KeNo's Housing and Economic Portal: Sunday June 5 Housing and Economic stories

Saturday, June 4, 2011

Sunday June 5 Housing and Economic stories

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Thousands storm Oregon's capitol steps rallying for "a better way" - (www.kmtr.com) Taking to the steps of the state capitol in Salem on Friday, thousands of state workers, union members and advocacy groups rallying for alternatives to budget cuts, wage freezes and furlough days in Oregon. At least 36 busses carried people in to Salem from communities across all corners of Oregon. Many rally members say they're tired of making concessions while corporation and wealthy Oregonians “aren't paying their fair share.” Most of the participants in Friday's rally were state workers on an unpaid furlough day, one of 10 the state is forcing employees to take this year to help balance the budget. Public union members want to preserve the status quo, just as they do in Greece and Spain. Well the status quo is broken, and proof is easy to find: Public union wages and benefits have bankrupted many cities and states. The way to fix the problem is to get rid of public unions not increase their power.

O.C. beach towns have most vacant homes - (lansner.ocregister.com) Beach towns with higher numbers of vacation rentals have Orange County”s highest percentages of empty homes, 2010 Census Bureau figures show. But even when seasonal-use housing is eliminated, the communities of Sunset Beach, Seal Beach, Laguna Beach, Newport Beach and Dana Point have some of Orange County’s highest vacancy rates. Nearly one out of every five housing units in Sunset Beach were empty when the census was conducted last year. The census reported that 126 of its 641 homes were empty. After removing its 64 seasonal housing units from the mix, Sunset Beach ranked second in O.C. — behind the retirement community of Laguna Woods — with 9.7% of its homes empty. Villa Park had the lowest vacancy rate among O.C. communities. Just 2% of its 2,016 homes — or 40 units — were empty.

10 States with a Backlog of Bargain Houses - (www.thefiscaltimes.com) Several states in the U.S. are facing a multi-year backlog of distressed homes, ready to keep prices weak for months to come, according to the latest real estate market report from CoreLogic. Their research shows that while home prices may be rising in some places, or at least stabilizing, there's plenty of supply out there ready to keep prices depressed for years to come. Further, the negative equity levels, or how underwater people are on their mortgages, is staggering in many states making it even harder for home owners to move on from their investments. #10 Marland: Supply of distressed homes: 25.5 months. House price index (year-over-year): Down 5.2%. Negative equity share: 23.7

Housing Market Still Blessed by Foreclosures, Tumbling Prices - (www.pbs.org) There was fresh evidence today of weakness in the housing market and the overall economic recovery. New home construction was expected to rise, but it fell last month by more than 10 percent. And new building permits dropped by 4 percent. The housing news followed other troubling data, including the continued foreclosure problems. In the broader economy, factory output slowed in April, after the earthquake in Japan caused an auto parts shortage. And a day earlier, a national survey predicted that the economy will now grow by less than 3 percent this year. We take a look at the developments on housing and its impact with Guy Cecala -- he's the publisher of the trade journal Inside Mortgage Finance -- and Dina ElBoghdady of The Washington Post. And we thank you both for being here.

Future homebuyers benefit as current loanowners suffer - (www.irvinehousingblog.com) If you’re a 20-something or even younger, your economic future is at best clouded. Your taxes will almost certainly be higher than today’s; your public services (schools, police, sanitation, defense, scientific research) will almost certainly be lower. Paying for old people, covering rising health-care costs, repairing dilapidated roads and servicing government pensions and the huge federal debt will squeeze take-home pay. Is there any hope for economic gains? We are also making college much more expensive for young people so they begin their working lives with massive debts. What little discretionary income they have will not support the entitled lives granted an earlier generation. Do We Owe Baby Boomers Their Imagined Home Equity for Retirement?