been in play.
guy here who killed seven Amish
Uhh…isn’t mentioning the victims were Amish pretty much the same as discussing ethnic identity?
Besides, as I pointed out, I think the black/white thing is a distraction (and apparently a very good one) from the real issue involved- which is the right not to get legally harassed and killed by every self-appointed vigilante nutjob out there while walking down the street.
Do you want to live in a world of shoot-first-claim-assault-later neighborhood watches?
“isn’t mentioning the victims were Amish pretty much the same as discussing ethnic identity?”
tisk..tisk…alpha…no profiling now.
next you are going to assume they ride in horse drawn carriages…just becuase they are amish.
“isn’t mentioning the victims were Amish pretty much the same as discussing ethnic identity”
Sure, but not identity crisis. The Amish were not all claiming these deaths happened because the victims were Amish. It’s the identity crisis that entertains America, not the death of an individual. I also suspect that the media plays on this because it was an armed citizen (supposed to be a regular guy), not an armed gang member or an armed bank robber (not pretending to be good guys). Such things are only mentioned in passing.
It’s the identity crisis that entertains America, not the death of an individual. I also suspect that the media plays on this because it was an armed citizen (supposed to be a regular guy), not an armed gang member or an armed bank robber
As I said, the black/white thing is a huge distraction in this case. I do think the media and the public share an interest in this case because it brings to the forefront some problems with concealed carry laws and Stand Your Ground laws. The convergence of the two creates a situation where it’s ever so easy to blow someone away, claim self-defense, and walk.
“I just did what I do best. I took your little plan and I turned it on itself. Look what I did to this city with a few drums of gas and a couple of bullets. Hmmm? You know… You know what I’ve noticed? Nobody panics when things go “according to plan.” Even if the plan is horrifying! If, tomorrow, I tell the press that, like, a gang banger will get shot, or a truckload of soldiers will be blown up, nobody panics, because it’s all “part of the plan”. But when I say that one little old mayor will die, well then everyone loses their minds!” - The Joker
Every other day, it seems, some innocent child in Chicago is shot in a drive-by while sitting on her/his front porch or playing in the living room. These shootings are often as deliberate as the one currently occupying the nation’s interest. Gang members don’t care who gets caught in the cross fire when targeting a rival. Of course there is no race relations angle to exploit, so the news never spreads beyond the local stations.
“Every other day”
This alone makes it less newsworthy.
If caught, the gangbangers would not be let out for claiming self defense.
And there is no recent new law enabling this situation. This increases the political angle in an election year.
There was also a “guy” that killed x5 Amish school children, eye seem to recall the Amish families & community “Forgave him” … Well, perhaps some things in life should be “profiled”, for example:
‘Shoot Me First,’ Amish Girl Said to Ask:
By CHRIS FRANCESCANI
ABC Law & Justice Unit
Oct. 5, 2006
The oldest of the five Amish girls shot dead in a Pennsylvania schoolhouse is said to have stepped forward and asked her killer to “Shoot me first,” in an apparent effort to buy time for her schoolmates.
Rita Rhoads, a midwife who delivered two of the victims, told ABC News’ Law and Justice Unit that she learned of 13-year-old Marian Fisher’s plea from Fisher’s family.
What’s more, Fisher’s 11-year-old sister, Barbie, who survived the shooting, allegedly asked the gunman, Charles Carl Roberts IV, to “Shoot me second,” Rhoads said.
profile
Noun
1 an analysis representing the extent to which something exhibits various characteristics.
… how Obama always uses a teleprompter.
True confession: When I’m on the air down at the radio station, I’m reading from a script.
Yep, that’s right. Spontaneous, off the cuff Slim reads from a script.
Station requires us deejays to read underwriting and public service announcements from scripts, so that’s a-what we do.
“To-night I’m gonna party like it’s 1999…”
I’ve noticed quite an increase in utility shutoff notices around here.
Seems that you can skate on your rent or mortgage for quite a while. But, if you stiff Southwest Gas or Tucson Electric Power, shazam! They cut you off.
I’ve heard that, in the case of TEP, they won’t re-start your juice until you pay a re-start fee that’s equal to the highest bill you had in the last 12 months. That would most likely be one of your summer bills, and those can be substantial.
Geez, how does the rainbow coalition sleep at night while ‘dis-here injustice goes unpunished?
Time to start firing out resumes for me… Back in early February, my law firm laid off some attorneys and admins. And I was asked if I could take a reduction for a while and “take some days off here and there”. I’m young and the market is very tight–I’d say about 50% of my law school graduating class is doing contract work (like doc review) or is working outside of law entirely. I like the firm and have learned a lot, so I was OK with this for the short term. However, with the calendar turning the spring, I’m done giving the firm time and I’ve been here long enough now that a job-change won’t look like an unstable employment history.
I think the worst part of this, from my perspective is, that the firm really doesn’t *need* me full time anymore… they find plenty of people to work 4 day weeks for 20% less money (the deal I have). Or they can hand off the work to the remaining people and spend my salary on office equipment to help the office run more efficiently. I’m not leaving here until I get a new job in a more specialized firm that does the work I like. Also, I’m going to make sure I can use public transit or bike to work–it’ll be like giving myself a 5k raise right off the bat.
Good luck finding your path Joe. Lots of people at my company work 4 day weeks. It saves on the commuting costs!
The firm let 15% of staff go entirely and made virtually every associate a 4 day/wk worker at 20% salary reduction. And yet revenues are the same and the same amt of work is getting finished. Does not bode well for future. They cut their expenses drastically and yet have a $500k settlement pending (lawyer fees are 33 1/3 % after costs) in addition to the regular work. It’s OK, I don’t expect the partners to “share” and I’m not asking for handouts. I’m just ready to move on and fish a different pond, so to speak. When the new arrangement first came down it was winter and a bad time to look for jobs. And I had only been here for about a year. People expect newly barred attorneys to move jobs a few times in the first handful of years, but I’m not the type of person who looks for the exit any time I see something I don’t like. Being here about 1.5 yrs is enough to learn what I need to know, though.
My commute isn’t that long or far, it’s not saving me big bucks. However, it is a goal of mine to completely remove a car from my commute simply to save on wear & tear, parking, etc.
FYI - also alot of “white collar” work is being farmed out overseas. Law, engineering, medical, etc.
I think the worst part of this, from my perspective is, that the firm really doesn’t *need* me full time anymore… they find plenty of people to work 4 day weeks for 20% less money (the deal I have).
“a job-change won’t look like an un$table employment history.”
Filed under the tab: “Financial Innovation$”:
“CE” / Economic forensic analysi$:
“Starting right about at this point, thing$ in America began to change …”
“I’m not leaving here until I get a new job in a more specialized firm that does the work I like. Also, I’m going to make sure I can use public transit or bike to work–it’ll be like giving myself a 5k raise right off the bat.”
Cheers for such thoughts!
[Slim well be piping in about the uncompen$ated "health benefit$" of such behavior any minute now ...] Hwy winks @ slim
Despite potential antitrust concerns and vocal opposition by some lawmakers and consumer groups, Express Scripts and Medco Health Solutions, two of the nation’s largest pharmacy benefit managers, said Monday that federal regulators had approved their $29 billion merger.
But Commissioner Julie Brill, a former assistant state attorney general in Vermont who was active in state litigation against benefit managers, vehemently disagreed and issued her own statement.
In a strongly worded dissent, she wrote that the proposed merger would be “a game changer” for the benefits manager market and that the F.T.C. should have challenged it in court. She estimated that the combined companies would have a larger share — 45 percent — of the market. Together with CVS Caremark, she said, the companies would account for 73 percent of the benefits manager market.
“I have reason to believe that this merger is, in fact, a merger to duopoly with few efficiencies in a market with high entry barriers — something no court has ever approved,” Ms. Brill wrote.
What big business wants big buisness gets. IT sounds like benefit managers are going to be taking a bigger piece of the health care pie. Thus the gov will have to extract this from other players - likely doctors hospitals and patients.
Stop hating on “free market” capitalism with the class warfare and politics of envy.
What big business wants big buisness gets.
I’d put these “fat-cats” on Jenny Craig by repealing Medicare Prescription Drug Coverage (Part D).
Sad/funny story:
My in-laws have a rental house that is assessed at 120k, would probably sell for about 80-90k, and currently brings in 1750/month in rent. They’re currently making about $600/month after PITI–it would be a lot more but they refinanced to pay off their own house and credit cards in 2004. They’re really lucky to bring in $1750/month rent based on location (suburban Maryland, near a lot of jobs). They’re also really lucky that I take care of all the maintenance, handle tenant issues, etc. They literally do nothing, which is good bc my in-laws are 80 and 60 y/o. (FIL much older than MIL)
The mortgage will be paid off in 7 yrs (15 yr mortgage). MIL wants to sell the house now, has no financial sense, and will probably blow any money she gets from a sale within a matter of yrs. And, of course, the next 7 yrs are when the monthly mortgage payments will really start to cut into the principal. This house is literally at “the tipping point” where it makes sense to hold down and at least pay down serious principal. Yet I can tell MIL is itching to sell just to get her hands on quick cash. This is despite not wanting for anything in life, being financially set, having her own house paid off, etc. etc. She just likes to spend money… you all probably know the type. Eating out all the time, buying knick-knacks for her house, overpaying for everything.
The other issue is, in a tight rental market and having a house that is well-cared-for, the really prudent thing would be to hold onto the house. It’s not a problem around here to get responsible, employed tenants. The house has never sat empty for more than a few weeks since I’ve been taking care of it. Usually move out/cleaning/move in happens in a matter of days.
Just aggravating for me to see someone so jones-ing for quick cash that they’re completely blind to logic.
See if they will sell it to you at a decent price.
This is our plan. It would be funny if they did put the house up for sale and the highest offer was, say, 90k. I think she’d end up not selling, but if she did, we’d gladly outbid that, watch as she gets hardly any money at settlement (I think they still owe 60k on the mortgage?) and then blows it all. It would be sad, but I’d have to learn to laugh…
I’m just aggravated by her acting so ridiculous and histrionic. People like this should not be in control of their own finances… her whole family is very bad with money. They act very emotionally and love to spend spend spend. Her 2nd marriage saved her, financially. My FIL is a tightwad who had a good career–40 yrs with 1 company, financially conservative, etc. He’s the reason they own their house, have steady income, and have the rental house. However, he’s 80 and now somewhat dependent on my MIL for help getting around, cooking, etc.
“…40 yrs with 1 company”
Do they teach this idea in “higher education” classes today? How about at the “union” factory? Gov’t Prison$ / Firehouse$ / Water District’$ / Universitie$? … where is this type idea/theory being applied for young American Citizen’s today? $ports? Theater? Fine Art$ … are things any better say @ “Thee Pentagon? “Thee Defen$e Industrial Complexe$” … where? x1 = 40
Just askin’ …
He was at Bell Labs/ AT&T for 40 yrs. Got out before they became Lucent (now Alcatel-Lucent). And yeah, I doubt any of us in my generation will have a career trajectory of 40 yrs with steadily increasing pay and a pension at the end.
My dad was with Pac Bell/Pacific Telesis for about 35 yrs. He went crazy the last 20 yrs and hated it, but he hung on for the gold watch and great pension.
Is the house in his name?
The house is in both names. He shows no signs of disagreeing with her on selling it. He knows she is bad with money, but he’s a realistic guy and probably realizes it’s not like he’s going to be around for *that long* after it’s paid off. He’s completely healthy now, but he’ll be pushing 90 by then.
In fact, FIL would probably take his 1/2 of whatever’s left after a sale and give it to his own daughter from his 1st marriage.
Assuming he could get his hands on “his half” before she spent it. If you really want to go on a spree, it isn’t that hard to get through $30K. Heck, one moderate car would do it.
I know you said she is just a spender, but is she trying to get their Medicaid assets down to get him into a nursing home without having to pay for it? I don’t know anything about the MD rules, but that is one of the things that I thought of.
Ding ding ding! very good, polly.
MIL’s behavior may be a blessing in disguise.
I’m not sure I would call it a blessing, but if she is getting sick of taking care of him, it is a possibility.
No, there is no chance of qualifying for Medicaid, given his excellent health coverage and their assets, a lot of which is stock. And another big chunk is their own house, which is paid off.
I think my MIL is just bored and likes to wield power in that situation. I probably portrayed the situation as worse than it really is, because it vexes me so much at times. She likes to spend, yes, but her life is set up to be easy and worry free, I don’t think she could overlook good advice and dump a producing asset for a giveaway price. That said, if she does, we’ll be happy to have it by offering $1 more than the highest written offer.
“She just likes to spend money… you all probably know the type. Eating out all the time, buying knick-knacks for her house, overpaying for everything.”
Choosing “what to love” verses “who to love” can really bring into sharp focu$ what is really going on in someone’s life, no?
[once again, maybe Hwy50 has that bassackwards?]
Luckily my wife is not like this, btw. I forgot to point out how glad I am about that. She’s very practical and probably the most well-adjusted person I know. I pointed out a few weeks ago that we bought a house near the school she teaches at and we spent about 1/3 - 1/2 of what we could “afford”.
…my in-laws are 80 and 60 y/o. (FIL much older than MIL)
A great idea, IMHO.
Deadbeats Are Liars®
And MegaBanker$ care not!
In fact, they have a $aying: “Approved!”
Welcome Deadbeats Are Liars®. Waiting for our like minded brothers and sisters such as;
Mortgage Brokers Are Liars®
Appraisers Are Are Liars®
Lenders Are Liars®
Congressman Are Liars®
Journalists Are Liars®
Bankers Are Liars®
The market is booming(?)….
but where are the buyers?…….
Inventory is looming…..
Realtors Are Liars.
All Your Base Are Belong To The Bernanke®
“Deadbeats Are Liars®”
Heads I win and TAILS! Nobody ever told me about TAILS! What do you mean I can`t refinance? What do you mean I`m upside down? What the hell does upside down mean anyway? This was my retirement plan! So were the other four! I WAS ROBO SIGNED!
Tricked I declare!!!
Deadbeats Are Liars®
Deadbeats don’t pay interest.
Deadbeats don’t pay, period.
I’m pretty sure all of you rememer when everyone was talking about $million dollar double-wides? This story reminds me in a telling way of that time: (ya’ll remember what happend next, don’tcha?)
Apple the First Trillion Dollar Company?
http://finance.yahoo.com/news/apple–piper-ups-target-to–910–first-trillion-dollar-stock-.html
The local Apple stores are always mobbed. Life is good for the managerial class.
I think I’ve seen a lot more than the managerial class in there.
The KB homes, Centex, and Tool Bros models would hold camp-overnight lotteries for “investors”. Sound familar to an Apple store /new iPad melee?
Life is good, too, for companies that make suicide nets.
I talked to someone who put a bid in on a house. He said his RE found out that there were six bids, some above asking and all were refused because they would not take a FHA loan. Some small local bank. The bank also has to know that the property won’t appraise any where near value. People in this area are jumping on anything in the 200K to 300K range with multi bids and most are going people who think they can rent them out now and sell for a large return later. The carpet cleaner who cleaned the carpet in the unit we were renting said that two and three families are moving into units and trashing them and that the LL would have no problem renting the unit we were vacating but finding a renter who would maintain the property would be almost impossible.
finding a renter who would maintain the property would be almost impossible.
Nothing is impossible if the price is right.
The carpet cleaner who cleaned the carpet in the unit we were renting said that two and three families are moving into units and trashing them and that the LL would have no problem renting the unit we were vacating but finding a renter who would maintain the property would be almost impossible.
You can indeed find good tenants. What you do is screen them. Y’know, background checks and credit checks, participating in the Crime-Free Multihousing program, that sort of thing.
One of my landlording friends told me that her most effective tenant screening device was charging the maximum security deposit allowed by Arizona law. ISTR that would be 1.5 months’ rent, but I’m not sure on that point.
her most effective tenant screening device was charging the maximum security deposit allowed by Arizona law.
Funny, that actually discourages me from renting somewhere. And I’m an ideal renter - always get 100% of my security deposit back (heck, my last landlord called me and said he was impressed, and thanks for taking such good care of his house).
As a good tenant, I know I”m going to fix anything that gets messed up. In the last house I replaced some molding that the dog damaged. I don’t want the LL hanging on to my cash, and in my current place I successfully negotiated the damage deposit in half, and a higher pet deposit in exchange for more of it being refundable.
My point here is that someone who’s truly conscientious isn’t necessarily going to be happy about fronting more money. It shows a lack of trust, IMO. My current landlord just asked for a list of references, though I think he could’ve gotten all he need just from a few conversations with me.
The bank also has to know that the property won’t appraise any where near value.
Apparently this is happening here in SF, too. Comps won’t support the prices that multiple bids produce.
PALERMO, Sicily (Reuters) - A 78-year-old Italian woman leapt to her death from a fourth floor balcony on Tuesday after her pension was cut, police said.
Authorities had recently reduced her monthly pension to 600 euros from 800 and she had become overwhelmed with concern about not being able to make ends meet, her children told local police in Gela, southern Sicily.
Suicide attempts connected to economic woes are reported regularly in Italy, which is struggling with a recession, rising unemployment and increasingly severe austerity measures.
Last week, two men facing financial trouble set themselves on fire in northern Italy in two separate incidents. Both survived, one with severe burns.
On Monday, a picture frame maker on the outskirts of Rome hanged himself due to what he described in a suicide note as “overwhelming economic problems”, newspapers reported.
Those suicidal socialists should put down the Saul Alinsky books and get bootstrappin’ and rugged individualizing and free markets and quit bellyaching about needing the nanny state to take care of them.
Let Freedom Ring!
legislating from the bench!!!
“$uicide attempts connected to economic woe$ are reported regularly in Italy”
What’s the baud rate between the Pope & the Woe-man up high?
Is Vatican City not located within Italy?
How far does one have to bee from “Give on to Cea$ar what belong$ to Cea$ar … ”
Lucy: “Hwy50!!!!!!???? off with his head!!!!!!”
Charlie Brown: “Doesn’t anyone remember what the $pirit of Christma$ is all about?” :-/
“The truth of the matter is we would have already gotten over it if they just let the properties get out there and get sold,” Verna says. “So what are you doing? You’re not stabilizing the market. You’re creating more chaos.”
http://www.washingtonpost.com/business/markets/who-knows-where-the-foreclosure-crisis-ends-searching-shadows-for-the-answer/2012/03/31/gIQA5AaBnS_story.html
Good grief. Someone co-opted my moniker in the comments section of that article.
Ohio Landlord Found Dismembered Body in Bathtub
By BARBARA RODRIGUEZ Associated Press
URBANA, Ohio April 3, 2012 (AP)
A landlord who found a woman’s dismembered remains in her bathtub said he had felt compelled to break into the locked bathroom after her worried mother came looking for her.
Gary Zerkle told The Associated Press on Tuesday that 21-year-old Jessica Sacco’s mother arrived at Sacco’s Urbana home last Thursday, concerned she had not heard from her daughter in days.
Zerkle found Sacco’s remains the next morning. Police say Sacco’s on-again, off-again boyfriend, Matthew Puccio, had stabbed her, placed a bag over her head and suffocated her. They say Sacco was then dismembered, with some body parts found miles away in Kentucky.
Puccio was arraigned Tuesday and was being held on $100,000 bond. Four other defendants, accused of watching the attack on Sacco, also were arraigned and were being held on bonds of $50,000 each. Telephone messages seeking comment were left for their attorneys on Tuesday.
Zerkle said Sacco’s mother found nothing amiss Thursday night in the one-bedroom apartment but a locked bathroom door.
Zerkle, who lives next door to the duplex Sacco rented, decided to check it out the following morning, largely because Sacco’s mother had looked so concerned.
“I didn’t think that was right,” he said of the locked door. “Sometimes you get a gut feeling.”
Standing by the locked door, he removed the doorknob screws and peeked inside the bathroom. He could see only a shower curtain. He pried open the door and looked behind the shower curtain.
“I pulled it back, and that was it,” he said. “And I zoomed out the front door. … I was trying to gasp for air.”
Shuddering, he said he can’t describe what he found.
http://abcnews.go.com/US/wireStory/ohio-court-dismembered-woman-case-16061721 - -
ISTR that Urbana was a town where I stayed overnight while bicycling around the USA.
I think that was the place with the motel that had a book on what the Bible really means. It was a rather homely looking little book. Really needed an editor. I would have preferred a plain old Gideon Bible.
Ben, thank you for keeping this blog going over the years. I am humbled by your persistence and steadiness.
+1. This blog is like PBS. Only a few contribute (comments and/or money) but so many get so much out of it.
U.S. ECONOMY & MARKETS
Fed not so keen on QE3
The Fed’s policy meeting minutes from March show less interest in more asset purchases.