Financial News

Money for nothing: Portland Housing Commission

From findings in a study he has not read, Portland City Commissioner Nick Fish announced that 66% of our minority population  “face discrimination when they look for a place to rent in Portland.”  If that were in any way verifiable, it would be unconscionable.  Commissioner Fish, however, chose not to verify this conclusion by asking to see the actual study, because do so would “jeopardize its (the Fair Housing Council of Oregon’s) ability to do future audits by revealing its methods.”  

At the risk of boring you on this beautiful late summer Sunday morning, the methods used to come to a conclusion in a study are of critical importance.  If Fish’s conclusion were given in a basic junior college level statistics course, it would merit a failing grade.  Announcing the study’s findings to the public makes as much sense as repeating gossip, because Commissioner Fish can have no idea whether the statement is true without reading the study for himself.

Yet, announcing the conclusion from this study is useful to justify the $88.5 million  the Portland Housing Bureau spends annually.  Who heads the PHB?  Nick Fish.

What reasonable Portlander would oppose fair housing?  Hopefully, none.  But, upon closer look, we find that the PHB has, since its inception on July 1, 2010, done nothing.  In the latest city budget, the PHB “continues efforts to synthesize programs, consolidate policy and investment approaches, and chart a new and forward-looking path.”  One cannot help but see that the PHB has done absolutely nothing to help its residents obtain fair housing.

Yet, one week ago, Commissioner Fish announced its Fair Housing Plan, which begins by repeating the findings from the study he has not read.  This plan “sets forth specific steps the City o(sic) Portland will take over the next five years to end discrimination in rental housing.”

Its justification is unverified conclusions.  The PHB has spent $88.5 million per year, and has done nothing since July 1, 2010, except unveil a five year plan.

After a year and two months and more than $88.5 million, we have a five year plan?  Portland taxpayers could reasonably expect more.

 

Tags: Commission

Saturday, September 24th, 2011 Financial News No Comments

What is selling these days: Vacation and Luxury Homes Are

These have been trying time for many divisions of the real estate industry. Yet, two areas that are showing improvement are the luxury home and vacation home markets. It seems that people in these areas are beginning to purchase again.

The Luxury Homes

Along with the vacation home market, the luxury market has also made a comeback. HousingWire reported on the luxury market last month with this:

“In the nation’s top 20 markets, million-dollar property sales rose 18% in 2010 with a 21% increase in California, said Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing, a Dallas-based firm…

In Miami, 517 properties sold for $2 million or more during the first seven months of 2011, up nearly 16% from a year earlier.”

The Vacation Homes

Last week Market Watch published this article discussing the vacation home market. Dan Whi

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Tags: Luxury, Luxury Homes

Friday, September 23rd, 2011 Financial News No Comments

Gold Fever to Break Soon, Analysts Say

Gold surged 6% in one week to a record high of $1,881.40 an ounce on news of U.S. economic growth downgrades and a volatile market, but analysts are predicting the frenzy is about to subside and will be followed by a significant price correction. The stabilized value of gold is thought to be around $1,500 an ounce, although a lack of safe haven investments may keep the precious metal from falling to that level. Struggling real estate prices and wobbly world economies are leaving commodities as the only hedge against uncertainty for both individual and group investors. For more on this continue reading the following article from The Street.

Gold prices catapulted to a new record last week, as fears of a global double-dip recession sent investors piling into the safe-haven metal.

Despite the flight to safety, experts warn that time may be up for this current rally.

Gold for December delivery skyrocketed $30.20 to close at $1,852.20 an ounce at the Comex division of the New York Mercantile Exchange, although settled well off session highs.

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Tags: Analysts, Analysts Say

Friday, August 26th, 2011 Financial News No Comments

Trade Recommendations for Wed. Aug. 17th

Hello All, The 3 day win streak in stocks has ended with bank stocks leading the way lower. The event of the day was the meeting between Sarkozy and Merkel, where not much supportive data was drawn. Trader’s were looking for the possibility of a euro-zone bond, which was dismissed, and the proposal for extra euro-zone governance was only re-iterated rather than implemented. European GDP was only up 0.2% which echoes thoughts of a recession which followed 0.8% in the 1st quarter. If anything, out of all the nations one would have expected decent data out of Germany which posted 0.1% in comparison to 1.3% in the 1st quarter. If the German economy is weak, will they still be willing to support neighboring ‘bailed-out’ nations? On the home front, we had weak July permits and new construction data which is at about half of a healthy economy. Read more…

Thursday, August 25th, 2011 Financial News No Comments

How To Have A Lavish Lifestyle Without Breaking The Bank

When people say they want the good life, what most of them really mean is the luxuries life. Tempted by thoughts of first-class travel and sandy beaches, they move heaven and earth to get there—only to drown in debt down the road, their Prada purses overflowing with maxed-out credit cards.

You see, the high life is all about the money. You blow $1,000 on a hand-painted Hermès scarf not because it’s pretty, comfortable, or valuable, but because you can. On the other hand, someone who’s living the good life enjoys the finer things in life, prices notwithstanding. He or she can take as much pleasure in feel of real Italian leather and Egyptian cotton as with a $2 cup of coffee from that shop across the office. That’s what makes the difference.

Luxury, to those who have it, is seldom what the magazines make it out to be. Anyone can live well without massive spending or borrowing. Read on

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Wednesday, July 27th, 2011 Financial News No Comments