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It was a popular STICKY on the original GIM forum (RIP)
It provided description of current economic events that helped old members and newbies get a good street view of the mess we are currently in . A live pulse of the economy that the main street media is not allowed to show to the sleeping masses .
I am for a return of this sticky as i think it will be a great addition to this new forum.
Who's with me on this for suggesting the come back of this feature ?
I agree. Do you have one to share with us?
I'll note mine: More & more commercial places are vacant, yet several eating places are busy.
I agree the anecdotal field report was a real time, rubber hits the road type of local reporting. Helpful in seeing trends developing.
Local auto shops are under a light load. Can get an appointment anytime.
Not exactly economic, but lots of h1n1 swine flu vaccine advertisements plastered everywhere here - on the side of buses- on billboards - huge signs outside the free clinics, grocery stores, etc... definitely campaigning stronger than ever to vaccinate the population.
millions of sq feet of vacant commercial buildings here... yet lots of new construction still going up... probably 20% or more of the commercial space is vacant, but they are still building tons more...
tons of vacant housing as well but rents are still ridiculously expensive, haven't dropped in price at all....
grocery stores are like ghost towns, especially higher end ones
mexican drive thru place raised the price of tacos from 1$ to 1.25$ ... i would guess a lot of people probably would just order 8 or 10 tacos no drinks/nothing else
Thanks for restarting this thread - I've always loved it.
A guy I work with has a daughter in grad school who has been renting a nice condo in Miami since 2006. The owner just lost it in a foreclosure auction. He owed $280k on it, it was "worth" $450k at the height of the lunacy, and someone bought it at auction for $124k. It was in a nice building (a high rise) with a parking deck underground and nice grounds (pool, exercise room, etc.).
One of the two major shopping malls in my city is basically empty now. Only one anchor store remains (Sears) and a few mall shops right next to it. The rest of the mall is basically vacant and has been taken over by kids, thugs, druggies, etc. Someone actually got shot a month or so ago in the mall. I walked through it before I knew what had happened and the whole place felt like I was walking through the projects, definitely a bad feeling.
Gas prices here in N.Central Ohio rose by 19 cents per gal yesterday a.m.. >:(
Quote:
Originally Posted by the white rabbit
On the plus side, condos previously selling in Las Vegas for $190,000.00 are going for $52,000.00.
Depending on which side you were on.
"Upon examination, notice how condo's (representing the building) lost 200% or more in value compared to houses (representing the building and attached real property) which in most cases lost MUCH LESS in value. Land will always be more valuable, although the condo may appear more liquid."
& never forget those wonderful FEES! You Know? CONDO's, not Condoms...sick
A roofer friend of mine received the ok to do a huge roof for a local business. I was going to be hired on to add to the manpower. Property owner needed a refi to get the new roof done and Bank of America told him they are forecasting a 25% reduction in commercial real estate prices here in Western WA over the next two years and that his numbers wouldn't work in that scenario. No refi, no roof, no work.
I have been trying to run down a Kel Tech SUB2000 in 9mm that takes the Glock magazines, and I was out and about yesterday, so I swung by the local Cabellas. Now, understand, the one near me is one of the huge opulent ones, with two floors with the mountain with all the North American animal mounts, then they have an upstairs mezzanine with the Afican animal mounts. The fish tanks and waterfalls, etc. This place is humungous, and it is only a few years old. I go up the escalator to go to the gun area and when I got up to the top, I was stunned that the whole second floor was closed off with cloth screens. I went to a seam between two, and peeked behind.......Nothing, zip, nada. Everything was gone.
After I recovered from my heart attack, I went down and questioned the nearest employee. He stated that they were downsizing due to the economy, and the lack of sales. I confirmed this today, with a friend that works there part time in the gun room.
Dayum Dawg - that really sucks. AOW - out here in W WA as well - we are seeing so much empty commercial real estate it is nuts.
Big layoff wave coming at my workplace. I've been looking for work in my field recently - nothing available on the west coast.
Gas is going nuts - 3.10 regular and up from there.
About 6 months ago - most folks I interact with in business weren't feeling much of a slowdown in work - now everyone is talking about things slowing. Even our work cafeteria seems to have half the people it use to have - guess more are bagging their lunches.
Local coin shops don't have much of a selection - but I have seen more people in there getting quotes on old jewelery and stuff than I ever have.
Know a guy in default on their mortgage - 7 months in - still in default...
Local home Depot's parking lot is overflowing with day workers - even some white dudes out there now.
When I was passing through Northern Utah a few years ago on my way to an Idaho business trip, I visited a Cabellas just south of Salt Lake City that sounds REMARKABLY similar to what you are describing... is it the same one?Quote:
Originally Posted by Dawg
In my Micky Mouse one mule town places are closing down and prices are going up........all four loggers are closed down and we are no longer getting any tourists for the XXXXXXXXX that we have here.
More cars are for sell and more homes closing down........also more guns up for sell, that's how desperate people are getting, the last thing to go is their guns .......after the dog and the wife hahahahahahahha.
FedEx Express is projecting a shortage of lift May thru September. Almost all of our increased business is in International air freight. We have pulled all of our Airbus's, MD-10's, etc...out of the Mojave and sent them to Sasko in Singapore to have heavy checks done on them and get them back into service.
Even with these a/c back in the fleet they are counting on picking up more 777's post haste to help with the shortage(We've gotten 2 from Air France already). Reportedly Singapore Airlines has 35 777's that are now for sale. However, these are passenger and will have to be converted to freighters. Looking at a min of 1 year if they are purchased today to make it into the fleet. FedEx is looking to spend billions to upgrade our fleet.
B757's are going into Europe this summer to supplement that existing fleet. I'm gonna be spending all of June in Paris to get those guys ready for the fleet upgrades. Be my 5th time there so I'm not particularly thrilled about it.
Bottom line is our business is doing very well. The domestic side stayed positive after Chrismas, we never saw the big drop off we were expecting. Talk of hiring more a/c mechanics in the not too distant future, buying more a/c as fast as we can get our hands on them.
I know the economic news is bad all over but Fred Smith is a smart cookie so he seems to be doing a good job while the rest of the US remains in the doldrums. But he is tied at the hip with the Chinese so if/when their bubble bursts we are going to take a hit as well. But, I've gotten 2 pay raises in the last 4 months. (Which actually puts me a little above parity as I took a 5% pay cut last year.)
A local post office that has been open for 200 years is closing. It survived all these wars, the Great Depression but not 2010.
You decide what that means.
CJay8, my barometer is also Fedex. Fedex pickup guys are actually independent contractors in US, not employees, they are running routes as a business. My Fedex guy (25 y.o.) in the past 3 years has built himself a nice business with 4 or 5 employees driving trucks. He probably could retire by the time he's 30. So...my barometer is how much packaging they are doing in our area (which is an upper middle class residential area with business centers sprinkled all over). Fedex is doing very good, they had no shipping volume decreases, and some routes actually increased.
Another barometer. Mostly older and expensive homes in our area, very few new homes available (no free land). About 2.5-3 years ago a developer built a development....sorry for tautology...of stickhouse McMantions. They planned about 30 new homes. Started building maybe 15. Sold about 7-8, then halted. Then for about a year it had 0 activity on the lot, nada, nothing. Until this month. This month, 2 new homes are being built. same stuff, sticks, drywall inside, plastic wrap and shingles on the outside, two storied ceiling...I can see a heating bill being $1K month, easy. So there's still throwaway money out there.
Another local developer. Had 0 activity for about a year, they've been building townhomes. Actually, in great location IMHO, walking distance to shops and local train. Up until 1.5 years ago they've built maybe 50, or a 100. Then halted for close to a year, half the lot still undeveloped. This has changed in late February, early March, they are building like crazy again.
The other side - local commercial properties market is in shambles. I am looking for a unit.... everything is available. Office, street corners, facing the street where there was 0 availability for years - pick the one you like. Discounts or additional perks are thrown in all the time. If you want to buy commercial, now maybe the time.
Your situation sounds similar to mine. I live in upper middle class neighborhood that was in Phase 3 of development. That phase being being the most expensive homes. About 15 lots sitting empty but in the last month they've started construction on 2 new houses. Builder does not have buyers, just taking a chance. However, I've seen a lot of people looking at the houses under construction. The price is down from 2 years ago but there is some progress. I have empty lot sitting next to me that I'm thinking about buying. It was 50 grand 2 years ago, we heard he'll now take 20 grand and I'm thinking of offering him 12K cash but would go 20 possibly. Downside is I don't want to stay here so when it's time to move that lot will be an albatross. But it's investment property so sometimes you gotta say "What the f*ck."Quote:
Originally Posted by FreeEnergy
I'm amazed that FedEx makes money in spite of itself. I've never seen such stupid business practices in all my life. But I feel better about my future here than I did at Delta airlines.
Man doesn't have money to bury his dying wife and the indigent graveyard is full!
- Upstate S. Carolina----------------------------------------------------------------------------------------------------------
I am a poor man," Hardy said.
His monthly social security check is wiped out after their monthly bills are paid.
"That's not a whole lot of money, anybody who's on it will tell you that's not a lot of money, so you gotta do what you gotta do to make ends meet," he said.
Hardy asked to find out what options are available to him. Greenville County Coroner Parks Evans told us free burials aren't an option anymore because the county's cemetery for indigent people is full. Evans said Hardy has two options: to plan ahead to donate her body to science or ask for help from the coroner's office. Evans said by law if loved ones refuse to take responsibility for a body it is the coroner's responsibility to cremate the body.
But Hardy wants a proper burial and is praying the funeral homes he contacted will help out.
"I am looking to the Lord to help me get some things worked out," he said.
228 customers, mailer sent out 126 come back untraceable, pooft gone!
Anyone else need a good printer?
Prepared for the worst but never imagined this.
is that the Cabellas near Olympia Wash ?Quote:
Originally Posted by Dawg
i've toured that gun section, thought it was cool, like a museum, they got so many guns.
The local Frys supermarket placed little signs on the shelves, next to prices, that identify an item as WIK (women infant kids) and EBT (foods stamps) approved. This location is in a nice part of Scottsdale Arizona.
Things are slow in the Placer County area east of Sacramento. Blame it on the high taxes, a propensity to tax and spend in Sacramento and a Marxist in the Federal office. Most of the sentient humans seem to be very wary of the future economy. Some new housing construction, mostly mom and pop types building on land that they have owned for awhile, and the volume is WAY down, (less than 20%) of what I witnessed during 2000 to 2007. No big houses to be seen, mostly under 3000 s.f., still the construction is better than 2009, but that's not saying much. Lot's of commercial space available, particularly in the western portion of Placer County where there was a commercial construction boom. The only people making money on these properties are the folks renting cyclone fencing...... Hang in there.....
Yeah... this isn't a good thing for those attempting to make a living doing this work.Quote:
Originally Posted by etc
I've noticed we have a couple of weeks of very good business right around the time the .gov decides to return some money to its rightful owners... coincidence? I think not.
Just proves that if they would quit confiscating it in the first place, everything (economically) would be a whole lot better.
job centre is the number 5 most searched for term on yahoo UK.
I got a couple 1963 One Dollar bills yesterday....getting old bills in change represents people raiding their or others saved up "hard times" stash. I went by Home Depot the other day - saw day laborers standing out on the curb at the entrance...usually only hang in the lot. there were plenty...
I went to Wal-Mart for some sporting stuff - on a Thursday afternoon. Place was as vacant as I ever seen it - I was surprised as it is usually packed with crazies.
Local coin store - silver was $1.25 over ugg.....
I'm seeing the same thing... a lot higher percentage of coppers and wheaties in my change lately, but alas, still no 90%...Quote:
Originally Posted by Rebel Yarr
It'll start showing up... I found two 90% dimes last month in various change. Usually I go 2 or 3 months between seeing any.Quote:
Originally Posted by BrewTech
A friend of mine is bidding on nearby houses for $30k. They all need work and they're not in the best neighborhood, but they're not in the worst neighborhood either. I would say these houses could have sold for $100K at the peak.
State cutting some cash assistance
by Associated Press - KTVB.COM
Posted on May 3, 2010 at 9:42 AM
BOISE -- The Idaho Department of Health and Welfare is reducing or eliminating payments to approximately 1,250 residents receiving cash assistance under the Aged, Blind and Disabled program.
Agency administrator Russ Barron says the program faces a $1.1 million deficit.
Over 14,700 Idaho residents receive cash payments through the AABD program, and most will continue to receive $53 a month.
Payment reductions range from $33 a month to a $198 a month reduction for 300 participants with developmental disabilities who live in certified family homes.
The proposed changes will take effect on July 1 and those affected will be notified by letter as early as this week. With reduced state payments, some people may see an increase in food stamp benefits.
http://www.ktvb.com/news/State-cutti...-92676094.html
A tremendous Going-Out-of-Business sale is underway at all 37 Dollar Store locations in Washington and Oregon.
http://eon.businesswire.com/portal/s...92&newsLang=en
Several more vacant houses in the neighborhood. It looks like a second round of foreclosures kicking in.
My next door neighbors must have 7 people living in the house to help them keep current with their mortgage. ::)
Local bank gets robbed twice in twenty four hours!
MODESTO, CA - Investigators were searching for a crook who held up a Modesto bank Friday, less than 24 hours after the same branch was struck by another bank robbery, a Modesto police spokesman said.
The robber walked into the Oak Valley Community Bank on the 4100 block of Dale Road in Modesto around 2:22 p.m. Friday and handed a clerk a note, demanding money, Modesto police Sgt. Rick Armendariz said.
The crook was last seen running through the bank parking lot with an undisclosed amount of cash, Armendariz said.
The suspect was described as a man in his late 20s to mid 30s, wearing a black baseball hat and a grey shirt.
The incident happened a day after Belko Yovanovich, 52, was arrested for robbing the same Oak Valley Bank branch Thursday afternoon.
In that theft, witnesses outside the bank called 911 and provided vital information about Yovanovich and his getaway truck that led officers to Yovanovich a short time later, Armendariz said.
Here in DC, local auto repair shops charge 96/hour. And we are not talking about fancy dealerships but hole in the wall type gas stations with a few bays for auto repair. The dealerships are more like 138-150/hour.
Local restaurants charge extra for extra toppings.
A good friend of mine just bought a 2 year old Volkswagen diesel car. My neighbor bought a 3 year old Infinity. Another good friend of mine and her husband bought two brand new Hondas in one day.
This all happened within a couple of weeks. I discussed this phenomenon with the husband of my friend with the Volkswagen. He said "She has had her car for 10 years. She deserves a new one, and the way the economy is . . . I figured my money would do more good purchasing something we need than sitting in the market losing money." (They already have guns, gardens and gold.)
Perhaps tumbling the market down (like we've seen) is good for "stimulating" the economy.
My niece is a manager at the local Walmart. They had a fellow arrested for shoplifting the other day. He tried to take $300 worth of baby formula out in a duffel bag.
was in a bar the other night and someone was complaining that bottles of red stripe beer went from 12 fl oz --> 11.2 fl oz recently :'(