News: Real Estate, Risk, Economics. Apr. 12-14, 2014

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Table of Contents
(Click to sections below.)

1) Are Emerging Markets Still On the Receiving End? | iMFdirect – The IMF Blog

2) Pollution Fears Crush Home Prices Near Fracking Wells – Forbes

3) Business Newswires : euronews : the latest international news as video on demand

4) California town moves against Sriracha hot sauce plant | Reuters

5) UPDATE 4-Family Dollar, other retailers see shoppers pull back | Reuters

6) Fire destroys Palouse bar | Spokane/E. WA – KXLY com

7) Colorado tumbleweeds overrun drought areas

8) Real Crowd on CRE Crowd Funding – YouTube

9) Nashville Apartment Sector Remains on a Hot Streak, But Supply Wave Looms – YouTube

10) Italian Investment Market Q1 2014 – YouTube

11) UK housing's bust without a boom – YouTube

12) Wells Fargo's Foreclosure Fraud Handbook – YouTube

13) Police: Men burglarized more than 150 apartments – Houston Chronicle

14) Earthquakes Today: Quake Swarm Hits Oklahoma

15) Court: 'Malicious' in law can include recklessness – KSLA News 12 Shreveport, Louisiana

16) Judge allows Ohio fracking lawsuit to proceed – TribToday com – Tribune Chronicle – Warren, OH

17) Fear of worst drought on record | Cyprus Mail

18) Flood repair bill under estimate, National, Phnom Penh Post

19) Chilean insurance ratings unaffected by Iquique earthquake – Fitch – BNamericas

20) Booby-trapped car explodes outside Bank of Greece

21) Video: How open data is changing the business of real estate | Inman News

22) BBC News – Cities on frontline of climate change struggle

  1.    Are Emerging Markets Still On the Receiving End? | iMFdirect – The IMF Blog

    … higher growth in advanced economies should boost exports from emerging markets. Second, global capital would flow back from emerging markets to advanced economies to take advantage of the higher growth and interest rates. For emerging markets that trade more with advanced economies (e.g., Malaysia and Mexico), the first effect would dominate; and for emerging markets that are more open to capital flows (e.g., Chile and Thailand), the second effect could partly or fully offset the first. Our results suggest that for emerging markets as a whole, the impact of the first likely outweighs the second.

    Add your comment.


  2.    Pollution Fears Crush Home Prices Near Fracking Wells – Forbes

    Whether or not fracking causes groundwater pollution, people fear the risk enough that property values have dropped for homes with drinking-water wells near shale-gas pads, according to new research.

    Researchers from the Unviersity of Calgary and Duke University studied property sales from 1994 to 2012 in 36 Pennsylvania counties and seven counties in New York. They mapped sales against the locations of shale-gas wells, and they compared homes connected to public drinking-water systems to homes with private wells.

    Properties with private wells suffered a loss in value compared to properties connected to a municipal water system, they found, offsetting gains in value from mineral-rights royalties. The loss varied with distance from the nearest shale-gas well. At 1.5 kilometers, properties with private wells sold for about 10 percent less.

    We have to say that to us, it isn't whether they pollute groundwater. It's how much. It's impossible that they would pump all the stuff down there that they do, fracture the rock, release the gas and oil, and not have it impact groundwater that people use anywhere. It is happening. It's just a question of where and just how much pollution it's causing over time.

    We hope it's minimal. We hope it isn't extremely toxic. As with many other things though, we aren't going to be holding our breath.

    Good risk management would see more extensive testing before so many wells are drilled.

    A number of experts in the sciences involved are confident that the evidence is already there that it is causing pollution.

    Your thoughts?

    Add your comment.


  3.    Business Newswires : euronews : the latest international news as video on demand

    House prices and sales took off again in Britain last month, reflecting the economy's surprisingly fast recovery, but the Bank of England stuck to its course and left interest rates unchanged at record lows.

    A closely watched survey from the Royal Institution of Chartered Surveyors showed British house prices ratcheting up in March and sales reaching a six-year high.

    The group called for more houses to be built to meet over-stretched demand. Contributors to its survey nearly doubled their projection for annual house price inflation over the next five years.

    Add your comment.


  4.    California town moves against Sriracha hot sauce plant | Reuters

    The small Southern California town of Irwindale has opened a new front in its battle against what it says is a pungent, tear-inducing odor from a chili processing factory owned by the makers of Sriracha-brand hot pepper sauce.

    The City Council voted 4-0 at a meeting on Wednesday night to authorize staff to prepare a resolution to declare the plant's peppery fumes a public nuisance, and giving Huy Fong Foods 90 days to remedy the situation.

    The air district has suggested carbon filtration as a potential solution.

    Add your comment.


  5.    UPDATE 4-Family Dollar, other retailers see shoppers pull back | Reuters

    Family Dollar, which operates 8,100 stores across the United States, also said it would close 370 unprofitable stores, and slow its expansion. The company will open between 350 and 400 new stores next fiscal year, rather than the 500 initially planned.

    Add your comment.


  6.    Fire destroys Palouse bar | Spokane/E. WA – KXLY.com

    PALOUSE, Wash. –

    Fire gutted the Brick Wall Bar & Grill in Palouse Tuesday morning one day after it opened.

    Add your comment.


  7.    Colorado tumbleweeds overrun drought areas

    ORDWAY, Colo. (AP) — Mini-storms of tumbleweed have invaded the drought-stricken prairie of southern Colorado, blocking rural roads and irrigation canals, and briefly barricading homes and an elementary school.

    Firefighters even had to cut a path through them to get to a pregnant woman who feared she'd be trapped in her home if she went into labor.

    The invasion of the tumbleweed, an iconic symbol of both the West's rugged terrain and the rugged cowboys who helped settle it, has conjured images of the Dust Bowl of 80 years ago, when severe drought unleashed them onto the landscape.

    Wow, it's really thick.

    Add your comment.


  8.    Real Crowd on CRE Crowd Funding – YouTube

    The Jobs Act now allows sponsors of group investing to advertise and utilize web sites to attract investors. While at the moment investors must be "accredited," the increased flow of capital from investors to U .S. developers and sponsors of real estate investments online is a rapidly expanding business model.

    Michael interviews Adam Hooper, CEO and Roman Rosario, CMO of Real Crowd, about utilizing technology and real estate know-how to revolutionize networking and fund raising in the commercial real estate industry.

    Add your comment.


  9.    Nashville Apartment Sector Remains on a Hot Streak, But Supply Wave Looms – YouTube

    The Nashville economy is generating consistently more jobs than it has at any point over the last decade. That, combined with the strong demographic trends, has helped sustain tight occupancy rates and impressive rent growth. But it's also led to a huge spike in apartment construction, and the first wave will start hitting the market later this year.

    Add your comment.


  10.    Italian Investment Market Q1 2014 – YouTube

    Davide Dalmiglio, Head of Capital Markets of LLL Italy, tells us about the Italian investment market in 2013 – Q1 2014

    Add your comment.


  11.    UK housing's bust without a boom – YouTube

    Housebuilding is at lows not seen for many decades, fuelling house price inflation. Kevin Daly, senior European economist at Goldman Sachs, tells the FT's Sarah O'Connor he expects action soon to cool the market, despite his view houses are still undervalued.

    Isn't this simply catering to very wealthy foreign investors at the expense of too much of the general population? Why not do more to expand construction?

    Add your comment.


  12.    Wells Fargo's Foreclosure Fraud Handbook – YouTube

    Wells Fargo — the largest mortgage servicing company in the country — was recently busted for creating and sharing a handbook that instructed their employees on how to commit fraud. Ring of Fire guest host Farron Cousins discusses this with attorney Mike Burg.

    We know that many people shouldn't have taken out loans. We know they participated in liar's loans, filling out applications using false-income statements and such. However, many others were simply misinformed by lenders about indefinite price appreciation and about interest-rate resets.

    We don't know about the sentences that should be handed down, but it is true that allowing for no accountability is a moral hazard.

    The amounts paid in settlements is less than the profits the banks made all during the fraud, which includes before the crash as well as after.

    Add your comment.


  13.    Police: Men burglarized more than 150 apartments – Houston Chronicle

    AUSTIN, Texas (AP) — Police say they suspect two men are responsible for more than 150 apartment burglaries in the Austin area.

    Add your comment.


  14.    Earthquakes Today: Quake Swarm Hits Oklahoma

    GUTHRIE, Okla. (AP) — No injuries or damage were reported after a series of earthquakes rattled central Oklahoma overnight [Thursday night, April 10, 2014], including a 4.1-magnitude temblor that woke many residents near Guthrie.

    It was an earthquake swarm likely caused by fracking.

    Add your comment.


  15.    Court: 'Malicious' in law can include recklessness – KSLA News 12 Shreveport, Louisiana News Weather & Sports

    LITTLE ROCK, Ark. (AP) – The Arkansas Supreme Court is siding with relatives of the 20 people killed in flash floods at the Albert Pike campground in 2010, agreeing with their definition of malicious conduct under a state law.

    How did they prove malicious intent?

    Add your comment.


  16.    Thu., 11:50am: Judge allows Ohio fracking lawsuit to proceed – TribToday.com – News, Sports, Jobs, Community Information – Tribune Chronicle – Warren, OH

    COLUMBUS – A couple who sued to try to stop gas drilling around a state-owned lake in eastern Ohio won an early victory in court.

    A judge ruled that the Guernsey County couple has legal standing to move forward with a lawsuit that seeks to stop hydraulic fracturing – known as fracking – around and beneath Seneca Lake.

    Add your comment.


  17.    Fear of worst drought on record | Cyprus Mail

    CYPRUS is facing its worst drought ever according to the local weather service, which has recorded 204 millimetres of rainfall for the 2013-14 season, despite the occasional downpour in recent days.

    This is the worst year on record since the weather service started keeping track of annual rainfall in 1901.

    Add your comment.


  18.    Flood repair bill under estimate, National, Phnom Penh Post

    [Cambodia] The National Committee for Disaster Management (NCDM) released a report yesterday showing that only $356 million was spent on the restoration of infrastructure destroyed by last year's floods — far below the $500 million in damage estimated beforehand.

    Add your comment.


  19.    Chilean insurance ratings unaffected by Iquique earthquake – Fitch – BNamericas

    Fitch considers earthquake and tsunami losses in northern Chile as unlikely to affect the country's insurance ratings and solvency.

    In a release, the ratings agency said Chilean P&C insurers are expected to absorb limited losses from the earthquake and tsunami.

    Add your comment.


  20.    Booby-trapped car explodes outside Bank of Greece

    A booby-trapped car exploded outside the Bank of Greece in central Athens Thursday but no one was injured in the blast, police said, as Greece was set to return to the debt markets after a four-year absence.

    The car which was parked on the sidewalk facing the central bank building blew up around 0255 GMT. The building is close to the office of Greece's international lenders.

    Add your comment.


  21.    Video: How open data is changing the business of real estate | Inman News

    Zillow CEO Spencer Rascoff talks about how the explosion in open data that's available to tech companies will affect the real estate business.

    Whether it's info on schools and crime, mortgage data, zoning permits, smog, traffic, noise, flood data or weather, "If there's data out there associated with the home, we want it," says Zillow CEO Spencer Rascoff.

    Add your comment.


  22.    BBC News – Cities on frontline of climate change struggle

    Half of the world's population now lives in cities – a proportion that's set to rise to two-thirds by 2050. Yet cities are vulnerable to the worst impacts of climate change precisely because their locations are fixed. As the UN's climate panel meets in Berlin, how are urban centres coping with the test?

    The latest report by the Intergovernmental Panel on Climate Change (IPCC) re-emphasises the vital role cities can play in cutting greenhouse gas emissions. This should come as no surprise, since urban centres are responsible for three quarters of global energy consumption and for 80% of greenhouse gas emissions.

    Add your comment.


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