....cities such as Youngstown, Cleveland, and Detroit are establishing multi-million dollar funds just to tear down vacant homes.
Don't let anyone make you believe that there is a housing shortage.
To back up the theory....
From today's USA Today.....
In: snack-ish meals eaten at home.
Out: meals eaten at restaurants.
American consumers are putting together more meals at home -- though not necessarily cooked meals -- and eating fewer meals out, according to an a new study by the research firm NPD Group. This makes for one of the biggest changes in eating patterns of Americans over the past five years, concludes the comprehensive study of more than 7,000 consumers, the 29th Annual Eating Patterns in America Report.
Americans bought just 191 restaurant meals per person over the year ending Aug., 2014, vs. 215 meals per person in the year 2000, when eating out was at a peak.
Here we are two full weeks after yet another successful flash cut over of T's Connecticut properties.
I heard a little banter of some problems, but nothing since last week.
Many wanted to compare FTR's (successful) acquisitions against other's (unsuccessful) attempts (Hawaii Telecom, Idearc, Fairpoint).
At this point FTR has had more successful integrations than any other telecom, so give credit where credit is due.
The economy is building...err...weakness.
NEW YORK, Nov 12 (Reuters) - Applications for U.S. home mortgages fell last week as interest rates rose, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, declined 0.9 percent in the week ended Nov. 7.
The MBA's seasonally adjusted index of refinancing applications fell 1.9 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 1.1 percent.
Fixed 30-year mortgage rates averaged 4.19 percent in the week, up 2 basis points from 4.17 percent the week before.
The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.
I spent five years in the restaurant business....it seems as though people aren't eating out as much as before. This runs across all segments. Sure, Panera and Chipotle are doing well, but most other chains are seeing decreases.
It all comes down to disposable income. People have less time and money than they used to have.
Stagnant wages and inflation are main culprits.
Gotta tighten the belt somewhere.
Currently sits at 8,500,000 shares.
FTR had averaged over 10,000,000 daily since the VZ purchase 4 1/2 years ago.
Less volatility. Fewer shares shorted.
Legitimate comments welcome.
Hmmm....since everyone is buying their houses for cash, there must not be enough left over for a Big Mac.
October was a historic month for McDonalds. While the investing public was already well aware that things are bad and getting worse when it comes to demand for the iconic hamburger following MCD's 30% plunge in Q3 profit, moments ago the troubled fast-food chain reported that in the first month of the fourth quarter it celebrated a tragic anniversary: one year of US comp store sales without a single increase, following a 1% drop in US October sales! This is the first time in history when MCD has anniversaried negative same store sales in the US.
What can we say about a company who reported revenues of $6 billion in 2006, and revenues of $3.9 billion in 2014?
This must be the recovery people are talking about. Lets go out and buy a large home.
JPMorgan, the largest U.S. bank by assets, said it would cut 3,000 more jobs than previously expected in its retail banking division.
The bank said it would reduce 4,000 jobs in its card, merchant services and auto unit, up from the 2,000 previously announced. The bank is also cutting 7,000 jobs in its mortgage banking unit, up from 6,000.
JPMorgan will have eliminated 27,000 jobs by the year-end from its consumer bank unit over two years, even after additions for more risk controls and regulatory compliance.
Some 18,000 jobs will have been taken out of mortgage banking, where the company has less work to do refinancing loans and handling troubled mortgages left from the financial crisis.
Many big banks, including Wells Fargo and Bank of America, have been laying off mortgage workers as higher interest rates make refinancing less attractive to homeowners.
JPMorgan said it expects 146,000 Chase Bank jobs by the year-end, down by 11,000 from a year earlier.
The bank expects its 2016 retail banking expense base to be $2 billion lower than in 2014, JPMorgan's retail bank head Gordon Smith said in an investor conference on Friday.
The company's shares were marginally lower on the New York Stock Exchange on Friday.
Symantec plans to chop roughly 2,000 jobs as part of a corporate divorce that will split the Mountain View security software company in half.
A spokeswoman for the company confirmed Thursday that layoffs and departures surrounding Symantec's split would result in a 10 percent reduction, after executives mentioned the plans in a conference call Wednesday afternoon. Symantec declined to estimate how many of the jobs lost will be in Silicon Valley or detail specific departments that will be targeted.
"This restructuring effort will take place across a number of locations and functions within the company over the next year," Kristen Batch said in an email. "It will impact 10 percent of our global workforce and is part of the separation process that is currently underway."
Hey....FTR may be onto something here.
Sprint, Dish, and Qualcomm reported dismal results, while FTR beat estimates.
Well....retirees can always sell their homes to make up the difference and downsize into an apartment.
Thanks to improving life expectancy and the Federal Reserve's financial repression lowering yields, US company pension funds have been hit by a double whammy. As Moody's warns, companies will have to find $110 billion in the next seven years to fund pension liabilities shortfalls. Moody's adds, "given these increasing liabilities and cash drains, we expect to see an acceleration in lump sum offers," as firms try to derisk.
Derisk....I love it !!!
Based on the ridiculous, seasonally-adjusted data released day after day by the various US "Departments of Truth", also known as the BLS, the Census, the Dept of Commerce, UMichigan, ADP, the Conference Board and so on, the US economy is so strong and consumer confidence is so resurgent, America is on the verge of a second golden age. Sadly, for Obama, and last night's epic rout for Democrats, it was all a lie - a lie perpetuated by a manipulated S&P500 which now hits daily record highs on unprecedented central bank liquidity injections which have now terminally disconnected the "markets" from the economy, and the welfare of the vast majority of the common "folk" - and said "folk" saw right through it.
Bloomberg's take is just one of many observations on the historic cognitive dissonance that is plaguing the mainstream media this morning, which has been furiously pumping up US confidence by pitching the endless array of "fake data" (to use Paul Singer's words), only to see it all blow up in its face today.
They are in deep with student debt, are underemployed, and faced with stagnant wages.
Are either living with a family member, or are doubled up with other renters.