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Slowdown hitting in unexpected places
You’ve heard plenty about the far-reaching effects of the housing slowdown. One naysayer, Chris McCarty, director of the University of Florida’s consumer confidence index, weighs in today (for the report, click on October 2006) with a pessimistic outlook for the usual suspects, namely construction jobs and consumer spending.
But the housing slowdown is hitting in some unexpected places, too — like RailAmerica’s third-quarter profits.
The Boca Raton-based railroad operator said third-quarter profits dipped to $7 million from $7.5 million a year ago.
Among the culprits, according to RailAmerica’s CEO: “The slowdown in the housing market, which resulted in a 12 percent decline in our lumber carloads compared to the third quarter of 2005.”
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Comments
By cw1900
November 1, 2006 11:35 AM | Link to this
Oh my, what a tangled web we weave. Corruption, corruption, corruption….
Dirtbags in our local govt and dirtbags in local law offices working hand in hand not too much unlike the mob in NY/NJ. This is not unexpected. As is the case many times, we probably haven’t seen anything yet.
The tax paying citizens of this county need to know that your hard earned money is being forked over on a regular basis to complete power hungry dirtbags like this, in your name. This is corruption in its purest form. Wow. Lying, falsifying records, this has it all.
The catholic church with hookers and gambling scumbag priests, a congressman with his hunger for little boys, and now this. We are a laughing stock.
…In many papers this morning:
“Charges in the Tony Masilotti corruption scandal have touched one of the most well respected land-use attorneys in Palm Beach County, a consummate insider whose firm is set to earn tens of thousands of dollars this year working for the county.
Prosecutors accused William Boose, 62, of lying to federal investigators, creating fraudulent billing statements and providing four years of free legal work to help former two-term county commissioner Masilotti conceal his interest in a Martin County land deal.”
By Michael Fink
November 1, 2006 02:15 PM | Link to this
This guy must not have heard that “Prices are going up”.
This (on a national level) is going to be the worst housing downturn since WWI, and perhaps ever. At least some of the insiders are starting to acknowledge the problem.
“‘I don’t think the macro statistics reflect accurately what’s going on in many local markets,’ says Bruce Karatz, CEO of national home-builder KB Home. In many once-hot regions, order cancellation rates are running above 40 percent, new-home sales volume has dropped 50 percent, and new-home prices are down 10 percent to 25 percent.”
“Karatz says the current downturn is worse than any he has seen, even the early 1990s market that left so many big builders reeling.”
By Tony Masilotti
November 2, 2006 09:20 PM | Link to this
The older brother of a disgraced Palm Beach County Commission chairman resigned from his job as a building inspector at the Village of Wellington at roughly 3 p.m. Thursday, village officials said.
Paul Masilotti, 56, resigned after the village began investigating his part in a series of secret land deals involving his younger brother, former County Commission Tony Masilotti.
http://www.palmbeachpost.com/localnews/content/local_news/epaper/2006/11/02/1102masilotti.html
What a family of upstanding citizens of our fair county. These fine people decided that the citizens of Palm Beach County are so stupid and gullible, that they then decided, hey, let’s get bro a job sittin’ in the municipal building drinking taxpayer funded coffee and pretend to actually work.
Only in America. Please remember these and other power slobs next Tuesday.
Jail will be awaiting a good many of our fine elected officials and friends thereof.
Hi Mr. Boose, maybe it might be a good time for you to start deciding if your fat, wrinkly a*s will fit on a standard issue correctional facility toilet seat.
By pbc attorney
November 3, 2006 10:28 AM | Link to this
http://www.palmbeachpost.com/search/content/localnews/epaper/2006/11/03/m1aOYER_1103.html
you are correct in that this thing is going to get bigger. Just wait until you see the big fish getting caught in the nets. It is only beginning.
Such a mess getting messier.
By TGIF
November 3, 2006 10:55 AM | Link to this
I have notice the Canadian snowbird migration is on. Looks like an early winter up north.
The New York snowbird migration will happen after the election. Enjoy your last days of eatting at your favorite dining place, because you will suffer through the long wait until April.
Can we all agree that Renter Mike Fink has nothing more to ad to this blog. Please Mike, go get some pie in Raleigh.
Who says that every Baby Boomer will spend millions on condos? Most baby boomers will be in the $250k - $500k area of buying.
Yes, if your family income is over $80,000 and you cannot afford to live here, you need a family money manager expert to help you what you are doing wrong with your money.
Stick around and keep on renting for three more years. Many of us enjoy that income. I figure some type of expert will tell you about the false data that was being posted during this time.
He who owns property will be rich later on.
By sewageingroundwater
November 3, 2006 12:18 PM | Link to this
Easy: South Florida Living sure is fine. Read below.
“Broward may replenish underground water supply with treated sewage
By David Fleshler South Florida Sun-Sentinel Posted November 3 2006
Under pressure to accommodate growth without drawing water from the Everglades, Broward County is considering a plan to replenish underground sources of drinking water by discharging treated sewage into canals.
The county’s environmental staff has drafted a proposal to lower water-quality standards for canals so they could accept highly treated sewage without exceeding legal pollution levels.”
By Tim
November 3, 2006 12:20 PM | Link to this
I agree, Mike Fink sounds like a broken record. He says that same thing over and over.
He’s a RENTER in distress.
I hope for his sake his predictions are correct because if not he’s going to have a stroke.
If he does have a stroke, his monthly fee at the nursing home is not going to equal the Rent to Own ratio! Boy, he is going to be pissed!
By Stroke Time
November 3, 2006 01:49 PM | Link to this
Major newspapers across the country have full page ads today by the NAR, telling buyers to get off the fence. Warning in so many words, “as we speak…the prices will be going up”.
Saying that the current conditions right now are at the best time for buyers and that supply and prices will be changing in the upcoming months. NAR and Greenspan are telling buyers in the ad that this is it, it is now or never for most of you out there.
There will always be renters, due to various circumstances. The economy is good, and as i said from the past, the market will break out after the holiday season.
Many of you will either sell or buy in the coming months. Some of you will be moving into your new home, condo, or townhome. While others will be eatting pudding along with RCA at a nursing home.
BTW, RCA tells us we are drinking sewage water down here in Broward. Now i know how he became nuts!
Speaking of health issues…..Did you know….
That ladies eye make-up is made out of horse s*?
If you ever knew what hot dogs are made from, you will never be able look at another hot dog again!
How many rat hairs can you find in a Coke bottle?…5?..10?….25?….50?
If you ever saw what workers do to the food that they make at a “Hormel” food plant in Minnesota, you would be sick.
In a health study, 9 out 10 food workers in a restaurant never wash their hands when they come from the restroom.
Your toilet seat has less germs than your kitchen table.
Most of your napkins are made from re-usage of old napkins.
Try not to lick your envelopes or stamps, a strong percentage is that a cockroach ran across it before your lips did.
And here is one from the past…..When those Yankees were invading the south during the Civil War….southern cities that were surrounded and had a siege laid on them…well, the good southern ladies at several of these cities would carry a knife with them, so in case they saw a horse in the street that was just killed, they would cut into the horses meat area to take home with them for dinner.
What? No pies in Raleigh to pass around with the neighbors?
easyasabc
By Rich R
November 3, 2006 01:59 PM | Link to this
Easy,
I see you still haven’t filled that script.
Waiting for new numbers here.
psychnet@yahoo.com
By NARCoolAid
November 3, 2006 04:00 PM | Link to this
Easy:
Easy, wait stop don’t drink the cool aid. Darn it too late you already did. Well definitely don’t drink the water you might have already drank it once last week. Of course we should always recycle but water?
By to mike finbk
November 3, 2006 07:23 PM | Link to this
your comments on this blog show how stupid you are. i would guess you have never owned a home, have never been in the market, and are under the age of 40. you have never seen the ups and downs in real estate, and do not understand anything and your comments show this.
you have no idea what you are talking about, and are as stupid as rca and rich r.
move to some hicksville and then trash the place you came from, because you have no newspaper where you live. nothing better to do all the time but read some rag, from some place you relocated from because you are a big idiot.
By Mike Fink
November 3, 2006 08:09 PM | Link to this
Ground zero for the housing bust:
http://www.moneyandmarkets.com/press.asp?rlsid=479&catid=6&
At least I am not alone in my “stupidity”.
By michelle
November 3, 2006 08:23 PM | Link to this
Mike, you need thicker skin.
By postman
November 4, 2006 12:16 PM | Link to this
easy is bi-polar. keeps changing his name all of the time.
“People Lost Their Minds” In Recent Years: Florida.
seeing housing prices being scalped is the best. then again, complaining about high taxes when your housed is worth so much and yet you want to pay so little. i dont even read anything easy says.
he has been drinking the punch one too many times.
EASY SHOULD CHANGE IS NAME TO BI-POLAR.
AND WHAT IS YOUR TAX-INSURANCE BILL THIS YEAR, EASY!
i call you easy, because you are easy.