Archive for November, 2007

CNBC Expands Real Estate Coverage Helping Home Owners and Investors Alike Cope with the Growing Housing Crisis

Friday, November 30th, 2007

ENGLEWOOD CLIFFS, N.J., Nov. 28, 2007–CNBC, First in Business Worldwide, is expanding its already unparalleled coverage of the critical real estate industry by establishing a daily series of reports under the umbrella title “The Home Front,” effective immediately.CNBC Washington-based real estate correspondent Diana Olick, among others, will provide news and analysis affecting home buyers, sellers, owners, builders, lenders and investors. With housing prices falling in virtually all regions, and foreclosures rising sharply, real estate is a growing concern for millions of Americans. At the same time, falling prices have created incredible buying opportunities across the country in some of the most coveted zip codes.

Other CNBC correspondents contributing stories include Los Angeles-based reporter Jane Wells, who has been covering the story of Countrywide Financial Corporation, a provider of consumer and business-to-business financial services headquartered in Calabasas, Calif., and CNBC Contributor Barbara Corcoran, one of America’s top real estate entrepreneurs.

“Real estate is one of the crucial topics on the minds of all Americans today and viewers are turning to CNBC for news, context and advice on how to protect their investments,” said Jonathan Wald, CNBC Senior Vice President, Business News. “The instability of the housing market affects so many industries and CNBC provides the comprehensive coverage viewers need to stay ahead of the market.”

Wednesday, 28 Nov 2007,

 www.cnbc.com

Efficiency’ ski area’s mantra

Friday, November 30th, 2007

It is Friday November 30 and our mountain is officially open…yahoo!!!!!!! 

Steamboat Springs – Almost as soon as the excitement of today’s opening day and the Steamboat Ski Area’s first six-passenger chairlift wears off, skiers and riders un­­doubtedly will ask: “When will Mother Mountain open more runs?”

The answer to that question always comes backs to Mother Nature, but snowmaking crews at the ski area have a battle plan.

“Our operations crew has a plan for how they’ll attack the mountain,” ski area spokesman Mike Lane said. However, that plan is always subject to the “efficiency mantra.”

Snowmakers take numerous temperature and atmospheric readings all over the ski mountain. Ultimately, they fire up the snowmaking guns where conditions suggest snowmaking will be the most efficient in terms of output.

That explains, in part, why manmade snow has yet to be pumped out on Buddy’s Run, near the summit of Storm Peak – overnight temperatures have been warmer at higher elevations.

Likely targets for the next round of snowmaking are a trio of runs that can be served by the Burgess Creek Express chairlift: Rudi’s Run, Lightning and Ego. Those trails are north-facing and promise to hold snow better should temperatures moderate.

The National Weather Ser­vice in Grand Junction is forecasting snow and perhaps a little rain during the next three days. That forecast is based on the valley’s elevation of 6,700 feet, and conditions on Mount Werner could vary.

The forecast calls for a high temperature of 37 degrees today with a slight chance of rain followed by a 60 percent chance of rain mixed with snow Friday night and a low of 26 degrees.

The possibility of rain mixed with snow returns Saturday, when the temperature could rise to 38 degrees.

Lane said the ski area’s ability to open more terrain, as always, will depend on how that forecast proves out.

Snowmaking weather returns Saturday night when the chance of snow is rated at 40 percent and the low is expected to be 14 degrees. The weather will clear Sunday night when the temperature is expected to dip into the single digits.

Steamboat Ski Area opened additional terrain in short order after opening day 2006. Storm Peak Express and 24 trails opened on the ski area’s second day of operation last year.

Ski area spokeswoman Heidi Thomsen said skiers and riders who want to stay cur­rent on snow conditions and trail openings can go to www.steam­boat.com to view the mountain cam, photo of the day and to register for the daily “Straight Talk Mountain Rep­ort.” Mountain conditions are updated daily on a phone recording at 879-7300.

Story written by Tom Ross and published by Steamboat Pilot & today

Making a pilgrimage home? Thanksgiving travel tips

Tuesday, November 20th, 2007

By Peter Greenberg TODAYShow.com contributor… 

Some of the statistics you probably already know. The Wednesday before Thanksgiving is the busiest travel day of the year, as everyone tries to get home for Thanksgiving. Those numbers are more or less inevitable. Twenty-seven million passengers will fly from Nov. 23 through Nov. 27. It’s not going to be pretty.

But you don’t have to be abused by the numbers, by airports or airlines. Here are my last-minute travel tips to get you home with the least amount of stress and abuse.

I’m not going to tell you to get to the airport early. Everyone else will tell you that. What I will tell you is to be a contrarian traveler, and – in effect – to ignore virtually every airport/airline sign.

First, if at all possible, ship your bags ahead. There are about 17 separate door-to-door courier services that will do the job, and if you do it at least three days in advance, you get a substantial discount. Then:

1. Check in for your flight and print your boarding pass on your home computer the night before.

2. When getting to the airport (especially for a morning flight), don’t go to the departure level. It will be a zoo. Besides, you have no baggage to check and you already have your boarding pass. Instead, skip the car and people traffic and head for the arrivals level. In the early morning, no one is there. Then take the escalator upstairs and go through security to your gate.

3. When you arrive, have your friends or family pick you up at the departure level. No one will be there (they will all be downstairs screaming and pushing, hoping against hope that their bags were actually on the same flight they were, and waiting for at least 40 minutes or more for that carousel to start moving).  And then, they can all wait in line for transportation and get stuck in traffic. You, on the other hand, are already in your car and headed out of the airport. And where are your bags? At your final destination – your home, or your hotel room.

4. If you must check bags, don’t wrap any presents. They may be opened by security personnel, especially if you use any wrapping paper that may contain metal or foil. Also, do not expect the ID tag that you faithfully put on the outside of your bag to remain there. Baggage conveyor belts love to eat these tags. So protect yourself. With duct tape, affix a larger ID to the inside of your bag, so that if the outside tag is lost, someone opening your bag will at least know where to find you.

5. An additional thought about checked bags – especially during the holidays. Be advised that luggage thieves as a general rule don’t steal bags, but individual items from those bags. And they are hoping that you behave in a consistent manner – that when you arrive at your destination, and then, when you see your bag coming around on the carousel, that you are so happy and relieved to see it that you simply grab it and leave the airport.

It’s only when you get home and open it that you discover an item or items missing. And by then, it’s too late – your word against the airline’s, and you will probably lose. Instead, take three minutes at baggage claim and open your bag right there to determine that all the contents are inside. And if not, file a claim immediately at the airport.

Some other Thanksgiving travel thoughts:

If at all possible, think alternate airports. Flint instead of Detroit; Milwaukee instead of Chicago; Oakland instead of San Francisco; Providence instead of Boston.

Last, but not least, if you’ve either waited until the last minute to make your plans or, like some of us, actually believe that Thanksgiving is an obligatory dysfunctional family get-together, then follow this advice: Do NOT, under any circumstances, attempt to fly out on Wednesday the 21st. Assuming you can even get a seat, the price will  border on outrageous. Instead, fly out on the very first flight on Thanksgiving morning. You’ll still get to where you need to go in time to cut the turkey, see your crazy relatives and let them push all the emotional buttons during dinner.

Stay the night. And then, on Friday afternoon, fly home. (Your flight will be … empty, and the airfare will be much lower.) It’s a triple-win for all concerned. You went home for Thanksgiving, you saw the family, and you returned back to your home in time to keep the weekend for yourself. And then, you get to watch all of your other friends struggle in their own personal remakes of the movie “Planes, Trains and Automobiles”!

Pumpkin Casserole

Tuesday, November 20th, 2007
Pumpkin Casserole
Prep Time: 5 Minutes
Cook Time: 1 Hour
Ready In: 1 Hour 5 Minutes
Yields: 11 servings

“This is super easy, something different and tastes great with the main course. Enjoy!” INGREDIENTS:

2 cups pumpkin puree
1 cup evaporated milk
1 cup white sugar
1/2 cup self-rising flour
2 eggs
1 teaspoon vanilla extract
1/2 cup butter
1 pinch ground cinnamon

DIRECTIONS:

1. Preheat oven to 350 degrees F (175 degrees C).
2. Combine the pumpkin, evaporated milk, sugar, flour, eggs, vanilla, melted butter and ground cinnamon to taste. Spoon into a casserole dish.
3. Bake at 350 degrees F (175 degrees C) for 1 hour.

Southern Comfort Sweet Potatoes

Tuesday, November 20th, 2007

Here’s another yummy one for you…

Southern Comfort Sweet Potatoes
Prep Time: 15 Minutes
Cook Time: 40 Minutes
Ready In: 55 Minutes
Yields: 10 servings

“Canned sweet potatoes are mixed with orange juice, cinnamon, and Southern Comfort liqueur, and topped with a pecan and brown sugar crust.” INGREDIENTS:

2 (29 ounce) cans sweet potatoes, drained
1/2 cup butter, softened
1 teaspoon ground cinnamon
1/4 cup orange juice
3 eggs, beaten
1/4 teaspoon salt
1/2 cup Southern Comfort liqueur
1/2 cup chopped pecans
1/2 cup light brown sugar

DIRECTIONS:

1. Preheat oven to 350 degrees F (175 degrees C).
2. Place sweet potatoes in a large bowl. Beat with an electric mixer until light and fluffy. Mix in the butter, cinnamon, orange juice, eggs, salt, and liqueur. Transfer to a 2 quart casserole dish. Mix the pecans and brown sugar in a small bowl, and sprinkle evenly over the sweet potato mixture.
3. Bake 30 to 40 minutes in the preheated oven, or until center is firm and edges are lightly browned.

US Air warns of late departures over holidays

Monday, November 19th, 2007

Make sure you give yourself plenty of time if you are traveling this holiday season, this story was found on www.msn.com 

Carrier sees 40 percent of flights – 1,400 per day – to miss takeoff markCarrier sees 40 percent of flights – 1,400 per day – to miss takeoff mark 

PHOENIX – The holiday travel season will be so hectic this year that US Airways’ on-time departure goal would allow for 1,400 daily flights to leave late.

According to its November employee newsletter, the Tempe, Ariz.-based carrier says its goal for the holiday season is to have 60 percent of its 3,500 daily flights depart on time. That means about 1,400 would not push off from the gate according to schedule.

“We of course want as many planes to go on time as we can,” US Airways spokesman Morgan Durrant said. But with possible winter storms delaying flights and the expected flood of passengers during the holidays, Durrant said the airline decided that 60 percent was “a challenging but achievable goal.”

Last year, 53 percent of US Airways mainline flights departed on time in November, and 47 percent departed on time in December, according to the employee newsletter.Durrant added that if a flight departs late, that doesn’t necessarily mean it will land late as well. He said some planes can fly a little faster and make up time they lost sitting at the gate.

According to the Bureau of Transportation Statistics, US Airways slightly lagged the national average of on-time arrivals during November and December of 2006, with 73 percent of its flights arriving within 14 minutes of the posted schedule. The national average was 74 percent.

So far this month, almost 80 percent of US Airways flights have arrived on time, spokeswoman Andrea Rader said.

“We’re shooting for actually perfect on-time performance, but we understand the realities of the holiday travel season,” Rader said.

Kevin Mitchell, chairman of the Business Travel Coalition, an advocacy group, said the US Airways goal “certainly doesn’t suggest there is much to look forward to Thanksgiving and Christmas.”

Mitchell said many people are “very apprehensive” about flying this holiday season.

His advice to travelers: “Really lower your expectations and build a lot of time into it, because it’s going to be ugly in certain circumstances.”

US Airways’ goal of 60 percent on-time departures was announced as part of the carrier’s “Holiday Hustle” employee incentive program. The airline also hopes that no more than seven bags are mishandled per 1,000 customers.

If the departure and mishandled baggage goals are met, the airline says it will give each employee a $100 bonus. If only one of the goals are met, employees will get $50.

To help the winter travel season go smoothly, US Airways says it will add staff to airport lobbies, check-in counters, baggage areas and airport towers.

Monday, November 19th, 2007
In honor of the holidays, I thought I would include some of my favorite recipes to help you celebrate…

Caramel Pecan Pie

Prep Time: 30 Minutes
Cook Time: 50 Minutes
Ready In: 1 Hour 20 Minutes
Yields: 8 servings

“A yummy pie made with melted caramel candies, butter and pecan halves. Chewy, gooey and rich!” INGREDIENTS:

1 (9 inch) unbaked pie crust 36 individually wrapped caramels, unwrapped 1/4 cup butter 1/4 cup milk 3/4 cup white sugar 3 eggs 1/2 teaspoon vanilla extract 1/4 teaspoon salt 1 cup pecan halves

DIRECTIONS:

1. Preheat oven to 350 degrees F (175 degrees C.) In a saucepan over low heat, combine caramels, butter and milk. Cook, stirring frequently, until smooth. Remove from heat and set aside.
2. In a large bowl, combine sugar, eggs, vanilla and salt. Gradually mix in the melted caramel mixture. Stir in pecans. Pour filling into unbaked pie crust.
3. Bake in the preheated oven for 45 to 50 minutes, or until pastry is golden brown. Allow to cool until filling is firm.

No snow, no go: Ski area postpones opening day

Friday, November 16th, 2007

Bad new for Steamboat Springs, no snow means no opening of the mountain as expected. This, however, could be a blessing based on the state of the base at this moment in time. I personally am perfectly fine with the beautiful weather we have been having lately and feel whole-heartedly that we should all just enjoy the weather that we are given. The snow will come, it may not be epic but it will come and when it does we will ski. Until then, there are a million things to do and a million ways to appreciate this wonderful place in which we live. (article written by Tom Ross from Steamboat Pilot & Today) 

Steamboat Springs – For the second time in seven years, mild November weather has caused the Steamboat Ski Area to push back its opening day.

The traditional opening Scholarship Day benefit for the Steamboat Springs Winter Sports Club has been delayed from Nov. 21 to Nov. 30, Steamboat Ski and Resort Corp. officials said Thursday. All season and value passes will be honored beginning Dec. 1.

“The warm weather patterns we’ve experienced lately have made snowmaking a challenge,” said Andy Wirth, executive vice president of sales and marketing and chief marketing officer for Intrawest, Steamboat Ski and Resort Corp.’s parent company. “Snowmaking crews, which were busy making snow last night, are ready to take full advantage of colder temperatures and conditions; and, as we’ve seen in the past, everything can change in a matter of days.”

The last time Steamboat delayed its opening day was in 2001. Opening day was delayed until Nov. 30 that year, too, but heavy snow began to fall almost as soon as the postponement was announced.

The opening of Vail Mountain also was delayed Thursday because of a lack of snow. Originally scheduled to open today, Vail will now open Wednesday.

Scientists with the National Oceanic and Atmospheric Administration said this week that early winter snowfall in Northern Colorado could depend on the positioning of a high-pressure system associated with the La Niña phenomenon in the Pacific Ocean. Current long-range forecast models show Northwest Colorado has almost equal chances of average, below-average and above-average precipitation through February.

Wirth said Thursday unseasonably warm and dry weather this month was the only consideration in choosing to postpone opening day. The construction projects wrapping up on the Headwall trail at the base of Mount Werner were not a factor, he said.

“This was based on one factor, and that was the weather,” Wirth said. “The weather to date combined with the short-term forecast doesn’t give us any information that a normally scheduled opening would be advisable.”

Wirth said nine-day forecasts give ski area officials reason for optimism. Chances of snow in Steamboat Springs are forecast through next week.

Pray for cold

Wirth said the ski area’s management team, including Vice President of Mountain Operations Doug Allen, conferred Monday and did the math. Even if the Yampa Valley had experienced ideal snowmaking conditions beginning Monday and continuing through the originally scheduled opening day of Nov. 21, there would not have been sufficient time to build the necessary snow base, Wirth said.

Steamboat’s snow guns have operated for three sessions this fall, including Thursday morning, when the plumes of snow were visible just below Thunderhead Peak on the Vagabond trail, ski area spokesman Mike Lane said. The first snowmaking session of autumn was overnight Nov. 3 into Nov. 4, when modest amounts of snow were produced on the Betwixt and Between trails. Daytime highs in the 50s and 60s eroded what little snow was made.

As much as skiers and riders could now be wishing for a powder dump, ski area officials are probably praying for a series of cold clear nights.

“At this stage of the game, we’d lean toward colder temperatures,” Wirth confirmed.

Bob Milne, president of Steamboat Resorts, was leaning toward the pack of Rolaids he keeps in his desk on Thursday afternoon.

“We’ve been through this before, but it’s never easy,” Milne said of the delayed opening. “It’s probably the right decision given that it’s 45 degrees out right now.”

Milne’s staff was busy calling a list of 150 reservations booked into resort condominiums during the Thanksgiving holiday weekend. Guests were being told they are welcome to cancel with full refunds of their deposits.

“Surprisingly, a fair number of them are saying they’re coming,” Milne said. “We started calling the people who are traveling from out of state. Of our owners who were planning to come, all of them are still coming.”

Steamboat Resorts plans to welcome its first college ski group of the season Dec. 3. That group is likely to be more sensitive to snow conditions, Milne said.

Changing course

Dedicated local skier Kevin Olsen, who typically logs 100 days a winter, said he’ll continue to make the most of his Intrawest Rocky Mountain Ultimate Pass by skiing Copper Mountain until Steamboat opens.

“I think about skiing every day of the year,” Olsen said. “It’s always a bummer (when Steamboat’s opening is delayed), but I’ve put down five days at Copper already. If the rides are open, I’m there.”

Chris Smith, who has operated Powder Pursuits snowboard shop in Ski Time Square for 22 years, said his hope is that Steamboat’s holiday visitors will spend more time shopping with the lifts closed.

“I usually stress out until the day it starts snowing,” Smith said. “This year, I’m not going to stress out.”

He had booked snowboard rentals for a group of students from the University of Colorado and spoke with them this week. They plan on coming to Steamboat despite the lack of snow, and Smith will host an equipment-buying event for them.

Wirth said like Steamboat Resorts, Ski Corp. is actively communicating with its clientele and about the snow situation. The resort has reached a crucial point in the annual vacation reservations calendar, as skiers and riders continue to book December and January trips while others begin to book deeper into February and March.

“The next 45 days represents a very important period when we experience a confluence of demand,” Wirth said.

If the weather cooperates in historical fashion, he hopes to have a brighter snow message to relay to Steamboat visitors.

“It is what it is,” Wirth said. “We have a savvy customer base and we’ve all seen it turn around fast in Steamboat in the past. We’ll continue to be forthright with our guests.”

California, Florida, Ohio Cities Top Foreclosures

Friday, November 16th, 2007

Cities in California, Florida and Ohio dominated the 25 U.S. metro areas with the highest home foreclosure rates, though rates jumped in most of the top regions during the third quarter, RealtyTrac said on Wednesday.

Foreclosure filings rose in 77 of the largest 100 metropolitan areas from the prior quarter, according to the Irvine, California-based marketer of foreclosure properties.

A broad credit and liquidity crisis during the third quarter exacerbated U.S. housing industry troubles, pushing sales sharply lower and unsold inventory to record highs.

Overall, U.S. residential foreclosure filings nearly doubled in the third quarter from a year earlier, RealtyTrac reported earlier this month.

Article found on http://www.cnbc.com/ and written by Reuter

Chase About To Follow Countrywide In Loan Modifications?

Friday, November 16th, 2007

I found this article on www.cnbc.com and thought it was very interesting. This article was written by Diana Olick  

  I’m in Boston today at the headquarters of NACA (Neighborhood Assistance Corporation of America), working on a piece about their new agreement with Countrywide [CFC  12.09    -0.12  (-0.98%)   ] to modify hundreds of loans. So far, Countrywide is the only major lender working with NACA to restructure loans based on the borrower’s ability to pay.

Say all the bad stuff you want about the loans Countrywide sold during the heady days of the housing boom, but from what I have seen so far they really are saving some loans that were headed for foreclosure.

Enough about that, the real nugget is that while I was at NACA’s offices, there just so happened to be a few reps from Chase [JPM  42.58    -0.95  (-2.18%)   ] meeting behind closed doors with Bruce Marks, who brokered the Countrywide deal. Marks, NACA’s chief, told me Chase is very interested in the computer model NACA has developed to determine what borrowers can afford to pay and how their loans should be modified based upon that. No deal to report, but they’re talking.