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CoreLogic report: Foreclosures decline in April, compared to a year ago
A new report from CoreLogic (NYSE: CLGX), a global property research and data provider, shows 46,000 foreclosures were completed nationally in April, down 18 percent from 56,000 a year ago. CoreLogic’s April National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory, also showed that on a month-over-month basis, completed foreclosures fell […]
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A new report from CoreLogic (NYSE: CLGX), a global property research and data provider, shows 46,000 foreclosures were completed nationally in April, down 18 percent from 56,000 a year ago.
CoreLogic’s April National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory, also showed that on a month-over-month basis, completed foreclosures fell 0.4 percent from the 47,000 reported in March 2014.
Despite the decline, foreclosure activity is still running much higher than before the collapse of the housing market in 2007-2008. Completed foreclosures averaged just 21,000 per month nationwide between 2000 and 2006, according to CoreLogic.
Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in 2008, about 5 million foreclosures have been completed across the country, the research firm says.
As of April 2014, about 694,000 homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.1 million in April 2013, a decline of 35 percent. The foreclosure inventory as of April represented 1.8 percent of all homes with a mortgage, compared to 2.7 percent in April 2013. The foreclosure inventory was down 4.7 percent from March 2014, marking the 30th month of year-over-year declines, CoreLogic reports.
“Over the last 12 months, completed foreclosures fell to 599,000, the lowest level since the Great Recession began in 2007,” Sam Khater, deputy chief economist at CoreLogic, said in a news release. “At the current pace of completed foreclosures, and given the current foreclosure inventory, it will take 14 months to move all of the foreclosed inventory through the pipeline.”
“We have now registered two and a half years of continuous decreases in the number of homeowners who are in some stage of the foreclosure process. This consistent decline means fewer Americans are experiencing the distress of delinquency and default,” said Anand Nallathambi, president and CEO of CoreLogic. “The recovery may be slow, but it is steady.”
April 2014 report highlights
Every state, except for New York (and the District of Columbia), posted double-digit year-over-year declines in foreclosures, CoreLogic reports.
Thirty-seven states show declines in year-over-year foreclosure inventory of greater than 30 percent with Arizona, Utah, Minnesota and California and posting declines greater than 50 percent.
The five states with the highest number of completed foreclosures for the 12 months ending in April 2014 were: Florida (121,000), Michigan (46,000), Texas (38,000), California (33,000), and Georgia (32,000).These five states account for almost half of all completed foreclosures nationally, according to CoreLogic.
The five states (including the District of Columbia) with the lowest number of completed foreclosures for the 12 months ending in April 2014 were: D.C. (68), North Dakota (352), West Virginia (517), Wyoming (718) and Alaska (844).
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: New Jersey (6.0 percent), Florida (5.4 percent), New York (4.6 percent), Hawaii (3.1 percent), and Maine (3.0 percent), CoreLogic reports.
The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Alaska (0.4 percent), Wyoming (0.4 percent), North Dakota (0.5 percent), Nebraska (0.5 percent), and Minnesota (0.5 percent).
OGS upcoming construction opportunities include Oriskany project
RoAnn M. Destito, New York State Office of General Services Commissioner, recently announced bidding for construction contracts. They include work in Oriskany in Oneida County: Oneida County Construction Work: Contract No.: 44460-CDescription: Provide Tactical Firing RangeLocation: State Preparedness Training Center, Oriskany, NYBid Date: 7/9/2014Estimate: $3,000,000 – $4,000,000 Electrical Work: Contract No.: 44460-EDescription: Provide Tactical Firing RangeLocation: State
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RoAnn M. Destito, New York State Office of General Services Commissioner, recently announced bidding for construction contracts.
They include work in Oriskany in Oneida County:
Oneida County Construction Work:
Contract No.: 44460-C
Description: Provide Tactical Firing Range
Location: State Preparedness Training Center, Oriskany, NY
Bid Date: 7/9/2014
Estimate: $3,000,000 – $4,000,000
Electrical Work:
Contract No.: 44460-E
Description: Provide Tactical Firing Range
Location: State Preparedness Training Center, Oriskany, NY
Bid Date: 7/9/2014
Estimate: $250,000 – $500,000
Firms interested in additional information or to acquire bid documents should visit the OGS website at www.ogs.ny.gov and click on the Design & Construction link or call (877) OGS-PLAN (877-647-7526) or (518) 474-0203.
Newhouse School to dedicate New Studio and Innovation Center on Sept. 29
Will celebrate re-opening of Newhouse 2 building, after $18 million renovation SYRACUSE — Syracuse University’s S.I. Newhouse School of Public Communications announced it will dedicate the new Newhouse Studio and Innovation Center on Sept. 29 on campus. Special guest Oprah Winfrey will join students, alumni, media executives, and other VIPs to celebrate the re-opening of
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Will celebrate re-opening of Newhouse 2 building, after $18 million renovation
SYRACUSE — Syracuse University’s S.I. Newhouse School of Public Communications announced it will dedicate the new Newhouse Studio and Innovation Center on Sept. 29 on campus.
Special guest Oprah Winfrey will join students, alumni, media executives, and other VIPs to celebrate the re-opening of the school’s Newhouse 2 building, which is undergoing an $18 million renovation, the Newhouse School said in a news release.
The Newhouse Studio and Innovation Center will provide the school with a cutting-edge media facility for students to learn in while preparing for careers in the communications industry, the Newhouse School contends.
The complex’s features include:
The dedication celebration will include a daylong series of events, including academic symposia, remarks by Winfrey, a ribbon cutting at the Waverly Avenue entrance to Newhouse 2, and tours of the new facility, the release stated.
No excuses; what is the reason this happened?
If you read this column, you might remember Sister Mac from a few chapters ago. She was the nun from my childhood who smacked us when we lied or evaded the truth. I suggested many of us would welcome the likes of her at interviews of our leaders. Sir, did you know about this in
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If you read this column, you might remember Sister Mac from a few chapters ago. She was the nun from my childhood who smacked us when we lied or evaded the truth. I suggested many of us would welcome the likes of her at interviews of our leaders.
Sir, did you know about this in advance? “Well, the truth is that we should be looking at …” Smack! “What I knew is not important. What’s important is …” Smack!
Lately I’ve been thinking of a tag team partner for her. His name is Chief Sordahl. I served under him in the Navy.
When the chief found a mess he asked us, “What is the reason this happened?”
Well, Chief, somebody left the hatch open, and next thing …
He’d say: “That is not a reason. That is an excuse! What is the reason?”
We’d try again: Chief, we didn’t get the message in time to …
Chief would reply, “That is not a reason. That is an excuse! What is the reason?”
He asked that question until one of us admitted we screwed up. Or that we were stupid. Or that we failed to anticipate.
Back to Sister Mac. Was it her goal to humiliate her students? No. She wanted us to learn what truth is. And how it differs from lies.
Was it Chief Sordahl’s intent to humiliate his sailors? No. He wanted us to understand personal responsibility. He wanted us to take responsibility for our actions. He knew this was best for life at sea — where the lives of others were in our hands. He knew it was best for life anywhere. His lesson was simple: Take responsibility.
I nominate him for the tag team with Sister Mac. Their job? To confront our leaders when they dodge responsibility. Or when they tell us they take full responsibility but blame someone or something else.
Chief Sordahl came to mind as the health-care scandal at the Veterans Administration began to unfold recently. The Chief was a career man. He might well be one of the patients harmed at one of the hospitals.
As in so many scandals, lots of our leaders cited many excuses for what happened. There were these directives. There were those talking points. The office responsible for such and such did this, the previous administrations did that, we’re waiting for the commission to report on, etc. etc.
When I read and hear these excuses, I also hear the Chief, saying, “That is an excuse. What is the reason?”
It is a pity too few of our leaders stand up and own up. A pity for them. Because voters find it appealing in a leader when he or she does take responsibility. I mean, really takes responsibility.
They love it when that rare leader says, “Well, we screwed up.”
They can hardly be angry with a leader who admits “My mistake. My big mistake. I apologize and will try my best to do better next time.”
They remember, favorably, the leader who says “You know, we hit a few homers now and again. And like Babe Ruth, we strike out sometimes. This time we struck out.”
These are the voters who dislike the evasions. They wish Sister Mac was on the scene.
To call a lie a lie and smack her way to the truth.
These are the voters who dislike excuses. I am among them. And, I yearn for a Chief Sordahl to batter leaders with his tongue, his frown, and his eyes like lasers that could bore through steel, until … Until our leaders find enough courage to give us the reasons.
Fewer excuses. More reasons.
From Tom…as in Morgan.
Tom Morgan writes about political, financial, and other subjects from his home near Oneonta, in addition to his radio shows and TV show. For more information about him, visit his website at www.tomasinmorgan.com
Dairy is still the leader in agriculture, regional economy
New York was recently named the top yogurt producer in the nation. This is the second year our state has earned this distinction, in large part due to the Greek yogurt producers who call New York home. According to the National Agricultural Statistics Service, New York produced 741 million pounds of yogurt, up from 695
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New York was recently named the top yogurt producer in the nation. This is the second year our state has earned this distinction, in large part due to the Greek yogurt producers who call New York home. According to the National Agricultural Statistics Service, New York produced 741 million pounds of yogurt, up from 695 million pounds in 2012. New York also accounted for 15.7 percent of the total U.S. yogurt production in 2013.
This is great news for the industry. June is National Dairy Month. I want to take some time this month to highlight just how important dairy is to our region. Milk accounts for nearly half of all agricultural receipts. In 2013, cash receipts from the marketing of milk in New York increased from $2.21 billion in 2010 to $2.85 billion in 2013. Greek yogurt has created another market for fluid milk on top of an already vibrant market for cheese, cream, and butter.
The Greek yogurt boom has directly impacted farmers and the local economy as well. Earlier this month, the region’s much anticipated Agrana Fruit plant in Lysander completed construction and will soon employ 120 workers when fully operational. The company produces fruit filling for yogurt and, according to the Empire State Development Corporation, is already employing 60 people.
Agriculture is known for creating more jobs and supporting additional businesses in the surrounding area. Economists refer to this as the multiplier effect. The dairy multiplier effect is 2.3, which is high compared to other industries. To give an example, the total sale of milk in 2012 for Jefferson, Onondaga, and Oswego counties was $208 million, but the economic impact is estimated to be $416 million according to Cornell Cooperative Extension and the United States Department of Agriculture. This is because farmers need suppliers, restaurants, transportation, retail, and sales outlets to do business. All of this lends to the overall economic impact.
I’m pleased to see the state embrace our yogurt producers. For the past two years, the state has hosted a yogurt summit, which brings yogurt producers, dairy producers, and state officials together to try and find new ways to support the industry. As a result, one of the programs devised to help dairy production is the Dairy Acceleration Program (DAP). The state, with Cornell Cooperative Extension administrating the program, aims to assist dairy farmers to enhance their farms by providing funding (up to 80 percent of project costs) for business projects on the farm. Some examples of projects being funded through DAP include nutrition-management plans, as well as storage and handling of manure. For example, up to $6,000 is available per farm to develop a Comprehensive Nutrient Management plan for farmers with less than 300 cows. This program gives preference to small dairy farms. To learn more, visit: http://ansci.cornell.edu/prodairy/dairy_acceleration/index.html
In this year’s budget, with the help of State Senator Patty Ritchie, we were able to pass the Beginning Farmer’s NY Fund, a pool of grant money allocated to catalyze the careers of emerging farmers. Up to $50,000 is available for forward-thinking small farms that reside on less than 150 acres. We also reformed the estate tax. This will allow families to pass down their farms from generation to generation without being forced to sell them due to burdensome taxation. The exemption threshold will increase from $1 million to $2.06 million this year. By 2017, the exemption threshold will be $5.25 million. By 2019, the exemption threshold will be in line with the federal level. Though I would have liked to have seen these changes be effective immediately, I’m glad we will eventually subject fewer people to the estate tax.
Dairy is such an important part of our economy. Though a dairy’s success relies on many factors, including fluctuating prices of commodities and demand for milk, I’m pleased the state has been able to lend a hand where it can and hope we continue to do more going forward for this important industry.
William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us, or (315) 598-5185.
Patricia Roach has been named senior vice president/chief nursing officer for the Mohawk Valley Health System (MVHS). She will oversee nursing services for MVHS, which
TopHire Recruitment, LLC, has named Meg Sherman as executive recruiter. She is a founding member of the company and a 15-year veteran of the staffing industry.
GHS Federal Credit Union has promoted Christine Cresci to assistant branch manager at the credit union’s Norwich branch. She joined the GHS Norwich branch in 2012 as a member-service supervisor. Cresci came to GHS with a customer-service background, with many years of experience as a teller and in the retail industry.
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GHS Federal Credit Union has promoted Christine Cresci to assistant branch manager at the credit union’s Norwich branch. She joined the GHS Norwich branch in 2012 as a member-service supervisor. Cresci came to GHS with a customer-service background, with many years of experience as a teller and in the retail industry.
Landmark Theatre announces lineup for its summer classic-film series
SYRACUSE — The Landmark Theatre today announced the inaugural lineup for the Landmark summer classic-film series. The series begins June 18 with Alfred Hitchcock’s “Vertigo”
Upstate consumer sentiment jumps in May
Consumer sentiment in upstate New York rose 6.2 points to 75.4 in May, according to the latest monthly survey the Siena (College) Research Institute (SRI)
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