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Tuesday, October 14, 2008

The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.

Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.

Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.

Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.

As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.

Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”

CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.

Saturday, April 16, 2005

The Food and Drug Administration (FDA) has penned a stiff reminder to drug giants Bayer Pharmaceuticals Corp. and GlaxoSmithKline PLC: pull your 15-second “reminder” ad for the erectile dysfunction drug, Levitra, off TV.

FDA said there is no evidence Levitra is better than rival drugs Viagra from Pfizer, or Cialis, owned by Eli Lilly and Co., in producing results that make female partners happy.

Levitra and Cialis together control about 30 per cent of the market for such drugs, but Pfizer takes the majority share.

Reminder ads can only call attention to a drug, not claim it works better, or at all.

“In one of [the ad’s] scenes, the man strokes the woman’s hair and face as she affectionately puts her hand on his wrist,” the FDA wrote. “In the other, she puts her arms around his neck and they embrace.”

“The totality of the TV ad also represents or suggests that Levitra will provide a satisfying sexual experience from the female partner’s perspective,” the agency wrote.

Glaxo spokesman Michael Fleming said the drug makers would comply. Bayer developed Levitra and partnered with Glaxo to market the pills in 2001. Bayer recently turned its part of the promotion over to Schering-Plough Corp.

Shares of Bayer fell 75 cents to $32.96 on Friday. Shares of GlaxoSmithKline rose 32 cents to close at $47.82. Schering-Plough shares rose 8 cents to end at $20.65.

Wednesday, August 29, 2007

Greece has declined Finland’s offer of three firefighting helicopters and 25 firefighters.

The offer had been made as a result of a request by Greece for aid with the forest fires Greece is currently experiencing. Greece had stressed at the time that the most urgent need was for fixed-wing aircraft with water-bombing capabilities, assets Finland does not possess.

The Greek authorities said that the equipment Finland had offered was not suited to the task it had been proposed for. Ole Norrback, current Finnish ambassador to Greece, has already said that Finland is in a better position to aid with reforestation efforts once the fires have been quenched.

Friday, July 22, 2005

Simon Gray, Quaker website editor for the Friend and an organiser for the World Gathering of Young Friends today launched radio star one as a podcast linked to birmingham alive !, the Birmingham what’s on guide.

“It’s an eclectic mix of jazz, world, electronic, classical, & folk”, he said, “perhaps in a similar vein to Radio 3’s late junction programme”.

Simon is currently in consultation to make the Friend itself be available as a podcast. Already subscribers can read it via an RSS feed, with the appropriate aggregator software. Podcasting is a fast-growing form of broadcasting which is freely available to listeners on the internet.