Foreclosure looms for Target site
Written by Chuck Anderson and Peter Burke Press Banner
Thursday, 16 April 2009
UPDATE -Scotts Valley Can't foreclose until July
City Attorney Kirsten Powell announced to the Scotts Valley City Council on Wednesday. April 15, that Scotts Valley is barred by Santa Cruz County from foreclosing on the property until the new fiscal year begins July 1.
Because Title Two paid the $174,400 it owed for delinquent property taxes dating back to April 2008, the city must wait until the end of the fiscal year to start the foreclosure process, even though the landowner still owes more than $310,000 in back taxes.
Powell said the county's rules prohibit it from taking Title Two off its “tax roll” until the end of the fiscal year. On July 1 the investment firm can come off the county’s books and if the firm still owes back taxes on the property at that time, the city can choose to move forward with the foreclosure process.
However, the city council unanimously passed a resolution stating that if the $174,400 check does not clear when it is processed in the coming week, it will authorize the foreclosure.
Tuesday, April 21, 2009
Wednesday, March 4, 2009
Talk About The Good News - Record-High Affordability
Source CNN Money Special Report - Yun
Good Morning,
What you think about you talk about, what you talk about you bring about - think and talk about this....
Record-High Affordability
The report's housing affordability index rose 13.6 percentage points to 166.8, a new record high.
A value of 100 means that a family with the country's median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home. The higher the index, the better housing affordability is for buyers.
The reading shows the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.
"History suggests that home sales can rise even in times of job losses when housing affordability rises," said Yun, adding that he expects sales to turn around by the summer.
Source CNN Money Special Report - Yun
Good Morning,
What you think about you talk about, what you talk about you bring about - think and talk about this....
Record-High Affordability
The report's housing affordability index rose 13.6 percentage points to 166.8, a new record high.
A value of 100 means that a family with the country's median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home. The higher the index, the better housing affordability is for buyers.
The reading shows the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.
"History suggests that home sales can rise even in times of job losses when housing affordability rises," said Yun, adding that he expects sales to turn around by the summer.
Monday, February 23, 2009
How to turn your head into an antenna, and other useful tips
By Paul Boutin
New York Times
Posted: 02/23/2009 12:00:00 AM PST
In today's bad economy, people are using tips and tricks to fix misbehaving gadgets with supplies as simple as paper and adhesive tape. Some are open to argument as to how they work, or whether they really work at all. But many tech home remedies can be explained by a little science.
Some, like Azar's plastic bag, are open to argument as to how they work, or whether they really work at all. But many tech home remedies can be explained by a little science.
CELL PHONE LOSING CHARGE
If your cell phone loses its battery charge too quickly while idle in your pocket, part of the problem may be that your pocket is too warm.
"Cell phone batteries do indeed last a bit longer if kept cool," says Isidor Buchanan, editor of the Battery University Web site. The 98.6-degree body heat of a human, transmitted through a cloth pocket to a cell phone inside, is enough to speed up chemical processes inside the phone's battery. That makes it run down faster. To keep the phone cooler, carry it in your purse or on your belt.
This same method can be used to preserve your battery should you find yourself away from home without your charger. Turn off the phone and put it in the hotel refrigerator overnight to slow the battery's natural tendency to lose its charge.
REMOTE CAR KEY
Suppose your remote car door opener does not have the range to reach your car across the parking lot. Hold the metal key part of your key fob against your chin, then push the unlock button. The trick turns your head into an antenna, says Tim Pozar, a Silicon Valley radio engineer.
Pozar explains, "You are capacitively coupling the fob to your head. With all the fluids in your head it ends up being a nice conductor. Not a great one, but it works." Using your head can extend the key's wireless range by a few car lengths.
DRY INK CARTRIDGE
If your printer's ink cartridge runs dry near the end of an important print job, remove the cartridge and run a hair dryer on it for two to three minutes. Then place the cartridge back into the printer and try again while it is still warm.
"The heat from the hair dryer heats the thick ink, and helps it to flow through the tiny nozzles in the cartridge," says Alex Cox, a software engineer in Seattle. "When the cartridge is almost dead, those nozzles are often nearly clogged with dried ink, so helping the ink to flow will let more ink out of the nozzles." The hair dryer trick can squeeze a few more pages out of a cartridge after the printer declares it is empty.
CELL PHONE IN THE TOILET
It could happen to anyone: you dropped your cell phone in the toilet. Take the battery out immediately, to prevent electrical short circuits from frying your phone's fragile internals. Then, wipe the phone gently with a towel, and shove it into a jar full of uncooked rice.
It works for the same reason you may keep a few grains of rice in your salt shaker to keep the salt dry. Rice has a high chemical affinity for water — that means the molecules in the rice have a nearly magnetic attraction for water molecules, which will be soaked up into the rice rather than beading up inside the phone.
It is a low-tech version of the "Do Not Eat" desiccant packets that may have been packed in the box the phone came in, to keep moisture away from the circuitry during shipping and storage.
LONGER WI-FI REACH
If your home Wi-Fi router doesn't reach the other end of the house, don't rush out to buy more wireless gear to stretch your network. Instead, build a six-inch-high passive radio wave reflector from kitchen items, like an aluminum cookie sheet.
Follow the instructions at freeantennas.com/projects/template. Place the completed reflector — a small, curved piece of metal that reflects radio waves just like a satellite TV dish — behind your Wi-Fi router. It focuses the router's energy in one direction — toward the other end of the house — rather than letting it dissipate its strength in a full circle. No cables, no batteries, no technical knowledge required. Yet it can easily double the range of your network.
DIRTY DISCS
You need to clean a skipping DVD or CD, but as a bachelor you don't have any sissy cleaning fluids? Soak a washcloth with vodka or mouthwash.
Alcohol is a powerful solvent, perfectly capable of dissolving fingerprints and grime on the surface of a disc. A $5 bottle of Listerine in your medicine cabinet may do the job as effectively as a $75 bottle of DVD cleaning fluid. Also, swabbing your copy of "Lost Weekend" with Stoli instead of fussing with a Discwasher kit is a lot more manly.
TOO MUCH FLASH
If your cell phone's built-in camera flash is much too bright, washing out photos, tape a small piece of paper over the flash. Experiment with different colors and thicknesses of paper to tone down the flash from superbright white to a more pleasing glow for evening photos.
CRASHED HARD DRIVE
If — no, make that when — your PC's hard drive crashes and can't be read, don't be too quick to throw it out. Stick it in the freezer overnight.
"The trick is a real and proven, albeit last resort, recovery technique for some kinds of otherwise-fatal hard-drive problems," writes Fred Langa on his Windows Secrets Web site. Many hard-drive failures are caused by worn parts that no longer align properly, making it impossible to read data from the drive. Lowering the drive's temperature causes its metal and plastic internals to contract ever so slightly. Taking the drive out of the freezer, and returning it to room temperature can cause those parts to expand again.
That may help free up binding parts, Langa explains, or at least let a failing electrical component remain within specs long enough for you to recover your essential data.
That's the spirit of folk remedies: They may or may not work, but what have you got to lose?
By Paul Boutin
New York Times
Posted: 02/23/2009 12:00:00 AM PST
In today's bad economy, people are using tips and tricks to fix misbehaving gadgets with supplies as simple as paper and adhesive tape. Some are open to argument as to how they work, or whether they really work at all. But many tech home remedies can be explained by a little science.
Some, like Azar's plastic bag, are open to argument as to how they work, or whether they really work at all. But many tech home remedies can be explained by a little science.
CELL PHONE LOSING CHARGE
If your cell phone loses its battery charge too quickly while idle in your pocket, part of the problem may be that your pocket is too warm.
"Cell phone batteries do indeed last a bit longer if kept cool," says Isidor Buchanan, editor of the Battery University Web site. The 98.6-degree body heat of a human, transmitted through a cloth pocket to a cell phone inside, is enough to speed up chemical processes inside the phone's battery. That makes it run down faster. To keep the phone cooler, carry it in your purse or on your belt.
This same method can be used to preserve your battery should you find yourself away from home without your charger. Turn off the phone and put it in the hotel refrigerator overnight to slow the battery's natural tendency to lose its charge.
REMOTE CAR KEY
Suppose your remote car door opener does not have the range to reach your car across the parking lot. Hold the metal key part of your key fob against your chin, then push the unlock button. The trick turns your head into an antenna, says Tim Pozar, a Silicon Valley radio engineer.
Pozar explains, "You are capacitively coupling the fob to your head. With all the fluids in your head it ends up being a nice conductor. Not a great one, but it works." Using your head can extend the key's wireless range by a few car lengths.
DRY INK CARTRIDGE
If your printer's ink cartridge runs dry near the end of an important print job, remove the cartridge and run a hair dryer on it for two to three minutes. Then place the cartridge back into the printer and try again while it is still warm.
"The heat from the hair dryer heats the thick ink, and helps it to flow through the tiny nozzles in the cartridge," says Alex Cox, a software engineer in Seattle. "When the cartridge is almost dead, those nozzles are often nearly clogged with dried ink, so helping the ink to flow will let more ink out of the nozzles." The hair dryer trick can squeeze a few more pages out of a cartridge after the printer declares it is empty.
CELL PHONE IN THE TOILET
It could happen to anyone: you dropped your cell phone in the toilet. Take the battery out immediately, to prevent electrical short circuits from frying your phone's fragile internals. Then, wipe the phone gently with a towel, and shove it into a jar full of uncooked rice.
It works for the same reason you may keep a few grains of rice in your salt shaker to keep the salt dry. Rice has a high chemical affinity for water — that means the molecules in the rice have a nearly magnetic attraction for water molecules, which will be soaked up into the rice rather than beading up inside the phone.
It is a low-tech version of the "Do Not Eat" desiccant packets that may have been packed in the box the phone came in, to keep moisture away from the circuitry during shipping and storage.
LONGER WI-FI REACH
If your home Wi-Fi router doesn't reach the other end of the house, don't rush out to buy more wireless gear to stretch your network. Instead, build a six-inch-high passive radio wave reflector from kitchen items, like an aluminum cookie sheet.
Follow the instructions at freeantennas.com/projects/template. Place the completed reflector — a small, curved piece of metal that reflects radio waves just like a satellite TV dish — behind your Wi-Fi router. It focuses the router's energy in one direction — toward the other end of the house — rather than letting it dissipate its strength in a full circle. No cables, no batteries, no technical knowledge required. Yet it can easily double the range of your network.
DIRTY DISCS
You need to clean a skipping DVD or CD, but as a bachelor you don't have any sissy cleaning fluids? Soak a washcloth with vodka or mouthwash.
Alcohol is a powerful solvent, perfectly capable of dissolving fingerprints and grime on the surface of a disc. A $5 bottle of Listerine in your medicine cabinet may do the job as effectively as a $75 bottle of DVD cleaning fluid. Also, swabbing your copy of "Lost Weekend" with Stoli instead of fussing with a Discwasher kit is a lot more manly.
TOO MUCH FLASH
If your cell phone's built-in camera flash is much too bright, washing out photos, tape a small piece of paper over the flash. Experiment with different colors and thicknesses of paper to tone down the flash from superbright white to a more pleasing glow for evening photos.
CRASHED HARD DRIVE
If — no, make that when — your PC's hard drive crashes and can't be read, don't be too quick to throw it out. Stick it in the freezer overnight.
"The trick is a real and proven, albeit last resort, recovery technique for some kinds of otherwise-fatal hard-drive problems," writes Fred Langa on his Windows Secrets Web site. Many hard-drive failures are caused by worn parts that no longer align properly, making it impossible to read data from the drive. Lowering the drive's temperature causes its metal and plastic internals to contract ever so slightly. Taking the drive out of the freezer, and returning it to room temperature can cause those parts to expand again.
That may help free up binding parts, Langa explains, or at least let a failing electrical component remain within specs long enough for you to recover your essential data.
That's the spirit of folk remedies: They may or may not work, but what have you got to lose?
Tuesday, February 17, 2009
By Kurt Badenhausen
updated 7 minutes ago
Chicago would seem to be on quite a roll these days. The city is a leading contender to host the Summer Olympics in 2016. The hometown Cubs had the most wins of any team in the National League last year and are one of the early favorites to win the 2009 World Series. And, of course, one of its own just became the most powerful person in the world (we're not talking about Oprah either, but she's close).
So with all of the good vibes coming out of Chicago, how does it show up as the third worst city on our second annual list of America's Most Miserable Cities?
Lousy weather, long commutes, rising unemployment and the highest sales tax rate in the country are to blame for the Windy City being near the top of our list. High rates of corruption by public officials didn't help either.
Misery was up around the country in 2008. Market meltdowns, bank blowups and bailouts and cratering home prices often overshadowed the incredibly positive stories of 2008 like the Beijing Summer Games and the historic election of Barack Obama. The highly watched Misery Index spiked as the unemployment rate plus the inflation rate surged to 9.6 in 2008, up from 7.5 the previous year. It was the highest annual level since 1993.
Our own Forbes Misery Measure saw a shuffling of the deck among the top 10 cities, with five new candidates getting a failing grade this year. Topping the charts is Stockton, Calif., which was the runner-up on our list last year.
The most miserable city
Stockton ranks in the bottom seven in four of the nine categories we looked at: commute times, income tax rates, unemployment and violent crime. Only New York City has a higher income tax rate than what Stockton, and all California residents, are forced to pay.
Stockton was ground zero for the housing boom and now the subsequent bust. Home prices more than tripled between 1998 and 2005, and then came crashing down last year. Stockton had the country's highest foreclosure rate last year at 9.5 percent, according to RealtyTrac, an online marketer of foreclosed property. Things are not looking much brighter in 2009 as housing prices are expected to fall another 36 percent on the heels of a 39 percent drop in 2008. Also, unemployment is expected to jump to 13.3 percent from 10.4 percent, according to economic research firm Moody's Economy.com.
"We are engaging the entire community and encouraging everyone to get involved and help us find solutions that meet the needs of our community," says Stockton Mayor Ann Johnston. "Volunteerism is encouraged, looking out for your neighbor, and taking personal responsibility where individuals can make a difference. We are partnering with all community organizations —schools, churches, nonprofits — to provide support services and help individuals and families get through these difficult times."
We compiled our rankings by looking at the 150 largest metropolitan statistical areas in the U.S., which meant those with a population of at least 378,000. We ranked those metros on nine factors: commute times, corruption, pro sports teams, Superfund sites, taxes (both income and sales), unemployment, violent crime and weather.
For this year's ranking, we added the corruption component. We used the criminal conviction of government officials in each area over the past decade as compiled by the Public Integrity Section of the Department of Justice. This division of the Justice Department was created in 1976 to focus on "crimes involving abuses of the public trust by government officials."
A little corruption problem
The U.S. Attorney's Office for the Northern District of Illinois, which includes Chicago, has been very busy in recent years. They convicted 385 public officials of crimes over the past decade, a per capita rate that puts it in the bottom third of big U.S. metros.
The Northern District office boasts of recent successful prosecutions, including "a corrupt former governor of Illinois, Chicago officials who rigged city hiring, individuals who lied about their support of foreign terrorism, corporate executives who cheated public shareholders and traditional organized-crime bosses who were responsible for notorious murders."
Illinois' record of public corruption, particularly in the governor's office, is staggering. Five of the past nine governors have been charged with crimes, and three, as of now, have served time in prison. Whether former Gov. Rod Blagojevich will do any jail time is still to be determined.
The misery in Chicago runs much deeper than just corruption, though. Unemployment is expected to surge to 9.2 percent in 2009, up from 6.6 percent. The Tribune Co. is mired in bankruptcy, while big local employers like Midway Games, Motorola and the University of Chicago Medical Center have all announced big layoffs.
Residents have been showing their dissatisfaction with Chicago with their feet, perhaps fed up by the average low temperature of 17 degrees in January. There has been a net migration of people out of Chicago for seven straight years, a trend that is expected to continue. And for all of the recent success of the lovable Cubs, last year marked the 100th straight season without a World Series championship. The title drought is 40 percent longer than any other major professional sports team.
Memphis blues
Sandwiched between Stockton and Chicago is Memphis, Tenn. The home of FedEx has an incredibly high rate of violent crimes, with only Detroit faring worse. The 1,218 violent crimes per 100,000 residents is more than twice the rate in the New York City metro area. The city's sales tax and rate of government employees committing crimes also fall within the 10 highest in the U.S. Pro sports has been a mess in Memphis in recent years as well. The city's lone major franchise, the Memphis Grizzlies, has lost 74 percent of its games during the past three years, the worst in the NBA.
Detroit relinquished its 2007 crown of most miserable city despite a memorable 2008 that included a jailed mayor, the further deterioration of the auto industry and the NFL's first zero-win, 16-loss season.
The Motor City benefited from our revised criteria this year. (We added sales tax and sports teams in addition to corruption.) Its 6 percent sales tax is one of the lowest in the country. The success of Detroit's winter sports teams more than offset the ineptitude of the Lions. The Red Wings and Pistons won two-thirds of their games, including a Stanley Cup title for the Wings.
updated 7 minutes ago
Chicago would seem to be on quite a roll these days. The city is a leading contender to host the Summer Olympics in 2016. The hometown Cubs had the most wins of any team in the National League last year and are one of the early favorites to win the 2009 World Series. And, of course, one of its own just became the most powerful person in the world (we're not talking about Oprah either, but she's close).
So with all of the good vibes coming out of Chicago, how does it show up as the third worst city on our second annual list of America's Most Miserable Cities?
Lousy weather, long commutes, rising unemployment and the highest sales tax rate in the country are to blame for the Windy City being near the top of our list. High rates of corruption by public officials didn't help either.
Misery was up around the country in 2008. Market meltdowns, bank blowups and bailouts and cratering home prices often overshadowed the incredibly positive stories of 2008 like the Beijing Summer Games and the historic election of Barack Obama. The highly watched Misery Index spiked as the unemployment rate plus the inflation rate surged to 9.6 in 2008, up from 7.5 the previous year. It was the highest annual level since 1993.
Our own Forbes Misery Measure saw a shuffling of the deck among the top 10 cities, with five new candidates getting a failing grade this year. Topping the charts is Stockton, Calif., which was the runner-up on our list last year.
The most miserable city
Stockton ranks in the bottom seven in four of the nine categories we looked at: commute times, income tax rates, unemployment and violent crime. Only New York City has a higher income tax rate than what Stockton, and all California residents, are forced to pay.
Stockton was ground zero for the housing boom and now the subsequent bust. Home prices more than tripled between 1998 and 2005, and then came crashing down last year. Stockton had the country's highest foreclosure rate last year at 9.5 percent, according to RealtyTrac, an online marketer of foreclosed property. Things are not looking much brighter in 2009 as housing prices are expected to fall another 36 percent on the heels of a 39 percent drop in 2008. Also, unemployment is expected to jump to 13.3 percent from 10.4 percent, according to economic research firm Moody's Economy.com.
"We are engaging the entire community and encouraging everyone to get involved and help us find solutions that meet the needs of our community," says Stockton Mayor Ann Johnston. "Volunteerism is encouraged, looking out for your neighbor, and taking personal responsibility where individuals can make a difference. We are partnering with all community organizations —schools, churches, nonprofits — to provide support services and help individuals and families get through these difficult times."
We compiled our rankings by looking at the 150 largest metropolitan statistical areas in the U.S., which meant those with a population of at least 378,000. We ranked those metros on nine factors: commute times, corruption, pro sports teams, Superfund sites, taxes (both income and sales), unemployment, violent crime and weather.
For this year's ranking, we added the corruption component. We used the criminal conviction of government officials in each area over the past decade as compiled by the Public Integrity Section of the Department of Justice. This division of the Justice Department was created in 1976 to focus on "crimes involving abuses of the public trust by government officials."
A little corruption problem
The U.S. Attorney's Office for the Northern District of Illinois, which includes Chicago, has been very busy in recent years. They convicted 385 public officials of crimes over the past decade, a per capita rate that puts it in the bottom third of big U.S. metros.
The Northern District office boasts of recent successful prosecutions, including "a corrupt former governor of Illinois, Chicago officials who rigged city hiring, individuals who lied about their support of foreign terrorism, corporate executives who cheated public shareholders and traditional organized-crime bosses who were responsible for notorious murders."
Illinois' record of public corruption, particularly in the governor's office, is staggering. Five of the past nine governors have been charged with crimes, and three, as of now, have served time in prison. Whether former Gov. Rod Blagojevich will do any jail time is still to be determined.
The misery in Chicago runs much deeper than just corruption, though. Unemployment is expected to surge to 9.2 percent in 2009, up from 6.6 percent. The Tribune Co. is mired in bankruptcy, while big local employers like Midway Games, Motorola and the University of Chicago Medical Center have all announced big layoffs.
Residents have been showing their dissatisfaction with Chicago with their feet, perhaps fed up by the average low temperature of 17 degrees in January. There has been a net migration of people out of Chicago for seven straight years, a trend that is expected to continue. And for all of the recent success of the lovable Cubs, last year marked the 100th straight season without a World Series championship. The title drought is 40 percent longer than any other major professional sports team.
Memphis blues
Sandwiched between Stockton and Chicago is Memphis, Tenn. The home of FedEx has an incredibly high rate of violent crimes, with only Detroit faring worse. The 1,218 violent crimes per 100,000 residents is more than twice the rate in the New York City metro area. The city's sales tax and rate of government employees committing crimes also fall within the 10 highest in the U.S. Pro sports has been a mess in Memphis in recent years as well. The city's lone major franchise, the Memphis Grizzlies, has lost 74 percent of its games during the past three years, the worst in the NBA.
Detroit relinquished its 2007 crown of most miserable city despite a memorable 2008 that included a jailed mayor, the further deterioration of the auto industry and the NFL's first zero-win, 16-loss season.
The Motor City benefited from our revised criteria this year. (We added sales tax and sports teams in addition to corruption.) Its 6 percent sales tax is one of the lowest in the country. The success of Detroit's winter sports teams more than offset the ineptitude of the Lions. The Red Wings and Pistons won two-thirds of their games, including a Stanley Cup title for the Wings.
Friday, February 13, 2009
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
This week’s C.A.R. Mortgage Update contains information about common mistakes borrowers make when applying for a mortgage; interest rates on jumbo loans; an increase in late payments in affluent communities; and rising interest rates.
The new rules of mortgage lending
Current mortgage rates and changes in loan underwriting standards have led some borrowers to make mistakes when applying for a mortgage loan. One old adage that many borrowers fall into is not paying up-front points. In previous real estate cycles, paying one percentage point was equivalent to shaving off approximately a quarter of a percentage point of interest. In today’s market, one percentage point can lower the interest rate by as much as 1 percent, changing a 6 percent interest rate into one that is 5 percent.
Another common mistake some borrowers make is not locking in an interest rate, especially when the rates are at historic lows, as they are currently. Many borrowers believe that if a favorable rate is available this week, a lower one will likely be offered next week. Mortgage experts advise clients to lock in a rate if the numbers work and not try to wait for a better rate that may not come.
This week’s C.A.R. Mortgage Update contains information about common mistakes borrowers make when applying for a mortgage; interest rates on jumbo loans; an increase in late payments in affluent communities; and rising interest rates.
The new rules of mortgage lending
Current mortgage rates and changes in loan underwriting standards have led some borrowers to make mistakes when applying for a mortgage loan. One old adage that many borrowers fall into is not paying up-front points. In previous real estate cycles, paying one percentage point was equivalent to shaving off approximately a quarter of a percentage point of interest. In today’s market, one percentage point can lower the interest rate by as much as 1 percent, changing a 6 percent interest rate into one that is 5 percent.
Another common mistake some borrowers make is not locking in an interest rate, especially when the rates are at historic lows, as they are currently. Many borrowers believe that if a favorable rate is available this week, a lower one will likely be offered next week. Mortgage experts advise clients to lock in a rate if the numbers work and not try to wait for a better rate that may not come.
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