“The condition of Delaware’s economy was the most underrated political story of the year. While the national/global economy tanked in 2008, Delaware’s economy actually went into recession (experiencing a reduction in economic output) in 2007. While nationwide, the political discussion was of jobs & economic growth, in Delaware the discussion was of witches and marxists.
—Charlie Copeland, former state senator and 2008 GOP candidate for Lt. Governor
“The pressures on Delaware’s fragile environment, infrastructure and open space have only increased. The Great Recession may have left investors with less capital and borrowing capacity, but it also scares policy-makers into welcoming poorly-considered development, because of a vague hope that more permissive zoning will bring jobs even after the bulldozers are packed away.”
—Chuck Durante, Attorney; Fmr. Parliamentarian, Delaware State Democratic Committee
Last year Senate Bill 20 was introduced to open up the redistricting process by creating an open and transparent Redistricting Commission to reapportion the State Senate and House of Representatives. Senate Bill 20 died in committee without a vote being taken.A secret redistricting process does not provide the foundation for competitive elections and ultimately leads public policies being adopted that favor the special interests.”
—John Flaherty, Delaware Coalition for Open Government president
government spending on personnel costs must be tackled. And beyond just tinkering around the edges, this really will require the kind of top-to-bottom review of government services and agencies at every level, and a genuine attempt to consolidate and combine and reduce them – that we’ve been promised for years.”
—Michael Fleming, New Castle County Republican Party chair
the dredging of the Delaware River...Against the preferences of the states of Delaware and New Jersey and contrary to the objections of environmentalists, a federal judge ruled in favor of Pennsylvania and the Army Corps of Engineers who want to deepen the river. This is a classic case of federal v. states rights, with much at stake for the future.”
—Sam Hoff,Delaware State University political science professor
Tuesday, December 28, 2010
Delawareans Weigh In On The Most Underreported Stories Of 2010: Economy, Development, Redistricting, Government Spending And Dredging - States Rights
(DelawareFirstMedia News) Year in Review commentary: Stories you may have missed in 2010
Thursday, December 16, 2010
How's the real estate value in your neighborhood?
How's the real estate value in your neighborhood?
Washington Post, 5/28/09 Number of Home Sales Rises, But Prices Keep Plummeting
In May 2009 the first annual report (code section 40.07.353) on Workforce Housing, and it's "success", was prepared by the New Castle County Department of Land Use.
Here are a very few of the business and news reports about the housing industry, etc, in the year thereafter:
Here are a very few of the business and news reports about the housing industry, etc, in the year thereafter:
Washington Post, 5/28/09 Number of Home Sales Rises, But Prices Keep Plummeting
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/27/AR2009052701350_pf.html
"Despite the rise from March to April, a glut of foreclosed homes on the market is pushing down prices, and the housing market remains weak, analysts said. Distressed properties make up 45 percent of the market, and that will get worse as rising unemployment pushes more borrowers into foreclosure, the analysts said.
"Despite the rise from March to April, a glut of foreclosed homes on the market is pushing down prices, and the housing market remains weak, analysts said. Distressed properties make up 45 percent of the market, and that will get worse as rising unemployment pushes more borrowers into foreclosure, the analysts said.
There were already too many homes on the market, and the inventory increased nearly 9 percent last month. At the current pace, it would take 10.2 months to sell all of them, according to the industry data.
"These figures just go to show that anyone expecting a drastic rebound in sales, or an imminent rebound in home prices, is going to be disappointed," said Mike Larson, a housing analyst at Weiss Research. "We still have a large mountain of inventory we need to chisel away at. It won't happen quickly."The excess inventory is also putting pressure on median home prices, which fell to $170,200, down 15.4 percent in April compared with the same period a year earlier. That was the second-largest price decline.."
or 5/28/10, Wall Street Journal, Number of Home Sales Rises, But Prices Keep Plummetinghttp://online.wsj.com/article/SB124351361133562355.html
"New homes are now sitting on the market for a median 10.9 months before selling, and completed homes still comprise an extraordinarily high share of total homes for sale.Even with some normalization of unsold inventory of newly constructed homes, it’s unlikely that the real estate market can support any significant pick-up in homebuilding activity in the foreseeable future. That’s because foreclosure activity is still increasing and these properties are flooding the market." –David Greenlaw, Morgan Stanley
or the 7/9/09 quote from Warren Buffett to CNBChttp://www.cnbc.com/id/31836625/
BUFFETT: " There is no silver bullet. I mean, the original cause of this was the housing bubble. Now a lot of things were contributing to it and flowed out of it and all of that. We built a couple million housing units a year. We formed a million, three-hundred thousand households a year, surprise, we had too many houses at a point. You can't work that off in a day, or a week, or a month. The best thing we can do is not to be building a lot of new houses now. I mean, we will work off the excess inventory faster. If you want to end the recession as soon as possible, you do nothing to encourage new housing construction. Very tough on the home builders but that is the prescription for getting supply and demand back into balance."
or CNBC 8/20/09 : What Recovery? New-Home Market Remains in Deep Slumphttp://www.cnbc.com/id/32489037
"By virtually every measure, the new single-family home market remains in a fairly deep slump:
Sales of new homes are down 72 percent from their 2005 peak, while existing ones are off 24 percent from their peak a year later.
As a percentage of total sales, new homes are well off their historical average of roughly of 12.5 percent and the 16-percent average share of the 2005-2006 boom period. In 2008, market share was down to 10 percent and is running under 8 percent so far this year.
Inventory, which peaked at 14-3-months of supply in January, is down to 7.9 percent, but still far from the 5.9-percent level of December 2006, right as the market was turning lower.
Housing starts overall are down 71-percent from 2005 "....
or the Wall Street Journal, 9/24/09 Housing Recovery Obstacle: So Many Houses http://online.wsj.com/article/SB12537455...realestate
"More important, there are still too many houses on the market -- 9.4 months' worth of existing homes for sale in July, according to NAR data. The backlog is usually closer to six.
Nearly seven million housing units will eventually enter foreclosure, mortgage-backed-securities strategists at Amherst Securities Group, a brokerage firm that deals in MBS, estimated on Wednesday. That could add 1.35 years' worth of inventory to the market."..
or CNBC 10/8/09 , Don't Know What Your House Is Worth? You're Not Alone
http://www.cnbc.com/id/33214414
..'A new survey from real estate website Trulia.com finds that 25.6 percent of homes currently on the market in the United States, as of Oct. 1, 2009, have experienced at least one price cut. That's for the fourth straight month. The total amount of presumed home equity slashed is $28.4 billion, or almost a billion dollar increase from June. .."
or New York Times, 10/8/09 : Roubini Says Housing Market Hasn't Bottomedhttp://www.nytimes.com/reuters/2009/10/08/business/business-us-usa-housing-roubini.html?scp=3&sq=Roubini&st=cse
"U.S. housing prices may still fall more than 10 percent, killing an incipient recovery, as demand from first-time home buyers fades, leading economist Nouriel Roubini said on Thursday.
Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said massive losses in commercial real estate loans will add to the problem, forcing banks to raise more capital.
"The stress is moving from residential mortgages that are still in deep trouble, to commercial real estate, where they are just starting to recognize that they're going to have massive, massive losses," ....
or the New York Times 11/10/09, Median Home Prices Fell Nationwide in 3Qhttp://www.nytimes.com/aponline/2009/11/10/business/AP-US-Metro-Home-Prices.html
"A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals."...
The national median price clocked in at $177,900, or 11 percent below the third quarter last year."...
or Barrons , 11/19/09 : Housing Recovery Built on Sandhttp://online.barrons.com/article/SB125858375944554495.html?mod=BOL_hpp_dc
or the New York Times, 11/24/09 : Home Prices May Be Nearing a New Dip http://www.nytimes.com/2009/11/25/business/economy/25home.html?_r=1&hp
or the LATimes, 12/22/09 , More prime mortgages default in 3rd quarter
http://www.latimes.com/business/la-fi-fo...9044.story
or CNBC, 1/19/10 : Whitney Tilson of T2 Partners , hedgefund and author of More Mortgage Meltdown http://www.cnbc.com/id/15840232?video=1390506165&play=1
"no need for any new homes for years"
5/27/09 interview on Bloomberg News he carried an identical message: More housing price deline can be expected;
prime mortgages ane starting to default; "If I were the housing Czar I would mandate no new housing construction for 2-4 years so we could get back to a normal housing inventory level."
or the Washington Post, 1/26/10 , Existing-home sales take a big fall in December
http://www.washingtonpost.com/wp-dyn/con...02164.html
....For all of 2009, the median existing-home prices fell to $173,500, down 12.4 percent from $198,100 in 2008.
or Marketwatch 2/10/10 : Reversal of fortune
http://www.marketwatch.com/story/early-s...2010-02-10
"One in five housing markets entered a second leg of home price declines in late 2009, after showing price increases for nearly half of last year, according to a report released Wednesday by Zillow.com, a real-estate Web site."...
The next few months will likely show more declines in home values in most markets, Humphries said. But he expects that, on a national basis, home prices should still hit bottom by the middle of the year.
"Thereafter," he said, "home values are likely to bounce along the bottom with real appreciation remaining negligible for some time." ...
or the Washington Post, 3/12/10, New round of foreclosures threatens housing market
http://www.washingtonpost.com/wp-dyn/con...id=topnews
" About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners. And the number of pending foreclosures could grow much bigger over the coming year as more distressed borrowers become delinquent and then, if they can't obtain mortgage relief, wade through the foreclosure process, which often takes more than a year to complete.
As these foreclosed properties add to the supply of homes for sale, they could undercut housing prices,..."
or Marketwatch 3/23/10, Housing's dead-cat bounce is deflated
http://www.marketwatch.com/story/housing...2010-03-23
.."Sales of existing homes fell in February, the National Association of Realtors said Tuesday, marking a string of three straight declines since the tax credit got its second life. Just as vexing: The inventory of homes for sale climbed quite a bit, and median prices continued to decline, although at a slowing pace..."
or the News Journal , 4/11/10,[b] Recovering lost home equity may take yearsttp://www.delawareonline.com/article/20100411/BUSINESS/4110347/1003/BUSINESS/Recovering-lost-home-equity-may-take-years
... The issue is simply supply and demand. Housing prices won't rebound -- and reclaim lost equity -- until real estate inventory decreases. More homes on the market give buyers more options, which depresses prices....or Forbes, 4/9/10, How High Can Housing Go in 2010?
http://www.forbes.com/2010/04/09/price-r...newsletter
Spencer: We're seeing a lot of markets experiencing a "double dip" already, where they had recovered but are now declining again. The second dip won't be nearly as bad as the first dip (which was more like a free-fall than a dip), but it will be a dip nonetheless...
or Marketwatch, 4/15/10, Foreclosures up in 1st quarter; real-estate owned at record
http://www.marketwatch.com/story/us-fore...beforebell
.."U.S. properties subject to foreclosure action in the first quarter rose 16% from the year-earlier quarter and 7% from fourth-quarter 2009, consultant RealtyTrac reported Thursday. .."
------------------------------------------
We have now reached the month of April, 2010 in this chronology, when the second annual report on Workforce Housing was prepared by the New Castle County Department of Land Use for County Council.
On April 1, 2010, in preparation for a quarterly meeting with County Executive Chris Coons the following request was electronically submitted:
"These figures just go to show that anyone expecting a drastic rebound in sales, or an imminent rebound in home prices, is going to be disappointed," said Mike Larson, a housing analyst at Weiss Research. "We still have a large mountain of inventory we need to chisel away at. It won't happen quickly."The excess inventory is also putting pressure on median home prices, which fell to $170,200, down 15.4 percent in April compared with the same period a year earlier. That was the second-largest price decline.."
or 5/28/10, Wall Street Journal, Number of Home Sales Rises, But Prices Keep Plummetinghttp://online.wsj.com/article/SB124351361133562355.html
"New homes are now sitting on the market for a median 10.9 months before selling, and completed homes still comprise an extraordinarily high share of total homes for sale.Even with some normalization of unsold inventory of newly constructed homes, it’s unlikely that the real estate market can support any significant pick-up in homebuilding activity in the foreseeable future. That’s because foreclosure activity is still increasing and these properties are flooding the market." –David Greenlaw, Morgan Stanley
or the 7/9/09 quote from Warren Buffett to CNBChttp://www.cnbc.com/id/31836625/
BUFFETT: " There is no silver bullet. I mean, the original cause of this was the housing bubble. Now a lot of things were contributing to it and flowed out of it and all of that. We built a couple million housing units a year. We formed a million, three-hundred thousand households a year, surprise, we had too many houses at a point. You can't work that off in a day, or a week, or a month. The best thing we can do is not to be building a lot of new houses now. I mean, we will work off the excess inventory faster. If you want to end the recession as soon as possible, you do nothing to encourage new housing construction. Very tough on the home builders but that is the prescription for getting supply and demand back into balance."
or CNBC 8/20/09 : What Recovery? New-Home Market Remains in Deep Slumphttp://www.cnbc.com/id/32489037
"By virtually every measure, the new single-family home market remains in a fairly deep slump:
Sales of new homes are down 72 percent from their 2005 peak, while existing ones are off 24 percent from their peak a year later.
As a percentage of total sales, new homes are well off their historical average of roughly of 12.5 percent and the 16-percent average share of the 2005-2006 boom period. In 2008, market share was down to 10 percent and is running under 8 percent so far this year.
Inventory, which peaked at 14-3-months of supply in January, is down to 7.9 percent, but still far from the 5.9-percent level of December 2006, right as the market was turning lower.
Housing starts overall are down 71-percent from 2005 "....
or the Wall Street Journal, 9/24/09 Housing Recovery Obstacle: So Many Houses http://online.wsj.com/article/SB12537455...realestate
"More important, there are still too many houses on the market -- 9.4 months' worth of existing homes for sale in July, according to NAR data. The backlog is usually closer to six.
Nearly seven million housing units will eventually enter foreclosure, mortgage-backed-securities strategists at Amherst Securities Group, a brokerage firm that deals in MBS, estimated on Wednesday. That could add 1.35 years' worth of inventory to the market."..
or CNBC 10/8/09 , Don't Know What Your House Is Worth? You're Not Alone
http://www.cnbc.com/id/33214414
..'A new survey from real estate website Trulia.com finds that 25.6 percent of homes currently on the market in the United States, as of Oct. 1, 2009, have experienced at least one price cut. That's for the fourth straight month. The total amount of presumed home equity slashed is $28.4 billion, or almost a billion dollar increase from June. .."
or New York Times, 10/8/09 : Roubini Says Housing Market Hasn't Bottomedhttp://www.nytimes.com/reuters/2009/10/08/business/business-us-usa-housing-roubini.html?scp=3&sq=Roubini&st=cse
"U.S. housing prices may still fall more than 10 percent, killing an incipient recovery, as demand from first-time home buyers fades, leading economist Nouriel Roubini said on Thursday.
Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said massive losses in commercial real estate loans will add to the problem, forcing banks to raise more capital.
"The stress is moving from residential mortgages that are still in deep trouble, to commercial real estate, where they are just starting to recognize that they're going to have massive, massive losses," ....
or the New York Times 11/10/09, Median Home Prices Fell Nationwide in 3Qhttp://www.nytimes.com/aponline/2009/11/10/business/AP-US-Metro-Home-Prices.html
"A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals."...
The national median price clocked in at $177,900, or 11 percent below the third quarter last year."...
or Barrons , 11/19/09 : Housing Recovery Built on Sandhttp://online.barrons.com/article/SB125858375944554495.html?mod=BOL_hpp_dc
or the New York Times, 11/24/09 : Home Prices May Be Nearing a New Dip http://www.nytimes.com/2009/11/25/business/economy/25home.html?_r=1&hp
or the LATimes, 12/22/09 , More prime mortgages default in 3rd quarter
http://www.latimes.com/business/la-fi-fo...9044.story
or CNBC, 1/19/10 : Whitney Tilson of T2 Partners , hedgefund and author of More Mortgage Meltdown http://www.cnbc.com/id/15840232?video=1390506165&play=1
"no need for any new homes for years"
5/27/09 interview on Bloomberg News he carried an identical message: More housing price deline can be expected;
prime mortgages ane starting to default; "If I were the housing Czar I would mandate no new housing construction for 2-4 years so we could get back to a normal housing inventory level."
or the Washington Post, 1/26/10 , Existing-home sales take a big fall in December
http://www.washingtonpost.com/wp-dyn/con...02164.html
....For all of 2009, the median existing-home prices fell to $173,500, down 12.4 percent from $198,100 in 2008.
or Marketwatch 2/10/10 : Reversal of fortune
http://www.marketwatch.com/story/early-s...2010-02-10
"One in five housing markets entered a second leg of home price declines in late 2009, after showing price increases for nearly half of last year, according to a report released Wednesday by Zillow.com, a real-estate Web site."...
The next few months will likely show more declines in home values in most markets, Humphries said. But he expects that, on a national basis, home prices should still hit bottom by the middle of the year.
"Thereafter," he said, "home values are likely to bounce along the bottom with real appreciation remaining negligible for some time." ...
or the Washington Post, 3/12/10, New round of foreclosures threatens housing market
http://www.washingtonpost.com/wp-dyn/con...id=topnews
" About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners. And the number of pending foreclosures could grow much bigger over the coming year as more distressed borrowers become delinquent and then, if they can't obtain mortgage relief, wade through the foreclosure process, which often takes more than a year to complete.
As these foreclosed properties add to the supply of homes for sale, they could undercut housing prices,..."
or Marketwatch 3/23/10, Housing's dead-cat bounce is deflated
http://www.marketwatch.com/story/housing...2010-03-23
.."Sales of existing homes fell in February, the National Association of Realtors said Tuesday, marking a string of three straight declines since the tax credit got its second life. Just as vexing: The inventory of homes for sale climbed quite a bit, and median prices continued to decline, although at a slowing pace..."
or the News Journal , 4/11/10,[b] Recovering lost home equity may take yearsttp://www.delawareonline.com/article/20100411/BUSINESS/4110347/1003/BUSINESS/Recovering-lost-home-equity-may-take-years
... The issue is simply supply and demand. Housing prices won't rebound -- and reclaim lost equity -- until real estate inventory decreases. More homes on the market give buyers more options, which depresses prices....or Forbes, 4/9/10, How High Can Housing Go in 2010?
http://www.forbes.com/2010/04/09/price-r...newsletter
Spencer: We're seeing a lot of markets experiencing a "double dip" already, where they had recovered but are now declining again. The second dip won't be nearly as bad as the first dip (which was more like a free-fall than a dip), but it will be a dip nonetheless...
or Marketwatch, 4/15/10, Foreclosures up in 1st quarter; real-estate owned at record
http://www.marketwatch.com/story/us-fore...beforebell
.."U.S. properties subject to foreclosure action in the first quarter rose 16% from the year-earlier quarter and 7% from fourth-quarter 2009, consultant RealtyTrac reported Thursday. .."
------------------------------------------
We have now reached the month of April, 2010 in this chronology, when the second annual report on Workforce Housing was prepared by the New Castle County Department of Land Use for County Council.
On April 1, 2010, in preparation for a quarterly meeting with County Executive Chris Coons the following request was electronically submitted:
Wednesday, December 15, 2010
New Castle County Comprehensive Plan Update Meeting Schedule With Some Notes
New Castle County Comprehensive Plan Update
Public Involvement Meeting Schedule: Date - Topic
Public Involvement Meeting Schedule: Date - Topic
Thursday, December 2, 2010 - Kickoff meeting
Wednesday, January 12, 2011 - Land Use
Wednesday, January 26, 2011 - Land Use
Wednesday, February 9, 2011 - Mobility & Transportation
Wednesday, February 23, 2011 - Water and Sewer
Wednesday, March 9, 2011 - Conservation and Natural Resources
Wednesday, March 23, 2011 - Historic Preservation and Housing
Wednesday, April 13, 2011 - Economic Development
Wednesday, April 27, 2011 - Community Design
Wednesday, May 11, 2011 - Inter-governmental Coordination
Wednesday, May 25, 2011 - Inter-governmental Coordination
Wednesday, June 8, 2011 - Future Land Use and Implementation Strategies
All meetings are to be held from 6:30 p.m. - 8:30 p.m. in the multi-purpose room at the New Castle County Government Center - Gillian Building, 77 Reads Way, New Castle, DE 19720.
Dates and/or topics are subject to change. This schedule will be updated on the project web site: http://projects.jmt.com/new-castle-county-comprehensive-plan/Default.aspx
Interested persons may sign up at this web site for automatic updates and newsletters
Interested persons may also “follow us” on Twitter at www.twitter.com/NewCastle_2012 to receive the fastest updates, including any last minute meeting changes which may occur due to weather emergencies.
~*~
`
From my notes: Paul Clark kicked off the Comprehensive Plan Update saying that...
Sunday, December 5, 2010
Updating of the NCC Comprehensive Plan
New Castle County has started the process of updating their comprehensive plan. Below is a quick summary of the perspective of a several members of the civic community who attended the first meeting, and a call to action to ensure that critical problems and issues of the past plan are openly and transparently addressed in this process. A summary of the meeting dates that have not yet been posted to the JMT/NCC website is also listed below.
A Summary Perspective from Kick Off Meeting
Most importantly, there was NO ASSESSMENT OF THE PAST PLAN, AND THE MAJOR ITEMS THAT WERE EITHER VERY POORLY IMPLEMENTED OR IGNORED BY COUNCIL. Critical issues such as decoupling of transportation impacts from cluster development; the new, extremely problematic redevelopment code; the very controversial and poorly designed workforce housing code; the lack of any meaningful input from citizens on community character considerations (see 9 DE 2603, it's in the State Code! ); the problems with the by-right zoning passed that provides a scapegoat for council to never have to be held accountable to poor development decisions; the complete failure of NCC Council to make any effort on Transfer of Development rights which was sold to the civic community as the critical tool to keep our gross density in balance; and a continued abrogation on the cost impact to State taxpayers on the resulting infrastructure costs, etc. etc. etc. Each of these issues deserves a stand alone meeting,
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