http://ryvixihame.wordpress.com/
Cuomo says the banks have and will continure to provide liquidityto investors. Last October, agreeed to buy back as much as $4.7 billionn in auction-rate securities it sold to about 5,500 investors, small businesses and small charitiea before the market collapsed inFebruary 2008. According to the Securitiesz andExchange Commission, the settlementg also required BofA to “use its best to provide up to $5 billion in liquiditty to businesses and institutional investors with accountss valued at $15 million or more, and charities with accounta valued at $25 million or The agreement resolved allegations that securities dealer s made misrepresentations to customersw during sales of auction-rate securities about their safety and liquidity.
Auction-rate securities have interesrt rates that are reset at weekly or monthlu auctions run byinvestment firms. The $330 billion market collapsed last year, when investors became alarmed at the prospectzs of the ability of corporatee borrowers covering debt service onthe securities. Many were left with securitiesw they could not sell intothe market. Charlotte-based BofA neither admitted nor denied The SEC also has finalized a settlementy with BofA overthe securities.
Tuesday, 26 July 2011
Sunday, 24 July 2011
Aurora's Southlands shopping center damaged by tornado - Business First of Columbus:
ogarawo.wordpress.com
A twister reportedly touched down nearby at 1:49 p.m. Sunday and crossed through the area onan eight- to 10-mile-long path for abouyt 30 minutes, the said. . Firefighters found moderate damageat Southlands, located at E-470 and Smoky Hill CBS4 News reported. Rooftop heating, ventingb and air-conditioning units were damaged, windows were broken, a shed was and a car was overturned. Natural-gasz leaks also were noted. Authorities shut down gas serviced to Southlands earlySunday afternoon.
No seriousx injuries were reported onthe shopping-center grounds, but a man in a nearbyh neighborhood who was tryintg to take pictures reportedly was hospitalized with unspecified serious injuries, accordinyg to news reports. A Southlands spokeswoman told CBS4 most ofthe center'ws stores will be closed Monday to allows for continued damage assessment. She said customerz should call individual stores to verify whether they are closedor Southlands, which opened in 2006, is the Denver area'z largest shopping center by retai l space, at 1.7 million square feet. It consistss of several freestanding buildings connected by pedestrian corridoraand streets.
The complex is owned by Granite Southlands Town Center LLC and managed by Forest City CommercialManagement Inc. Four other tornadoese were spotted north and east of DenverSunday afternoon, and baseball-sizec hail struck some As many as 3,000 customers were without powed for a time in partx of Aurora and Centennial. .
A twister reportedly touched down nearby at 1:49 p.m. Sunday and crossed through the area onan eight- to 10-mile-long path for abouyt 30 minutes, the said. . Firefighters found moderate damageat Southlands, located at E-470 and Smoky Hill CBS4 News reported. Rooftop heating, ventingb and air-conditioning units were damaged, windows were broken, a shed was and a car was overturned. Natural-gasz leaks also were noted. Authorities shut down gas serviced to Southlands earlySunday afternoon.
No seriousx injuries were reported onthe shopping-center grounds, but a man in a nearbyh neighborhood who was tryintg to take pictures reportedly was hospitalized with unspecified serious injuries, accordinyg to news reports. A Southlands spokeswoman told CBS4 most ofthe center'ws stores will be closed Monday to allows for continued damage assessment. She said customerz should call individual stores to verify whether they are closedor Southlands, which opened in 2006, is the Denver area'z largest shopping center by retai l space, at 1.7 million square feet. It consistss of several freestanding buildings connected by pedestrian corridoraand streets.
The complex is owned by Granite Southlands Town Center LLC and managed by Forest City CommercialManagement Inc. Four other tornadoese were spotted north and east of DenverSunday afternoon, and baseball-sizec hail struck some As many as 3,000 customers were without powed for a time in partx of Aurora and Centennial. .
Friday, 22 July 2011
Flying Lotus – “Lullaby†x “Heave (n) mix2″ - The Smoking Section
xosawewaqa.wordpress.com
Prefixmag | Flying Lotus â€" “Lullaby†x “Heave (n) mix2″ The Smoking Section “Lullaby†and “Heave (n) mix2″ churn along with lethargic lurch and juxtaposed mariachi shakes. The layered mixes present the varied soundscapes the LA-based DJ has claimed as his own. It's the perfect bridge between traditional Hip-Hop, world music, ... New: Flying Lotus - "Voyagerrrrrs" |
Wednesday, 20 July 2011
Medical errors down at U.S. veterans' hospitals - Reuters
http://jimsautoincsc.com/privacy.html
Fox News | Medical errors down at U.S. veterans' hospitals Reuters By Frederik Joelving NEW YORK (Reuters Health) - The rate of medical errors is down at the US Veterans Health Administration (VHA), according to a new report. The number of close c » |
Sunday, 17 July 2011
Wachovia report: Florida hit harder by recession - South Florida Business Journal:
aryrej.wordpress.com
but Florida is on a more difficult road to according to a new repor t fromEconomics Group. Florida went into the recessionm nine months ahead of the rest of the and excesses in housing and commerciaol real estate are considerably worse than the natiojn asa whole, the report says. Statewide, the median sales price of existingg homes is down about 45 percent from the peak of the housingh boom inNovember 2005.
Employmeny conditions continueto deteriorate, according to the The state’s unemployment rate is expectedr to top out around 11 Wachovia projects, with a loss of 720,000p jobs, including 430,000 jobs lost this reported 137 layoff events duringt the first quarter, more than double the previousa period. Job losses are heaviesft in industries with direct ties to thebuildinh boom, including construction and Wachovia said. Wachovia estimates Floridians saw a net lossof $1.2 trilliom in household wealth during 2008, with about two-thirds of that drop occurrint in financial assets.
but Florida is on a more difficult road to according to a new repor t fromEconomics Group. Florida went into the recessionm nine months ahead of the rest of the and excesses in housing and commerciaol real estate are considerably worse than the natiojn asa whole, the report says. Statewide, the median sales price of existingg homes is down about 45 percent from the peak of the housingh boom inNovember 2005.
Employmeny conditions continueto deteriorate, according to the The state’s unemployment rate is expectedr to top out around 11 Wachovia projects, with a loss of 720,000p jobs, including 430,000 jobs lost this reported 137 layoff events duringt the first quarter, more than double the previousa period. Job losses are heaviesft in industries with direct ties to thebuildinh boom, including construction and Wachovia said. Wachovia estimates Floridians saw a net lossof $1.2 trilliom in household wealth during 2008, with about two-thirds of that drop occurrint in financial assets.
Friday, 15 July 2011
Stirling Energy Systems expands its offices as solar efforts ramp up - Pacific Business News (Honolulu):
asozyrab.wordpress.com
The Scottsdale company, which received a $100 million investmen t last yearfrom Dublin-based NTR plc, is moving quickly to capturwe a segment of the utility-scalr solar market with its Stirling engines technology. The company opened its new 37,000-square-foot office in early May. It has hiref about 100 employees this year and expectss to add 60 to 80 more by the end of the for a totalof 180, said CEO Stev Cowman, who joined the firm last year as part of NTR’s investment. “We’ve always liked the solarf space, and this was a good opportunity,” he The company is based on anearly 200-year-ole engine design, which operates througu the expansion and contraction of gases.
Stirling uses a 40-foot mirrored dish to focus the sun’s rays to heat hydrogenj gas to 1,400 degrees Fahrenheit. The gas moving a piston and powering the As thegas cools, it is movedc out of the pistoj chamber and back to where it will be reheatedr by the sun. The company had been operating in the Vallegsince 1996, but NTR’s investment has pushed it to develo p the technology more It has two power-purchase agreements: one with San Dieg o Gas & Electric for betweeb 300 and 750 megawatts at a site in Imperiall Valley, Calif., and one with Southern Californiaq Edison for 500 to 900 megawattsw in the Mohave Desert.
Cowmam said it’s adding positions of all types, from engineerinvg to construction, to meet its growth curve. To handle project management, NTR founded Tessera Solar earlief this year to developthe utility-scale with Stirling providing the equipment. Ramping up both project development and constructiob has required capital and people to serve what the compang believes will be one of the larges t solar markets inthe world, said Jim CEO of NTR. “We believe the U.S. will be the globalo leader in renewable energy, and that will happen in the nextfew years,” he said.
NTR, foundee 30 years ago to operate Ireland’a toll roads, has expandec into a number of renewable energyy andrecycling efforts. Stirling’s technologyt — which offers an alternativew tophotovoltaic systems, as well as a differenrt take on concentrated solar power — has a good base in Arizonaa that can serve markets throughout the Barry said. In addition to hiring, the company is lookinb at potential sites in the Valleh to housea 60-dish, 1.5-megawatt test The company has a small site at the Sandia National Laboratories in N.M.
, but is hopin to find a larger site to provide a location to bring It has run into challenges securing local permitx for a site and findint a location that can be tied into the electricc grid, officials said. The company could be a boon for Arizonsa in more ways than simplyproviding power. It is usinyg auto component suppliers to build itsengine parts, and officiale are talking with those suppliers about the possibility of locating facilities in the Southwesy to handle the bulk of Stirling’s projects, at least for the firsyt few years, Cowman said. “If you can builsd your manufacturing close to yourend facilities, that’s going to benefitf everyone,” he said.
Stirlingh is one of the solar companiew that could provide a base for other manufacturers to land inthe Valley, said Barryt Broome, president and CEO of the Greaterr Phoenix Economic Council. “This is a good example,” he “It’s got a small number of people and it hopeasto expand, and it could help its supplier s relocate here.” Stirling’s expansion in Arizona dependxs on state policies. Othe states are offering manufacturing incentives, and Arizona’ s effort to develop such enticements is mired inbudgetr problems. “We really want to grow our business in but we needthose incentives,” Cowman said.
The Scottsdale company, which received a $100 million investmen t last yearfrom Dublin-based NTR plc, is moving quickly to capturwe a segment of the utility-scalr solar market with its Stirling engines technology. The company opened its new 37,000-square-foot office in early May. It has hiref about 100 employees this year and expectss to add 60 to 80 more by the end of the for a totalof 180, said CEO Stev Cowman, who joined the firm last year as part of NTR’s investment. “We’ve always liked the solarf space, and this was a good opportunity,” he The company is based on anearly 200-year-ole engine design, which operates througu the expansion and contraction of gases.
Stirling uses a 40-foot mirrored dish to focus the sun’s rays to heat hydrogenj gas to 1,400 degrees Fahrenheit. The gas moving a piston and powering the As thegas cools, it is movedc out of the pistoj chamber and back to where it will be reheatedr by the sun. The company had been operating in the Vallegsince 1996, but NTR’s investment has pushed it to develo p the technology more It has two power-purchase agreements: one with San Dieg o Gas & Electric for betweeb 300 and 750 megawatts at a site in Imperiall Valley, Calif., and one with Southern Californiaq Edison for 500 to 900 megawattsw in the Mohave Desert.
Cowmam said it’s adding positions of all types, from engineerinvg to construction, to meet its growth curve. To handle project management, NTR founded Tessera Solar earlief this year to developthe utility-scale with Stirling providing the equipment. Ramping up both project development and constructiob has required capital and people to serve what the compang believes will be one of the larges t solar markets inthe world, said Jim CEO of NTR. “We believe the U.S. will be the globalo leader in renewable energy, and that will happen in the nextfew years,” he said.
NTR, foundee 30 years ago to operate Ireland’a toll roads, has expandec into a number of renewable energyy andrecycling efforts. Stirling’s technologyt — which offers an alternativew tophotovoltaic systems, as well as a differenrt take on concentrated solar power — has a good base in Arizonaa that can serve markets throughout the Barry said. In addition to hiring, the company is lookinb at potential sites in the Valleh to housea 60-dish, 1.5-megawatt test The company has a small site at the Sandia National Laboratories in N.M.
, but is hopin to find a larger site to provide a location to bring It has run into challenges securing local permitx for a site and findint a location that can be tied into the electricc grid, officials said. The company could be a boon for Arizonsa in more ways than simplyproviding power. It is usinyg auto component suppliers to build itsengine parts, and officiale are talking with those suppliers about the possibility of locating facilities in the Southwesy to handle the bulk of Stirling’s projects, at least for the firsyt few years, Cowman said. “If you can builsd your manufacturing close to yourend facilities, that’s going to benefitf everyone,” he said.
Stirlingh is one of the solar companiew that could provide a base for other manufacturers to land inthe Valley, said Barryt Broome, president and CEO of the Greaterr Phoenix Economic Council. “This is a good example,” he “It’s got a small number of people and it hopeasto expand, and it could help its supplier s relocate here.” Stirling’s expansion in Arizona dependxs on state policies. Othe states are offering manufacturing incentives, and Arizona’ s effort to develop such enticements is mired inbudgetr problems. “We really want to grow our business in but we needthose incentives,” Cowman said.
Wednesday, 13 July 2011
New study defines, identifies green jobs in US - Chicago Tribune
ethelbertdiya3334.blogspot.com
Chicago Tribune | New study defines, identifies green jobs in US Chicago Tribune A seminal study to be released Wednesday by the Brookings Institution defines the term and has determined where such jobs exist. The report makes it possible for policymakers to see which industries are producing such jobs and where and how the clean ... The clean economy employs more workers than fossil fuels Mich. ranks 12th in U.S. in clean energy economy Brevard's green businesses are on the grow |
Sunday, 10 July 2011
Mayberry makes the most of his chance - phillyBurbs.com
http://thisisthewayhome.com/useful-tips-for-buying-a-house.html
Mayberry makes the most of his chance phillyBurbs.com Matt Slocum / AP The Phillies' John Mayberry Jr. follows through on a grounder in the eighth inning against the Braves on Sunday. Posted: Sunday, July 10, 2011 7:11 pm | Updated: 7:40 pm, Sun Jul 10, 2011. PHILADELPHIA â€" There has to be a part of John ... |
Friday, 8 July 2011
Boston's CBS affiliate airs altered views of fireworks - Poynter.org
http://petslisting.com/cgi-bin/privacy.pl
CTV.ca | Boston's CBS affiliate airs altered views of fireworks Poynter.org WBZ-TV's Fourth of July coverage included spectacular views of fireworks exploding behind Boston's State House, Quincy Market, and home plate at Fenway Park, ... Boston gets a nonreality show |
Wednesday, 6 July 2011
Schnucks, Dierbergs cash in on private labels - St. Louis Business Journal:
evittiebodum1296.blogspot.com
As families look for ways to save on the costof they’re eating in more and the food they’re loading into theid shopping carts is increasingly private label, or “store instead of their brand-name That’s a win-win for the , Dierbergxs and Save-A-Lot supermarket chains and private-labell manufacturing heavyweights and “The economy is forcing customerws to try private brands, and I think they are likinh what they are finding,” said Schnuck Markets Inc. Chairmaj and CEO Scott Schnuck. “We have specific goals for our private-label penetration and we are ahead of that Way ahead.
Sales of Schnucks’ store brands have grown double digits over the past year and now make up more than 20 percen oftotal revenue. That puts Schnucks’ private-label salee at about $500 million and climbinvg based onthe company’s 2008 revenuer of $2.5 billion. The growing demand has Schnuck the region’s largest supermarket chain, expanding its Valu Time, Full Circle organics and other private-label Private label is more profitable for retailers as a percentagew of sales. Exclusive store brands and cost savings also can improvecustometr loyalty.
In a retail industry where competitiobn is fierce and marginsare thin, that is an attractive combination, said Bill Bishop, presideny of Chicago-based Willard Bishop Consulting, which focuses on the supermarket “It doesn’t take much for a well-run companu like Schnucks to realize, ‘Our world woulcd be better if we could increase our percentagde of private-label sales,” Bishop said. Sales of private-labep goods were up 9.2 percenrt to $54.6 billion at groceryh stores nationwide duringthe 52-week period ended Feb. 21. That does not includs Wal-Mart, which saw an 11 percent increaseto $20.76 billion, or drug where sales were up 14.4 percent to $5.
7 according to research by The Nielsen Co. similarlyt has seen increases inits private-labeo sales, especially over the past six months, said Chier Operating Officer Andy Pauk. The family ownede grocery chain is taking advantagwe of increasing consumer interest by expandingv its lineupof store-brand products such as cereal and ice “We are trying to keep a strategu where we put our private-label items in our ads, and we are installinv more displays of private label to make sure people are seeinyg them,” Pauk said. Even so, he said privat label doesn’t account for a huge part of the company’d total sales volume.
The company, headquartered in posted revenueof $675 millionn in 2008. At discount grocer Save-A-Lot, 80 percent of sales come fromprivatre label, Chief Executive Bill Shaner said. The Earth City-baseds chain offers 800 exclusivwe brands in itsnearly 1,20 0 stores and is working to broaden its Store brand green tea, for example, now complements private-label staples such as cereals and cheese. Shanerf declined to break out revenue at a wholly owned subsidiaryof Minneapolis-based Supervalu Inc. But he said the private-labelk “megatrend” is providing a boost. “We’re seeing positive sales trends and new facese inour stores,” Shane r said.
“People vote with their wallets, and they seem to be votinf ‘yes’ for what we Private label has come a long way fromthe no-name genericsd carried in stores a few decadesz ago. In many cases they are exactly the same producty and manufactured by the very companies that turn out the itemss that carry household but priced 20 percent to 40 percent lower sincethey don’y carry the advertising and marketing costsd of the brand name. Save-A-Lot’s store-brand for example, is made by a division of “People want to save moneuy but don’t want to sacrifice quality,” Shaneer said. “Our quality standard is a national-braned equivalent or higher.
” Consumer polling conducter in February by for the Private Labep Manufacturers Association found 75 percent of shoppersssaid “current economic conditions” are playing a big role in whetherf to buy private label items. Nearly 55 percenr said they buy privatelabel frequently, and three out of 10 said they are buyint more store-brand products now than they were a year ago. That’ more good news for supermarkets, whichy now find themselves in a betted position to negotiate lower pricesfrom brand-name companies.
“Privater label gives us anothere item we can push against theirbranded products, and they realize they have to be a littlse more aggressive to see their item get the ad, the displayg or the shelf space,” said Pauk. “We have Dierbergs snacmk nuts, and we want Planters to know they have to come strongedr with nuts through betterpromotional prices. In the frozebn pizza section, if the Jack’ and Tombstones know we have an alternative, they know we will give spacs to the ones who offer thebest
As families look for ways to save on the costof they’re eating in more and the food they’re loading into theid shopping carts is increasingly private label, or “store instead of their brand-name That’s a win-win for the , Dierbergxs and Save-A-Lot supermarket chains and private-labell manufacturing heavyweights and “The economy is forcing customerws to try private brands, and I think they are likinh what they are finding,” said Schnuck Markets Inc. Chairmaj and CEO Scott Schnuck. “We have specific goals for our private-label penetration and we are ahead of that Way ahead.
Sales of Schnucks’ store brands have grown double digits over the past year and now make up more than 20 percen oftotal revenue. That puts Schnucks’ private-label salee at about $500 million and climbinvg based onthe company’s 2008 revenuer of $2.5 billion. The growing demand has Schnuck the region’s largest supermarket chain, expanding its Valu Time, Full Circle organics and other private-label Private label is more profitable for retailers as a percentagew of sales. Exclusive store brands and cost savings also can improvecustometr loyalty.
In a retail industry where competitiobn is fierce and marginsare thin, that is an attractive combination, said Bill Bishop, presideny of Chicago-based Willard Bishop Consulting, which focuses on the supermarket “It doesn’t take much for a well-run companu like Schnucks to realize, ‘Our world woulcd be better if we could increase our percentagde of private-label sales,” Bishop said. Sales of private-labep goods were up 9.2 percenrt to $54.6 billion at groceryh stores nationwide duringthe 52-week period ended Feb. 21. That does not includs Wal-Mart, which saw an 11 percent increaseto $20.76 billion, or drug where sales were up 14.4 percent to $5.
7 according to research by The Nielsen Co. similarlyt has seen increases inits private-labeo sales, especially over the past six months, said Chier Operating Officer Andy Pauk. The family ownede grocery chain is taking advantagwe of increasing consumer interest by expandingv its lineupof store-brand products such as cereal and ice “We are trying to keep a strategu where we put our private-label items in our ads, and we are installinv more displays of private label to make sure people are seeinyg them,” Pauk said. Even so, he said privat label doesn’t account for a huge part of the company’d total sales volume.
The company, headquartered in posted revenueof $675 millionn in 2008. At discount grocer Save-A-Lot, 80 percent of sales come fromprivatre label, Chief Executive Bill Shaner said. The Earth City-baseds chain offers 800 exclusivwe brands in itsnearly 1,20 0 stores and is working to broaden its Store brand green tea, for example, now complements private-label staples such as cereals and cheese. Shanerf declined to break out revenue at a wholly owned subsidiaryof Minneapolis-based Supervalu Inc. But he said the private-labelk “megatrend” is providing a boost. “We’re seeing positive sales trends and new facese inour stores,” Shane r said.
“People vote with their wallets, and they seem to be votinf ‘yes’ for what we Private label has come a long way fromthe no-name genericsd carried in stores a few decadesz ago. In many cases they are exactly the same producty and manufactured by the very companies that turn out the itemss that carry household but priced 20 percent to 40 percent lower sincethey don’y carry the advertising and marketing costsd of the brand name. Save-A-Lot’s store-brand for example, is made by a division of “People want to save moneuy but don’t want to sacrifice quality,” Shaneer said. “Our quality standard is a national-braned equivalent or higher.
” Consumer polling conducter in February by for the Private Labep Manufacturers Association found 75 percent of shoppersssaid “current economic conditions” are playing a big role in whetherf to buy private label items. Nearly 55 percenr said they buy privatelabel frequently, and three out of 10 said they are buyint more store-brand products now than they were a year ago. That’ more good news for supermarkets, whichy now find themselves in a betted position to negotiate lower pricesfrom brand-name companies.
“Privater label gives us anothere item we can push against theirbranded products, and they realize they have to be a littlse more aggressive to see their item get the ad, the displayg or the shelf space,” said Pauk. “We have Dierbergs snacmk nuts, and we want Planters to know they have to come strongedr with nuts through betterpromotional prices. In the frozebn pizza section, if the Jack’ and Tombstones know we have an alternative, they know we will give spacs to the ones who offer thebest
Sunday, 3 July 2011
More home buyers sweating it out as work equity regains popularity - Orlando Business Journal:
http://sahpac.com/about-diy-solar-power.html
Baggett isn’t building his housw alone. Rather, he is part of a smallk but growing numberof new-home buyers takin g advantage of a builder incentive that hasn’gt been seen for a decade sweat equity – to make their dealas work. Tight credit markets and the disappearanceof zero-dowj mortgages have driven at least four Centrall Ohio builders to take a page from theifr old selling manuals to attract customers. “It was a way of life for many said RobertYoakam Jr., president of “In another two years down the line when the marke t improves, I think it will be a lot more In addition to Rockford, area builders , and are offerin sweat equity programs to reducwe prices.
They are amony a few builders nationally to offersuch initiatives. Representatives of the , the and the said they had seen few instanced of the option makinga comeback. Columbus-baseds Rockford began offering its work equity option in January as a way to help customerx who likely would have gone lookin gfor zero-down loans when they existed, Yoakam said. “This lets them earn the money (for a down payment) and get a vested interest inthe home,” he said. The programj also helps builders move their inventort ofunsold houses.
At Westporrt Homes in Westerville, roughly 60 percent of the builder’sa first-quarter customers have taken advantage of its sweatyequity program, said Jack Mautino, divisiom president. Meanwhile, first-quarter sales were up 4 percentt from the first three monthsof 2008, a likelyt combination of low interest rates, the government’sa $8,000 tax credit for first-time buyer and the work program, he said. Sweag equity works simply: Homeowners who take on -backecd mortgages can work on their and the money the builders save goes towardr adown payment.
Money saved from work equity can also be used to reducr the interest rate on a mortgage a tactic being used by Baggetg onhis $140,000 house in Pickaway County. “Nosw we don’t have to pay any out-of-pocket costzs at closing,” he said. The federal government requires that work equity must be complete d before a sale can be It also demands that the work completed by a buyer be documentes so that a lender can assign a fair market value tothe work, FHA Spokesman Lemar Wooley explained in an e-mai l to Columbus Business Firstf . Worth it for builders? Baggett is buying his three-bedroom, two-and-a-half-batyh home in Ashville.
Westport offered him a menu of work from spreading gravel incrawl spaces, to light paintinbg to installing sod in the yard. “Wse try to keep (customers) off the Mautino said. And away from tools. Lega liability is one reason, and workmanship is another. Builders say thos are just two of the downside to bringing work equity back intothe mix. If builderse want to use the program, they must negotiate a new deal with subcontractords because they are takingaway work. there are logistical and schedulingf concerns. If, for instance, a buyert has elected to install sod, they must arrivde at the construction site on time so that thegrasas doesn’t die on the truck.
“If it’x done right, it can be a good Yoakam said, who acknowledged it is an undertakinfg that can make building more difficultto manage. But there are also advantagesd builders may not want topass up, said Gopall Ahluwalia, vice president of research at the National Associatiohn of Home Builders. Today, first-time buyers make up 40 percentof new-homer purchasers, compared to the historic trend of 25 and that represents a pot of gold for builders. “There is a good reasonm for that,” Ahluwalia said. “They don’t have to sell thei r home to buya home.
” Because of FHA loans, which have lowerd down payment requirements and permit the sweat equityh option, are growing in popularity. From 2004 to when credit was flowing freely and the housing market was at its just 4 percent of new houses were bought with FHA National Association of Home Builderafigures indicate. Last year, FHA mortgages made up 16 percentof new-home financing.
Baggett isn’t building his housw alone. Rather, he is part of a smallk but growing numberof new-home buyers takin g advantage of a builder incentive that hasn’gt been seen for a decade sweat equity – to make their dealas work. Tight credit markets and the disappearanceof zero-dowj mortgages have driven at least four Centrall Ohio builders to take a page from theifr old selling manuals to attract customers. “It was a way of life for many said RobertYoakam Jr., president of “In another two years down the line when the marke t improves, I think it will be a lot more In addition to Rockford, area builders , and are offerin sweat equity programs to reducwe prices.
They are amony a few builders nationally to offersuch initiatives. Representatives of the , the and the said they had seen few instanced of the option makinga comeback. Columbus-baseds Rockford began offering its work equity option in January as a way to help customerx who likely would have gone lookin gfor zero-down loans when they existed, Yoakam said. “This lets them earn the money (for a down payment) and get a vested interest inthe home,” he said. The programj also helps builders move their inventort ofunsold houses.
At Westporrt Homes in Westerville, roughly 60 percent of the builder’sa first-quarter customers have taken advantage of its sweatyequity program, said Jack Mautino, divisiom president. Meanwhile, first-quarter sales were up 4 percentt from the first three monthsof 2008, a likelyt combination of low interest rates, the government’sa $8,000 tax credit for first-time buyer and the work program, he said. Sweag equity works simply: Homeowners who take on -backecd mortgages can work on their and the money the builders save goes towardr adown payment.
Money saved from work equity can also be used to reducr the interest rate on a mortgage a tactic being used by Baggetg onhis $140,000 house in Pickaway County. “Nosw we don’t have to pay any out-of-pocket costzs at closing,” he said. The federal government requires that work equity must be complete d before a sale can be It also demands that the work completed by a buyer be documentes so that a lender can assign a fair market value tothe work, FHA Spokesman Lemar Wooley explained in an e-mai l to Columbus Business Firstf . Worth it for builders? Baggett is buying his three-bedroom, two-and-a-half-batyh home in Ashville.
Westport offered him a menu of work from spreading gravel incrawl spaces, to light paintinbg to installing sod in the yard. “Wse try to keep (customers) off the Mautino said. And away from tools. Lega liability is one reason, and workmanship is another. Builders say thos are just two of the downside to bringing work equity back intothe mix. If builderse want to use the program, they must negotiate a new deal with subcontractords because they are takingaway work. there are logistical and schedulingf concerns. If, for instance, a buyert has elected to install sod, they must arrivde at the construction site on time so that thegrasas doesn’t die on the truck.
“If it’x done right, it can be a good Yoakam said, who acknowledged it is an undertakinfg that can make building more difficultto manage. But there are also advantagesd builders may not want topass up, said Gopall Ahluwalia, vice president of research at the National Associatiohn of Home Builders. Today, first-time buyers make up 40 percentof new-homer purchasers, compared to the historic trend of 25 and that represents a pot of gold for builders. “There is a good reasonm for that,” Ahluwalia said. “They don’t have to sell thei r home to buya home.
” Because of FHA loans, which have lowerd down payment requirements and permit the sweat equityh option, are growing in popularity. From 2004 to when credit was flowing freely and the housing market was at its just 4 percent of new houses were bought with FHA National Association of Home Builderafigures indicate. Last year, FHA mortgages made up 16 percentof new-home financing.
Friday, 1 July 2011
Biggest Globe union rejects deal - Jacksonville Business Journal:
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“We regret having to take this but have no financially viable Globe management said in a statement issued afterthe 277-to-265 vote by members of the . To take the unliteral step underlabor law, the Times Co. declarefd an impasse in negotiations. In his own statementr also issued after the Guild local President Daniel Totten said the uniois “committed to resuming good-fait negotiations with the New York Times Company and Globe managemen t to reach an agreement.” Times and Globe management “musgt do better,” he said. The cuts proposex by management were partof $20 million in cost-savingsz demand by the Times Co. for the Globe, whichn it bought in 1993 for $1.
1 billion. Times executives have said the papere is losingabout $1 million per week on operations. At one pointr earlier this year, Times managers said they would shuttet the paper if unable toachievd cost-savings. Other major unions agreed to concessions inrecent weeks.
“We regret having to take this but have no financially viable Globe management said in a statement issued afterthe 277-to-265 vote by members of the . To take the unliteral step underlabor law, the Times Co. declarefd an impasse in negotiations. In his own statementr also issued after the Guild local President Daniel Totten said the uniois “committed to resuming good-fait negotiations with the New York Times Company and Globe managemen t to reach an agreement.” Times and Globe management “musgt do better,” he said. The cuts proposex by management were partof $20 million in cost-savingsz demand by the Times Co. for the Globe, whichn it bought in 1993 for $1.
1 billion. Times executives have said the papere is losingabout $1 million per week on operations. At one pointr earlier this year, Times managers said they would shuttet the paper if unable toachievd cost-savings. Other major unions agreed to concessions inrecent weeks.
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