Police bugs put up for sale | NATIONAL | NEWS | tvnz.co.nz
A Cromwell man who found police surveillance gear in two cars they returned to him has been arrested for theft of property. Ralph Williams had put the devices up for auction on Trade Me but police had the ad taken off the the internet website. Williams was being a little cheeky when he found the bugs in two cars given back to him by police and put them up for sale on the web.
Friday, September 07, 2007
Reason Magazine - The Limits of Anti-Kelo Legislation
Thanks to Mystery Reader for this link to an assessment of the limits on "economic development" justifications for eminent domain that were passed all over the nation in the wake of Kelo decision by the USSC.
Legislators have found many different ways to produce bills that appear to protect property rights without actually doing so. Texas, for example, banned "economic development" takings but continues to permit them under other names, such as "community development." The most common tactic, used in some 16 states' post-Kelo laws, is to allow economic development condemnations to continue under the guise of alleviating "blight." While it may sometimes be desirable to use eminent domain to transform severely dilapidated areas, many states define "blight" so broadly that almost any neighborhood qualifies.
Thanks to Mystery Reader for this link to an assessment of the limits on "economic development" justifications for eminent domain that were passed all over the nation in the wake of Kelo decision by the USSC.
Legislators have found many different ways to produce bills that appear to protect property rights without actually doing so. Texas, for example, banned "economic development" takings but continues to permit them under other names, such as "community development." The most common tactic, used in some 16 states' post-Kelo laws, is to allow economic development condemnations to continue under the guise of alleviating "blight." While it may sometimes be desirable to use eminent domain to transform severely dilapidated areas, many states define "blight" so broadly that almost any neighborhood qualifies.
Bloomberg.com: Opinion: A Wall Street Trader Draws Some Subprime Lessons: Michael Lewis
How's this for a pithy lead:
Sept. 5 (Bloomberg) -- So right after the Bear Stearns funds blew up, I had a thought: This is what happens when you lend money to poor people.
How's this for a pithy lead:
Sept. 5 (Bloomberg) -- So right after the Bear Stearns funds blew up, I had a thought: This is what happens when you lend money to poor people.
Thursday, September 06, 2007
California: Homeowner Protection Act clears Legislature
Another step toward making HOAs behave like governments.
Homeowner associations, which already act like little governments, would have to hew to some of the standards of larger regulatory bodies under a proposed state law that has gotten unanimous approval by the California Assembly and Senate. SB 528, authored by state Sen. Sam Aanestad, R-Grass Valley, now heads to Gov. Arnold Schwarzenegger to be signed into law. The Aanestad measure strengthens homeowner protections in common interest developments (CIDs), such as homeowner associations, by requiring all CID boards to only consider matters that are listed on an agenda during regularly scheduled meetings.
Another step toward making HOAs behave like governments.
Homeowner associations, which already act like little governments, would have to hew to some of the standards of larger regulatory bodies under a proposed state law that has gotten unanimous approval by the California Assembly and Senate. SB 528, authored by state Sen. Sam Aanestad, R-Grass Valley, now heads to Gov. Arnold Schwarzenegger to be signed into law. The Aanestad measure strengthens homeowner protections in common interest developments (CIDs), such as homeowner associations, by requiring all CID boards to only consider matters that are listed on an agenda during regularly scheduled meetings.
Ruling on pickups won't wipe out bans by condo associations -- South Florida Sun-Sentinel.com
Cities can't ban pickups in Florida, but not so fast...condos can?
`Residents of condo and homeowner association communities who want the right to park pickups in their driveways shouldn't look to a recent appeal court decision for relief, legal experts say. That ruling applies only to cities. The Third District Court of Appeal in Miami ruled 2-1 that the city of Coral Gables can't enforce the "unconstitutional" code that for years prevented residents from parking pickups in their driveways overnight. In the ruling, Senior Judge Alan R. Schwartz called it "frightening" for a government to make something illegal because some people don't like the way something looks.
Cities can't ban pickups in Florida, but not so fast...condos can?
`Residents of condo and homeowner association communities who want the right to park pickups in their driveways shouldn't look to a recent appeal court decision for relief, legal experts say. That ruling applies only to cities. The Third District Court of Appeal in Miami ruled 2-1 that the city of Coral Gables can't enforce the "unconstitutional" code that for years prevented residents from parking pickups in their driveways overnight. In the ruling, Senior Judge Alan R. Schwartz called it "frightening" for a government to make something illegal because some people don't like the way something looks.
FCC may ban cable exclusivity deals - USATODAY.com
These anti-competitive deals have been going on for decades:
Federal regulators appear set to crack down on cable companies that sign exclusive deals with apartment and condominium buildings, denying residents the fruits of emerging pay-TV competition. Federal Communications Commission Chairman Kevin Martin is recommending prohibiting such future agreements and preventing enforcement of exclusivity clauses in existing contracts, three FCC officials say.
These anti-competitive deals have been going on for decades:
Federal regulators appear set to crack down on cable companies that sign exclusive deals with apartment and condominium buildings, denying residents the fruits of emerging pay-TV competition. Federal Communications Commission Chairman Kevin Martin is recommending prohibiting such future agreements and preventing enforcement of exclusivity clauses in existing contracts, three FCC officials say.
Condo group suing couple over Web site- mlive.com
Here is a story from Michigan. The real problem seems to be that this website includes a forum where people can criticize the BOD and management company. So now do we have attorneys arguing that such activities can be prohibited?
MUNDY TWP. - A married couple who started a Web site for residents in their condominium complex are learning that free speech can be costly. James and Helen Cunningham say they are staggered by a bill from their condo association for more than $3,000 - the attorney's fees racked up by the board of directors so far in suing the couple in Genesee Circuit Court over the site. In court papers, the board claims the site should be shut down because it violates an association bylaw that forbids "annoyances" and interferes with association business. The Cunninghams said they started the site so they could get to know more neighbors in the Lake Park Village subdivision on Fenton Road, north of Baldwin Road, where they've lived for 13 years. James Cunningham said he is dismayed by the board's effort to force him and his wife to finance the lawsuit, even threatening to put a lien on their property if they don't pay by Monday.
Here is a story from Michigan. The real problem seems to be that this website includes a forum where people can criticize the BOD and management company. So now do we have attorneys arguing that such activities can be prohibited?
MUNDY TWP. - A married couple who started a Web site for residents in their condominium complex are learning that free speech can be costly. James and Helen Cunningham say they are staggered by a bill from their condo association for more than $3,000 - the attorney's fees racked up by the board of directors so far in suing the couple in Genesee Circuit Court over the site. In court papers, the board claims the site should be shut down because it violates an association bylaw that forbids "annoyances" and interferes with association business. The Cunninghams said they started the site so they could get to know more neighbors in the Lake Park Village subdivision on Fenton Road, north of Baldwin Road, where they've lived for 13 years. James Cunningham said he is dismayed by the board's effort to force him and his wife to finance the lawsuit, even threatening to put a lien on their property if they don't pay by Monday.
Wednesday, September 05, 2007
Pending Home Sales Sink in July: Financial News - Yahoo! Finance
More bad news...
"Numbers like this should put to rest the belief that we've reached the bottom" in the housing market, said Joel Naroff, chief economist for Commerce Bancorp Inc. "There's still a lot of pain that's ahead of us."
More bad news...
"Numbers like this should put to rest the belief that we've reached the bottom" in the housing market, said Joel Naroff, chief economist for Commerce Bancorp Inc. "There's still a lot of pain that's ahead of us."
Monday, September 03, 2007
Insigniaresidential - FSBO » Blog Archive » Luxury Ghost Towns
Nice turn of phrase...
Three years ago, this Las Vegas suburb was teeming with modern-day prospectors armed with low-interest mortgages, all hoping to strike it rich in real estate. Now, what started with the subprime-mortgage mess and subsequent credit crunch are turning communities like Black Mountain Vista into luxury ghost towns. Buyers who got in over their heads are being forced to abandon their homes, leaving behind empty McMansions on the California coast and see-through condominium towers on Miami Beach. Real estate is turning into a money pit, sapping the fortunes of home buyers, hedge-fund managers and house painters alike. The really bad news? This is only the beginning.
Nice turn of phrase...
Three years ago, this Las Vegas suburb was teeming with modern-day prospectors armed with low-interest mortgages, all hoping to strike it rich in real estate. Now, what started with the subprime-mortgage mess and subsequent credit crunch are turning communities like Black Mountain Vista into luxury ghost towns. Buyers who got in over their heads are being forced to abandon their homes, leaving behind empty McMansions on the California coast and see-through condominium towers on Miami Beach. Real estate is turning into a money pit, sapping the fortunes of home buyers, hedge-fund managers and house painters alike. The really bad news? This is only the beginning.
Sunday, September 02, 2007
Invented languages: They're not just for Klingons anymore
A few years ago, I was in Germany having breakfast with economist Fred Foldvary. We were at a conference on gated communities. There were people from all over the world at this conference, and I said, jokingly, it was too bad everybody couldn't speak Esperanto. Fred replied in Esperanto. He is one of the 2,000,000 Esperanto speakers. What are the odds? I guess about 150 to one?
A few years ago, I was in Germany having breakfast with economist Fred Foldvary. We were at a conference on gated communities. There were people from all over the world at this conference, and I said, jokingly, it was too bad everybody couldn't speak Esperanto. Fred replied in Esperanto. He is one of the 2,000,000 Esperanto speakers. What are the odds? I guess about 150 to one?
Harvard reader of chicken entrails and tea leaves warns of recession, Urges Fed to Cut Rate to 4.25%
You may have gathered from the headline that I am a bit skeptical of economic or other social scientific forecasts. Heck, throw in hard science as well. But who knows? Maybe he's right.
Sept. 2 (Bloomberg) -- Harvard University economist Martin Feldstein said the U.S. housing slump threatens a broader recession, and the Federal Reserve should lower interest rates.
You may have gathered from the headline that I am a bit skeptical of economic or other social scientific forecasts. Heck, throw in hard science as well. But who knows? Maybe he's right.
Sept. 2 (Bloomberg) -- Harvard University economist Martin Feldstein said the U.S. housing slump threatens a broader recession, and the Federal Reserve should lower interest rates.
Private subdivision road upkeep bedevils Gilbert | EastValleyTribune.com
This story is what triggered the editorial linked below. Crumbling private streets coupled with no money to fix them is going to be a huge and growing problem in the years to come, for HOAs across the nation. Finally a public official uses the same term I've been using: "timb bomb."
t least 90 subdivisions in Gilbert are facing a “ticking time bomb” when it comes to their privately owned roads, town officials say. The problem comes after several years of wear and tear start to show and residents start wondering when the town’s government is going to get around to fixing their streets. But in developments with private streets, residents or their homeowners associations are responsible for maintaining the roads. And as these neighborhoods grow older, their deteriorating streets become a problem for the entire town. As a result, the problem has been dropped in the Town Council’s lap as Gilbert helps look for solutions. “It’s a time bomb because, basically, these homeowners associations don’t know what the costs are,” Gilbert Town Manager George Pettit said.
This story is what triggered the editorial linked below. Crumbling private streets coupled with no money to fix them is going to be a huge and growing problem in the years to come, for HOAs across the nation. Finally a public official uses the same term I've been using: "timb bomb."
t least 90 subdivisions in Gilbert are facing a “ticking time bomb” when it comes to their privately owned roads, town officials say. The problem comes after several years of wear and tear start to show and residents start wondering when the town’s government is going to get around to fixing their streets. But in developments with private streets, residents or their homeowners associations are responsible for maintaining the roads. And as these neighborhoods grow older, their deteriorating streets become a problem for the entire town. As a result, the problem has been dropped in the Town Council’s lap as Gilbert helps look for solutions. “It’s a time bomb because, basically, these homeowners associations don’t know what the costs are,” Gilbert Town Manager George Pettit said.
HOAs should shore up own private roads | EastValleyTribune.com
Great editorial forwarded by Fred Pilot. For years I have been warning people about the looming private infrastructure crisis. Here is Gilbert, AZ, addressing one of the biggest time bombs: private streets. The whole problem is laid out in a couple of paragraphs:
In fact, Gilbert had a policy for years of allowing subdivision developers to build smaller, narrower streets with the understanding that a subsequent HOA would have the legal requirement for maintenance. The arrangement meant developers could devote more space to additional houses or other amenities, while Gilbert reduced its commitment to street construction issues. In the most cases, the actual homeowners weren’t around when these deals were struck. So developers should have made it clear to newly created HOAs that privately owned streets were part of the package. In turn, each HOA’s original board should have established a street maintenance program to be followed, and modified as warranted, by those came along afterward. In many cases that didn’t happen, Markham reported, and homeowners only learned they would have to personally foot the bill when they started asking who was going to deal with the crumbling asphalt. The widespread confusion and headaches for homeowners has prompted Gilbert leaders to stop making such arrangements, Markham reported. Most new residential streets must be built to public standards and handed over to the city. But Gilbert wisely isn’t bailing out HOAs that failed to plan ahead. The city is helping such HOAs to get a break on street repair costs from contractors already doing work on city-owned streets in the area.
Great editorial forwarded by Fred Pilot. For years I have been warning people about the looming private infrastructure crisis. Here is Gilbert, AZ, addressing one of the biggest time bombs: private streets. The whole problem is laid out in a couple of paragraphs:
In fact, Gilbert had a policy for years of allowing subdivision developers to build smaller, narrower streets with the understanding that a subsequent HOA would have the legal requirement for maintenance. The arrangement meant developers could devote more space to additional houses or other amenities, while Gilbert reduced its commitment to street construction issues. In the most cases, the actual homeowners weren’t around when these deals were struck. So developers should have made it clear to newly created HOAs that privately owned streets were part of the package. In turn, each HOA’s original board should have established a street maintenance program to be followed, and modified as warranted, by those came along afterward. In many cases that didn’t happen, Markham reported, and homeowners only learned they would have to personally foot the bill when they started asking who was going to deal with the crumbling asphalt. The widespread confusion and headaches for homeowners has prompted Gilbert leaders to stop making such arrangements, Markham reported. Most new residential streets must be built to public standards and handed over to the city. But Gilbert wisely isn’t bailing out HOAs that failed to plan ahead. The city is helping such HOAs to get a break on street repair costs from contractors already doing work on city-owned streets in the area.
Saturday, September 01, 2007
Polk County Condo Complex Has Power Shut Off, Water To Come - News Story - WFTV Orlando
I expect a lot more of this in the near future.
DAVENPORT, Fla. -- Dozens of Polk County families will spend another day in the sweltering heat without electricity, and on top of that could have their water shut off Wednesday. More than 100 residents at the Tropicana Resort condos in Davenport protested outside the front office Tuesday. They said they've paid their rent, but the condo association that runs the complex fell behind on its utility payments by tens of thousands of dollars.
I expect a lot more of this in the near future.
DAVENPORT, Fla. -- Dozens of Polk County families will spend another day in the sweltering heat without electricity, and on top of that could have their water shut off Wednesday. More than 100 residents at the Tropicana Resort condos in Davenport protested outside the front office Tuesday. They said they've paid their rent, but the condo association that runs the complex fell behind on its utility payments by tens of thousands of dollars.
Barclays Capital bails out $1.6bn hedge fund | | Guardian Unlimited Business
Barclays Capital, the high street bank's investment banking arm, has bailed out a $1.6bn (£800m) Cairn Capital hedge fund after it was pushed to the brink of collapse by the global credit squeeze and sub-prime mortgage crisis.
Barclays Capital, the high street bank's investment banking arm, has bailed out a $1.6bn (£800m) Cairn Capital hedge fund after it was pushed to the brink of collapse by the global credit squeeze and sub-prime mortgage crisis.
Friday, August 31, 2007
The Pullins Report - Pullins Law Firm Wins Big in Appeals Court
With links to information about the case.
With links to information about the case.
Bush to unveil homeowners' plan - Mortgage Mess - MSNBC.com
I see no mention of a bailout for the companies that went bust making these loans. I'm wondering what this package is going to look like and who is going to be making the loans.
WASHINGTON - Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump. The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.
I see no mention of a bailout for the companies that went bust making these loans. I'm wondering what this package is going to look like and who is going to be making the loans.
WASHINGTON - Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump. The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.
Thursday, August 30, 2007
Subprime loans face big hikes - Yahoo! News
New York - Millions of homeowners around the nation are now getting the news in the mail: The interest rate on their home loans is going up, possibly to double-digit levels.
New York - Millions of homeowners around the nation are now getting the news in the mail: The interest rate on their home loans is going up, possibly to double-digit levels.
Boom of condo crash loudest in Miami -- OrlandoSentinel.com
Miami, with its unmatched volume and untold number of speculative buyers, is ripe for the hardest fall in the U.S. "Miami is the poster child for the condo bust," said Jack McCabe, CEO of McCabe Research & Consulting, a real-estate market-analysis firm located in Deerfield Beach. "There are probably only two cities in the world with more construction: Shanghai and Dubai. Unfortunately, there is going to be a lot of foreclosures . . ., and developers, lenders, title companies and real-estate companies will go under."
Miami, with its unmatched volume and untold number of speculative buyers, is ripe for the hardest fall in the U.S. "Miami is the poster child for the condo bust," said Jack McCabe, CEO of McCabe Research & Consulting, a real-estate market-analysis firm located in Deerfield Beach. "There are probably only two cities in the world with more construction: Shanghai and Dubai. Unfortunately, there is going to be a lot of foreclosures . . ., and developers, lenders, title companies and real-estate companies will go under."
Wednesday, August 29, 2007
JS Online: Severed goat head left at law office
Making her an offer she couldn't refuse, or just negative feedback?
Making her an offer she couldn't refuse, or just negative feedback?
Plano man told to remove solar lights | WFAA.com | Local News: TV
More absurd repression by an HOA:
PLANO - Do homeowners' associations wield too much power? Some North Texans facing fines, liens and even foreclosures for everything from fake flowers to satellite dishes say there's no question about it. Eli Barron didn't ask his homeowners' association for permission to install seven solar lights. He didn't know he had to until he received a letter. The association threatened to fine him $200 a day until he removed the energy-conserving lights.
More absurd repression by an HOA:
PLANO - Do homeowners' associations wield too much power? Some North Texans facing fines, liens and even foreclosures for everything from fake flowers to satellite dishes say there's no question about it. Eli Barron didn't ask his homeowners' association for permission to install seven solar lights. He didn't know he had to until he received a letter. The association threatened to fine him $200 a day until he removed the energy-conserving lights.
News: How involved are you with your homeowner's association? | - OCRegister.com
This is a poll. The results aren't in yet, but here's a spoiler: the answer is going to be...not very.
This is a poll. The results aren't in yet, but here's a spoiler: the answer is going to be...not very.
In Greenwood, Home Projects Might Need Neighbors' OK - Local News Story - WRTV Indianapolis
So--another example of building associations into the structure of local government.
GREENWOOD, Ind. -- Greenwood's city council is considering an ordinance that would require homeowners to get approval from their neighborhood association before obtaining a city permit for home additions.
So--another example of building associations into the structure of local government.
GREENWOOD, Ind. -- Greenwood's city council is considering an ordinance that would require homeowners to get approval from their neighborhood association before obtaining a city permit for home additions.
Century Village unit criticized for spending $11,000 to alter elevator for Sabbath -- South Florida Sun-Sentinel.com
Usually stories like this involve an association banning religious displays or some such thing because the practice conflicts with a rule. Here we have an association spending money to accomodate religious practices. Apparently either way they get criticized...
Most of the 56 owners in Berkshire E are Orthodox Jews barred for religious reasons from pushing the buttons on their elevator during the Sabbath, which runs from Friday evening to Saturday evening. They persuaded their board to spend $11,000 to convert the elevator so it automatically stops on each of the four floors during the Sabbath.
Usually stories like this involve an association banning religious displays or some such thing because the practice conflicts with a rule. Here we have an association spending money to accomodate religious practices. Apparently either way they get criticized...
Most of the 56 owners in Berkshire E are Orthodox Jews barred for religious reasons from pushing the buttons on their elevator during the Sabbath, which runs from Friday evening to Saturday evening. They persuaded their board to spend $11,000 to convert the elevator so it automatically stops on each of the four floors during the Sabbath.
Tuesday, August 28, 2007
RHE man gets jail time for property fixes
And you thought your HOA was tyrannical? How does six months in jail stack up, courtesy of your friendly neighborhood municipality?
He built a fence, a retaining wall, a patio and a few concrete columns to decorate his driveway, and now Francisco Linares is going to jail for it.
And you thought your HOA was tyrannical? How does six months in jail stack up, courtesy of your friendly neighborhood municipality?
He built a fence, a retaining wall, a patio and a few concrete columns to decorate his driveway, and now Francisco Linares is going to jail for it.
Home Prices: Steepest Drop in 20 Years
As predicted, and even worse.
NEW YORK (AP) -- U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said Tuesday.
As predicted, and even worse.
NEW YORK (AP) -- U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said Tuesday.
Monday, August 27, 2007
The Coloradoan - www.coloradoan.com - Ft. Collins, CO.
Here is a proposal in Ft. Collins, CO, to convert neighborhoods to HOAs, just as economist Robert Nelson has been proposing for years. Thanks to Fred Pilot for the link.
City Council member Wade Troxell wants the city to take a fresh look at code enforcement and has asked staff to study the concept of neighborhood-created homeowners associations. Neighborhoods could be as small as a city block, and people living in an area where a HOA is passed could be forced to join, even against their will, and possibly be asked to pay association fees.
Here is a proposal in Ft. Collins, CO, to convert neighborhoods to HOAs, just as economist Robert Nelson has been proposing for years. Thanks to Fred Pilot for the link.
City Council member Wade Troxell wants the city to take a fresh look at code enforcement and has asked staff to study the concept of neighborhood-created homeowners associations. Neighborhoods could be as small as a city block, and people living in an area where a HOA is passed could be forced to join, even against their will, and possibly be asked to pay association fees.
News - Hope on the rise in Phoenix Park - sacbee.com
Fred Pilot sent this update on the municipal takeover of the collapsed Franklin Villa association.
Fred Pilot sent this update on the municipal takeover of the collapsed Franklin Villa association.
ABC News: Right to Dry? Fight to Hang Clotheslines may be protected by legislatures against HOA prohibitions
Vermont is the latest state to introduce a bill that would override clothesline bans, which are often instituted by community associations loath to air laundry even when it's clean. Now, clothesline restrictions may be headed the way of bans on parking pickup trucks in front of homes, or growing grass too long -- all vestiges of trim and tidy hopes that may not fit with the renewed emphasis on going green.
Vermont is the latest state to introduce a bill that would override clothesline bans, which are often instituted by community associations loath to air laundry even when it's clean. Now, clothesline restrictions may be headed the way of bans on parking pickup trucks in front of homes, or growing grass too long -- all vestiges of trim and tidy hopes that may not fit with the renewed emphasis on going green.
Embattled Attorney General Resigns - New York Times
It's about time. The pattern of the Bush administration is to keep people on long past the point where any other administration would have dropped them in order to stop the bleeding. I gather this reflects the President's determination to show that nobody can make him do anything. He is, after all, "The Decider." But this is a self-destructive strategy, unless the people and policies being stubbornly supported prove in the end to have been good ones. The result to date is that Bush's job approval rating has been buried at the bottom of a deep crater on one of the frozen moons of Jupiter for a year or so. If he's waiting to be bailed out by the history professors, all I can say is "Don't hold your breath." The judgment of history will not be that George Tenet, Norman Mineta, Donald Rumsfeld, Alberto Gonzales, et al., did a fantastic job that was under-appreciated at the time.
It's about time. The pattern of the Bush administration is to keep people on long past the point where any other administration would have dropped them in order to stop the bleeding. I gather this reflects the President's determination to show that nobody can make him do anything. He is, after all, "The Decider." But this is a self-destructive strategy, unless the people and policies being stubbornly supported prove in the end to have been good ones. The result to date is that Bush's job approval rating has been buried at the bottom of a deep crater on one of the frozen moons of Jupiter for a year or so. If he's waiting to be bailed out by the history professors, all I can say is "Don't hold your breath." The judgment of history will not be that George Tenet, Norman Mineta, Donald Rumsfeld, Alberto Gonzales, et al., did a fantastic job that was under-appreciated at the time.
Larry Summers: US could be heading for recession - Telegraph
I hope he is wrong about this, but people have been saying for years that the housing market was keeping the economy rolling.
Former US Treasury Secretary Larry Summers warned that the United States may be heading into recession as the biggest victim to date of the sub-prime mortgage debacle was humiliatingly sold for a token sum in Germany. Traders are braced for another week of turmoil after the near breakdown of America's $2,200bn (£1,100bn) market for commercial paper...Federal Reserve data shows that the outstanding stock of US commercial paper has fallen by $255bn over the last three weeks, a sign that borrowers have been unable to roll over huge amounts of debt. The fall is comparable to the sudden shrinkage that occurred at the onset of the dotcom bust, and may have the effect of draining liquidity.
I hope he is wrong about this, but people have been saying for years that the housing market was keeping the economy rolling.
Former US Treasury Secretary Larry Summers warned that the United States may be heading into recession as the biggest victim to date of the sub-prime mortgage debacle was humiliatingly sold for a token sum in Germany. Traders are braced for another week of turmoil after the near breakdown of America's $2,200bn (£1,100bn) market for commercial paper...Federal Reserve data shows that the outstanding stock of US commercial paper has fallen by $255bn over the last three weeks, a sign that borrowers have been unable to roll over huge amounts of debt. The fall is comparable to the sudden shrinkage that occurred at the onset of the dotcom bust, and may have the effect of draining liquidity.
Flips, scams blamed in California housing decline | Reuters
How one HOA development fell victim to some people who gamed the system. While the gaming was good, at least.
The families believe the investors were not just people flipping houses for a quick profit, but also a group of scammers taking advantage of lax lending rules that permitted 100 percent financing with no money down and minimal documentation. For the Gordons and Taylors, these are the people who ruined the neighborhood by using their homes like revolving night clubs, cramming cars into the cul de sacs and threatening neighbors who complained.
How one HOA development fell victim to some people who gamed the system. While the gaming was good, at least.
The families believe the investors were not just people flipping houses for a quick profit, but also a group of scammers taking advantage of lax lending rules that permitted 100 percent financing with no money down and minimal documentation. For the Gordons and Taylors, these are the people who ruined the neighborhood by using their homes like revolving night clubs, cramming cars into the cul de sacs and threatening neighbors who complained.
Charlotte Observer | 08/26/2007 | Shalt-nots that shape neighborhoods
I like this lead:
Your neighborhood is more likely to have this pairing than not: rules, enforced by a homeowners association.
I like this lead:
Your neighborhood is more likely to have this pairing than not: rules, enforced by a homeowners association.
The Enquirer - Problem ponds
Here's another issue to keep an eye on. Cities make developers deal with potential drainage issues at the time of initial construction, and if the developer has enough open space they do it by building detention ponds, which is cheaper than building more sewer capacity. These ponds turn into an expensive nuisance if not maintained, and guess who gets the responsibility and the bill? The HOA, of course. Like the man says, the bottom line is money, and solving a problem with a detention pond can run into seven figures.
But what happens when the retention pond doesn't function properly? Who's to blame when the ponds leak or sediment builds up? And who fixes the problem when algae blooms begin to stink? Homeowners in several local communities have learned the hard way that getting answers to such questions can take years - and can cost a lot of money...If the developer has enough open space, building a retention pond that controls the flow into existing storm sewers is cheaper than installing bigger storm sewers. "The bottom line is money," said Petty.
Here's another issue to keep an eye on. Cities make developers deal with potential drainage issues at the time of initial construction, and if the developer has enough open space they do it by building detention ponds, which is cheaper than building more sewer capacity. These ponds turn into an expensive nuisance if not maintained, and guess who gets the responsibility and the bill? The HOA, of course. Like the man says, the bottom line is money, and solving a problem with a detention pond can run into seven figures.
But what happens when the retention pond doesn't function properly? Who's to blame when the ponds leak or sediment builds up? And who fixes the problem when algae blooms begin to stink? Homeowners in several local communities have learned the hard way that getting answers to such questions can take years - and can cost a lot of money...If the developer has enough open space, building a retention pond that controls the flow into existing storm sewers is cheaper than installing bigger storm sewers. "The bottom line is money," said Petty.
Sunday, August 26, 2007
Drop Foreseen in Median Price of U.S. Homes - New York Times
Here is a milestone nobody wants to see. This is mainly the result of the overpricing that occurred during the housing bubble, but I can't help thinking that on some level the market is reflecting the fact that, apart from the investment expectations and the tax advantages, home ownership isn't worth as much as it once was. With today's new CID housing, you just don't get the dominion and control that was once considered a major part of the package. For example, if it comes to deciding whether or not to buy a condo unit, and the value isn't increasing, many people would just as soon rent. Home ownership can be a huge hassle, and the costs can offset the tax advantages. I know some people with substantial assets who have rented their entire lives, including at least one famous law professor. In some big cities it isn't all that unusual a thing to do.
Here is a milestone nobody wants to see. This is mainly the result of the overpricing that occurred during the housing bubble, but I can't help thinking that on some level the market is reflecting the fact that, apart from the investment expectations and the tax advantages, home ownership isn't worth as much as it once was. With today's new CID housing, you just don't get the dominion and control that was once considered a major part of the package. For example, if it comes to deciding whether or not to buy a condo unit, and the value isn't increasing, many people would just as soon rent. Home ownership can be a huge hassle, and the costs can offset the tax advantages. I know some people with substantial assets who have rented their entire lives, including at least one famous law professor. In some big cities it isn't all that unusual a thing to do.
Federal Reserve allows Citigroup to elude key banking rule - Aug. 24, 2007
From CNN Money:
In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site. The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates...The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in "the most rapid and cost-effective manner possible." So, how serious is this rule-bending? Very. One of the central tenets of banking regulation is that banks with federally insured deposits should never be over-exposed to brokerage subsidiaries; indeed, for decades financial institutions were legally required to keep the two units completely separate. This move by the Fed eats away at the principle. Sure, the temporary nature of the move makes it look slightly less serious, but the Fed didn't give a date in the letter for when this exemption will end. In addition, the sheer size of the potential lending capacity at Citigroup and Bank of America - $25 billion each - is a cause for unease.
From CNN Money:
In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site. The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates...The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in "the most rapid and cost-effective manner possible." So, how serious is this rule-bending? Very. One of the central tenets of banking regulation is that banks with federally insured deposits should never be over-exposed to brokerage subsidiaries; indeed, for decades financial institutions were legally required to keep the two units completely separate. This move by the Fed eats away at the principle. Sure, the temporary nature of the move makes it look slightly less serious, but the Fed didn't give a date in the letter for when this exemption will end. In addition, the sheer size of the potential lending capacity at Citigroup and Bank of America - $25 billion each - is a cause for unease.
Homeowners may face liens from city:
After homeowners association disbanded, city forced to mow common areas, out $1,600 - Clarksville, TN
This is the kind of thing I am expecting to see a lot more of in the years to come.
Homeowner associations, when working smoothly, can be the perfect tool to keep neighbors' yards mowed and chain-link fences at bay. One Clarksville neighborhood, however, is demonstrating what happens when those associations fall apart. In short, things get complicated...Riggins said the city's policy regarding inactive homeowner associations, which allows it to place liens on individual property owners when communal properties are no longer maintained, is a standard practice in other cities.
After homeowners association disbanded, city forced to mow common areas, out $1,600 - Clarksville, TN
This is the kind of thing I am expecting to see a lot more of in the years to come.
Homeowner associations, when working smoothly, can be the perfect tool to keep neighbors' yards mowed and chain-link fences at bay. One Clarksville neighborhood, however, is demonstrating what happens when those associations fall apart. In short, things get complicated...Riggins said the city's policy regarding inactive homeowner associations, which allows it to place liens on individual property owners when communal properties are no longer maintained, is a standard practice in other cities.
Chapelwood residents debating pros and cons of homeowners association - Dothan, Alabama
Nice that the city set up a forum for the owners to make up their own minds about this. The normal route is the developer bundles a mandatory association with the choice to buy the home. Then you have to listen to all this nonsense about how "you voluntarily joined the association," as if you had signed up to be a member of the Moose Lodge or something.
They can be the bane of a homeowner’s existence or a protective force against obnoxious house colors and unsightly yard art.
Nice that the city set up a forum for the owners to make up their own minds about this. The normal route is the developer bundles a mandatory association with the choice to buy the home. Then you have to listen to all this nonsense about how "you voluntarily joined the association," as if you had signed up to be a member of the Moose Lodge or something.
They can be the bane of a homeowner’s existence or a protective force against obnoxious house colors and unsightly yard art.
Saturday, August 25, 2007
Police losing fight against blade culture as stabbings escalate - Australia
Someone in New South Wales is threatened or attacked with a knife, sword, machete, pair of scissors or other sharpened weapon every two hours and nine minutes.
And he must be getting pretty tired of it, too.
Seriously--another result of gun control?
Someone in New South Wales is threatened or attacked with a knife, sword, machete, pair of scissors or other sharpened weapon every two hours and nine minutes.
And he must be getting pretty tired of it, too.
Seriously--another result of gun control?
Las Vegas SUN: Chicago Suburbs Fight Flooding Threat
We had so much rain over the last couple of weeks that the Fox River looks like the Mississippi. The Des Plaines River, likewise. Our house is on high ground, so we are just dealing with a saturated lawn, but when I drove to Geneva for a court appearance last week I was next to the Fox River and it was looking pretty grim for people with waterfront homes. Then we had three more days of heavy rain...
We had so much rain over the last couple of weeks that the Fox River looks like the Mississippi. The Des Plaines River, likewise. Our house is on high ground, so we are just dealing with a saturated lawn, but when I drove to Geneva for a court appearance last week I was next to the Fox River and it was looking pretty grim for people with waterfront homes. Then we had three more days of heavy rain...
Brits ban handguns, gun crimes double - Times Online
Another government intervention in human conduct goes awry...
Despite a ban on handguns introduced in 1997 after 16 children and their teacher were shot dead in the Dunblane massacre the previous year, their use in crimes has almost doubled to reach 4,671 in 2005-06. Official figures show that although Britain has some of the toughest anti-gun laws in the world, firearm use in crime has risen steadily.
Another government intervention in human conduct goes awry...
Despite a ban on handguns introduced in 1997 after 16 children and their teacher were shot dead in the Dunblane massacre the previous year, their use in crimes has almost doubled to reach 4,671 in 2005-06. Official figures show that although Britain has some of the toughest anti-gun laws in the world, firearm use in crime has risen steadily.
Mesa HOA vote to build $8.5M luxury center tossed out by judge | www.azstarnet.com ®
Wow. Why not build a pyramid while you're at it?
A Superior Court judge has ruled against a homeowners association in east Mesa, halting its plans to force residents to pay for the construction of an $8.5 million luxury community center.
Many residents said the project was rammed down their throats and that they couldn't afford the mandatory fees.
Wow. Why not build a pyramid while you're at it?
A Superior Court judge has ruled against a homeowners association in east Mesa, halting its plans to force residents to pay for the construction of an $8.5 million luxury community center.
Many residents said the project was rammed down their throats and that they couldn't afford the mandatory fees.
Friday, August 24, 2007
S.African mayor wants embarrassing municipality name neutered - Yahoo! News
Here's another advantage of HOA living: no developer will name your subdivision "Bull Testicle Villas." But a city? Well, a city can end up being named "Ethikwini."
Red-faced at explaining the name to visitors, a South African mayor is now pushing for a fresh title for one of country's main municipalities which translates as a pair of bull's testicles.
Here's another advantage of HOA living: no developer will name your subdivision "Bull Testicle Villas." But a city? Well, a city can end up being named "Ethikwini."
Red-faced at explaining the name to visitors, a South African mayor is now pushing for a fresh title for one of country's main municipalities which translates as a pair of bull's testicles.
Careful, developers - Treasures may be hiding in sheltered bays - 24/08/2007
I guess "treasure" is in the eye of the beholder. When I saw the headline I was thinking more along the lines of a pirate flotilla full of Spanish doubloons.
Underwater caves in sheltered bays could house a wealth of untapped pre-European archaeological treasures, say Australian researchers. And people involved in coastal developments need to be more aware of the potential for disturbing this underwater heritage, they say.
I guess "treasure" is in the eye of the beholder. When I saw the headline I was thinking more along the lines of a pirate flotilla full of Spanish doubloons.
Underwater caves in sheltered bays could house a wealth of untapped pre-European archaeological treasures, say Australian researchers. And people involved in coastal developments need to be more aware of the potential for disturbing this underwater heritage, they say.
Growing Associations, Growing Controversy - The County Line - Connection Newspapers
Shu Bartholomew sent me this link:
As the investigation of Koger Management Group, Inc. continues, there is a growing question among home and condominium owners if there isn’t a better way to get action on problems with homeowners and condominium associations or real estate management companies.
Shu Bartholomew sent me this link:
As the investigation of Koger Management Group, Inc. continues, there is a growing question among home and condominium owners if there isn’t a better way to get action on problems with homeowners and condominium associations or real estate management companies.
Condo association president arrested
Fred Pilot pointed me to this story at the Cyber Citizens for Justice website.
Fred Pilot pointed me to this story at the Cyber Citizens for Justice website.
Beat The Press | The American Prospect
Mystery Reader sent along this piece by Dean Baker on "The Unreported Wall Street Bailout." Well worth reading.
Mystery Reader sent along this piece by Dean Baker on "The Unreported Wall Street Bailout." Well worth reading.
The Star Beacon; Ashtabula, Ohio - 4 years, 3 months sentence for property manager
Fred Pilot found this link about the Multivest scandal.
Kathleen DeSalvo, co-owner of the firm that once managed Mariner’s Point Condominium Association in Saybrook Township, was sentenced Tuesday in U.S. District Court in Cleveland to 51 months in prison for mail fraud...DeSalvo, who co-owned Willoughby-based MultiVest Management Inc. with her husband, James DeSalvo, pleaded guilty to one count of mail fraud back in April. She admitted to having transferred funds from clients’ bank accounts and depositing the funds into MultiVest’s accounts since 2000. She also admitted to having created false bank statements, which reflected inflated balances in client accounts and providing the false statements to the accounting department, which unknowingly created false financial statements, which then were mailed to MultiVest’s clients every month.
Fred Pilot found this link about the Multivest scandal.
Kathleen DeSalvo, co-owner of the firm that once managed Mariner’s Point Condominium Association in Saybrook Township, was sentenced Tuesday in U.S. District Court in Cleveland to 51 months in prison for mail fraud...DeSalvo, who co-owned Willoughby-based MultiVest Management Inc. with her husband, James DeSalvo, pleaded guilty to one count of mail fraud back in April. She admitted to having transferred funds from clients’ bank accounts and depositing the funds into MultiVest’s accounts since 2000. She also admitted to having created false bank statements, which reflected inflated balances in client accounts and providing the false statements to the accounting department, which unknowingly created false financial statements, which then were mailed to MultiVest’s clients every month.
Home Sales Rise, Factory Orders Up: Financial News - Yahoo! Finance
At last, a bit of good news about the housing market.
At last, a bit of good news about the housing market.
Thursday, August 23, 2007
Proposed amendment would pull up sagging pants in Atlanta
I guess the whole baggy and saggy pants thing has sort of bottomed out in Atlanta.
I guess the whole baggy and saggy pants thing has sort of bottomed out in Atlanta.
'Thought police' to target drinkers | Metro.co.uk
Great example of officials who don't understand that we have a 400 year Anglo-American tradition of limited government.
People who even think about going for a drink face being banned from their town centre for up to two days under wideranging new police powers. Potential trouble-makers can be asked to move on and stay away – even if they have not touched a drop of alcohol.
Great example of officials who don't understand that we have a 400 year Anglo-American tradition of limited government.
People who even think about going for a drink face being banned from their town centre for up to two days under wideranging new police powers. Potential trouble-makers can be asked to move on and stay away – even if they have not touched a drop of alcohol.
Wednesday, August 22, 2007
Top Story: Surprise homeowner battles HOA over backyard Tiki hut - Daily News-Sun
A tiki hut? Aren't those things connected with evil spirits or something? I realize this is Phoenix, AZ, but I assume Hawaiian evil spirits can get around.
Chuck Harman built a Tiki hut in his back yard to enjoy the relaxing mountain vistas and live a Hakuna Matata kind of life. But the Surprise resident says his experience with the Greer Ranch South Homeowners Association, which has sued him to remove the hut, have been just the opposite. Harman built the 8-foot-tall hut on a raised platform in January 2006. He concedes he made a mistake in not getting a permit or permission to do so first, but he said he has tried to work with his HOA, only to be threatened and sued.
A tiki hut? Aren't those things connected with evil spirits or something? I realize this is Phoenix, AZ, but I assume Hawaiian evil spirits can get around.
Chuck Harman built a Tiki hut in his back yard to enjoy the relaxing mountain vistas and live a Hakuna Matata kind of life. But the Surprise resident says his experience with the Greer Ranch South Homeowners Association, which has sued him to remove the hut, have been just the opposite. Harman built the 8-foot-tall hut on a raised platform in January 2006. He concedes he made a mistake in not getting a permit or permission to do so first, but he said he has tried to work with his HOA, only to be threatened and sued.
Mold problems can be aggravated by slow-moving condo associations -- South Florida Sun-Sentinel.com
There is a fungus among us.
For 30 years, Ron McDonald, 67, has owned a townhouse in Tamarac's Woodglen community. Four years ago, he said, a contractor covered a hole in the roof with plastic. It blew off during a storm and "inundated" his unit with water. It took eight months for his association to respond to the water damage and when he discovered mold, it took three months to have it checked. By then, he had developed symptoms of asthma.
There is a fungus among us.
For 30 years, Ron McDonald, 67, has owned a townhouse in Tamarac's Woodglen community. Four years ago, he said, a contractor covered a hole in the roof with plastic. It blew off during a storm and "inundated" his unit with water. It took eight months for his association to respond to the water damage and when he discovered mold, it took three months to have it checked. By then, he had developed symptoms of asthma.
NASA - Pioneering NASA Spacecraft Mark Thirty Years of Flight
Find me a cooler story than this.
In December 2004, Voyager 1 began crossing the solar system's final frontier. Called the heliosheath, this turbulent area, approximately 8.7 billion miles from the sun, is where the solar wind slows as it crashes into the thin gas that fills the space between stars. Voyager 2 could reach this boundary later this year, putting both Voyagers on their final leg toward interstellar space. Each spacecraft carries five fully functioning science instruments that study the solar wind, energetic particles, magnetic fields and radio waves as they cruise through this unexplored region of deep space. The spacecraft are too far from the sun to use solar power. They run on less than 300 watts, the amount of power needed to light up a bright light bulb. Their long-lived radioisotope thermoelectric generators provide the power.
Find me a cooler story than this.
In December 2004, Voyager 1 began crossing the solar system's final frontier. Called the heliosheath, this turbulent area, approximately 8.7 billion miles from the sun, is where the solar wind slows as it crashes into the thin gas that fills the space between stars. Voyager 2 could reach this boundary later this year, putting both Voyagers on their final leg toward interstellar space. Each spacecraft carries five fully functioning science instruments that study the solar wind, energetic particles, magnetic fields and radio waves as they cruise through this unexplored region of deep space. The spacecraft are too far from the sun to use solar power. They run on less than 300 watts, the amount of power needed to light up a bright light bulb. Their long-lived radioisotope thermoelectric generators provide the power.
Blue Chip Law Firm Hourly Rates Hit the "Vomit Point" - WSJ.com
One thousand dollars per hour? Here's the best line in the article: "We have viewed $1,000 an hour as a possible vomit point for clients," says a partner at a New York firm.
A few attorneys crossed into $1,000-per-hour billing before this year, but recent moves to the four-figure mark in New York, which sets trends for legal markets around the country, are seen as a significant turning point.
One thousand dollars per hour? Here's the best line in the article: "We have viewed $1,000 an hour as a possible vomit point for clients," says a partner at a New York firm.
A few attorneys crossed into $1,000-per-hour billing before this year, but recent moves to the four-figure mark in New York, which sets trends for legal markets around the country, are seen as a significant turning point.
Accredited Shuts Down Much of Company: Financial News - Yahoo! Finance
SAN DIEGO (AP) -- Accredited Home Lenders Holding Co. plans to shut down most of its business to survive the troubles in the home lending industry, the company said Wednesday. Accredited Home Lenders said it will cut its work force to 1,000 people -- from 2,600 at the end of June -- and close 65 branches. The company will immediately stop accepting applications for home loans in the U.S., though it will honor the loans it has already committed to finance.
SAN DIEGO (AP) -- Accredited Home Lenders Holding Co. plans to shut down most of its business to survive the troubles in the home lending industry, the company said Wednesday. Accredited Home Lenders said it will cut its work force to 1,000 people -- from 2,600 at the end of June -- and close 65 branches. The company will immediately stop accepting applications for home loans in the U.S., though it will honor the loans it has already committed to finance.
My Way News - Pit Bulls Break Into Home, Maul Woman
There have been so many stories like this. Why do we have to live with the risk of being attacked by some idiot's pit bull? Maybe HOAs should ban pit bulls, along with all these other nightmare breeds (Presa Canario, Fila Brasiliero, etc.) that were created to kill. I recently drafted a document amendment to do that. In Illinois, municipalities can't ban any breed because the state legislature caved to the pit bull breeders while claiming to be passing a new and improved dangerous dog law. But HOAs could do it. Or maybe we should have a state law requiring all of these dangerous breeds to be neutered before they reach reproductive age, and ban importation of new ones, and just let the breed die out. I know it isn't the dogs' fault, but we don't need more of these incidents. And the absurd argument by pit bull lovers that it isn't instinct but the way they are raised has been disproved so many times that it isn't worth responding to.
There have been so many stories like this. Why do we have to live with the risk of being attacked by some idiot's pit bull? Maybe HOAs should ban pit bulls, along with all these other nightmare breeds (Presa Canario, Fila Brasiliero, etc.) that were created to kill. I recently drafted a document amendment to do that. In Illinois, municipalities can't ban any breed because the state legislature caved to the pit bull breeders while claiming to be passing a new and improved dangerous dog law. But HOAs could do it. Or maybe we should have a state law requiring all of these dangerous breeds to be neutered before they reach reproductive age, and ban importation of new ones, and just let the breed die out. I know it isn't the dogs' fault, but we don't need more of these incidents. And the absurd argument by pit bull lovers that it isn't instinct but the way they are raised has been disproved so many times that it isn't worth responding to.
Global Warming Fears: Norway's Moose Population in Trouble for Belching - International - SPIEGEL ONLINE - News
And not only that, but they are driving SUVs. They claim it's because they need more headroom for those antlers.
The poor old Scandinavian moose is now being blamed for climate change, with researchers in Norway claiming that a grown moose can produce 2,100 kilos of methane a year -- equivalent to the CO2 output resulting from a 13,000 kilometer car journey.
And not only that, but they are driving SUVs. They claim it's because they need more headroom for those antlers.
The poor old Scandinavian moose is now being blamed for climate change, with researchers in Norway claiming that a grown moose can produce 2,100 kilos of methane a year -- equivalent to the CO2 output resulting from a 13,000 kilometer car journey.
Three charged with thefts from Aberdeen condo assoc.
Another property manager alleged embezzlement case, this one from New Jersey.
Another property manager alleged embezzlement case, this one from New Jersey.
LA Daily News - Lakers radio broadcaster sues condominium association over plumbing problems
He lives in Plaza Towers, which his attorney says is known locally as "Plaza Showers."
He lives in Plaza Towers, which his attorney says is known locally as "Plaza Showers."
Tuesday, August 21, 2007
U.S. Foreclosures Rise Sharply in July: Financial News - Yahoo! Finance
Notice that we get all kinds of data about mortgage foreclosures, but nothing from any public source about common interest community foreclosures, or the state of their reserves, or assessment delinquency rates. That's one of the main problems with private governance. Nobody has a good picture on what is going on, except in their own neighborhood--and sometimes not even there.
LOS ANGELES (AP) -- Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.
Notice that we get all kinds of data about mortgage foreclosures, but nothing from any public source about common interest community foreclosures, or the state of their reserves, or assessment delinquency rates. That's one of the main problems with private governance. Nobody has a good picture on what is going on, except in their own neighborhood--and sometimes not even there.
LOS ANGELES (AP) -- Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.
Monday, August 20, 2007
Bloomberg.com: Subprime Infects $300 Billion of Money Market Funds, Hikes Risk
More good news.
Unlike bank accounts, money market funds aren't insured by the federal government. They almost never fail. Unbeknownst to most investors, some of the largest money market funds today are putting part of their cash into one of the riskiest debt investments in the world: collateralized debt obligations backed by subprime mortgage loans. CDOs are packages of bonds and loans, and almost half of all CDOs sold in the U.S. in 2006 contained subprime debt, according to a March report by Moody's Investors Service.
More good news.
Unlike bank accounts, money market funds aren't insured by the federal government. They almost never fail. Unbeknownst to most investors, some of the largest money market funds today are putting part of their cash into one of the riskiest debt investments in the world: collateralized debt obligations backed by subprime mortgage loans. CDOs are packages of bonds and loans, and almost half of all CDOs sold in the U.S. in 2006 contained subprime debt, according to a March report by Moody's Investors Service.
City asked to take over retention pond
Ridge Meadows residents seek lower subdivision fee
Fred Pilot sent this. Look for a lot more of these efforts at de-privatization as the years go by and more associations decide they'd like to unload facilities rather than raise assessments to maintain them. Then the issue becomes whether the local government sees it as a public responsibility.
Residents of Pacific's Ridge Meadows subdivision, hoping to reduce their annual fee, want the city to take over their development's retention pond.
Ridge Meadows residents seek lower subdivision fee
Fred Pilot sent this. Look for a lot more of these efforts at de-privatization as the years go by and more associations decide they'd like to unload facilities rather than raise assessments to maintain them. Then the issue becomes whether the local government sees it as a public responsibility.
Residents of Pacific's Ridge Meadows subdivision, hoping to reduce their annual fee, want the city to take over their development's retention pond.
Sunday, August 19, 2007
Condo growth slowing down | The San Diego Union-Tribune
Gee... do you think maybe it's about time?
Thanks to Fred Pilot for the pointer.
Gee... do you think maybe it's about time?
Thanks to Fred Pilot for the pointer.
Saudis plan Iraq border fence: 560-mile barricade designed to keep out extremists
So Saudi Arabia is becoming a gated community. Can't say I blame them, given their neighbors. But isn't there something ironic about Saudi Arabia trying to keep extremists out? I mean, you could make a good argument that the fence is keeping them in.
So Saudi Arabia is becoming a gated community. Can't say I blame them, given their neighbors. But isn't there something ironic about Saudi Arabia trying to keep extremists out? I mean, you could make a good argument that the fence is keeping them in.
Federal ID plan raises privacy concerns - CNN.com
I think we should have national ID cards, because the current system of proving ID using 50 different state-issued driver's licenses and social security cards is ridiculous. Driving? Social Security? How about a card that is designed for the right purpose for a change? But the details of this proposal are a little Orwellian, what with the data banks and all.
Americans may need passports to board domestic flights or to picnic in a national park next year if they live in one of the states defying the federal Real ID Act.
I think we should have national ID cards, because the current system of proving ID using 50 different state-issued driver's licenses and social security cards is ridiculous. Driving? Social Security? How about a card that is designed for the right purpose for a change? But the details of this proposal are a little Orwellian, what with the data banks and all.
Americans may need passports to board domestic flights or to picnic in a national park next year if they live in one of the states defying the federal Real ID Act.
Saturday, August 18, 2007
The Great Loan Blog
Here is a blog devoted to "A spirited discussion of real estate, the mortgage business and the economy." A sample:
...the cheap Jumbos are not coming back anytime soon. Why? These loans are for the most qualified borrowers at the higher end of the income spectrum so you have to ask yourself… what is wrong with affluent borrowers being required to put 20% down, verify income, and pay a premium for a large principle loan?The key point here is that the terms have just come back to normal… NOT tightened! Also, remember that, unlike the subprime issue, there is not even the slightest chance that any government program, Fannie, Freddie, FHA, VA, etc. or for that matter any politician can do or will do ANYTHING about it...why is this important?Because, in the last 5 years (really the last 10 years in the ultra-hot bubble metro markets) it’s NOT been the Vanderbilt’s who have been making use of Jumbo loans… it’s been the middle class dual income couple (DINKS and with kids) and the upper middle class professional individual.
Here is a blog devoted to "A spirited discussion of real estate, the mortgage business and the economy." A sample:
...the cheap Jumbos are not coming back anytime soon. Why? These loans are for the most qualified borrowers at the higher end of the income spectrum so you have to ask yourself… what is wrong with affluent borrowers being required to put 20% down, verify income, and pay a premium for a large principle loan?The key point here is that the terms have just come back to normal… NOT tightened! Also, remember that, unlike the subprime issue, there is not even the slightest chance that any government program, Fannie, Freddie, FHA, VA, etc. or for that matter any politician can do or will do ANYTHING about it...why is this important?Because, in the last 5 years (really the last 10 years in the ultra-hot bubble metro markets) it’s NOT been the Vanderbilt’s who have been making use of Jumbo loans… it’s been the middle class dual income couple (DINKS and with kids) and the upper middle class professional individual.
My Way News - Ammunition Shortage Squeezes Police
Barney Fyfe got by on one bullet, but I don't think that will suffice these days.
Barney Fyfe got by on one bullet, but I don't think that will suffice these days.
Where Housing Remains Strong
Amidst all these national stories of doom and gloom, here is a little perspective. Some parts of the country have a nice, strong housing market. So, it's bad out there...
Unless, of course, you live in Salt Lake City. Or Binghamton, N.Y.; Salem, Ore.; or Allentown, Pa. In these U.S. metropolitan areas, and in 93 others, existing single-family home prices actually increased in the second quarter of 2007 from a year earlier, according to the National Association of Realtors. The national median home price, meanwhile, fell 1.5%, to $223,800, in the same period.
Amidst all these national stories of doom and gloom, here is a little perspective. Some parts of the country have a nice, strong housing market. So, it's bad out there...
Unless, of course, you live in Salt Lake City. Or Binghamton, N.Y.; Salem, Ore.; or Allentown, Pa. In these U.S. metropolitan areas, and in 93 others, existing single-family home prices actually increased in the second quarter of 2007 from a year earlier, according to the National Association of Realtors. The national median home price, meanwhile, fell 1.5%, to $223,800, in the same period.
The world's strangest laws - Times Online
Here's my favorite: It is illegal to die in the Houses of Parliament.
Here's my favorite: It is illegal to die in the Houses of Parliament.
Beware Of Condo Association Bylaws - Consumer News Story - WRC | Washington
WASHINGTON -- Realtors are warning people interested in buying condos to be careful of condo association bylaws. Sharon Black is in the middle of a condo-fee fight. She said she was late with only one condo fee payment, but within two weeks, management at her Temple Hills Condominium towed her car twice. It was parked right outside her front door. "Just to know you can't park your car on your property that you're paying for is a little much for me," Black said.
WASHINGTON -- Realtors are warning people interested in buying condos to be careful of condo association bylaws. Sharon Black is in the middle of a condo-fee fight. She said she was late with only one condo fee payment, but within two weeks, management at her Temple Hills Condominium towed her car twice. It was parked right outside her front door. "Just to know you can't park your car on your property that you're paying for is a little much for me," Black said.
Friday, August 17, 2007
Clock is Ticking on Las Vegas' Water Supply
So, all those new gated communities in the Vegas area are looking at a water shortage coming down the pike. This is what happens when people (over)build the nation's fastest growing metro area in a desert. As Gomer Pyle used to say, "Surprise, surprise, surprise!" Maybe somebody should turn off that hourly water show at the mega-fountain outside the Bellagio.
The news coming from the Southern Nevada Water Authority Thursday about the valley's future water supply is worrisome. Unless we act quickly, there will be no water for hundreds of thousands of Las Vegas Valley residents in just three years.
So, all those new gated communities in the Vegas area are looking at a water shortage coming down the pike. This is what happens when people (over)build the nation's fastest growing metro area in a desert. As Gomer Pyle used to say, "Surprise, surprise, surprise!" Maybe somebody should turn off that hourly water show at the mega-fountain outside the Bellagio.
The news coming from the Southern Nevada Water Authority Thursday about the valley's future water supply is worrisome. Unless we act quickly, there will be no water for hundreds of thousands of Las Vegas Valley residents in just three years.
My Way News - Asian and European Markets Decline
Who could have envisioned that a world-wide financial crisis would result from opening up the mortgage market so people who formerly wouldn't have qualified could instead buy condos?
Who could have envisioned that a world-wide financial crisis would result from opening up the mortgage market so people who formerly wouldn't have qualified could instead buy condos?
'Freedom Is About Authority': Excerpts From Giuliani Speech on Crime - New York Times
Freedom is about authority? This is an issue in HOA and condo living, too. This speech is from 1994, but it is worth thinking about.
Freedom is about authority? This is an issue in HOA and condo living, too. This speech is from 1994, but it is worth thinking about.
Winfield Myers: Shedding light on the professoriate - Examiner.com
I believe in academic freedom, but I think it is appropriate that people learned about how politicized the academy has become, and about how one-sided that politicization is. Parents, alumni, and taxpayers foot the bill, so I think they ought to know how their money is being spent.
Academic radicals have for years controlled campus debate by blackballing internal opponents, intimidating students and crying censorship whenever their views or actions were challenged. They got away with such behavior for two principal reasons: A sympathetic media assured the nation that universities were in the front lines of the fight for liberty and justice, and there were few external organizations or individuals offering sustained critiques of politicized scholarship and teaching. These helped ensure that the public’s reservoir of good will toward universities remained full. But times are changing.
I believe in academic freedom, but I think it is appropriate that people learned about how politicized the academy has become, and about how one-sided that politicization is. Parents, alumni, and taxpayers foot the bill, so I think they ought to know how their money is being spent.
Academic radicals have for years controlled campus debate by blackballing internal opponents, intimidating students and crying censorship whenever their views or actions were challenged. They got away with such behavior for two principal reasons: A sympathetic media assured the nation that universities were in the front lines of the fight for liberty and justice, and there were few external organizations or individuals offering sustained critiques of politicized scholarship and teaching. These helped ensure that the public’s reservoir of good will toward universities remained full. But times are changing.
Report links White House hopeful John Edwards to subprime lenders - Aug. 17, 2007
While Hillary Clinton proposes legislation to crack down on these folks, John Edwards is investing in their companies? But...but...I thought he was the friend of the poor.
LONDON (CNNMoney.com) -- Democratic presidential contender John Edwards has investing ties to subprime lenders who are foreclosing on victims of Katrina, according to a report published Friday. The Wall Street Journal said there are 34 homes in New Orleans that face foreclosure from the subprime unit of Fortress Investment Group. Edwards has about $16 million in Fortress (Charts), a hedge fund and private equity manager, the newspaper said.
While Hillary Clinton proposes legislation to crack down on these folks, John Edwards is investing in their companies? But...but...I thought he was the friend of the poor.
LONDON (CNNMoney.com) -- Democratic presidential contender John Edwards has investing ties to subprime lenders who are foreclosing on victims of Katrina, according to a report published Friday. The Wall Street Journal said there are 34 homes in New Orleans that face foreclosure from the subprime unit of Fortress Investment Group. Edwards has about $16 million in Fortress (Charts), a hedge fund and private equity manager, the newspaper said.
Thursday, August 16, 2007
Las Vegas SUN: Editorial: Let the sunshine in
Thanks to Monica Caruso for this link to a story about an HOA that seems to be making some smart decisions about energy consumption.
R esidents of a North Las Vegas community are considering solar lights as replacements for gas lamps in the neighborhood's public areas. A story in the Las Vegas Sun on Saturday says homeowners association members for The Parks are weary of the $9,000 a month it costs to operate the gated community's 550 gas lamps and are considering retrofitting lamps with solar panels or switching them to low-voltage electric lights. Converting the lamps to solar power would cost just under $600 per light - more than the $440 per light the low-voltage fitting would cost. However, although solar power is more expensive at the outset, once it is installed the association no longer would have a monthly power bill for running the lights. The low-voltage lamps, on the other hand, would cost about $3,000 a month to operate. It is an interesting discussion and one that more communities likely will have as residents seek ways to cut energy costs and burn less fossil fuel .
Thanks to Monica Caruso for this link to a story about an HOA that seems to be making some smart decisions about energy consumption.
R esidents of a North Las Vegas community are considering solar lights as replacements for gas lamps in the neighborhood's public areas. A story in the Las Vegas Sun on Saturday says homeowners association members for The Parks are weary of the $9,000 a month it costs to operate the gated community's 550 gas lamps and are considering retrofitting lamps with solar panels or switching them to low-voltage electric lights. Converting the lamps to solar power would cost just under $600 per light - more than the $440 per light the low-voltage fitting would cost. However, although solar power is more expensive at the outset, once it is installed the association no longer would have a monthly power bill for running the lights. The low-voltage lamps, on the other hand, would cost about $3,000 a month to operate. It is an interesting discussion and one that more communities likely will have as residents seek ways to cut energy costs and burn less fossil fuel .
Investors seek refuge as credit worries snowball | Reuters
LONDON (Reuters) - Global investors slashed exposure to risk on Thursday, driving key stock benchmarks to multi-year lows and setting the yen soaring as traders exited high yielding assets and opted for the safety of government bonds and cash. Some measures of risk aversion reached their highest level since the September 11 2001 attacks as fears grew that fallout from the U.S. mortgage market could spark a funding crisis for financial institutions and companies worldwide.
LONDON (Reuters) - Global investors slashed exposure to risk on Thursday, driving key stock benchmarks to multi-year lows and setting the yen soaring as traders exited high yielding assets and opted for the safety of government bonds and cash. Some measures of risk aversion reached their highest level since the September 11 2001 attacks as fears grew that fallout from the U.S. mortgage market could spark a funding crisis for financial institutions and companies worldwide.
Community Associations Network - RSS News Feeds and Codes
If you haven't checked out Joe West's page of news feeds about community associations, maybe you should.
If you haven't checked out Joe West's page of news feeds about community associations, maybe you should.
Home Construction Down in July: Financial News - Yahoo! Finance
WASHINGTON (AP) -- Construction of new homes fell to the lowest level in more than a decade in July as builders continued to struggle with the steepest housing slump since 1991. The Commerce Department reported Thursday that construction of new homes and apartments dropped 6.1 percent last month to a seasonally adjusted annual rate of 1.38 million units. That was down 20.9 percent from the pace of activity a year ago and represented the slowest pace since January 1997.
WASHINGTON (AP) -- Construction of new homes fell to the lowest level in more than a decade in July as builders continued to struggle with the steepest housing slump since 1991. The Commerce Department reported Thursday that construction of new homes and apartments dropped 6.1 percent last month to a seasonally adjusted annual rate of 1.38 million units. That was down 20.9 percent from the pace of activity a year ago and represented the slowest pace since January 1997.
Credit crunch imperils lender - Los Angeles Times
Countrywide Financial Corporation claims to be the number one mortgage lender in the US.
Countrywide -- which made 1 of every 6 home loans in the U.S. in the first half of this year -- now finds itself battling not just its own growing defaults but also a widening credit crunch stemming from the nationwide sub-prime mortgage meltdown. On Wednesday, the company was said to be having trouble borrowing money on a short-term basis, securities analysts discussed the possibility of a Countrywide bankruptcy and the firm's stock price tumbled 13%, bringing its loss for the year to 50%.
Countrywide Financial Corporation claims to be the number one mortgage lender in the US.
Countrywide -- which made 1 of every 6 home loans in the U.S. in the first half of this year -- now finds itself battling not just its own growing defaults but also a widening credit crunch stemming from the nationwide sub-prime mortgage meltdown. On Wednesday, the company was said to be having trouble borrowing money on a short-term basis, securities analysts discussed the possibility of a Countrywide bankruptcy and the firm's stock price tumbled 13%, bringing its loss for the year to 50%.
OpinionJournal - The Death of Diversity
People in ethnically diverse settings don't care about each other
A lot of people, myself included, have wondered whether CIDs would produce more homogeneous (less diverse) neighborhoods because of the niche marketing that goes on, with people being targeted very specfically by age and other demographics with mailings and ads and other marketing appeals. The "seniors" community is the most obvious example of this. The implicit assumption behind this question is that diversity is a community asset, a position that is universally espoused by every political candidate, the media, and of course academia. Now here comes some evidence to the contrary.
Now comes word that diversity as an ideology may be dead, or not worth saving. Robert Putnam, the Harvard don who in the controversial bestseller "Bowling Alone" announced the decline of communal-mindedness amid the rise of home-alone couch potatoes, has completed a mammoth study of the effects of ethnic diversity on communities. His researchers did 30,000 interviews in 41 U.S. communities. Short version: People in ethnically diverse settings don't want to have much of anything to do with each other. "Social capital" erodes. Diversity has a downside.
People in ethnically diverse settings don't care about each other
A lot of people, myself included, have wondered whether CIDs would produce more homogeneous (less diverse) neighborhoods because of the niche marketing that goes on, with people being targeted very specfically by age and other demographics with mailings and ads and other marketing appeals. The "seniors" community is the most obvious example of this. The implicit assumption behind this question is that diversity is a community asset, a position that is universally espoused by every political candidate, the media, and of course academia. Now here comes some evidence to the contrary.
Now comes word that diversity as an ideology may be dead, or not worth saving. Robert Putnam, the Harvard don who in the controversial bestseller "Bowling Alone" announced the decline of communal-mindedness amid the rise of home-alone couch potatoes, has completed a mammoth study of the effects of ethnic diversity on communities. His researchers did 30,000 interviews in 41 U.S. communities. Short version: People in ethnically diverse settings don't want to have much of anything to do with each other. "Social capital" erodes. Diversity has a downside.
Wednesday, August 15, 2007
Existing Home Sales Fall in 41 States: Financial News - Yahoo! Finance
As the owner of an "existing home," I was wondering if there is such a thing as a "non-existing home." But in any event: ouch.
The new figures from the National Association of Realtors underscored the severity of the current housing slump, the worst downturn in 16 years. However, Realtors officials said they saw some glimmers of hope in the data. They noted that existing home prices were up in 97 of the 149 metropolitan areas surveyed compared with the sales prices of a year ago.
As the owner of an "existing home," I was wondering if there is such a thing as a "non-existing home." But in any event: ouch.
The new figures from the National Association of Realtors underscored the severity of the current housing slump, the worst downturn in 16 years. However, Realtors officials said they saw some glimmers of hope in the data. They noted that existing home prices were up in 97 of the 149 metropolitan areas surveyed compared with the sales prices of a year ago.
Feds OK aid for Manhattan traffic project
I am always grateful for the free parking we enjoy in suburbia. Soon I will be grateful that I can drive on the streets without paying the Mayor for the privilege. Watch out for the tax on taking a shower, coming soon to a city near you.
ALBANY - The imposition of fees on drivers traveling into the Manhattan business district took a step closer to reality yesterday when the federal Department of Transportation awarded $354 million to help the project along. The plan as envisioned by Mayor Michael Bloomberg calls for charging cars $8 and trucks $21 to travel south of 86th Street in the congested borough between 6 a.m. and 6 p.m. weekdays. It could be in effect as early as 2009.
I am always grateful for the free parking we enjoy in suburbia. Soon I will be grateful that I can drive on the streets without paying the Mayor for the privilege. Watch out for the tax on taking a shower, coming soon to a city near you.
ALBANY - The imposition of fees on drivers traveling into the Manhattan business district took a step closer to reality yesterday when the federal Department of Transportation awarded $354 million to help the project along. The plan as envisioned by Mayor Michael Bloomberg calls for charging cars $8 and trucks $21 to travel south of 86th Street in the congested borough between 6 a.m. and 6 p.m. weekdays. It could be in effect as early as 2009.
Woman Arrested for Yelling Witch Chants: Waukesha, WI
All you attorneys out there looking for new things to put in the CC&Rs, consider this slice of life.
WAUKESHA - A Waukesha woman was arrested early Tuesday morning for disturbing neighbors by yelling witch chants around a bonfire she built 10-feet from her home, police Capt. Mike Babe said. Brenna K. Barney, 42, told police that they were infringing on her religious beliefs since she is a Wiccan and she was performing a ritual because of a new moon, Babe said. She said her name is Brenna Raven Moonfire.
All you attorneys out there looking for new things to put in the CC&Rs, consider this slice of life.
WAUKESHA - A Waukesha woman was arrested early Tuesday morning for disturbing neighbors by yelling witch chants around a bonfire she built 10-feet from her home, police Capt. Mike Babe said. Brenna K. Barney, 42, told police that they were infringing on her religious beliefs since she is a Wiccan and she was performing a ritual because of a new moon, Babe said. She said her name is Brenna Raven Moonfire.
McClatchy Washington Bureau | 08/14/2007 | New airport agents check for danger in fliers' facial expressions
Is this Big Brother, or what? Now some bozo who is supposedly an "expert" in judging body language and facial expressions, based on a whole 16 hours (!) of training, can hassle you and even keep you off a plane. And the key emotions are "fear and disgust." Great. I'm always afraid I'll miss my connection because the planes are always LATE, and that makes me disgusted. Am I the only one? I don't think so.
At the heart of the new screening system is a theory that when people try to conceal their emotions, they reveal their feelings in flashes that Ekman, a pioneer in the field, calls "micro-expressions." Fear and disgust are the key ones, he said, because they're associated with deception. Behavior detection officers work in pairs. Typically, one officer sizes up passengers openly while the other seems to be performing a routine security duty. A passenger who arouses suspicion, whether by micro-expressions, social interaction or body language gets subtle but more serious scrutiny.
Is this Big Brother, or what? Now some bozo who is supposedly an "expert" in judging body language and facial expressions, based on a whole 16 hours (!) of training, can hassle you and even keep you off a plane. And the key emotions are "fear and disgust." Great. I'm always afraid I'll miss my connection because the planes are always LATE, and that makes me disgusted. Am I the only one? I don't think so.
At the heart of the new screening system is a theory that when people try to conceal their emotions, they reveal their feelings in flashes that Ekman, a pioneer in the field, calls "micro-expressions." Fear and disgust are the key ones, he said, because they're associated with deception. Behavior detection officers work in pairs. Typically, one officer sizes up passengers openly while the other seems to be performing a routine security duty. A passenger who arouses suspicion, whether by micro-expressions, social interaction or body language gets subtle but more serious scrutiny.
Stockton Foreclosure Rate Highest In Country - Yahoo! News
Fred Pilot sent this. It figures that foreclosure ground zero is in California, but I wouldn't have picked Stockton as the epicenter.
A new report says Stockton's foreclosure rate is the worst in the country, and Sacramento is not far behind. Foreclosures have skyrocketed in California, Ohio, and the Northeast. Nationwide, there are about 600,000 properties in foreclosure. By the end of the year, 1 million properties are expected to be in foreclosure.Stockton isn't alone with this dubious distinction. Sacramento is No. 5 nationwide, fresno checks in at No. 14. Oakland is No. 19 and San Francisco came in at No. 78.
Fred Pilot sent this. It figures that foreclosure ground zero is in California, but I wouldn't have picked Stockton as the epicenter.
A new report says Stockton's foreclosure rate is the worst in the country, and Sacramento is not far behind. Foreclosures have skyrocketed in California, Ohio, and the Northeast. Nationwide, there are about 600,000 properties in foreclosure. By the end of the year, 1 million properties are expected to be in foreclosure.Stockton isn't alone with this dubious distinction. Sacramento is No. 5 nationwide, fresno checks in at No. 14. Oakland is No. 19 and San Francisco came in at No. 78.
Many Buyers Must Try, Try Again As Condominium Market Shrinks - washingtonpost.com
I guess this is what they call a "market correction." I think canceling some projects is a good thing because the overbuilding is so obvious that you'd have to be blind not to see it. Where we live, the new houses approved but not yet built far exceed any possible demand, and the schools are already overcrowded, so I hope some of the projects are canceled.
Washington, DC: A growing number of condominium developers are backing out of projects as the worsening real estate market causes lenders to tighten their standards. For buyers, a project's cancellation can be an unexpected jolt. They get their deposits back but nothing for their time and aggravation.In the past 12 months, nearly 20,000 condo units have been removed from the glutted local development pipeline, said Gregory H. Leisch, chief executive of Delta Associates, a real estate research firm in Alexandria. By Delta's count, in the second quarter of this year, developers abandoned plans for 22 local condo projects.
I guess this is what they call a "market correction." I think canceling some projects is a good thing because the overbuilding is so obvious that you'd have to be blind not to see it. Where we live, the new houses approved but not yet built far exceed any possible demand, and the schools are already overcrowded, so I hope some of the projects are canceled.
Washington, DC: A growing number of condominium developers are backing out of projects as the worsening real estate market causes lenders to tighten their standards. For buyers, a project's cancellation can be an unexpected jolt. They get their deposits back but nothing for their time and aggravation.In the past 12 months, nearly 20,000 condo units have been removed from the glutted local development pipeline, said Gregory H. Leisch, chief executive of Delta Associates, a real estate research firm in Alexandria. By Delta's count, in the second quarter of this year, developers abandoned plans for 22 local condo projects.
Viewpoints - onthecommons.us
Thanks to Steven Siegel for a comment pointing me to the full text of his article (abstract below) about the government role in mandating private residential government. This link goes to Shu Bartholomew's "On the Commons" site (the Viewpoints page) where you can scroll down a bit and download the article. You can also get Steven's earlier and equally excellent article on the Constitution and private governments.
Thanks to Steven Siegel for a comment pointing me to the full text of his article (abstract below) about the government role in mandating private residential government. This link goes to Shu Bartholomew's "On the Commons" site (the Viewpoints page) where you can scroll down a bit and download the article. You can also get Steven's earlier and equally excellent article on the Constitution and private governments.
CAI Headlines
Here is what I think is a new feature for CAI's website: a page of headlines and links to HOA stories around the nation. Thanks to Fred Pilot for the pointer.
Here is what I think is a new feature for CAI's website: a page of headlines and links to HOA stories around the nation. Thanks to Fred Pilot for the pointer.
Tuesday, August 14, 2007
Northwest Herald - Local News and Video for McHenry County, Illinois - Hilton’s authority questioned
Here's more neighborhood intrigue dug up by Fred Pilot, this one just down the road from me in McHenry County. I have no data except what I have seen, but I think dissolution of HOAs and other nonprofits happens reasonably often because of the way the Secretary of State operates. As the attorney quoted farther down says, they dissolve the corporation if you fail to file the annual report or don't pay your fees, or just fail to sign the form. They reinstate you if you correct the errors and pay a fee, and then you have to re-record your forms with the county recorder.
WONDER LAKE – Dick Hilton laughed as he saw someone post a sign stating, “Fraud: Remove Hilton Today,” near the Master Property Owners Association office in Wonder Lake. Hilton, president of the MPOA, said he knew before the organization’s meeting Wednesday that efforts to remove him from his position would fail. The validity of whether Hilton should be president of the MPOA recently came into question after it was discovered that he was the director of an involuntarily dissolved property owners association named Wooded Shores Property Owners Association Inc. Only an association director is allowed to be the president of the MPOA. Wooded Shores Property Owners Association Inc. was dissolved for unknown reasons by the secretary of state in September 2002, MPOA attorney Dean Krone said.
Here's more neighborhood intrigue dug up by Fred Pilot, this one just down the road from me in McHenry County. I have no data except what I have seen, but I think dissolution of HOAs and other nonprofits happens reasonably often because of the way the Secretary of State operates. As the attorney quoted farther down says, they dissolve the corporation if you fail to file the annual report or don't pay your fees, or just fail to sign the form. They reinstate you if you correct the errors and pay a fee, and then you have to re-record your forms with the county recorder.
WONDER LAKE – Dick Hilton laughed as he saw someone post a sign stating, “Fraud: Remove Hilton Today,” near the Master Property Owners Association office in Wonder Lake. Hilton, president of the MPOA, said he knew before the organization’s meeting Wednesday that efforts to remove him from his position would fail. The validity of whether Hilton should be president of the MPOA recently came into question after it was discovered that he was the director of an involuntarily dissolved property owners association named Wooded Shores Property Owners Association Inc. Only an association director is allowed to be the president of the MPOA. Wooded Shores Property Owners Association Inc. was dissolved for unknown reasons by the secretary of state in September 2002, MPOA attorney Dean Krone said.
BBC NEWS | Science/Nature | Map reveals ancient urban sprawl
If you read between the lines of this story, it seems to suggest that instead of living in large, sprawling cities, we should live in small, self-sufficient communities with their own governments. Kind of like...well, you know.
The great medieval temple of Angkor Wat in Cambodia was once at the centre of a sprawling urban settlement, according to a new, detailed map of the area..."The large-scale city engineered its own downfall by disrupting its local environment by expanding continuously into the surrounding forests," said Damian Evans of the University of Sydney and one of the authors of the paper and map.
If you read between the lines of this story, it seems to suggest that instead of living in large, sprawling cities, we should live in small, self-sufficient communities with their own governments. Kind of like...well, you know.
The great medieval temple of Angkor Wat in Cambodia was once at the centre of a sprawling urban settlement, according to a new, detailed map of the area..."The large-scale city engineered its own downfall by disrupting its local environment by expanding continuously into the surrounding forests," said Damian Evans of the University of Sydney and one of the authors of the paper and map.
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