252 Responses to ** Financial **

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1. 241. Katie_Scarlett | April 18th, 2008 at 3:42 pm

   hobojoe wrote:

   Furey wrote:

   I don’t claim to be an expert, but one indicator to me is the DJIA…which is up over 800 points since 3/14.

   About 450 of those points are over the last 3 days (since 4/15)

   Not sure it’s much of an indicator at all over that very short timeframe.

   Question - do you think real inflation is going to come back to bite the US economy once people realize how devalued the dollar has become? I’m not talking about the “cooked” 2.1% numbers the government puts out. People are finally starting to feel the pinch in terms of 10% increases in food prices, lots more % increase in oil, etc. Wages are certainly not even closely keeping up with the inflation the FED is creating by continuing to lower rates.

   Yes, I think we’re going to feel serious inflation issues sooner rather than later. But again, I think we’ll pull through like we have in the past.

2. 242. Furey | April 18th, 2008 at 4:02 pm

   We can look at DJIA trends over the last year. Last year at this time it was hovering around the same mark. Again, just an indicator, not a definitive about anything.

   British Hairways wrote:

   Furey said this on his blog on June 8, 2006:

   “I’m seriously thinking of renting a 1 bedroom own condo. I refuse to buy anything right now out of spite for the real estate market. I’m a big real estate bear (since 2000 I have been predicting the sky is falling) and do think the market is headed for a 10-20% correction, still. No real estate purchases for me yet.”

   So it looks like you were a bear during the boom and now since you bought you’re bullish, desperately hoping the bust doesn’t come to Hoboken.

   I think my prediction was correct, wasn’t it? My timing was far off, but I think that was due to the unbelievable inflation from the real estate market boom. The market was headed for a correction and to me, I got in at a time where I could get a 5.875% 30 year fixed and didn’t know if the future would keep interest rates that low.

   For me, it worked. But I learned a valueable lesson with my bear attitude was that you can’t sit on the sideline trying to time the market. If I could have sat out another year, or two, or three, that’s just more money i’m throwing away to renting. What *I* should have done (in hindsight) was bought loooong ago.

   Like I have said a million times, i’m not moving anywhere, my job is stable and there’s no loser unless you are forced to sell at a loss.

3. 243. British Hairways | April 18th, 2008 at 4:26 pm

   Yeah it’s true the longer you stay in a place the less likely you are to get hosed on real estate, and if you stay in a place long enough, there’s almost no chance, unless the world comes to an end or something.

   But when the market goes though a historical run-up to never-seen-before levels and tops out, there’s something to be said for renting and waiting it out.

   Sure you’ll be paying rent over the year, or two, or three that you wait, but you’re also giving yourself a real chance to save 5%, 10%, or 25% on the purchase price. And on a $500K or $600K place, that’s real money.

4. 244. Furey | April 18th, 2008 at 4:41 pm

   British Hairways wrote:

   Yeah it’s true the longer you stay in a place the less likely you are to get hosed on real estate, and if you stay in a place long enough, there’s almost no chance, unless the world comes to an end or something.

   But when the market goes though a historical run-up to never-seen-before levels and tops out, there’s something to be said for renting and waiting it out.

   Sure you’ll be paying rent over the year, or two, or three that you wait, but you’re also giving yourself a real chance to save 5%, 10%, or 25% on the purchase price. And on a $500K or $600K place, that’s real money.

   Agreed and when I bought when I did I was able to knock the ask price down 5%.

   I see that this year same units in my building (same sq ft as mine) sold for 8% more than I bought my place. Those, to me, are realistic, normal real estate gains.

5. 245. British Hairways | April 18th, 2008 at 5:04 pm

   I find it hard to believe that Hoboken real estate is up another 8% from a year ago in the face of a severe national slump and mucho pain on Wall Street. I see lots of for-sale signs up for months on end — unless those sellers are out of their minds they would gladly accept 8% above last year’s price.

6. 246. Easy-E | April 18th, 2008 at 6:25 pm

   British Hairways wrote:

   I find it hard to believe that Hoboken real estate is up another 8% from a year ago in the face of a severe national slump and mucho pain on Wall Street.

   I see lots of for-sale signs up for months on end — unless those sellers are out of their minds they would gladly accept 8% above last year’s price.

   They aren’t up. I have been keeping and eye on prices for a couple years now.

   Perhaps SOME properties are doing better than others because of what they offer, but it’s not like you can’t find a 1 bedroom for under $400k now. 2-3 years ago, they were pretty scarce.

7. 247. elainetyger | April 18th, 2008 at 9:08 pm

   Prices are lower for sales because there are less buyers in the marketplace, now that mortgages are harder to get. RE agents tell me no bank is taking anyone with less than 20% down right now. When I was selling, 10% was acceptable almost all the time, and people only went to 20% to avoid PMI.

   If I had money to spend, I would look for a good deal on a 3-5 family somewhere near transportation. It’s nice to own rental units at a time like this. Look at the new construction that’s going all-rental, which would have been unheard of 4 years ago.

8. 248. FAP | May 16th, 2008 at 3:31 pm

   CNBC reports that Lehman will be laying off 5% of its workforce. I didn’t hear how much of that 5% will come out of the NYC and Jersey City offices.

9. 249. FAP | May 16th, 2008 at 3:34 pm

   Hmm this might be old news. There was a march announcement about the 5%.

10. 250. FAP | May 16th, 2008 at 5:43 pm

    Nope it really is a second 5% cut.

    cnbc.com/id/24667491/site/14081545?...ine%7Cquote%7Ctext%7C&par=yahoo

11. 251. bri777 | May 17th, 2008 at 7:25 am

    Morgan Stanley is supposedly cutting 5% next week too.

12. 252. rag246 | May 17th, 2008 at 7:51 am

    ALL IS WELL!

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