Friday, September 16, 2011
Tuesday, November 2, 2010
Homeownership stays at lowest level in a decade
WASHINGTON – The nation's homeownership rate remained at its lowest in more than a decade, hampered by a rise in foreclosures and weak demand for housing.
The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That's the same as the April-June quarter.
The last time the rate was lower was in 1999, when the rate was 66.7 percent.
For decades, 64 percent of American homes were owned by their occupants. That began to climb in 1995, with strong encouragement from President Bill Clinton and later on from President George W. Bush.
Democrats, including Rep. Barney Frank, D-Mass., pushed for mortgage buyers Fannie Mae and Freddie Mac to purchase more loans targeted toward low-income Americans. Republicans encouraged subprime lending to borrowers with weak credit and fought off regulation of the industry, despite warnings that many of those loans had predatory terms.
Homeownership hit a peak of more than 69 percent in 2004 at the height of the housing boom. But the housing bubble burst in 2006 and the rate has been declining gradually since then.
"They just assumed: The more homeownership the better," said Dean Baker, co-director of the Center for Economic and Policy Research, a liberal Washington think-tank.
A record number of foreclosures and tight lending standards are expected to keep pushing the homeownership rate down and it will eventually return to pre-1995 levels, said IHS Global Insight economist Patrick Newport.
The housing troubles have brought the government's role in promoting homeownership into question. Most analysts agree that both the Clinton and Bush administrations placed too much emphasis on encouraging homeownership — promoting and enabling loans to borrowers with poor credit and those with small down payments.
"The consensus is, in a lot of cases, it just makes sense for a lot of people to rent," Newport said.
About 18.8 million homes, or 14.4 percent of all houses and apartments, were vacant, according to the government survey. Without vacation homes, that rate would be 11 percent.
The number of vacant homes has soared over the past four years from about 16 million at the start of 2006. It has been hovering around 19 million since the end of 2008. There are around 131 million housing units nationwide, according to the Census Bureau.
About 2.5 percent of all primary residences were vacant and for sale and 10.3 percent of all year-round rental units were listed as vacant and for rent.
Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million, according to foreclosure listing service RealtyTrac Inc.
The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That's the same as the April-June quarter.
The last time the rate was lower was in 1999, when the rate was 66.7 percent.
For decades, 64 percent of American homes were owned by their occupants. That began to climb in 1995, with strong encouragement from President Bill Clinton and later on from President George W. Bush.
Democrats, including Rep. Barney Frank, D-Mass., pushed for mortgage buyers Fannie Mae and Freddie Mac to purchase more loans targeted toward low-income Americans. Republicans encouraged subprime lending to borrowers with weak credit and fought off regulation of the industry, despite warnings that many of those loans had predatory terms.
Homeownership hit a peak of more than 69 percent in 2004 at the height of the housing boom. But the housing bubble burst in 2006 and the rate has been declining gradually since then.
"They just assumed: The more homeownership the better," said Dean Baker, co-director of the Center for Economic and Policy Research, a liberal Washington think-tank.
A record number of foreclosures and tight lending standards are expected to keep pushing the homeownership rate down and it will eventually return to pre-1995 levels, said IHS Global Insight economist Patrick Newport.
The housing troubles have brought the government's role in promoting homeownership into question. Most analysts agree that both the Clinton and Bush administrations placed too much emphasis on encouraging homeownership — promoting and enabling loans to borrowers with poor credit and those with small down payments.
"The consensus is, in a lot of cases, it just makes sense for a lot of people to rent," Newport said.
About 18.8 million homes, or 14.4 percent of all houses and apartments, were vacant, according to the government survey. Without vacation homes, that rate would be 11 percent.
The number of vacant homes has soared over the past four years from about 16 million at the start of 2006. It has been hovering around 19 million since the end of 2008. There are around 131 million housing units nationwide, according to the Census Bureau.
About 2.5 percent of all primary residences were vacant and for sale and 10.3 percent of all year-round rental units were listed as vacant and for rent.
Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million, according to foreclosure listing service RealtyTrac Inc.
Tuesday, October 26, 2010
Cleveland Orchestra seeks to encourage young fans
CLEVELAND – The Cleveland
Orchestra plans to offer children under 18 free admission to many of its performances to help foster new generations of patrons.
Young adults ages 18 to 34 will be offered special online discounts in another part of an effort being announced Tuesday.
Orchestra executive director Gary Hanson tells The Plain Dealer newspaper the orchestra seeks to increase its "relevance" and build audiences.
Next summer, children under 18 will have free admission to lawn seating for performances at the Blossom Music Center amphitheater. The offer will eventually expand to some or all performances at the orchestra's concert hall.
Chief marketing officer Ross Binnie says the orchestra wants to fill every seat.
___
Information from: The Plain Dealer, http://www.cleveland.com
Orchestra plans to offer children under 18 free admission to many of its performances to help foster new generations of patrons.Young adults ages 18 to 34 will be offered special online discounts in another part of an effort being announced Tuesday.
Orchestra executive director Gary Hanson tells The Plain Dealer newspaper the orchestra seeks to increase its "relevance" and build audiences.
Next summer, children under 18 will have free admission to lawn seating for performances at the Blossom Music Center amphitheater. The offer will eventually expand to some or all performances at the orchestra's concert hall.
Chief marketing officer Ross Binnie says the orchestra wants to fill every seat.
___
Information from: The Plain Dealer, http://www.cleveland.com
Wednesday, March 17, 2010
Latest "God of War" videogame hits US
SAN FRANCISCO — The "God of War III" videogame hit the stores Tuesday eagerly awaited by US fans of the franchise based on a Spartan warrior's vendetta against Greek gods.
Sony Computer Entertainment America (SCEA) said the videogame is the final installment in a trilogy crafted exclusively for the Japanese electronic titan's PlayStation 3 consoles.
The latest title "couples jaw-dropping visuals with a gripping story sure to amaze fans and newcomers alike," said SCEA marketing vice president Scott Steinberg.
The action game picks up where the second title in the franchise let off. Fictional warrior Kratos must battle his way through Hades and to the top of Mount Olympus in a quest to alter his fate.
SCEA promises 3-D worlds that allow for "astonishing realism and new heightened levels of brutality and gore."
Some US shops opened a minute into Tuesday to begin selling "God of War III," which was priced at 60 dollars per copy.
Sony is counting on blockbuster titles to boost sales of its PlayStation 3 consoles, which compete with Microsoft Xbox 360 and Nintendo Wii devices.
hit the stores Tuesday eagerly awaited by US fans of the franchise based on a Spartan warrior's vendetta against Greek gods.Sony Computer Entertainment America (SCEA) said the videogame is the final installment in a trilogy crafted exclusively for the Japanese electronic titan's PlayStation 3 consoles.
The latest title "couples jaw-dropping visuals with a gripping story sure to amaze fans and newcomers alike," said SCEA marketing vice president Scott Steinberg.
The action game picks up where the second title in the franchise let off. Fictional warrior Kratos must battle his way through Hades and to the top of Mount Olympus in a quest to alter his fate.
SCEA promises 3-D worlds that allow for "astonishing realism and new heightened levels of brutality and gore."
Some US shops opened a minute into Tuesday to begin selling "God of War III," which was priced at 60 dollars per copy.
Sony is counting on blockbuster titles to boost sales of its PlayStation 3 consoles, which compete with Microsoft Xbox 360 and Nintendo Wii devices.
Tuesday, February 2, 2010
Captain of 'Deadliest Catch' ship suffers stroke
SEATTLE – The Seattle-based captain of the "Deadliest Catch" fishing vessel Cornelia Marie has been flown to Anchorage after suffering a stroke while the boat was in port at St. Paul Island, Alaska.
According to the vessel's Web site, Capt. Phil Harris was stricken Friday night. Harris was flown to Anchorage and underwent surgery over the weekend. His sons, Josh and Jake, joined him there.
The Web site account says it may be some time before "anything substantial" is known about Harris' condition.
The Discovery Channel reality show depicts the crab fishing industry in the dangerous waters off Alaska.
The Web site reports a family friend, Derek Ray, has flown to St. Paul to take over the role of relief skipper for the rest of the opilio crab season.
___
On The Net:
• http://www.corneliamarie.com
According to the vessel's Web site, Capt. Phil Harris was stricken Friday night. Harris was flown to Anchorage and underwent surgery over the weekend. His sons, Josh and Jake, joined him there.
The Web site account says it may be some time before "anything substantial" is known about Harris' condition.
The Discovery Channel reality show depicts the crab fishing industry in the dangerous waters off Alaska.
The Web site reports a family friend, Derek Ray, has flown to St. Paul to take over the role of relief skipper for the rest of the opilio crab season.
___
On The Net:
• http://www.corneliamarie.com
Saturday, January 9, 2010
Egypt bars Gaza-bound aid convoys
CAIRO — Aid convoys bound for the Gaza Strip will now be banned from travelling across Egypt after activists this week clashed with police, the foreign minister said in remarks published on Saturday.
Ahmed Abul Gheit told government newspaper Al-Ahram that members of one convoy led by British MP George Galloway committed "criminal" acts on Egyptian soil on their way to the blockaded Palestinian coastal enclave.
"Egypt will no longer allow convoys, regardless of their origin or who is organising them, from crossing its territory," Abul Gheit said.
"Members of the (Viva Palestina) convoy committed hostile acts, even criminal ones, on Egyptian territory," the foreign minister added without elaborating.
On Tuesday night activists with the Viva Palestina convoy clashed with police in Egyptian the port town of El-Arish, 45 kilometres (30 miles) from the Gaza border.
They had been protesting an Egyptian decision to send some of the convoy's trucks to Gaza through Israel.
Seven protesters were arrested during Tuesday's clashes, but police swapped them for four policemen held by the activists.
A prosecutor in El-Arish later issued warrants for the arrest of seven activists, including two Britons and an American woman.
Abul Gheit was speaking to Al-Ahram from Washington where he is on a visit to discuss the Middle East peace process. He said that, from now on aid, to Gaza must be handed over to the Red Crescent at El-Arish who will turn it over to the Palestinian chapter of the Muslim relief organisation in Gaza.
The comments come a day after a foreign ministry official told Galloway he was no longer welcome in Egypt as he flew out of the country.
Later on Friday, Galloway told Sky News television he and a friend had been "bundled into a car" and given little choice but to get on a plane out of Egypt. "On the steps of the plane a representative of the foreign affairs ministry in Egypt told me that I was declared persona non grata," he said.
Egypt accused Galloway, who once called at a London rally for the overthrow of Egyptian President Hosni Mubarak, of trying to embarrass the country, which has refused to permanently open its Rafah border crossing with Gaza.
Ahmed Abul Gheit told government newspaper Al-Ahram that members of one convoy led by British MP George Galloway committed "criminal" acts on Egyptian soil on their way to the blockaded Palestinian coastal enclave.
"Egypt will no longer allow convoys, regardless of their origin or who is organising them, from crossing its territory," Abul Gheit said.
"Members of the (Viva Palestina) convoy committed hostile acts, even criminal ones, on Egyptian territory," the foreign minister added without elaborating.
On Tuesday night activists with the Viva Palestina convoy clashed with police in Egyptian the port town of El-Arish, 45 kilometres (30 miles) from the Gaza border.
They had been protesting an Egyptian decision to send some of the convoy's trucks to Gaza through Israel.
Seven protesters were arrested during Tuesday's clashes, but police swapped them for four policemen held by the activists.
A prosecutor in El-Arish later issued warrants for the arrest of seven activists, including two Britons and an American woman.
Abul Gheit was speaking to Al-Ahram from Washington where he is on a visit to discuss the Middle East peace process. He said that, from now on aid, to Gaza must be handed over to the Red Crescent at El-Arish who will turn it over to the Palestinian chapter of the Muslim relief organisation in Gaza.
The comments come a day after a foreign ministry official told Galloway he was no longer welcome in Egypt as he flew out of the country.
Later on Friday, Galloway told Sky News television he and a friend had been "bundled into a car" and given little choice but to get on a plane out of Egypt. "On the steps of the plane a representative of the foreign affairs ministry in Egypt told me that I was declared persona non grata," he said.
Egypt accused Galloway, who once called at a London rally for the overthrow of Egyptian President Hosni Mubarak, of trying to embarrass the country, which has refused to permanently open its Rafah border crossing with Gaza.
Saturday, December 26, 2009
Activists appeal to Mubarak over entry into Gaza
CAIRO — International activists planning to enter Gaza from Egypt for a march appealed to President Hosni Mubarak on Saturday to allow them to enter the blockaded enclave through the Rafah crossing.
Organisers of the Gaza Freedom March had earlier said they would try to defy the ban after Egypt turned down their request to pass through Rafah, the Gaza Strip's only crossing that bypasses Israel.
"We plead to you to let the Gaza Freedom March continue so that we can join the Palestinians of Gaza to march together on December 31," the activists said in a statement addressed to Mubarak.
Egypt said it would prevent their passage because of the "sensitive situation" in Gaza and warned Monday of legal repercussions for anyone defying the ban.
Around 1,300 international delegates from 42 countries have signed up to join the Gaza Freedom March which was due to enter Gaza via Egypt during the last week of December.
On the morning of December 31, participants were due to join Palestinians "in a non-violent march from northern Gaza to the Erez/Israeli border," organisers said on their website.
Organisers of the Gaza Freedom March had earlier said they would try to defy the ban after Egypt turned down their request to pass through Rafah, the Gaza Strip's only crossing that bypasses Israel.
"We plead to you to let the Gaza Freedom March continue so that we can join the Palestinians of Gaza to march together on December 31," the activists said in a statement addressed to Mubarak.
Egypt said it would prevent their passage because of the "sensitive situation" in Gaza and warned Monday of legal repercussions for anyone defying the ban.
Around 1,300 international delegates from 42 countries have signed up to join the Gaza Freedom March which was due to enter Gaza via Egypt during the last week of December.
On the morning of December 31, participants were due to join Palestinians "in a non-violent march from northern Gaza to the Erez/Israeli border," organisers said on their website.
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