News: Real Estate, Risk, Economics. Oct. 5, 2016

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Table of Contents
(Click to sections below.)

1) Fitch reveals the $2trillion black hole in China's economy that heralds a lost decade

2) How [libertarian] economic policy drives European (dis)integration

3) 3 Things: The Fed's Missed Window & Failed Realizations | RIA

4) New UNCTAD report calls neoliberalism an epic failure and argues for global Keynesian stimulus policies

5) Wells Fargo, Glass-Steagall and 'Do you want fries with that?' banking | TheHill

6) How to Find Foreclosures and Government-Seized Homes

7) Seattle fire crews douse large apartment fire in Delridge | The Seattle Times

8) Detroit housing rises from the ashes

9) China's Runaway Housing Market Poses Latest Challenge for Yuan – Bloomberg

10) More Wealth, More Jobs, but Not for Everyone: What Fuels the Backlash on Trade – The New York Times

11) LA Times – Risk of big earthquake on San Andreas fault rises after quake swarm at Salton Sea

12) Yellen Can't Hide the Struggle Inside the Fed – Bloomberg

13) What you need to know about the imminent threat of IoT botnets | VentureBeat | Security | by Ben Dickson, TechTalks

14) Real Estate Report: Cash purchases of houses declining | The Columbus Dispatch

15) How Brussels is obstructing the prosecution of corruption cases in Greece — Investigate Europe

16) Democracy does not cause growth | VOX, CEPR's Policy Portal

17) Stop pretending that an economy can be controlled | OECD Insights Blog

18) Greg Mankiw's Blog: Trumponomics

19) Why a banking crisis in China seems unavoidable | VOX, CEPR's Policy Portal

20) Public adjuster arrested for ripping off Southland fire victims

21) Attorney General Laxalt Announces Guilty Plea of Las Vegas Woman for Insurance Fraud of Nearly $40,000

22) Long arm of law grabs one Sandy contractor | Di Ionno | NJ com

23) Action 9 gets results after roofer disappears with insurance settlement | WFTV

24) California Governor Approves Public Adjuster Reform Bill

25) Apartment Fire Near South Carolina's Myrtle Beach Leaves 17 Homeless

26) Hurricane Hermine Declared Major Disaster; Federal Funds Available to Florida

27) Heavy Rains in North Carolina Bring Floods, Prompt Rescues

28) Texas Insured Property Losses Setting Record in 2016

29) North Carolina Woman Accused of Filing $42K Property Claim With 2 Companies

30) Ohio State Law Aims to Reduce 'Zombie' Vacant Properties

31) Flood Estimates Rise in Minnesota; South Dakota Storms Damage 18 Homes

32) Hawaii Governor Asks Obama for Disaster Funding for Maui flooding

33) Rash of Property, Auto Fires in Arkansas Town Thought to Be Arson

34) St. Louis Area Landfill Operator Settles Suit with 34 Homeowners

35) Gas Explosion in New York Home Injures 7

36) FBI — Crime in the US

37) FBI — Property Crime

38) Arizona Court Considers Allowing Homeowners Lawsuit over Yarnell Fire

39) Report: Some Illinois Insurance Companies Forcing Roof Replacements

40) Hailstorm Caused $4M in Damage to City in New Mexico

41) Kentucky Residents Sue Over Arsenic Found Near Montgomery Co. Homes

42) Man Charged in New Jersey Apartment Fire That Destroyed Three Buildings

43) New York City Row House Blast Kills Fire Battalion Chief

44) Ottawa unveils sweeping changes to housing rules – The Globe and Mail

45) China Seeking to Succeed Where Japan Failed in Yuan Global Push – Bloomberg

46) Inside Sandy contractor's broken promises

47) Housing affordability at the worst level in seven years | HousingWire

48) California Suspends 'Business Relationships' With Wells Fargo – Bloomberg

49) Here is how China is going to quietly save its economy | South China Morning Post

50) 2 homes destroyed, 15 damaged in powerful natural gas explosion (PHOTOS) | NJ com

51) Beulah Hill fire: Firefighters brace for afternoon wind shift toward town

52) 1MDB | Park Lane Hotel | Money Laundering Real Estate

53) Airbnb launches new campaign to fight proposed Seattle rental restrictions

54) Navy Yard, SW Waterfront among hottest for rental development in city and nation – The Washington Post

55) NEW REPORT: Upgrading the ECB's Toolkit With a Monetary Dividend

56) Advanced economies' progress: Dismal and dazzling | VOX, CEPR's Policy Portal

  1.    Fitch reveals the $2trillion black hole in China's economy that heralds a lost decade

    China has been in trouble for a long time. Crunch time is fast approaching.

    The definition of a hard landing is still being debated.

    The People have had a taste of money but not democracy. Will they have the desire to gain the latter for fear of losing the former?

    Money was supposed to usher in democracy, but not this way.

    I never thought money, per se, would do it and still don't. Word gets through the Great Firewall. People talk secretly. They plan secretly.

    They need to get rid of the one-party dictatorship that doesn't know what it's doing and never did.

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  2.    How [libertarian] economic policy drives European (dis)integration

    Of course:

    By investigating how the potential output model has contributed to shaping policy-making and economic development in the euro area over the time period 1999-2014, we find two major performative aspects: first, the model has a pro-cyclical impact on fiscal policies, by increasing the leeway for fiscal policy in good times and by demanding more austerity in crisis times. Thereby, it promotes an inversion of the traditional 'anti-cyclical' use of fiscal policy to one that amplifies booms and busts.

    That's old news, but you'd never know it from the ordo- and neoliberals (who don't want to hear it and don't want you to either).

    Oh and by the way if you didn't already know it, the libertarians want European disintegration regardless of whether Europe reforms to become democratic enough or not.

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  3.    3 Things: The Fed's Missed Window & Failed Realizations | RIA

    Interesting article but wrong:

    The problem for the Federal Reserve remains the simple fact there is NO evidence that "Quantitative Easing" actually works as intended. The artificial suppression of interest rates was supposed to spur economic activity by encouraging lending activities through the banks. Such an outcome should have been witnessed by an increase in monetary velocity.

    Lance Roberts thinks the Fed should raise rates and take the lumps, as if raising rates would give the Fed room to handle stimulating the economy even though raising them would cause a recession. It makes zero sense.

    First of all, the Fed did QE to save the banks, not to rev the economy. The Fed was buying time, and it did. Look how long everything has taken. Look how there hasn't been a recession and how weak one would be were it to occur in the face of the Fed doing absolutely nothing.

    The only right move is fiscal stimulus via bond-free money. The bankers would never go for that though because it would prove we don't need the banks and never did.

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  4.    New UNCTAD report calls neoliberalism an epic failure and argues for global Keynesian stimulus policies

    Right wing ideology, pettiness and intellectual dishonestly aside, it would be possible to agree with Heath if instead of 'macroeconomists' he would speak about mainstream macroeconomists. It is not the Keynesians, the heterodox economists or the Marxists who are responsible for thirty five years of completely failed policies, but the economic mainstream, the neo-classicists, which dominate the academia and almost every institution in the world.

    The new United Nations' report The World Economic Situation and Prospects, 2016 analyses the right wing destruction in great detail.

    "…global Keynesian stimulus policies." Well, even Keynes discussed money financing fiscal spending. Let's not borrow but rather just print.

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  5.    Wells Fargo, Glass-Steagall and 'Do you want fries with that?' banking | TheHill

    Robert C. Hockett:

    the "products" — or, in Wells Fargo-speak, "solutions" — that Wells Fargo has been cross-selling. Recall that I mentioned that Wells Fargo's goal was for each of its clients to be sold at least eight of these products. But now ask yourself, how could you possibly buy eight distinct products from your local depository institution? What, beyond a checking account, a savings account, a credit card and perhaps one more item, could these be?

    The answer, it turns out, is that many of the "other products" are items that Glass-Steagall would have prohibited banks from having much, if anything, to do with prior to its repeal in 1999. These include things like life insurance annuities, more general "risk management services" (a term, of course, that embraces derivatives purchases), "investment advisory" services, and similar financial products that used to be offered not by banks or bank-affiliated entities, but by other, more high-end financial firms that Glass-Steagall expressly segregated from depository institutions.

    Opening the door to bank sales of such products yields at least two related problematic effects. One is that ordinary bank customers, whose degrees of financial sophistication suit them for bank accounts and associated bank cards but not for high-end, high-risk "investment products," are apt to be offered such "products" by people who used simply to assist them with managing more Main Street-style bank and checking accounts. The other is that these same salespeople are apt to become more and more like high-pressure Wall Street operators, since the bank's goal now becomes that of selling as many distinct "products" as possible to one's customers — and since the higher-end "products" tend to earn much more for their sellers than do traditional bank products like checking and savings accounts.

    So that is how the lat est Wells Fargo scandal implicates Glass-Steagall's banking culture concern.

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  6.    How to Find Foreclosures and Government-Seized Homes

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  7.    Seattle fire crews douse large apartment fire in Delridge | The Seattle Times

    No injuries were reported after a fire swept through a large apartment building Tuesday afternoon in Delridge. The building is owned by the Seattle Housing Authority. Fourty-four residents were displaced.

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  8.    Detroit housing rises from the ashes

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  9.    China's Runaway Housing Market Poses Latest Challenge for Yuan – Bloomberg

    A runaway boom in the largest cities will push investors to look for cheaper alternatives overseas, draining money out of China and putting downward pressure on the yuan in the process, according to analysis by Harrison Hu, Chief Greater China Economist at Royal Bank of Scotland Group Plc. in Singapore.

    An "enlarged differential between domestic and foreign asset prices will lead to capital outflows and depreciation, until parity is restored," Hu wrote in a note.

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  10.    More Wealth, More Jobs, but Not for Everyone: What Fuels the Backlash on Trade – The New York Times

    … trade comes with no assurances that the spoils will be shared equitably. …

    … tariffs on manufactured wares plunged to nearly 6 percent from about 35 percent, according to the Federal Reserve Bank of Chicago. By 2000, the volume of trade among members had swelled to 25 times that of a half-century earlier.

    Most of this trade took place between wealthy countries with similar wages and labor standards. But the rollout of Nafta in the 1990s put American workers in direct competition with counterparts in Mexico, where wages were much lower and labor rights and environmental standards were minimal.

    A washing machine maker with factories in the United States now had a ready way to cut costs: set up a plant in Mexico.

    Still, Mexico — home to about 123 million people — was not big enough to refashion the terms of trade. When China joined the W.T.O. in 2001, that added a country of 1.3 billion people to the global trading system.

    China targeted crucial industries for domination, lavishing favored companies with sweetheart credit terms while investing aggressively in ports, highways and electrical generation. Anyone with ideas about organizing Chinese labor risked landing behind bars.

    … Corporations that used China to cut costs raised their value, enriching executives and ordinary investors.

    Meanwhile, we were falsely told by the globalizers that trade would cause China to become democratic long before now. What's happened? China is becoming more dictatorial, not less. China isn't going to become democratic through trade, which will relatively lessen, but by revolution.

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  11.    LA Times – Risk of big earthquake on San Andreas fault rises after quake swarm at Salton Sea

    They are saying the odds right now are low, but …:

    By the time the San Andreas fault becomes unhinged in San Bernardino County's Cajon Pass, Interstate 15 and rail lines could be severed. Historic downtowns in the Inland Empire could be awash in fallen brick, crushing people under the weight of collapsed buildings that had never been retrofitted.

    Los Angeles could feel shaking for a minute — a lifetime compared with the seven seconds felt during the 1994 Northridge earthquake. Shaking waves may reach as far as Bakersfield, Oxnard and Santa Barbara. About 1,600 fires could spread across Southern California. And powerful aftershocks larger than magnitude 7 could pulverize the region, sending shaking into San Diego County and into the San Gabriel Valley.

    The ShakeOut simulation says it's possible that hundreds of brick and concrete buildings could fall, and even a few fairly new high-rise steel buildings. The death toll could climb to 1,800 people, and such an earthquake could cause 50,000 injuries and $200 billion in damage.

    They are also saying that sooner or later, it will happen. Preparation is key. Earthquake insurance is an essential even if you have to forego spending on unnecessary things you enjoy.

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  12.    Yellen Can't Hide the Struggle Inside the Fed – Bloomberg

    This is too good to resist. Look, Janet Yellen and the Fed aren't protecting or promoting Hillary Clinton, per se. Here's the deal.

    The Fed has a dual mandate: Keep inflation in check while keeping employment as high as possible. It's in that order, though the law doesn't say it. There's one other thing that's more important though. Above that dual mandate is the Prime Directive. You won't find the "prime directive" stated as such in any law. What is it? The Prime Directive is to keep the bankers from suffering fair losses.

    Now, the Fed would say that their prime directive is protecting the overall economy and that to do so, they must keep the banking system from collapsing. The truth is that the banking system could be nationalized in a pinch. That's what should have happened in 2008.

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  13.    What you need to know about the imminent threat of IoT botnets | VentureBeat | Security | by Ben Dickson, TechTalks

    This IS an important tech issue that impacts millions and will only increase if we don't insist that things are changed and changed very, very soon.

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  14.    Real Estate Report: Cash purchases of houses declining | The Columbus Dispatch

    U.S. cash sales hit their peak at 46.6 percent in 2011, as buyers struggled to qualify for loans and investors bought up properties.

    Although cash sales have declined as prices have risen, they remain high in recovering markets. Detroit's cash sales in June were the highest in the nation at 45.3 percent.

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  15.    How Brussels is obstructing the prosecution of corruption cases in Greece — Investigate Europe

    "What's the point of having an anti-corruption prosecutor after all if by law they are forbidden to prosecute corruption?"

    Says it all.

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  16.    Democracy does not cause growth | VOX, CEPR's Policy Portal

    Okay, these are "well-educated" people. However …

    They didn't define "democracy." Second, the proximate rise of what they do seem to consider democracies is the same cause for the fall of the autocratic regimes. In fact, the fall of such regimes necessarily means an increase in democracy by definition. It is not possible for them to say via their statistics that the subsequent economic growth that followed is not attributable to democracy, per se. They don't compare economic turmoil followed by the return of autocracy versus turmoil followed by democracy.

    More importantly and getting back to definitions, they cannot properly conclude that "the form of government has little bearing on economic prosperity." Why not? Where is there full democracy? We certainly don't have anything remotely democratic in the fullest sense in the US. Real democracy means decisions (economic and otherwise) being taken by the People fully informed via complete transparency. Show me where that exists and then show me another otherwise identical place where it doesn't. Then tell me about economic growth. Don't forget to factor in sustainability while you're at it because there's growth and then there's growth: flash in the pan versus continual.

    All of that said, they are probably nice people and smart.

    So, go back to the drawing board. Your "Conclusion" was not supported by your "evidence."

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  17.    Stop pretending that an economy can be controlled | OECD Insights Blog

    Perhaps the most important insight of complexity is that policymakers should stop pretending that an economy can be controlled.

    I don't like that statement. Try: "Perhaps the most important insight of complexity is that policymakers should stop pretending that an economy can be fully controlled."

    If we say it can't be controlled (rather then fully controlled), we don't do enough to control it (regulate). We give laissez-faire its head, which brings on disaster.

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  18.    Greg Mankiw's Blog: Trumponomics

    … an end to the trade deficit means an end to the capital inflow, which would affect interest rates, which in turn influence consumption and investment.

    Yes, but there's the Germany model, which is what the Trump people want more of here in the US (not that I agree with them).

    I suspect Greg is implying a great deal more than I'm seeing. I think he's talking shop.

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  19.    Why a banking crisis in China seems unavoidable | VOX, CEPR's Policy Portal

    As previous episodes of banking crises show, the sharp build-up of credit in the Chinese economy suggests a very high probability of a crisis in the next few years. Whether a crash can be avoided or not depends critically on the policy response of the Chinese government. In the three major banking crises that hit the country in the 1980s and 1990s, the one-party state was extremely willing to absorb part of the private sector losses. It now needs to act quickly to reduce corporate debt, strengthen bank balance sheets, and move the economy away from credit-fuelled investment in the 'old economy' and towards consumption. Debt-for-equity swaps, bank recapitalisations and the establishment of a market for the NPLs are all options on the table. Such a restructuring process of the banking system would result in a period of slower growth due to the credit contraction, but it would lead to a more sustainable growth model in the medium term. If, instead, the government continues to promote rampant credit growth, forcing banks to keep alive struggling state-owned enterprises, misallocating resources and deferring the necessary structural rebalancing, then a crash would seem to be unavoidable.

    "Such a restructuring process of the banking system would result in a period of slower growth due to the credit contraction…." It would be a shock. They are in for a shock either way.

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  20.    Public adjuster arrested for ripping off Southland fire victims

    Adjuster victimized homeowners a second time by allegedly stealing more than $400K in insurance proceeds, hiring unlicensed contractors, and leaving victims without repaired homes.

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  21.    Attorney General Laxalt Announces Guilty Plea of Las Vegas Woman for Insurance Fraud of Nearly $40,000

    Ramos filed a claim under a Farmers Insurance policy in which she fraudulently represented that numerous high-end items, totaling nearly $40,000, were stolen from her Las Vegas residence during an alleged burglary. It was later discovered that Ramos never lived at the apartment she alleged was broken into and the apartment was not burglarized as she reported.

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  22.    Long arm of law grabs one Sandy contractor | Di Ionno | NJ.com

    Last March, I wrote about several New Jersey people who trusted a contractor named Richard Woodard to make them whole again after Sandy had turned their lives upside down in the turbulent tidal surge that destroyed their homes.

    Last week, Woodard was arrested in Dunedin, Fla., by the Pinellas County Sheriff's Department at the request of the Ocean County Prosecutor's Economic Crimes Unit.

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  23.    Action 9 gets results after roofer disappears with insurance settlement | WFTV

    Stillwell said she signed an Assignment of Benefits ….

    Yes, don't do that. File the claim with your carrier. Your carrier adjuster will work directly with you and any contractors. If it's a large claim and you're not capable of handling it, you can hire an attorney, insurance broker, or public adjuster. Typically, experienced public adjusters with solid reputations are a good choice. Of course, there's no guarantee everything will go the way it should.

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  24.    California Governor Approves Public Adjuster Reform Bill

    Speaking of public adjusters:

    SB 488 clarifies several provisions in the public adjuster statutes ….

    There are some very fine people working as public adjusters, so don't take it from this article that they are all bad and should be distrusted. Just check out the reputation of the adjuster(s) you're considering. Of course, you should continually overview to satisfaction the adjusters work and documentation.

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  25.    Apartment Fire Near South Carolina's Myrtle Beach Leaves 17 Homeless

    About 100 firefighters responded to the fire ….

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  26.    Hurricane Hermine Declared Major Disaster; Federal Funds Available to Florida

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  27.    Heavy Rains in North Carolina Bring Floods, Prompt Rescues

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  28.    Texas Insured Property Losses Setting Record in 2016

    This year's insured losses for the first two quarters already surpass every year's total losses dating back to Hurricane Ike in 2008 ….

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  29.    North Carolina Woman Accused of Filing $42K Property Claim With 2 Companies

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  30.    Ohio State Law Aims to Reduce 'Zombie' Vacant Properties

    … fast-track system trimming Ohio's foreclosure process from two years or more to as little as six months.

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  31.    Flood Estimates Rise in Minnesota; South Dakota Storms Damage 18 Homes

    … at least 75 percent of the homes in the area damaged by flooding.

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  32.    Hawaii Governor Asks Obama for Disaster Funding for Maui flooding

    … heavy rains made rivers and streams swell, flooding several homes with mud and debris and causing landslides.

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  33.    Rash of Property, Auto Fires in Arkansas Town Thought to Be Arson

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  34.    St. Louis Area Landfill Operator Settles Suit with 34 Homeowners

    Would you buy near a landfill? Imagine buying a home only to have a landfill fire nearby start that they can't or won't put out.

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  35.    Gas Explosion in New York Home Injures 7

    … investigators had not determined the cause of the blast ….

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  36.    FBI — Crime in the U.S.

    Look at annual stats.

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  37.    FBI — Property Crime

    Do you think that technology is helping: alarms, etc.?

    In 2015, there were an estimated 7,993,631 property crime offenses in the nation. The 2-year trend showed that property crime offenses declined 2.6 percent in 2015 when compared with the 2014 estimate. The 10-year trend showed that property crime offenses decreased 20.2 percent in 2015 when compared with the 2006 estimate. (See Tables 1 and 1A.)

    In 2015, the rate of property crime was estimated at 2,487.0 per 100,000 inhabitants, a 3.4 percent decrease when compared with the 2014 estimated rate. The 2015 property crime rate was 14.4 percent less than the 2011 estimate and 25.7 percent less than the 2006 estimate. (See Tables 1 and 1A.)

    Larceny-theft accounted for 71.4 percent of all property crimes in 2015. Burglary accounted for 19.8 percent, and motor vehicle theft for 8.9 percent. (Based on Table 1.)

    Property crimes in 2015 resulted in losses estimated at $14.3 billion. (Based on Tables 1 and 23.)

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  38.    Arizona Court Considers Allowing Homeowners Lawsuit over Yarnell Fire

    The taxpayers would pay for losses to property that perhaps shouldn't have been built due to high fire-risk. What do you think?

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  39.    Report: Some Illinois Insurance Companies Forcing Roof Replacements

    You can ask for an exclusion. It will depend upon the jurisdiction and the carrier, but some offer it. We offer it in some states we cover. It's not designed to put off needed repairs or replacements, but it is designed for roofs over a certain age and with clear damage and signs of aging, etc. If the roof is "fine" in the eyes of a reputable roofer, the carrier's underwriter might approve the exclusion for a set time.

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  40.    Hailstorm Caused $4M in Damage to City in New Mexico

    … hailstones bigger than golf balls that caused an estimated $4 million in damage.

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  41.    Kentucky Residents Sue Over Arsenic Found Near Montgomery Co. Homes

    … Division of Waste Management tested the soil of surrounding properties last month and found arsenic concentrations requiring immediate cleanup.

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  42.    Man Charged in New Jersey Apartment Fire That Destroyed Three Buildings

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  43.    New York City Row House Blast Kills Fire Battalion Chief

    … marijuana is often grown legally in enclosed spaces using propane gas that powers carbon dioxide generators to boost production.

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  44.    Ottawa unveils sweeping changes to housing rules – The Globe and Mail

    The government's most anticipated measure involves cracking down on foreign buyers who used loopholes to avoid paying taxes on real estate speculation.

    The federal government said the change will ensure that the principal residence exemption is used only by Canadian residents and that families designate just one property as their principal residence in a given year.

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  45.    China Seeking to Succeed Where Japan Failed in Yuan Global Push – Bloomberg

    … China's economy is bigger in size compared to Japan, so the renminbi may still have the potential to become a major currency. Eventually it will depend on how China can avoid a Japan-like boom-and-bust cycle.

    How stable is China's government?

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  46.    Inside Sandy contractor's broken promises

    To participate in RREM, the state checks that a company has the proper licenses, is registered to do business in New Jersey and hasn't been debarred from doing business with the government ….

    So, what's missing from this entire article? Contractor insurance and surety (bonding).

    Was the construction contract problematic?

    It can be a major challenge for people to get the proper help after a major disaster because contractors are in extremely high demand and everyone is on edge. Even during easier times, many people don't have the faintest idea of how to contract for major repairs or rebuilding. They are fortunate when the contractor is ethical. Many contractors are. It's the rotten apples that spoil the bushel's reputation. That said, even ethical contractors with plenty of experience can run into real problems handling a huge batch of work after a major disaster. Do your due diligence, but be prepared for delays beyond your contractor's control.

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  47.    Housing affordability at the worst level in seven years | HousingWire

    "The improving affordability trend we noted in our second quarter report reversed course in the third quarter as home price appreciation accelerated in the majority of markets and wage growth slowed in the majority of local markets as well as nationwide, where average weekly wages declined in the first quarter of this year following 13 consecutive quarters with year-over-year increases," said Daren Blomquist, senior vice president at ATTOM Data Solutions.

    No surprise here, as my constant readers know.

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  48.    California Suspends 'Business Relationships' With Wells Fargo – Bloomberg

    California, the nation's largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts.

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  49.    Here is how China is going to quietly save its economy | South China Morning Post

    Smoke and mirrors:

    "The days when Beijing called on the policy banks to become more market-oriented are gone," said Guo Tianyong, a banking professor at the Central University of Finance and Economics in Beijing. "By shifting quasi-fiscal functions to the banks and allowing the banks to boost leverage, the government can keep its own account book looking healthy."

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  50.    2 homes destroyed, 15 damaged in powerful natural gas explosion (PHOTOS) | NJ.com

    Wow! Only minor injuries:

    A powerful natural gas explosion rocked a city neighborhood Tuesday morning, leveling two homes, damaging 15 others and sending shockwaves for blocks.

    Someday soon, I hope we have gas detectors that automatically shut off the gas and ventilate the house and that will be required by code and funded by the government for those unable to afford the equipment and/or installation. Of course, alternative, clean electric would be better!

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  51.    Beulah Hill fire: Firefighters brace for afternoon wind shift toward town

    "We know there were some homes that were lost, but we don't know how many yet," Perez said. "It seemed to calm down. Firefighters are planning to hit it pretty hard today."

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  52.    1MDB | Park Lane Hotel | Money Laundering Real Estate

    Well, this is a major exposé. Don't limit yourself to imagining that the ethnicities mentioned means there is any limit on ethnicities engaging in this sort of activity either. There are bad apples in every large ethnic group (so far anyway).

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  53.    Airbnb launches new campaign to fight proposed Seattle rental restrictions

    For those offering short-term rentals in their primary residences, there would be little change beyond a new license needed for places being rented for more than 90 nights in a year. But the big sticking point is a prohibition on people offering short-term rentals at properties other than their primary residences.

    Sponsors, including Mayor Ed Murray and council member Tim Burgess, say the new restrictions are needed to force property owners to put their units back into the long-term rental housing market, helping alleviate the current shortage. And they say the regulations would only impact a small number of Airbnb operators.

    The article doesn't mention the negatives of noise and added traffic, etc.

    Many apartment-complex owners and managers know that tenants will sublet, which will turn the complex into a hotel. The tenants who lease longterm typically don't like that kind of turnover in occupants.

    Zoning is a good thing. It can be overdone. However, I'm more concerned with affordable housing than with laissez-faire "rights" of Airbnb.

    Is there a place for an Airbnb within our mixed economy? Sure. Let's not have the Wild West though. Regulations are necessary.

    All of that said, government needs to promote affordable housing whether publicly or privately supplied! Landlords can make, and deserve, very decent money supplying decent affordable housing.

    Add your comment. Including the article/link number will help.


  54.    Navy Yard, SW Waterfront among hottest for rental development in city and nation – The Washington Post

    "What I think makes D.C. really interesting is that typically these kind of lists are going to be heavy on the Sun Belt, which are high-growth areas," said Jay Parsons, a vice president for MPF Research. "The fact that D.C. made it on the list really is noteworthy because typically your more mature large markets have a slower growth pace."

    The top four submarkets are: Uptown/South End Charlotte; Frisco/Prosper, Texas (a suburb of Dallas); Central Nashville; and Downtown Houston/Montrose/River Oaks, Tex.

    Add your comment. Including the article/link number will help.


  55.    NEW REPORT: Upgrading the ECB's Toolkit With a Monetary Dividend

    "Simply put, a citizens' dividend is clearly within the ECB's mandate so long as it is designed and implemented by the ECB's own initiative for the single purpose of price stability, and does not involve national or EU fiscal authorities." co-author Eric Lonergan says. This point is particularly clear within the legal framework of the Eurozone where the ECB is strictly prohibited from financing government's budgets.

    Why wouldn't the ECB do it? Well, it would show that charging interest to create money isn't necessary. It would open up the entire banking system to questioning.

    Add your comment. Including the article/link number will help.


  56.    Advanced economies' progress: Dismal and dazzling | VOX, CEPR's Policy Portal

    Imagining that you can't imagine everything (yet):

    Growth economics is powerful. At its best, it is an empirical science that helps determine how to lift human wellbeing — one of civilisation's most important tasks. But it is unable to capture the dynamism of our new age of discovery for a reason. Much that matters is still beyond its sight.

    Add your comment. Including the article/link number will help.


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