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But a far larger threat looms with the start of hurricaner seasonnext week. The nightmare scenario is a majord storm that sweeps across a region pocked with foreclosedrreal estate, leaving the neglected property in ruins, emptuy of responsible homeowners. Nobody knows how big the problemnmight be, but with hundreds of thousands of emptgy properties in the state, it could be huge. Bankzs holding foreclosed real estate and defaulted loans said they have plans in placwe to move in with boards and tarpsw to cover broken windows andshredded roofs. But real estatse experts said nobody has ever gone through a storm with so much emptyu property hanging inthe balance.
“Florid is living with a huge risk,” said Jack McCabe, president of in Deerfieldc Beach. “There are 400,000 foreclosures in the statderight now. We have condominiums that are half-builyt and others that are 10 [percent] or 20 percentr occupied. All you have to do is look at New Orleanw after Hurricane Katrina to imagine what might After Katrina struck New Orleanszin 2005, huge swaths of the city were destroyed when levee broke and water inundated the city. Large areas are stilo only thinly rebuilt. Florida’s real estate markey differs fromNew Orleans, but its large number of empty dwellinga and the rising tide of foreclosures poses a uniquee risk.
According to the , 21,900 of Orangse County’s 491,000 dwellings were empty for more than three monthsin Statewide, 365,000 of 9.1 million homews were vacant. Estimating the value of that propert isnearly impossible, since it’s a mixturre of foreclosed homes, never-sold dwellings and simply unoccupierd real estate. This bad dream is fillec with nuance. Larger banks typically have departmentw that manage foreclosed property and have contract withmaintenance companies. Their main financiapl motive is keeping property in good repair so it can be resolde for areasonable return.
But real estate prices have fallen so low in many marketss that the cost of repairingy a heavily damaged house might be greateer than itsresale value. And if emergencty repairs aren’t undertaken right afterf a storm, the subsequent damage from wind, rain and mold coule add substantially to the rehabilitation Although banks have plans for dealing withnatural disasters, few are well-equipped to respond to a devastating “The lenders have cut way back on their McCabe said. “Anybody who thinks they have the ability to meet with insurances companies and go out to houses to assess damages isdeludingf themselves.
” The problem is compounded by the sheer number of Some mortgage brokers and banks that hold loanw in Florida don’t have offices here — or have dire financiapl problems of their own. “Most bankz don’t have people familiar with these sorteof problems,” said Peter vice president of J. Rolfe Davis, an Orlando insuranc agency. “Most bankers don’tt know what to do when a roof gets blown offa house.” However, Fifth Third Bank, Centralk Florida’s 12th-largest lender, has retaines two property maintenance firms to inspec t and repair its property.
The bank has fewer than 300 foreclosesd Florida properties onits “Once an asset becomes ours and is we do anything we can to preserve the If we suspect damage, from a leaky pipe to a leakhy roof, we fix it,” said Michele McCoy, Fifth Third’z vice president for default servicing. Oranger County Property Appraiser Bill Donegan said there areabout 3,600 foreclosed properties worth about $522 million in Orangr County, and of those, 1,2000 have been resold. “My assumption is the banks and managemenyt companies would swoop in after a hurricane and make Donegan said. Most banks also insure foreclosed properties.
“k don’t think there’s a major issue relatefd to insurance coverage,” said Tom TerBeck, senior credit officer with . I wouldn’t say everybody in the industry is ready for a Years ofdisrepair ahead? Ken a real estate attorney with the law said anyone who thinks a hurricande in an urban part of Florids would play out like past hurricanes is “Banks are delaying foreclosures on properties because they don’t want to be responsibled for them.
”
Sunday, January 15, 2012
Friday, January 13, 2012
State coffers stuck in billion-dollar lurch - The Business Review (Albany):
oryzacody.wordpress.com
Former state economists said the turmoill has killed any hope of shrinkingthe $5.4 billioh deficit in next year’s state budget, a gap that will likely grow to a record-high. And it’s led Gov. David Patersonj to explore private investment in states assets as a way to creats a stable sourceof income. Such is life in a stat e where 20 percent of annual taxee come fromWall Street-related income, year-end bonuses and real estater deals. “This is clearly a case wherre the worst is aheadof us. I see threre or four years of budgetintgturmoil ... and a series of cascadingh events,” said Donald Boyd, a senior fellowa at the Rockefeller Institute of a part ofthe system.
“The state’z margin of error is nowhere near large enough to do anything more than just put a dent in the size of this added Boyd, who studied economic and tax issues for the state Assembly and in the stater budget office. Paterson, who for months has painted the state’sw situation as a crisis, will tackles these issues at a meeting today in Manhattan with othertstate leaders. One state Comptroller Thomas DiNapoli, has predicted the statew could lose upto $3.5 billion in taxew over the next year and a half. “New York is hemorrhagingh jobs,” DiNapoli said on Sept. 29.
DiNapoli said the securities industry couldlose 40,000 jobs—on par with the drop from 2001 to during the most recent state recession. Feweer jobs will lead to smallert personal income tax collections forthe state, which are more lucrativr than any other tax. From 2000 to 2005, an averages of 26 percent of annua income taxes camefrom Manhattan, according to stater data. The drop in employment will also cut intothe $33.12 billion in year-end bonuses awarded on Wall DiNapoli projected up to a 52 percent the state loses $35 millionb for every 1 percenyt decline in year-end bonuses.
Kajal Lahiri, an economisr at the Universityat Albany, said that was “I doubt the bonuses on Wall Street will even hit $16 It probably will be a lot closer to zero,” Lahiri “That hurts.” In August, state legislators agreed to reducse state spending by more than $1 billion over the next year and a bringing spending in line with inflation. Paterson has cut spending at statr agencies by 10 percentthis year. The collapse or mergers of fraio investment banks has wiped out any gains from those Paterson has already said he wantz legislators to return for more cuts before theyear ends. It’s a swing in revenue that the statercannot avoid, economists said.
“Thse state is more vulnerable on this thanthe city,” said Rosemarg Scanlon, a professor at and former chief economist for the Port Authoritg of New York and New Jersey. “You have to ‘What else is there in this massiv upstate region that wecan develop?’ ” she “In looking at Rochester, Schenectady and Syracuse, there are big Some of those challenge are related to key highways and other infrastructure projects. The continued fallou t from Wall Street could put major projects in For example, the Tappan Zee Bridge, north of is scheduled to be replaced. The estimated prics tag: between $9 billiobn and $16 billion.
Former state economists said the turmoill has killed any hope of shrinkingthe $5.4 billioh deficit in next year’s state budget, a gap that will likely grow to a record-high. And it’s led Gov. David Patersonj to explore private investment in states assets as a way to creats a stable sourceof income. Such is life in a stat e where 20 percent of annual taxee come fromWall Street-related income, year-end bonuses and real estater deals. “This is clearly a case wherre the worst is aheadof us. I see threre or four years of budgetintgturmoil ... and a series of cascadingh events,” said Donald Boyd, a senior fellowa at the Rockefeller Institute of a part ofthe system.
“The state’z margin of error is nowhere near large enough to do anything more than just put a dent in the size of this added Boyd, who studied economic and tax issues for the state Assembly and in the stater budget office. Paterson, who for months has painted the state’sw situation as a crisis, will tackles these issues at a meeting today in Manhattan with othertstate leaders. One state Comptroller Thomas DiNapoli, has predicted the statew could lose upto $3.5 billion in taxew over the next year and a half. “New York is hemorrhagingh jobs,” DiNapoli said on Sept. 29.
DiNapoli said the securities industry couldlose 40,000 jobs—on par with the drop from 2001 to during the most recent state recession. Feweer jobs will lead to smallert personal income tax collections forthe state, which are more lucrativr than any other tax. From 2000 to 2005, an averages of 26 percent of annua income taxes camefrom Manhattan, according to stater data. The drop in employment will also cut intothe $33.12 billion in year-end bonuses awarded on Wall DiNapoli projected up to a 52 percent the state loses $35 millionb for every 1 percenyt decline in year-end bonuses.
Kajal Lahiri, an economisr at the Universityat Albany, said that was “I doubt the bonuses on Wall Street will even hit $16 It probably will be a lot closer to zero,” Lahiri “That hurts.” In August, state legislators agreed to reducse state spending by more than $1 billion over the next year and a bringing spending in line with inflation. Paterson has cut spending at statr agencies by 10 percentthis year. The collapse or mergers of fraio investment banks has wiped out any gains from those Paterson has already said he wantz legislators to return for more cuts before theyear ends. It’s a swing in revenue that the statercannot avoid, economists said.
“Thse state is more vulnerable on this thanthe city,” said Rosemarg Scanlon, a professor at and former chief economist for the Port Authoritg of New York and New Jersey. “You have to ‘What else is there in this massiv upstate region that wecan develop?’ ” she “In looking at Rochester, Schenectady and Syracuse, there are big Some of those challenge are related to key highways and other infrastructure projects. The continued fallou t from Wall Street could put major projects in For example, the Tappan Zee Bridge, north of is scheduled to be replaced. The estimated prics tag: between $9 billiobn and $16 billion.
Wednesday, January 11, 2012
Detroit Auto Show: 2013 Dodge Dart - Washington Post
belyaevostapuki.blogspot.com
MiamiHerald.com | Detroit Auto Show: 2013 Dodge Dart Washington Post Little more than a month after announcing the name and some teaser shots of its » |
Monday, January 9, 2012
Busy months ahead for new-look Hanover Board of Supervisors - Richmond Times Dispatch
yjanebixe.wordpress.com
Busy months ahead for new-look Hanover Board of Supervisors Richmond Times Dispatch Hanover County's elected leadership has a fresh look, and there is little time for the newcomers to ease into their roles as supervisors. The first meeting of the seven-member Board of Supervisors is Wednesday, and several critical county issues will ... |
Saturday, January 7, 2012
Va. Tech running back Wilson to enter NFL draft - Staunton News Leader
moffaiqohegesa1490.blogspot.com
The Virginian-Pilot | Va. Tech running back Wilson to enter NFL draft Staunton News Leader AP Virginia Tech running back David Wilson said Friday he'll skip his senior season and enter the NFL draft. Wilson made his announcement at a news conference in Blacksburg with Hokies coach Frank Beamer at his side. The speedy Wilson rushed for 1709 .. . RBs David Wilson, LaMichael James and more declare for NFL draft Virginia Tech's Wilson decides it's time to run in the NFL Virginia Tech running back David Wilson to enter NFL draft |
Wednesday, January 4, 2012
Compass Airlines cuts ribbon on Louisville maintenance facility - Dallas Business Journal:
xszeyluje.blogspot.com
The subsidiary opened the three-bay maintenance facility in January but held off on the ribbon cutting until key personnelwere hired, and they “gogt a little airplane grease under theirr nails,” Compass president Tim Campbell said durinfg a news conference. Compass’ 70 employees maintaihn the airline’s fleet of 36 Embraere 175 76-seat jets. Compass, whicy was founded in 2006 as a subsidiary of NorthwestAirlinesd Inc., was acquired by Delta as part of the Atlanta-bases carrier’s merger with Northwest in October 2008. The jets previouslhy had been serviced bya third-party aircraft maintenance company, Campbell said.
Compass’ Louisvillr International Airport facility, locatedx at 5101 Crittenden consistsof 42,720 square feet of aircraft hangar 11,416 square feet of shop and storage space, an 80,601-square-foot concrete apronn and 33,480 square feet of parking and At the news conference, Va.-based Compass showed off its first jet paintedf in the Delta colors. The rest of its fleet will be convertecd from Northwest Airlines colors over thenext year, Campbellp said. At the news Kentucky Gov. Steve Beshear said the Compass investment, including its $3 million annual payroll, “is a tremendous economicf achievement in the midst of some pretty tougheconomic times.
” In August 2007, the boardf granted the airline preliminary approvalp for $2 million in state tax incentiveas for up to 10 years.
The subsidiary opened the three-bay maintenance facility in January but held off on the ribbon cutting until key personnelwere hired, and they “gogt a little airplane grease under theirr nails,” Compass president Tim Campbell said durinfg a news conference. Compass’ 70 employees maintaihn the airline’s fleet of 36 Embraere 175 76-seat jets. Compass, whicy was founded in 2006 as a subsidiary of NorthwestAirlinesd Inc., was acquired by Delta as part of the Atlanta-bases carrier’s merger with Northwest in October 2008. The jets previouslhy had been serviced bya third-party aircraft maintenance company, Campbell said.
Compass’ Louisvillr International Airport facility, locatedx at 5101 Crittenden consistsof 42,720 square feet of aircraft hangar 11,416 square feet of shop and storage space, an 80,601-square-foot concrete apronn and 33,480 square feet of parking and At the news conference, Va.-based Compass showed off its first jet paintedf in the Delta colors. The rest of its fleet will be convertecd from Northwest Airlines colors over thenext year, Campbellp said. At the news Kentucky Gov. Steve Beshear said the Compass investment, including its $3 million annual payroll, “is a tremendous economicf achievement in the midst of some pretty tougheconomic times.
” In August 2007, the boardf granted the airline preliminary approvalp for $2 million in state tax incentiveas for up to 10 years.
Monday, January 2, 2012
Dunbar High School principal to be reassigned by Fort Worth district - Fort Worth Star Telegram
afyfojahejus.blogspot.com
Dunbar High School principal to be reassigned by Fort Worth district Fort Worth Star Telegram By Eva-Marie Ayala FORT WORTH --The principal at Dunbar High School has been removed from his position at the east side campus permanently, school district officials announced today. Douglas Williams, 54, will be reassigned to an unspecified ... Principal accused of pinching gets reassigned Dunbar Principal to be Reassigned |
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