One of these permanent marks left by the previous recession is what's happened to neighborhoods hit by a wave of home foreclosures. Peck points to areas in Florida, Arizona and Nevada that are starting to disintegrate — just like what happened to some inner cities back during the 1970s.
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More signs that Privatopia and its privatized local government by HOA that grew dramatically over the past four decades and built to a climax over the past 15 years is on the decline. Peck predicts HOA land will become blighted. Note however another author predicted the suburbs would become the new slums long before Peck: Jack Lessinger in his 1991 work Penturbia: Where Real Estate Will Boom AFTER the Crash of Suburbia.
Saturday, August 20, 2011
Friday, August 19, 2011
Home | What Went Wrong: The Betrayal of The American Dream
Home | What Went Wrong: The Betrayal of The American Dream
Donald Barlett and James Steele wrote a Pulitzer Prize winning series for the Philadelphia Inquirer back in 1991 about how the Reagan era policies undermined the middle class. Now they are back--and the situation is far worse now.
Donald Barlett and James Steele wrote a Pulitzer Prize winning series for the Philadelphia Inquirer back in 1991 about how the Reagan era policies undermined the middle class. Now they are back--and the situation is far worse now.
Woman’s yard sale to pay medical bills gets shut down | News | Salem News
Woman’s yard sale to pay medical bills gets shut down | News | Salem News
A woman fighting a terminal form of bone cancer is trying to raise money to help pay bills with a few weekend garage sales, but the city of Salem says she’s breaking the law and is shutting her down.
Jan Cline had no idea, but the city of Salem has a clear law that states a person can only have three yard sales a year.
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Thanks to Mystery Reader for this depressing story of mindless rule enforcement.
A woman fighting a terminal form of bone cancer is trying to raise money to help pay bills with a few weekend garage sales, but the city of Salem says she’s breaking the law and is shutting her down.
Jan Cline had no idea, but the city of Salem has a clear law that states a person can only have three yard sales a year.
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Thanks to Mystery Reader for this depressing story of mindless rule enforcement.
Thursday, August 18, 2011
Case against MERS reaches Supreme Court « HousingWire
Case against MERS reaches Supreme Court « HousingWire
A controversial case challenging the ability of Mortgage Electronic Registration Systems to foreclose on a California man was filed with the Supreme Court Monday, making it the first major MERS case to reach the nation's highest court.
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But the USSC hasn't agreed to hear the case. This is just a petition for a writ of certiorari. The court gets thousands of these every year and ends up deciding fewer than 100.
A controversial case challenging the ability of Mortgage Electronic Registration Systems to foreclose on a California man was filed with the Supreme Court Monday, making it the first major MERS case to reach the nation's highest court.
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But the USSC hasn't agreed to hear the case. This is just a petition for a writ of certiorari. The court gets thousands of these every year and ends up deciding fewer than 100.
Tuesday, August 16, 2011
Libertarian Billionaire Wants Island Nation for Libertarian Billionaires
Libertarian Billionaire Wants Island Nation for Libertarian Billionaires
Awesome. Too bad they won't be taking the rest of the libertarians with them. Most of them no doubt will continue to preach the gospel of Ayn Rand and Ron Paul from Mom's basement..
Awesome. Too bad they won't be taking the rest of the libertarians with them. Most of them no doubt will continue to preach the gospel of Ayn Rand and Ron Paul from Mom's basement..
Hercules Municipal Utility Has Drained City Coffers
Hercules Municipal Utility Has Drained City Coffers
HMU rates are higher because the utility's growth has been balanced essentially on the backs of residential ratepayers and taxpayers. Over the past decade, Hercules has spent more than $16 million building a utility that today consists of little more than nine miles of underground cable, switching boxes and a vacant piece of land that was supposed to house a substation.
It is an enterprise awash in IOUs. In the process of serving 840 customers, the utility has saddled Hercules with more than $13 million in bond debt. And since 2003, Hercules' redevelopment agency has loaned the utility almost an equal amount of money -- this in a town of only 24,000 residents that has a general fund budget of just $14 million.
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Wow. It appears that a city can be run as badly as an HOA.
HMU rates are higher because the utility's growth has been balanced essentially on the backs of residential ratepayers and taxpayers. Over the past decade, Hercules has spent more than $16 million building a utility that today consists of little more than nine miles of underground cable, switching boxes and a vacant piece of land that was supposed to house a substation.
It is an enterprise awash in IOUs. In the process of serving 840 customers, the utility has saddled Hercules with more than $13 million in bond debt. And since 2003, Hercules' redevelopment agency has loaned the utility almost an equal amount of money -- this in a town of only 24,000 residents that has a general fund budget of just $14 million.
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Wow. It appears that a city can be run as badly as an HOA.
Monday, August 15, 2011
Hybrid housing holds appeal | StarTribune.com
Hybrid housing holds appeal | StarTribune.com
This type of housing -- called manor homes, villas, cottage homes or detached townhouses -- is tailored to people who want the privacy of a traditional single-family home with the convenience of a condo. And although it accounts for only a tiny slice of the real estate pie, builders and developers are cautiously optimistic that this hybrid style of house will grow in popularity, partly because it's designed for a growing population: retiring baby boomers.
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This is a puff piece touting a super-paternalistic type of HOA where the association hires all the contractors that service the individual lots. Next step is what? The HOA sends inspectors into your home and makes you pay for repainting your bathroom a different shade of beige?
Anybody who buys into a place like this isn't really a homeowner anyway. They are just tenants with an investment interest.
Thanks to Mike Ramsey for the link.
This type of housing -- called manor homes, villas, cottage homes or detached townhouses -- is tailored to people who want the privacy of a traditional single-family home with the convenience of a condo. And although it accounts for only a tiny slice of the real estate pie, builders and developers are cautiously optimistic that this hybrid style of house will grow in popularity, partly because it's designed for a growing population: retiring baby boomers.
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This is a puff piece touting a super-paternalistic type of HOA where the association hires all the contractors that service the individual lots. Next step is what? The HOA sends inspectors into your home and makes you pay for repainting your bathroom a different shade of beige?
Anybody who buys into a place like this isn't really a homeowner anyway. They are just tenants with an investment interest.
Thanks to Mike Ramsey for the link.
Sunday, August 14, 2011
10 housing markets that will collapse this year - Business - Real estate - msnbc.com
10 housing markets that will collapse this year - Business - Real estate - msnbc.com
As if they hadn't already collapsed? What do you call it when something that has already collapsed once decides to go ahead and collapse again?
As if they hadn't already collapsed? What do you call it when something that has already collapsed once decides to go ahead and collapse again?
Saturday, August 13, 2011
The Horror of Homeowners' Associations
The Horror of Homeowners' Associations
Evan McKenzie, a University of Illinois-Chicago political science professor and author of the book Beyond Privatopia: Rethinking Residential Private Government, recently explained to me that a complicating aspect of HOA disputes is that they often become personalized, "so you can't even resolve them." When board members interpret the rules to suit their own ends, homeowners often must look to the courts to enforce basic standards of accountability—and that can get expensive. "There's no training or actual requirements" for board positions, McKenzie adds, which means that the people in charge often don't understand the most basic requirements of the law. Many homeowners don't, either.
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Followed by 22 horror stories.
Evan McKenzie, a University of Illinois-Chicago political science professor and author of the book Beyond Privatopia: Rethinking Residential Private Government, recently explained to me that a complicating aspect of HOA disputes is that they often become personalized, "so you can't even resolve them." When board members interpret the rules to suit their own ends, homeowners often must look to the courts to enforce basic standards of accountability—and that can get expensive. "There's no training or actual requirements" for board positions, McKenzie adds, which means that the people in charge often don't understand the most basic requirements of the law. Many homeowners don't, either.
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Followed by 22 horror stories.
The Horror of Homeowners’ Associations
Homeowners' associations were supposedly created by Real Estate God to fundraise for and oversee neighborhood maintenance, and to help developers to efficiently manage and market their properties. But it often seems that their true purpose in life is to drive homeowners insane. Governed by boards of directors—homeowners ostensibly chosen by their peers to represent the interests of their communities—HOAs are organizations that have become somewhat infamous for imposing arbitrary fines and liens on unpopular or "rogue" homeowners, making shit up as they go along, treating people unfairly, enforcing strict adherence to their rules, collecting fees, and acting irrationally or illegally. The people who sit on their boards are often petty, vindictive, utterly incompetent, and/or control-freakish.
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The horror...the horror. HOA Apocalypse Now!
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The horror...the horror. HOA Apocalypse Now!
Friday, August 12, 2011
The 10 Housing Markets That Will Collapse This Year
The real estate market is already in the deepest depression in modern U.S. history. If you think it can't get any worse, think again. In several cities, the real estate market is about to drop even more. Home values in many of those cities, such as Las Vegas, have already collapsed as unemployment has shot higher. And with no hope of quick recovery, housing prices are expected to continue to fall. 24/7 Wall St. identified ten housing markets that are expected to drop by at least another 10% by 2012.
* * *
Home prices fell from all-time highs in 2006. Home equity tapped by second mortgages had been a tremendous source of income then for families who used it for retirement saving, education, and simple consumer purchases. Three years later, many of those homes were worth less than their mortgages. A large population of homeowners still owed a second mortgage. The burden of those two home loans happened to come at a time when national unemployment rose from 4% in the mid-2000s to 10%. The mix of unemployment and high mortgage payments ripped the home market apart.
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Note that all of those housing markets with the exception of Detroit are in Privatopia.
The economy is neurotic. Six years ago it was deluded by the irrational exuberance of a housing market that could only go up and anyone who could fog a mirror was considered a good mortgage risk, underwriting be damned. Now we've gone to the other extreme and are hoarding cash in a deflation prone economy paralyzed with fear. Unless we can find a point of moderation, the pain is certain to continue.
* * *
Home prices fell from all-time highs in 2006. Home equity tapped by second mortgages had been a tremendous source of income then for families who used it for retirement saving, education, and simple consumer purchases. Three years later, many of those homes were worth less than their mortgages. A large population of homeowners still owed a second mortgage. The burden of those two home loans happened to come at a time when national unemployment rose from 4% in the mid-2000s to 10%. The mix of unemployment and high mortgage payments ripped the home market apart.
-------------------------------------------
Note that all of those housing markets with the exception of Detroit are in Privatopia.
The economy is neurotic. Six years ago it was deluded by the irrational exuberance of a housing market that could only go up and anyone who could fog a mirror was considered a good mortgage risk, underwriting be damned. Now we've gone to the other extreme and are hoarding cash in a deflation prone economy paralyzed with fear. Unless we can find a point of moderation, the pain is certain to continue.
Why Illinois Can't Afford its Poor Dead | NBC Chicago
Why Illinois Can't Afford its Poor Dead | NBC Chicago
Illinois officials sent a letter to more than 600 funeral directors around the state to let them know there's no money for funerals for individuals on public assistance..."Now the only viable option --- I don't mean to make light of it -- is to leave the body at the medical examiner office," Szykowny said. "After 60 to 90 days they'll take the body to what's called a potter's field and bury it in a numbered grave."
Source: http://www.nbcchicago.com/blogs/ward-room/Why-Illinois-Cant-Afford-its-Dead-127534403.html?dr#ixzz1UpW6OJCJ
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Illinois officials sent a letter to more than 600 funeral directors around the state to let them know there's no money for funerals for individuals on public assistance..."Now the only viable option --- I don't mean to make light of it -- is to leave the body at the medical examiner office," Szykowny said. "After 60 to 90 days they'll take the body to what's called a potter's field and bury it in a numbered grave."
Source: http://www.nbcchicago.com/blogs/ward-room/Why-Illinois-Cant-Afford-its-Dead-127534403.html?dr#ixzz1UpW6OJCJ
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Thursday, August 11, 2011
Foreclosure filings fall for 10th straight month - Aug. 11, 2011
Foreclosure filings fall for 10th straight month - Aug. 11, 2011
The steep foreclosure drop, according to RealtyTrac CEO James Saccacio, was triggered by a foreclosure processing slowdown that was sparked by the "robo-signing" controversy last fall. As a result of the scandal, in which the banks were accused of mishandling paperwork and failing to follow proper protocols, banks are being much more careful and many filings have been delayed.
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Personally I'd like to be watching CNN one day, and see some banksters being frog-marched out the door, down the steps, across the sidewalk, and into a police car. I think that would do more to revive the economy than just about anything else.
The steep foreclosure drop, according to RealtyTrac CEO James Saccacio, was triggered by a foreclosure processing slowdown that was sparked by the "robo-signing" controversy last fall. As a result of the scandal, in which the banks were accused of mishandling paperwork and failing to follow proper protocols, banks are being much more careful and many filings have been delayed.
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Personally I'd like to be watching CNN one day, and see some banksters being frog-marched out the door, down the steps, across the sidewalk, and into a police car. I think that would do more to revive the economy than just about anything else.
Moody's warns state and local governments could see credit downgrades - Mackenzie Weinger - POLITICO.com
Moody's warns state and local governments could see credit downgrades - Mackenzie Weinger - POLITICO.com
The vicious cycle continues. This could mean more state and local government layoffs, on top of the half million that have already occurred, and that means higher unemployment and less consumer confidence. Onward we march.
The vicious cycle continues. This could mean more state and local government layoffs, on top of the half million that have already occurred, and that means higher unemployment and less consumer confidence. Onward we march.
Wednesday, August 10, 2011
Scorpions on the loose in Shenzhen -- Shanghai Daily | 上海日报 -- English Window to China New
Scorpions on the loose in Shenzhen -- Shanghai Daily | 上海日报 -- English Window to China New
A REAL estate company was suspected of releasing several thousand scorpions into apartments at a residential complex in Shenzhen to force residents to move out in order to make way for a new construction project.
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So the next time you complain about how bad your condo manager is, remember...things could always be worse.
A REAL estate company was suspected of releasing several thousand scorpions into apartments at a residential complex in Shenzhen to force residents to move out in order to make way for a new construction project.
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So the next time you complain about how bad your condo manager is, remember...things could always be worse.
Sunday, August 07, 2011
The 5 Worst Places to Retire in the U.S.
The 5 Worst Places to Retire in the U.S.
And they are in Nevada, Arizona, California, and Florida. Let's see...what do those four states have in common (no pun intended)...I had it for a moment there...processing...processing...Oh, yes. Now I remember.
And they are in Nevada, Arizona, California, and Florida. Let's see...what do those four states have in common (no pun intended)...I had it for a moment there...processing...processing...Oh, yes. Now I remember.
Man Claims Racist Reception from Royal Oaks
Man Claims Racist Reception from Royal Oaks
Williams leased a home on Stuart Manor. As time went by, things got progressively worse.
"They must be selling drugs so now, it's we're selling drugs in the neighborhood," he said.
But he said that was easy compared to his next experience: 2 weeks ago, all of his guests were denied entry into the subdivision, stopped at the front gate.
All of those guests were African American.
He went to go pick up his cousin who was walking on foot through the gate at the front of the door. That’s when he said a security guard told him the following,
“Look, I'm not allowed to let you guys in. We personally don't have a problem with you, but we'll lose our jobs.”
Read more: http://www.myfoxhouston.com/dpp/news/local/110726-man-claims-racist-reception-from-royal-oaks#ixzz1UM7Z3aqX
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One of the main reasons for creating HOAs in the US was to practice racial exclusion. Some things never change.
Williams leased a home on Stuart Manor. As time went by, things got progressively worse.
"They must be selling drugs so now, it's we're selling drugs in the neighborhood," he said.
But he said that was easy compared to his next experience: 2 weeks ago, all of his guests were denied entry into the subdivision, stopped at the front gate.
All of those guests were African American.
He went to go pick up his cousin who was walking on foot through the gate at the front of the door. That’s when he said a security guard told him the following,
“Look, I'm not allowed to let you guys in. We personally don't have a problem with you, but we'll lose our jobs.”
Read more: http://www.myfoxhouston.com/dpp/news/local/110726-man-claims-racist-reception-from-royal-oaks#ixzz1UM7Z3aqX
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One of the main reasons for creating HOAs in the US was to practice racial exclusion. Some things never change.
Democratic lawmakers launch probe of fired AG investigators | TBO.com
Democratic lawmakers launch probe of fired AG investigators | TBO.com
The two lawmakers are probing a possible connection between the terminations and Joe Jacquot, Bondi's former special counsel who left to become a senior vice president at Lender Processing Services shortly before Clarkson and Edwards were dismissed. Soto and Sobel also are raising questions about Provest, a Tampa-based mortgage servicing company that Edwards and Clarkson were investigating, and about an unnamed LPS executive who previously worked for Scott's former health care company, Solantic.
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See the story below--the probe into Florida AG Pam Bondi (Republican) and her summary firing of two AGs who were investigating mortgage fraud is heating up.
The two lawmakers are probing a possible connection between the terminations and Joe Jacquot, Bondi's former special counsel who left to become a senior vice president at Lender Processing Services shortly before Clarkson and Edwards were dismissed. Soto and Sobel also are raising questions about Provest, a Tampa-based mortgage servicing company that Edwards and Clarkson were investigating, and about an unnamed LPS executive who previously worked for Scott's former health care company, Solantic.
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See the story below--the probe into Florida AG Pam Bondi (Republican) and her summary firing of two AGs who were investigating mortgage fraud is heating up.
MortgageOrb: Content / Mortgage Servicing / Fla. AG Okays Independent Probe On Attorney Dismissals
MortgageOrb: Content / Mortgage Servicing / Fla. AG Okays Independent Probe On Attorney Dismissals
In the November 2010 election a Republican and Fox News blonde legal commentator (they have so many that it's hard to keep track of them) named Pam Bondi was elected Attorney General of the state of Florida.
She fired two AGs who were renowned for aggressively pursuing mortgage fraud. They had exemplary performance reviews and you can hear them speak about their firing.
So now Bondi says she will allow an independent probe of the firings. There is a Democratic member of the Florida House of Representatives, Darren Soto, who is talking about asking for a federal investigation.
In the November 2010 election a Republican and Fox News blonde legal commentator (they have so many that it's hard to keep track of them) named Pam Bondi was elected Attorney General of the state of Florida.
She fired two AGs who were renowned for aggressively pursuing mortgage fraud. They had exemplary performance reviews and you can hear them speak about their firing.
So now Bondi says she will allow an independent probe of the firings. There is a Democratic member of the Florida House of Representatives, Darren Soto, who is talking about asking for a federal investigation.
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