This stock at one time almost reached $20. When the 2nd new issue came out at $10 a share everybody thought it was the buy of the Century when it almost doubled. The problem with this bank is the Management. They are really only a regional savings bank that is concentrated in NJ. For the most part in Northern NJ. They have not really expanded out to any great degree and seems at a loss as to how they can compete with banks like Valley National that seems to be all over them. Their interest rates are in fact the lowest of all the savings banks in the area and the employee turnover (even for a bank) is astronomical. In the branch that I sometimes go into, it appears that except for the branch manager and one other person, the turnover is about 100% every 18 months. No business can stay competitive when they offer less then the competition and have a staff that is transitory and disinterested.
Cramer never apologized for pumping the crap out of HCBK. I did not buy until the price hit around $8. When housing returns so will HCBK. I am concerned about the 5.8% "sales" tax on house sales embedded in the health care legislation. A friend told me about this tax so I do not have first hand knowledge. Perhaps someone can inform us about this tax. If it is true our kids will have even greater difficulties becoming home owners. Changing jobs will become very costly as well. In Maryland we already pay through the nose on real estate taxes. I remain concerned for all parties on this one.
No, there is no 5.8% sales tax on home sales. There is a 3.8% tax on profits (not total amount) over the capital gains limit ($250,000 for singles, $500,000 for married) but only if adjust gross income is > $200,000 ($250,000 for married).
In other words, if you're married and made $499,000 profit on your home sale, you'll owe nothing.
the "sales tax" is BS. What they're inferring is a sales tax is the 2.9% medicare tax being imposed on net investment income starting in 2013 for people making more than $250k. So if you have a gain on your house that you can't exclude (greater than $250k/$500k or you haven't lived in the house for the correct amount of time) then there is an additional 2.9% tax on the capital gain (not the entiire purchase price).
This made the rounds as an e-mail hoax, you can check it out at snopes.com