Where Homes Are Worth Less Than the Mortgage - Interactive Graphic - NYTimes.com

Where Homes Are Worth Less Than the Mortgage - Interactive Graphic - NYTimes.com
Check out this map.

A Town Drowns in Debt as Home Values Plunge - NYTimes.com

A Town Drowns in Debt as Home Values Plunge - NYTimes.com: "Because of plunging home values, almost 90 percent of homeowners here owe more on their mortgages than their houses are worth, according to figures released Monday. That is the highest percentage in the country. The average homeowner in Mountain House is “underwater,” as it is known, by $122,000."
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Submitted for your consideration: Mountain House, California, where 90% of the population is upside down on the mortgage. Fred Pilot found this one.

Poll shows lukewarm support for federal auto bailout - USATODAY.com

Poll shows lukewarm support for federal auto bailout - USATODAY.comGM stock went from $90 per share 8 years ago to a princely $2.80 today. How can people not be lukewarm about seeing their tax dollars blown on a company that so obviously is doomed?

Mayors want part of auto bailout | The Detroit News | detnews.com

Mayors want part of auto bailout | The Detroit News | detnews.com: "STERLING HEIGHTS -- The mayors of four large Metro Detroit communities on Monday called for a share of the federal bailout sought by Detroit's Big Three automakers to help redevelop shuttered facilities and factories.

The mayors of Warren, Sterling Heights, Livonia and Dearborn met at the Sterling Heights Public Library for about an hour to discuss the proposal. The mayors were joined by representatives from Gov. Jennifer Granholm's office, Michigan's congressional delegation, the Michigan Economic Development Corp., the Southeast Michigan Council of Governments and the Michigan Municipal League.

The four city leaders -- Warren Mayor James Fouts, Sterling Heights Mayor Richard Notte, Dearborn Mayor Jack O'Reilly and Livonia Mayor Jack Kirksey -- are calling for the proposed federal bailout of the auto industry to include a provision that would give their communities and others like them 20 percent of the assessed value of properties owned by car companies or auto parts makers within their borders for redevelopment."
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Cities in the bailout line--just as I predicted. This $700 billion isn't going to go far at this rate.

Final salary pension schemes facing 'extinction' after credit crunch drives them £100bn into red | Mail Online

Final salary pension schemes facing 'extinction' after credit crunch drives them £100bn into red | Mail Online: "In a sign of the growing pensions apartheid, they say it is only private sector workers who will lose out.

Public sector workers have nothing to worry about. Around 90 per cent have a protected pension, and the Government is controversially ignoring the demands for these generous schemes to be cut back."
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This is Britain, but the same dynamic is at work here. Public employees often have their pension benefit levels guaranteed by their state constitution.

Circuit City files for bankruptcy protection: Financial News - Yahoo! Finance

Circuit City files for bankruptcy protection: Financial News - Yahoo! FinanceThe company also said it cut 700 more jobs at its Richmond, Va., headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers.

In court documents, Chief Financial Officer Bruce H. Besanko cited three factors: erosion of vendor confidence, decreased liquidity and the global economic crisis.

ABC News: Meet America's First Transgender Mayor

ABC News: Meet America's First Transgender Mayor: "The first time Stu Rasmussen was elected mayor of Silverton, Ore., he wore shirts and pants. This time around, after a landslide victory, he will be stepping into office donning a dress and makeup."
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The mayor says this is a conservative town, and "The community was very receptive and accepting, with a few exceptions."

Architecture: A City That's Built at the Bottom of a Lake

Architecture: A City That's Built at the Bottom of a Lake: "Here's something you don't see every day: a town built in the middle of a lake. Not on an island, but actually below water level. It's the ancient city of Seuthopolis, in Bulgaria, which was discovered in 1948. Six years later, a dam was destroyed and it was covered in water, ending up at the bottom of a huge lake. Now, the city is being unearthed via the most insane architectural project ever."
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This is cool.

Belief that country heading in right direction is at all-time low - CNN.com: "Only 16 percent of those questioned in a new CNN/Opinion Research Corporation survey released Monday say things are going well in the country today. That's an all-time low. Eighty-three percent say things are going badly, which is an all-time high."
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You could say Bush is not a hard warm-up act to follow, except that when he leaves the stage will be on fire.

Daily Express | UK News :: TV chefs send sales of liver, kidneys and tripe soaring: "SALES of offal are on the up thanks in part to TV celebrity chefs.
Figures yesterday revealed that sales of liver, kidneys and tripe have shot up by nearly 70 per cent since 2003. Such cuts are often cheaper for families on a budget."
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Seems that Gordon Ramsay favors the odd pile of guts, so the fans are following suit. Next up: how to cook what you found in a dumpster.

Auto Makers Force Bailout Issue - WSJ.com: "The auto-industry crisis is forcing a broader debate over how far the government should go to prop up ailing industries, as the Bush administration resists Democrats' request to use part of the $700 billion financial-rescue fund to aid Detroit's three struggling car makers."
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I see a big difference between bailing out financial institutions and auto makers. The former were basically solvent until recently when the housing market crashed and a series of unusual events occurred. Yes, they made mistakes, but they were functioning in their market. The auto makers have been in trouble for at least 35 years due to their high labor costs (that they contracted for with the UAW), consumer dissatisfaction with their product, and other things that won't change if they get money from the taxpayers. I can see the financial sector making a comeback. I can't see the automakers doing that. So it seems like just giving money to these companies so they can keep paying their workers for a while longer, so they can build some more cars that don't sell particularly well (to the people who bailed them out), and then in a few more years they will be back for another bailout. Maybe instead of the taxpayers bailing them out, Americans could just buy their cars. I drive a Ford Freestyle myself, and I consider that my contribution to the bailout.

HOA bans rain barrels in woman's front yard | WCNC.com | Local News for Charlotte, North Carolina | Local News

HOA bans rain barrels in woman's front yard | WCNC.com | Local News for Charlotte, North Carolina | Local News: "While rain barrels conserve water, not everyone at St. Ives is happy about them. The St. Ives Homeowners Association newsletter says it all. 'The installation of these barrels will not be permitted in front of any property.' That's right. The HOA says rain barrels are not allowed in front of homes, even though Von Hedrich uses shrubbery to camouflage them."
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At this rate, pretty soon HOAs will find themselves getting crossways with the hippies who are headed for Washington to run the country for the next four years. Thanks to Fred Pilot for this link.

CTV British Columbia- Condo owners may lose homes over repair bill - CTV News, Shows and Sports -- Canadian Television

CTV British Columbia- Condo owners may lose homes over repair bill - CTV News, Shows and Sports -- Canadian Television
Construction defects, roof leaks, and major expenses.

Pol Who Peed on Crowd Swears Off Booze | NBC New York

Jersey City Councilman Who Peed on Crowd Swears Off Booze | NBC New York: "The New Jersey councilman who allegedly urinated on a crowd of concertgoers from the balcony of a Washington, D.C. nightclub swore off booze on Sunday -- two days after he was busted for the embarrassing stunt."
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Let's see if any HOA directors can top that.

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return."
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I wonder what would have happened in the election if McCain had come out in opposition to the bailout. It would have passed anyway, but I have yet to meet anybody who thinks it was a great idea.

As US churches mark election, Obama skips services - Boston.com

As US churches mark election, Obama skips services - Boston.com: "CHICAGO—His name was invoked at church services nationwide on Sunday, but President-elect Obama didn't attend any of them. He went to the gym instead."
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Definitely a safer bet than listening to Jeremiah Wright. The article reminds us that he has been saying since he ditched his toxic pastor in May that he was looking for a new church. I assume he was waiting to see whether it would be in Chicago or DC, not to mention that he has been done more flying around the country than a UPS pilot. Now he needs a church in the district. I wonder if he will choose Foundry United Methodist. That's the power church the Clintons attended.

Foreclosures Pick Pockets of Homeowners Associations - washingtonpost.com: "If you live in a neighborhood that has a homeowners association, brace yourself. Neighbors losing their homes to foreclosure and short sales not only are dragging down your property values but also are setting you up for higher fees. There's even a threat that your entire neighborhood could grow shabby over time, if cash runs short for upkeep."
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Oh, and did we neglect to mention that there is even a threat that you will get socked with a five-figure special assessment?

My Way News - Regulators shut banks in Texas, California

My Way News - Regulators shut banks in Texas, California: "WASHINGTON (AP) - Regulators shut down Houston-based Franklin Bank and Security Pacific Bank in Los Angeles on Friday, bringing the number of failures of federally insured banks this year to 19."
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I banked at Security Pacific for many years. It was everywhere in Southern California. What a strange feeling to read that they are shut down.

Obama's Heightened Security Turns Neighborhood Into Virtual Fortress - FOXNews.com Elections

Obama's Heightened Security Turns Neighborhood Into Virtual Fortress - FOXNews.com Elections: "President-elect Barack Obama's Chicago neighborhood has become a very different place to live now that Secret Service agents have turned the once easy-going area into a virtual fortress to protect the next president, The Times of London reported."
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Hyde Park...a gated community.

Big-box stores closing across West Valley

Big-box stores closing across West Valley: by Erin Zlomek - Nov. 7, 2008 07:36 AM
The Arizona Republic

"Big-box retailers that once aggressively expanded across the West Valley while home construction was on the rise are closing en masse as the difficult economy continues to hurt business."
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This is turning into suburbanization in reverse.