Posts
Below please find a link to something that I received from one of my preferred lenders, Ryan Abrahamson of Universal Lending. It is a good explanantion, although not crystal clear to me, but good never-the-less of what has transpired to get us to the point, less than comfortable, where we are now in the Real Estate biz...
http://www.mortgagesuccesssource.com/go/markmarket/
What I got out of it was a bit of an explanation of what happened but, more importantly hope for what will happen!
Pete
Monday, December 29, 2008
Friday, December 19, 2008
Colorado Foreclosure Hotline
Colorado housing hotline (1-877-601-HOPE) grows hotter...
Despite falling foreclosures in the state, calls more than doubled in November. Counselors have seen 10,300 homeowners in two years.
By Greg Griffin The Denver Post
University of Colorado Real Estate Professor Thomas G. Thibodeau, overlooks Boulder, Colorado, Thursday afternoon. (DENVERPOST KIRK SPEER)
The state's foreclosure hotline for financially troubled homeowners continues to do brisk business even though foreclosures fell during the last quarter in Colorado.
Calls to the hotline more than doubled in November, even as foreclosure filings fell by 24 percent during the third quarter. During the first nine months of the year, calls to the hotline climbed a more modest 32 percent over last year.
Hotline officials said news about the financial crisis and recession spurred concern among many homeowners. Callers are phoning in at earlier stages of delinquency than in the past, increasing their likelihood of avoiding foreclosure, said Ryan McMaken, spokesman for the Colorado Division of Housing, which oversees the 2-year-old hotline.
Hotline workers urge callers who face the prospect of foreclosure to meet with a housing counselor to review their finances and mortgage options.
The hotline has taken more than 52,000 calls since it was launched in October 2006, and its counselors have met with 10,300 home owners.
At least 37 percent of those who received counseling kept their homes by bringing their mortgage current, refinancing, receiving a loan modification, taking a second mortgage or getting a repayment plan. A quarter were able to sell their homes or convey them to the bank without a foreclosure. Bankruptcy claimed 14 percent, 17 percent went into foreclosure, and 14 percent had other outcomes, such as being referred to a housing agency.
Loan modifications, which accounted for 7 percent of the total and involve the lender reducing monthly payments, have become a hotly debated policy issue.
Proponents such as Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., advocate modifications as a way to keep people in their homes, stabilize housing prices and help the economy recover. But critics say many modified loans end up in foreclosure.
The U.S. comptroller said last week that more than half of delinquent homeowners whose mortgages were modified earlier this year defaulted within six months.
The Colorado Foreclosure Hotline does not track what happens to homeowners after they reach a resolution such as a modification or repayment plan, McMaken said. The face-to-face counseling and close attention to borrowers' financial situation provided by the hotline are likely to produce better results, he said.
Tom Thibodeau, a professor of real estate at the University of Colorado at Boulder's Leeds School of Business, said loan modifications are an important tool to keep people in their homes but that public officials and lenders have to be careful.
Modifying a loan when home prices are declining may backfire if the homeowner still owes more on the house than it's worth three months later. The homeowner still has an incentive to walk away, he said. Home prices are still falling in some states, including California, and that may have affected the comptroller's numbers, he said.
"If these modifications are being made for people whose house prices are still falling, I just wonder why," he said.
Greg Griffin: 303-954-1241 or ggriffin@denverpost.com
Mortgage delinquency status of hotline callers
35% — Current
8% — 1 month
17% — 2 months
17% — 3 months
12% — 4 months
14% — 5 months or more
Percentages exceed 100 because of rounding
Despite falling foreclosures in the state, calls more than doubled in November. Counselors have seen 10,300 homeowners in two years.
By Greg Griffin The Denver Post
University of Colorado Real Estate Professor Thomas G. Thibodeau, overlooks Boulder, Colorado, Thursday afternoon. (DENVERPOST KIRK SPEER)
The state's foreclosure hotline for financially troubled homeowners continues to do brisk business even though foreclosures fell during the last quarter in Colorado.
Calls to the hotline more than doubled in November, even as foreclosure filings fell by 24 percent during the third quarter. During the first nine months of the year, calls to the hotline climbed a more modest 32 percent over last year.
Hotline officials said news about the financial crisis and recession spurred concern among many homeowners. Callers are phoning in at earlier stages of delinquency than in the past, increasing their likelihood of avoiding foreclosure, said Ryan McMaken, spokesman for the Colorado Division of Housing, which oversees the 2-year-old hotline.
Hotline workers urge callers who face the prospect of foreclosure to meet with a housing counselor to review their finances and mortgage options.
The hotline has taken more than 52,000 calls since it was launched in October 2006, and its counselors have met with 10,300 home owners.
At least 37 percent of those who received counseling kept their homes by bringing their mortgage current, refinancing, receiving a loan modification, taking a second mortgage or getting a repayment plan. A quarter were able to sell their homes or convey them to the bank without a foreclosure. Bankruptcy claimed 14 percent, 17 percent went into foreclosure, and 14 percent had other outcomes, such as being referred to a housing agency.
Loan modifications, which accounted for 7 percent of the total and involve the lender reducing monthly payments, have become a hotly debated policy issue.
Proponents such as Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., advocate modifications as a way to keep people in their homes, stabilize housing prices and help the economy recover. But critics say many modified loans end up in foreclosure.
The U.S. comptroller said last week that more than half of delinquent homeowners whose mortgages were modified earlier this year defaulted within six months.
The Colorado Foreclosure Hotline does not track what happens to homeowners after they reach a resolution such as a modification or repayment plan, McMaken said. The face-to-face counseling and close attention to borrowers' financial situation provided by the hotline are likely to produce better results, he said.
Tom Thibodeau, a professor of real estate at the University of Colorado at Boulder's Leeds School of Business, said loan modifications are an important tool to keep people in their homes but that public officials and lenders have to be careful.
Modifying a loan when home prices are declining may backfire if the homeowner still owes more on the house than it's worth three months later. The homeowner still has an incentive to walk away, he said. Home prices are still falling in some states, including California, and that may have affected the comptroller's numbers, he said.
"If these modifications are being made for people whose house prices are still falling, I just wonder why," he said.
Greg Griffin: 303-954-1241 or ggriffin@denverpost.com
Mortgage delinquency status of hotline callers
35% — Current
8% — 1 month
17% — 2 months
17% — 3 months
12% — 4 months
14% — 5 months or more
Percentages exceed 100 because of rounding
Wednesday, December 3, 2008
Remodeling Projects with the Highest Returns
Not infrequently do I get asked, “Is it worth me remodeling my_________?” or “Whadya think about me doing ________?”.
Typically I’ll shoot from the hip but I’m always validated…or not… by articles like this.
Remodeling Projects With the Highest Returns
For the second year in a row, REALTORS® report that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report. On a national level, wood deck additions and all types of siding replacements–upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl–returned more than 80 percent of project costs upon resale. Of these, the most profitable project was upscale fiber cement siding, which recouped 86.7 percent of costs, followed by wood decks at 81.8 percent, midrange vinyl siding at 80.7 percent, and upscale foam-backed vinyl siding at 80.4 percent. The 2008 Remodeling Cost vs. Value Report compares construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country, expanding from 60 markets last year. Projects With Highest, Lowest ReturnsIn addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs on a national basis. All types of window replacements–upscale and midrange wood and upscale and midscale vinyl–returned more than 76 percent of costs. A major midrange kitchen remodel returned 76 percent of project costs, while a minor midrange kitchen remodel returned 79.5 percent of costs.On a national level, bathroom remodels, while still a relatively good investment, do not return as high a percentage as in previous years. A midrange bathroom remodel was estimated to return 74.4 percent on resale, comparable to a midrange attic-to-bedroom conversion, at 73.6 percent of costs recouped, and a midrange basement remodel, at 72.7 percent of costs recouped.As in last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels, sunroom additions, and back-up power generators, returning only 54.4 percent, 56.6 percent, and 57.1 percent, respectively, of project costs. National Association of Realtors® President Charles McMillan says the resale value of any given remodeling project depends on a variety of factors. “A home’s overall condition, availability and condition of surrounding properties, location, and regional economic climate are all factors that will influence the value of any remodeling project,” he says. Results of the report are summarized in the December 2008 issue of REALTOR® Magazine. The issue also includes examples of actual remodeling projects that were less expensive than many of the report’s cost estimates. Read the story online.Full project descriptions, as well as national, regional and local project data for the 79 cities covered by the report will be posted at http://www.costvsvalue.com/ by Dec. 5.This is the 11th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine. For the report, Realtors® provided their insight into local markets and buyer home preferences.Source: NAR
Typically I’ll shoot from the hip but I’m always validated…or not… by articles like this.
Remodeling Projects With the Highest Returns
For the second year in a row, REALTORS® report that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report. On a national level, wood deck additions and all types of siding replacements–upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl–returned more than 80 percent of project costs upon resale. Of these, the most profitable project was upscale fiber cement siding, which recouped 86.7 percent of costs, followed by wood decks at 81.8 percent, midrange vinyl siding at 80.7 percent, and upscale foam-backed vinyl siding at 80.4 percent. The 2008 Remodeling Cost vs. Value Report compares construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country, expanding from 60 markets last year. Projects With Highest, Lowest ReturnsIn addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs on a national basis. All types of window replacements–upscale and midrange wood and upscale and midscale vinyl–returned more than 76 percent of costs. A major midrange kitchen remodel returned 76 percent of project costs, while a minor midrange kitchen remodel returned 79.5 percent of costs.On a national level, bathroom remodels, while still a relatively good investment, do not return as high a percentage as in previous years. A midrange bathroom remodel was estimated to return 74.4 percent on resale, comparable to a midrange attic-to-bedroom conversion, at 73.6 percent of costs recouped, and a midrange basement remodel, at 72.7 percent of costs recouped.As in last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels, sunroom additions, and back-up power generators, returning only 54.4 percent, 56.6 percent, and 57.1 percent, respectively, of project costs. National Association of Realtors® President Charles McMillan says the resale value of any given remodeling project depends on a variety of factors. “A home’s overall condition, availability and condition of surrounding properties, location, and regional economic climate are all factors that will influence the value of any remodeling project,” he says. Results of the report are summarized in the December 2008 issue of REALTOR® Magazine. The issue also includes examples of actual remodeling projects that were less expensive than many of the report’s cost estimates. Read the story online.Full project descriptions, as well as national, regional and local project data for the 79 cities covered by the report will be posted at http://www.costvsvalue.com/ by Dec. 5.This is the 11th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine. For the report, Realtors® provided their insight into local markets and buyer home preferences.Source: NAR
Thursday, November 27, 2008
What Goes Around Comes Around
Yeah, we're (Real Estate Folk, Buying Folk, Selling Folk and Ordinary Folk) in a quandry...
Times have never been like this before...
Check this out...
Pete
Thursday, November 20, 2008
Foreclosure Solutions Fair
November 18, 2008
Fair to Focus on Foreclosure Solutions
Fair to Focus on Foreclosure Solutions
By Kevin Duggan
For Loveland Connection
The economic meltdown continues to hit too close to home for many Northern Colorado residents.
With foreclosures in Larimer and Weld counties on the rise, organizers of Saturday's "Foreclosure Prevention Assistance Fair" at The Ranch hope local residents will come out to learn what they can do to keep their properties.
The fair is scheduled 9 a.m. to noon in the First National Bank Exhibition Hall.The goal of the fair is to inform homeowners about options they have if they are worried about making mortgage payments, face foreclosure or are already in the foreclosure process, said Billie Jo Downing, chairwoman of the Foreclosure Prevention Task Force of Larimer County."The fair is a wonderful way for people to see that somebody cares about what happens to them," she said. "They need to know there are ways to reach solutions."Many property owners walk away from their homes when facing foreclosure without seeking assistance, Downing said.Those who do seek help are much more likely to keep their homes or find a workable housing situation, she said."Just taking some action to find information is a huge step in the right direction," she said.Government agencies, as well as local nonprofits, such as Neighbor to Neighbor and Consumer Credit Counseling, will have booths set up at the fair to offer advice.Seminars will include information on topics such as how to pay bills while facing foreclosure and how to communicate with a mortgage company.Housing counselors will be on hand to answer questions or set up time for more in-depth interviews, said Wendie Robinson, executive director of Neighbor to Neighbor.Given the scope of problems within the housing industry, lenders are increasingly willing to renegotiate mortgages, Robinson said. But problems need to be addressed as quickly as possible."If things have gone too far it gets tricky," she said.Colorado ranked fifth in the nation for the number of houses in foreclosure in October.As of last week, 1,391 Larimer County homeowners were in some stage of foreclosure, according to the Larimer County Public Trustee's Office. Of those, 459 were sold at foreclosure sale, 343 were withdrawn and 589 are still in process.Additional Facts
Interested?
The Foreclosure Prevention Assistance Fair is scheduled from 9 a.m. to noon Saturday at the First National Bank Exhibition Hall at The Ranch, Larimer County's fairgrounds complex.Information: Angela Dazlich, Colorado Foreclosure Hotline, 420-2943, or Meaghanne Oresjo, Neighbor to Neighbor, 663-4163
Wednesday, November 19, 2008
Good News in the Coloradoan!!!
A pretty good article from the Coloradoan!
The ! is not an indictment of the Coloradoan saying their articles are not good...it's just a comment on the goodness of this one!!!
November 17, 2008
There's good news in midst of all the gloom
Tired of election and economic news? Worried about your 401(k), or as a friend calls it, your 201(k) now? Cheer up! I've got good news.
Seventy-five percent of the contribution to a recession is attitude and emotion. People stop spending out of fear, and the domino effect kicks in.
Pretty soon, businesses are all laying workers off to stem the tide from a lack of spending, which, of course, contributes to a greater decline in spending.
Think back to the summer. What was the greatest economic concern in the mind of the public?
The ! is not an indictment of the Coloradoan saying their articles are not good...it's just a comment on the goodness of this one!!!
November 17, 2008
There's good news in midst of all the gloom
Tired of election and economic news? Worried about your 401(k), or as a friend calls it, your 201(k) now? Cheer up! I've got good news.
Seventy-five percent of the contribution to a recession is attitude and emotion. People stop spending out of fear, and the domino effect kicks in.
Pretty soon, businesses are all laying workers off to stem the tide from a lack of spending, which, of course, contributes to a greater decline in spending.
Think back to the summer. What was the greatest economic concern in the mind of the public?
Gas prices, of course. At the time of writing, gas at the pump was under $2 a gallon for the first time in years. People were traveling closer to home or canceling trips due to the rise in fuel and transportation costs, which for now, have become much less expensive.
This is an unintended stimulus package for anyone who drives a car or uses heating oil. And the lowered cost of oil should keep inflation at bay for a time.
More good news: We're not in a heavy manufacturing town. Our economy is diversified, and the Colorado economy entered the recession earlier than other parts of the country and should come out faster. We've not seen the huge swings in residential real estate values. And we have a major institution that tempers economic swings, Colorado State University.
Colorado has long been a state that tends to defy national trends to some degree, and our emphasis on new forms of energy, research and tourism helps bolster our economy during this time of uncertainty.
If you really want to be upbeat, follow the Rams. Coach Steve Fairchild has achieved surprising success with his football team this year, even in losses against BYU and TCU. We still have one of the best women's volleyball teams in the country, thanks to Tom Hilbert and his outstanding athletes.
Want more? Lower gas prices and strong convention bookings next year should boost our summer. Campus Crusade for Christ and Jehovah's Witnesses return in 2009, groups which should draw well in spite of the economy. If you want to get in on the tourism industry next year, it's a great time to consider joining our organization (the Fort Collins Convention & Visitors Bureau, known as the CVB). It's also a great time to participate in our visitor guide. Promote yourself while others cut back.
And if you really want to do your part, shop locally this year.
I haven't made a purchase outside of Fort Collins in years. Everything I need and want is available here; follow the lead of our collective community efforts and "Shop Fort Collins First."
It will put you in a better mood.
This is an unintended stimulus package for anyone who drives a car or uses heating oil. And the lowered cost of oil should keep inflation at bay for a time.
More good news: We're not in a heavy manufacturing town. Our economy is diversified, and the Colorado economy entered the recession earlier than other parts of the country and should come out faster. We've not seen the huge swings in residential real estate values. And we have a major institution that tempers economic swings, Colorado State University.
Colorado has long been a state that tends to defy national trends to some degree, and our emphasis on new forms of energy, research and tourism helps bolster our economy during this time of uncertainty.
If you really want to be upbeat, follow the Rams. Coach Steve Fairchild has achieved surprising success with his football team this year, even in losses against BYU and TCU. We still have one of the best women's volleyball teams in the country, thanks to Tom Hilbert and his outstanding athletes.
Want more? Lower gas prices and strong convention bookings next year should boost our summer. Campus Crusade for Christ and Jehovah's Witnesses return in 2009, groups which should draw well in spite of the economy. If you want to get in on the tourism industry next year, it's a great time to consider joining our organization (the Fort Collins Convention & Visitors Bureau, known as the CVB). It's also a great time to participate in our visitor guide. Promote yourself while others cut back.
And if you really want to do your part, shop locally this year.
I haven't made a purchase outside of Fort Collins in years. Everything I need and want is available here; follow the lead of our collective community efforts and "Shop Fort Collins First."
It will put you in a better mood.
Monday, November 10, 2008
Mason Street Corridor
The Mason Street Corridor is one of the best kept secrets about Fort Collins. I've been excited about it happenin' since I found out about it.
I've been telling myself for a couple of years now that I need to acquaint myself with the Bus system here in FTC but have just not got around to it, but I'm really looking forward to the Mason Street Corridor coming to fruition.
Having lived in the Pacific Northwest I can remember riding on the Monorail in Seattle when the World's Fair was held ther back in 1960...yeah, I'm old. And as I belong to this outfit that has rather large conventions in pretty big cities I've taken mass transit to get to where I needed to get to and In Washington, D.C. a couple of years ago I rode my first subway.
Well, Mason Street Corridor is not going to be a monorail, a subway or an "el".
Follow the link to the Fort Collins Web Site page that speaks to MSC and be sure you watch the video on the right part of the page...I think you'll be impressed.
http://fcgov.com/mason/
Pete
I've been telling myself for a couple of years now that I need to acquaint myself with the Bus system here in FTC but have just not got around to it, but I'm really looking forward to the Mason Street Corridor coming to fruition.
Having lived in the Pacific Northwest I can remember riding on the Monorail in Seattle when the World's Fair was held ther back in 1960...yeah, I'm old. And as I belong to this outfit that has rather large conventions in pretty big cities I've taken mass transit to get to where I needed to get to and In Washington, D.C. a couple of years ago I rode my first subway.
Well, Mason Street Corridor is not going to be a monorail, a subway or an "el".
Follow the link to the Fort Collins Web Site page that speaks to MSC and be sure you watch the video on the right part of the page...I think you'll be impressed.
http://fcgov.com/mason/
Pete
Tuesday, November 4, 2008
The Fed & Mortgage Rates...
The Federal Reserve has just lowered interest rates to 1% causing yet another stir in the minds of people who are thinking about buying or re-financing a home.
"Wow! 1%! What a deal!!!"
Well for *artificial people* maybe but not necessarily for you and me.
The "Federal Reserve Rate" of 1% is what the Federal Reserve, which contrary to popular belief is not an arm of the U.S. Government or the Treasury Department, loans money on a short term basis to banks...one "artificial person" loaning money to another "artificial person".
The second "artificial person" then loans out that money to other "artificial people" or "real people" at a rate higher than they are borrowing it from the Fed (Federal Reserve Board) and the difference between the borrowed rate (1%) and the "lend rate" is how they make their money. This is manifested typically in short term loans, like credit cards.
Consumers, therefore. are often misled, i.e. duped if you're a cynic like I can be at times, by that artificial person "Media". In the past few years the Fed has taken actions that have, however, caused mortgage interest rates to change (or "move" if'n you're so inclined to have that make more sense) in directions that have been something other than expected because the "Media" provided less than substantial reporting on the subject.
The Fed affects short-term interest rate maturities, the Fed Funds rate and the Overnight Lending rate (Google or Wikipedia for more info on those terms). These factors have a direct impact on the Prime Rate. If'n you only took this into consideration, one might mistakenly arrive at the conclusion that changes by the Fed would cause a similar movement in mortgage interest rates. howsomever, mortgage interest is dictated by the trading of mortgage-backed securities which trade on a daily basis. Therefore the real dynamic at the heart of interest rate movement is the relationship between stocks and bonds.
Stocks and bonds compete for the same investment dollars on a daily basis. In spite of the advent of printing presses, there really is only soooooooo much money to be invested. When the Fed feels that interest raters need to be decreased in an effort to give the economy a kick in the pants, the reduction in rates can often cause a stock market rally. When the market becomes a bull market (Wikipedia) the money to invest in stocks comes from the selling off of mortgage-backed securities (Wikipedia).
Unfortunately, the selling off of mortgage-backed securities to fire up stock market rallies causes interest rates to go up not down!
Historically, there have been many times when the Federal Reserve has increased interest rates...then stocks sell off in fear that the increase will adversely affect the profits of the artificial people "Corporation(s)" and the resultant investment capital needs a place other than in a mattress to park itself until the next rally comes along. This is often found in mortgage-backed securities which cause mortgage rates to drop.
Whew..............................................
That all takes some digestion and if'n you'd like some more information I can put you in touch with some folk who can better 'splain.
Pete
"Wow! 1%! What a deal!!!"
Well for *artificial people* maybe but not necessarily for you and me.
The "Federal Reserve Rate" of 1% is what the Federal Reserve, which contrary to popular belief is not an arm of the U.S. Government or the Treasury Department, loans money on a short term basis to banks...one "artificial person" loaning money to another "artificial person".
The second "artificial person" then loans out that money to other "artificial people" or "real people" at a rate higher than they are borrowing it from the Fed (Federal Reserve Board) and the difference between the borrowed rate (1%) and the "lend rate" is how they make their money. This is manifested typically in short term loans, like credit cards.
Consumers, therefore. are often misled, i.e. duped if you're a cynic like I can be at times, by that artificial person "Media". In the past few years the Fed has taken actions that have, however, caused mortgage interest rates to change (or "move" if'n you're so inclined to have that make more sense) in directions that have been something other than expected because the "Media" provided less than substantial reporting on the subject.
The Fed affects short-term interest rate maturities, the Fed Funds rate and the Overnight Lending rate (Google or Wikipedia for more info on those terms). These factors have a direct impact on the Prime Rate. If'n you only took this into consideration, one might mistakenly arrive at the conclusion that changes by the Fed would cause a similar movement in mortgage interest rates. howsomever, mortgage interest is dictated by the trading of mortgage-backed securities which trade on a daily basis. Therefore the real dynamic at the heart of interest rate movement is the relationship between stocks and bonds.
Stocks and bonds compete for the same investment dollars on a daily basis. In spite of the advent of printing presses, there really is only soooooooo much money to be invested. When the Fed feels that interest raters need to be decreased in an effort to give the economy a kick in the pants, the reduction in rates can often cause a stock market rally. When the market becomes a bull market (Wikipedia) the money to invest in stocks comes from the selling off of mortgage-backed securities (Wikipedia).
Unfortunately, the selling off of mortgage-backed securities to fire up stock market rallies causes interest rates to go up not down!
Historically, there have been many times when the Federal Reserve has increased interest rates...then stocks sell off in fear that the increase will adversely affect the profits of the artificial people "Corporation(s)" and the resultant investment capital needs a place other than in a mattress to park itself until the next rally comes along. This is often found in mortgage-backed securities which cause mortgage rates to drop.
Whew..............................................
That all takes some digestion and if'n you'd like some more information I can put you in touch with some folk who can better 'splain.
Pete
Monday, October 27, 2008
Words in (en?) Vogue...
I can't remember when "awesome" became the adjective of choice, but I think it was around the time I moved back to Fort Collins in 1994 and shortly thereafter became involved in the Youth Group at church and everything we did or brought to snack on was , "AWESOME!"
Today "awesome" is a household word and probably the most used adjective/adverb in the United States and maybe the entire world or universe!
Awesome, huh.
Thanks, I believe, to the Presidential campaign of 2008 the new in Vogue, or would it be enVouge(?) word is "vet"...
Up until this election year/cycle I just assumed "vet" was short for veterinarian and thats where you took you pets or animals for fixin'.
So when I first heard the term "vet" I think is was in a converation on TV about John McCain not haveing "vetted" Sarah Palin...
I'm thinkin;, "What's that all about. Did she need a rabies shot or something?"
Word nazi that I maybe am, and just by the way just because my middle name is Hans does not make me a German and therefor a Nazi, I had to go look it up in my Funk & Wagnalls...and although this is not from my F&W:
Pronunciation [vet] –noun
1.
veterinarian –verb (used with object)
2.
to examine or treat in one's capacity as a veterinarian or as a doctor.
3.
to appraise, verify, or check for accuracy, authenticity, validity, etc.: An expert vetted the manuscript before publication. –verb (used without object)
So now I believe we hava a word that has come out of obscurity ane is working it's way into the mainstream verbiage.
I need to let you know how I "vet."
Because I have a Real Estate License and have had one since the mid 70's of the last century I am assumed to be an expert in my field...
I'm certainly not going to brandish that as fact, because although I am really good at what I do I cannot possibly be an A+ expert in all the fields and facets of what it takes to be a successful Real Estate Agent/Broker and my definition/perception of "successful" has nothing to do with BMW sports cars and placques and trophies.
In order to sucessfully be "Helping People Live Indoors" (BTW that's a link to my website) I need to be "vetting" almost constantly.
I need to vet the lenders, inspectors, title companies that I recommend along with the other Realtors and Brokerages I associate and deal with.
I also "vet" my clients. I need to know if I'm compatable with them so that the house buying/selling experience does not turn into a battle of wills which does no one any good. I have been known to refer Buyers and Sellers to other Agents who I feel would be more compatible.
I need to "vet" all the information that comes my way in the form of advertisements, solicitations by lenders, title companies and inspectors just to name a few so that I do not diseminate bad, useless or harmful information.
I just though of something...
Because I am a uniplegic, only have the one kneecap and the bad hip amongst ather things,
does that make me a Disabled Vet?
Gotta go vet some...
Pete
Today "awesome" is a household word and probably the most used adjective/adverb in the United States and maybe the entire world or universe!
Awesome, huh.
Thanks, I believe, to the Presidential campaign of 2008 the new in Vogue, or would it be enVouge(?) word is "vet"...
Up until this election year/cycle I just assumed "vet" was short for veterinarian and thats where you took you pets or animals for fixin'.
So when I first heard the term "vet" I think is was in a converation on TV about John McCain not haveing "vetted" Sarah Palin...
I'm thinkin;, "What's that all about. Did she need a rabies shot or something?"
Word nazi that I maybe am, and just by the way just because my middle name is Hans does not make me a German and therefor a Nazi, I had to go look it up in my Funk & Wagnalls...and although this is not from my F&W:
Pronunciation [vet] –noun
1.
veterinarian –verb (used with object)
2.
to examine or treat in one's capacity as a veterinarian or as a doctor.
3.
to appraise, verify, or check for accuracy, authenticity, validity, etc.: An expert vetted the manuscript before publication. –verb (used without object)
So now I believe we hava a word that has come out of obscurity ane is working it's way into the mainstream verbiage.
I need to let you know how I "vet."
Because I have a Real Estate License and have had one since the mid 70's of the last century I am assumed to be an expert in my field...
I'm certainly not going to brandish that as fact, because although I am really good at what I do I cannot possibly be an A+ expert in all the fields and facets of what it takes to be a successful Real Estate Agent/Broker and my definition/perception of "successful" has nothing to do with BMW sports cars and placques and trophies.
In order to sucessfully be "Helping People Live Indoors" (BTW that's a link to my website) I need to be "vetting" almost constantly.
I need to vet the lenders, inspectors, title companies that I recommend along with the other Realtors and Brokerages I associate and deal with.
I also "vet" my clients. I need to know if I'm compatable with them so that the house buying/selling experience does not turn into a battle of wills which does no one any good. I have been known to refer Buyers and Sellers to other Agents who I feel would be more compatible.
I need to "vet" all the information that comes my way in the form of advertisements, solicitations by lenders, title companies and inspectors just to name a few so that I do not diseminate bad, useless or harmful information.
I just though of something...
Because I am a uniplegic, only have the one kneecap and the bad hip amongst ather things,
does that make me a Disabled Vet?
Gotta go vet some...
Pete
Wednesday, October 15, 2008
News from the Northern Colorado Economic Council
As I strike out trying to figure out how to best use this/a blog I'll "post" this article from the Northern Colorado Economic Council (NCEDE for you/us anagramers).
If I were more comfortable with all this (blog stuff) I'd comment about my perception of what's going on and I more'n likely do that in a day or so.
In the meant time, ponder......
Letter from Regional Economist:
Current effects of the global markets and their impact on Northern Colorado
Supported by NCEDC
Martin Shields - 8 October 2008The current financial market problems are making people very nervous about the national, state and regional economies. Over the past few weeks we have witnessed failures of venerable financial institutions such as Lehman Brothers and Merrill Lynch, government takeovers of Fannie Mae, Freddie Mac and AIG, and a $700 billion federal bailout plan. Reflecting the upheavel, the stock market is declining (as I write this-October 8th-- the Dow is at a 4 year low).
The troubles are not limited to the US, as many European countries are dealing with similar problems. And this is contagious, as stock markets of countries not even indirectly tied to the mortgage crisis are dropping, including Russia, Indonesia and the Middle East. As a result, there is an increasing concern of a global recession. Yesterday Fed Chairman Ben Bernanke offered a sober assessment of the economy, calling the financial crisis "a problem of historic dimensions."
The main problem is a freeze in the global credit markets. Big banks are just not making loans to each other, as they are unsure about the underlying quality of the assets (ie, collateral).
As I have noted before, credit is the grease of our economic engine. In the long-term businesses need credit to make necessary investments in equipment, buildings and the like. In the short-term, many need credit to meet their payroll and finance their inventory. At the same time consumers rely on credit to purchase homes and automobiles. Without credit, economic activity slows down.The recent federal bailout package was designed to address this credit crunch by injecting new money into the system. Essentially, the government-through the Treasury Department--is putting forward money the private sector will not.
Despite being a flawed bill, the bailout package was met with relief. But it did not completely assuage fears.
Sensing more action was needed just this morning central banks throughout the world made a coordinated cut in interest rates. For example, the US Federal Reserve Bank reduced the targeted federal funds rate from 2.0 percent to 1.5 percent. The hope is that lower rates will encourage investment.
One point that needs to be clarified is that until only very recently there was a general feeling among central bankers in the US and Europe that the financial market problem was not going to lead to dramatic economic problems. Indeed, fighting inflation was more of a concern to the Fed than was a notable growth slowdown. But the inability of the bailout package and other Treasury efforts to halt the slide spurred concern that prompted the recent interest rate reductions.
So what does this mean in northern Colorado?
Northern Colorado will be affected by this. We are too integrated with the national and global economies not to be. Yet we remain confident that the region will weather this storm better than many other places, and we forecast about 4,000 net new jobs in the Larimer and Weld Counties in 2009. This is a 1.9 percent increase in employment, about the same as 2008.
Despite an increase in jobs, we also expect the unemployment rate to creep up. This is due to the fact that the labor force will increase slightly faster than the rate of job creation. That said, we expect regional unemployment to remain relatively lower than the US and state averages.
Why the confidence?
First, the growth in the labor force means new people are moving into the region. And as people move into northern Colorado, they demand basic services such as health care, retail and education. We expect these sectors to continue to grow.
Second, the region's most important economic anchor-Colorado State University-is stable, providing about 6700 jobs. While the university has recently initiated a partial hiring freeze, the likelihood of significant job reductions at CSU is remote. And because CSU continues to have record freshman enrollment, the surrounding economy-such as food and retail--should remain vibrant.
Third, the region is small enough where recently announced projects like Vestas and AVA Solar have significant economic impacts. Over all, the companies have announced plans to employ more than 2000 workers in northern Colorado. These job gains can help smooth some of the losses in other sectors, such as residential construction. And the region's skilled and educated workforce remains a valuable asset for marketing the region.
Fourth, Larimer County's housing market has not tanked like it did in many other places of the country. Although sales are down significantly, prices remain fairly stable. As a result, we have not seen the surges in foreclosures and tremendous losses in home equity that have hit others so hard.
Finally, many of the region's businesses are just not that tied into the commercial paper market that is the most afflicted by these problems. My conversations with a few regional bankers suggest that the local banks are still able to meet the local lending needs for most businesses.
Any reasons for pessimism?Certainly.
First, a national and global recession will undoubtedly hurt northern Colorado. Some of the region's primary employers rely on growing international markets, and a global recession will certainly affect the region's export sector. Layoffs at some companies are expected.
Second, although the commercial paper market may not affect the region as adversely as other places, lenders will more carefully scrutinize deals. And even good projects might not get funded. One potential effect is a slowdown in commercial construction.
Third, waning consumer confidence and increased uncertainty about job security will likely reduce household expenditures on discretionary goods, ranging from automobiles to take out dinners.
Fourth, our local governments that rely on sales and use taxes might see a slowdown in revenue, potentially affecting their ability to meet existing and emerging service and infrastructure needs. And declining or stagnant property values could affect the local property tax revenues critical to funding county government and schools.
Over all, the next 6 months or more are going to be a bumpy ride. And real people are going to be hurt by this. Retirement nest eggs have shrunk. Some are going to lose their jobs. Some will lose their homes. But the fundamental strengths of the regional economy remain, and my long-term perspective is optimistic. Hang in there.
To find out more about the future of our economy, please join us at our 2008 Annual Meeting on October 22nd. You can register at http://rs6.net/tn.jsp?e=001K9IcWNweVkzFwzVW6spDfEOWlF3FP9dRs_6H46W9XxNrgkbNXDdy3RjeNw2KiR9-2v0Etnq3JV2N3jFz_t23JbjQs68m_fGDSEKozAvQeaAbavqBaM2nxZuGhTcouOA4DFHnrUA5D-A=.
Sincerely,
Your friends atNorthern Colorado Economic Development Corporation
Don't Forget
to Register:
NCEDC's 2008 Annual Meeting
October 22nd, 2008
The Ranch, Loveland
Register Now!or visit www.ncedc.com
Clean Energy Conf.
October 21st, 2008
Fort Collins Hilton
To register visit www.cleanenergy
conference.com
If I were more comfortable with all this (blog stuff) I'd comment about my perception of what's going on and I more'n likely do that in a day or so.
In the meant time, ponder......
Letter from Regional Economist:
Current effects of the global markets and their impact on Northern Colorado
Supported by NCEDC
Martin Shields - 8 October 2008The current financial market problems are making people very nervous about the national, state and regional economies. Over the past few weeks we have witnessed failures of venerable financial institutions such as Lehman Brothers and Merrill Lynch, government takeovers of Fannie Mae, Freddie Mac and AIG, and a $700 billion federal bailout plan. Reflecting the upheavel, the stock market is declining (as I write this-October 8th-- the Dow is at a 4 year low).
The troubles are not limited to the US, as many European countries are dealing with similar problems. And this is contagious, as stock markets of countries not even indirectly tied to the mortgage crisis are dropping, including Russia, Indonesia and the Middle East. As a result, there is an increasing concern of a global recession. Yesterday Fed Chairman Ben Bernanke offered a sober assessment of the economy, calling the financial crisis "a problem of historic dimensions."
The main problem is a freeze in the global credit markets. Big banks are just not making loans to each other, as they are unsure about the underlying quality of the assets (ie, collateral).
As I have noted before, credit is the grease of our economic engine. In the long-term businesses need credit to make necessary investments in equipment, buildings and the like. In the short-term, many need credit to meet their payroll and finance their inventory. At the same time consumers rely on credit to purchase homes and automobiles. Without credit, economic activity slows down.The recent federal bailout package was designed to address this credit crunch by injecting new money into the system. Essentially, the government-through the Treasury Department--is putting forward money the private sector will not.
Despite being a flawed bill, the bailout package was met with relief. But it did not completely assuage fears.
Sensing more action was needed just this morning central banks throughout the world made a coordinated cut in interest rates. For example, the US Federal Reserve Bank reduced the targeted federal funds rate from 2.0 percent to 1.5 percent. The hope is that lower rates will encourage investment.
One point that needs to be clarified is that until only very recently there was a general feeling among central bankers in the US and Europe that the financial market problem was not going to lead to dramatic economic problems. Indeed, fighting inflation was more of a concern to the Fed than was a notable growth slowdown. But the inability of the bailout package and other Treasury efforts to halt the slide spurred concern that prompted the recent interest rate reductions.
So what does this mean in northern Colorado?
Northern Colorado will be affected by this. We are too integrated with the national and global economies not to be. Yet we remain confident that the region will weather this storm better than many other places, and we forecast about 4,000 net new jobs in the Larimer and Weld Counties in 2009. This is a 1.9 percent increase in employment, about the same as 2008.
Despite an increase in jobs, we also expect the unemployment rate to creep up. This is due to the fact that the labor force will increase slightly faster than the rate of job creation. That said, we expect regional unemployment to remain relatively lower than the US and state averages.
Why the confidence?
First, the growth in the labor force means new people are moving into the region. And as people move into northern Colorado, they demand basic services such as health care, retail and education. We expect these sectors to continue to grow.
Second, the region's most important economic anchor-Colorado State University-is stable, providing about 6700 jobs. While the university has recently initiated a partial hiring freeze, the likelihood of significant job reductions at CSU is remote. And because CSU continues to have record freshman enrollment, the surrounding economy-such as food and retail--should remain vibrant.
Third, the region is small enough where recently announced projects like Vestas and AVA Solar have significant economic impacts. Over all, the companies have announced plans to employ more than 2000 workers in northern Colorado. These job gains can help smooth some of the losses in other sectors, such as residential construction. And the region's skilled and educated workforce remains a valuable asset for marketing the region.
Fourth, Larimer County's housing market has not tanked like it did in many other places of the country. Although sales are down significantly, prices remain fairly stable. As a result, we have not seen the surges in foreclosures and tremendous losses in home equity that have hit others so hard.
Finally, many of the region's businesses are just not that tied into the commercial paper market that is the most afflicted by these problems. My conversations with a few regional bankers suggest that the local banks are still able to meet the local lending needs for most businesses.
Any reasons for pessimism?Certainly.
First, a national and global recession will undoubtedly hurt northern Colorado. Some of the region's primary employers rely on growing international markets, and a global recession will certainly affect the region's export sector. Layoffs at some companies are expected.
Second, although the commercial paper market may not affect the region as adversely as other places, lenders will more carefully scrutinize deals. And even good projects might not get funded. One potential effect is a slowdown in commercial construction.
Third, waning consumer confidence and increased uncertainty about job security will likely reduce household expenditures on discretionary goods, ranging from automobiles to take out dinners.
Fourth, our local governments that rely on sales and use taxes might see a slowdown in revenue, potentially affecting their ability to meet existing and emerging service and infrastructure needs. And declining or stagnant property values could affect the local property tax revenues critical to funding county government and schools.
Over all, the next 6 months or more are going to be a bumpy ride. And real people are going to be hurt by this. Retirement nest eggs have shrunk. Some are going to lose their jobs. Some will lose their homes. But the fundamental strengths of the regional economy remain, and my long-term perspective is optimistic. Hang in there.
To find out more about the future of our economy, please join us at our 2008 Annual Meeting on October 22nd. You can register at http://rs6.net/tn.jsp?e=001K9IcWNweVkzFwzVW6spDfEOWlF3FP9dRs_6H46W9XxNrgkbNXDdy3RjeNw2KiR9-2v0Etnq3JV2N3jFz_t23JbjQs68m_fGDSEKozAvQeaAbavqBaM2nxZuGhTcouOA4DFHnrUA5D-A=.
Sincerely,
Your friends atNorthern Colorado Economic Development Corporation
Don't Forget
to Register:
NCEDC's 2008 Annual Meeting
October 22nd, 2008
The Ranch, Loveland
Register Now!or visit www.ncedc.com
Clean Energy Conf.
October 21st, 2008
Fort Collins Hilton
To register visit www.cleanenergy
conference.com
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