Available to less than 40% of TV homes.
The NFL, which built its popularity, and its considerable wealth, by making games widely available on free tv, turned up the heat on cable operators such as Time Warner, Comcast and Charter during the second half of the 2006 season when it began showing regular season games on the the four-year old NFL Network.
Fox, is in the 2nd year of a 6-year deal paying the NFL $712 million annually to air NFC regular-season games and playoff games, plus two Super Bowls.
The Dallas Cowboys are the league's top national TV draw. In 2007, two of their games are on the NFL Network.
Thursday, November 29, 2007
Home Prices Plunge
October 2006 6.27 existing home sales @ $218,900 median price.
October 2007 4.97 existing home sales @ $207,800 median price.
The median price for an existing home plunged by a record 5% in October 2007, shrinking values back to March 2005 levels.
Naroff Economic Advisors, "That light at the end of the housing-meltdown tunnel appears to be an oncoming train. With so many choices and so few buyers, the median sales price is cratering."
In Southern California, sales financed with mortgages above $417,000 have dropped by 60% since the summer.
October 2007 4.97 existing home sales @ $207,800 median price.
The median price for an existing home plunged by a record 5% in October 2007, shrinking values back to March 2005 levels.
Naroff Economic Advisors, "That light at the end of the housing-meltdown tunnel appears to be an oncoming train. With so many choices and so few buyers, the median sales price is cratering."
In Southern California, sales financed with mortgages above $417,000 have dropped by 60% since the summer.
Bank of America & Countrywide
Three months since Bank of American made a $2 billion investment in Countrywide Financial, the value of the country's biggest mortgage lender has fallen by nearly 50%.
Year-to-date stock performance:
Bank of America down 16%
Countrywide down 80%
Year-to-date stock performance:
Bank of America down 16%
Countrywide down 80%
The Dollar
Doomsayers have warned for years that a sharp drop in the dollar could scare away foreign investors in US Treasury's and send interest rates soaring. The good news, just the opposite is happening.
The dollar has fallen in value by 4.6% against a broad swath of currencies over the past three months, according to the Federal Reserve. Over the same time, investors have flocked into government bonds, sending yields on 10-year US Treasury notes to about 4% from 4.6%.
Net foreign purchases of US Treasury's in September totaled $26.3 billion, above 2006 average monthly purchases of $17.3 billion. Foreign investment purchases are fleeing US corporate bonds, down 76% from one year ago.
The dollar has fallen in value by 4.6% against a broad swath of currencies over the past three months, according to the Federal Reserve. Over the same time, investors have flocked into government bonds, sending yields on 10-year US Treasury notes to about 4% from 4.6%.
Net foreign purchases of US Treasury's in September totaled $26.3 billion, above 2006 average monthly purchases of $17.3 billion. Foreign investment purchases are fleeing US corporate bonds, down 76% from one year ago.
E*Trade Financial
E*Trade Financial is getting a $2.55 billion cash infusion from Citadel Investment, a move aimed at restoring confidence and liquidity in the discount brokerage.
Citadel will make a two-part investment in E*Trade.
The first component is the purchase of E*Trade's entire $3 billion portfolio of asset-backed securities for a value of around $800 million. (Twenty-six cents on the dollar.)
The second component is the purchase of $1.75 billion worth of 10-year notes, paying an annual interest rate of about 12.5%.
After regulatory approvals, Citadel is expected to own almost 20% of E*Trade.
Citadel will make a two-part investment in E*Trade.
The first component is the purchase of E*Trade's entire $3 billion portfolio of asset-backed securities for a value of around $800 million. (Twenty-six cents on the dollar.)
The second component is the purchase of $1.75 billion worth of 10-year notes, paying an annual interest rate of about 12.5%.
After regulatory approvals, Citadel is expected to own almost 20% of E*Trade.
Wednesday, November 28, 2007
Robert Shiller
US home prices fell 4.5% in the third quarter from a year earlier, the sharpest drop since Standard & Poor's began its nationwide housing index in 1987. One of the index's creators, Robert Shiller, predicted a significant chance of a recession. "Over 50%. We're in the aftermath of the biggest housing boom in history, so how do we use historical data to judge the outcome? We're out of the range of the normal variation in the data, and I take that as very significant."
After 13 years of rising home values, the market has started to unravel.
After 13 years of rising home values, the market has started to unravel.
Monday, November 26, 2007
Credit Crunch
18% of economists who responded to a survey by the National Association for Business Economics, put the probability of a recession starting within the next 12 months at 50% or greater. That's up from the 11% of economists who said so in August.
In a recession, investors have to be prepared to absorb a 20%, or more, decline in the value of their portfolios.
Home-equity withdrawals accounted for up to $324 billion a year in consumer spending from 2004 to 2006, according to estimates from a Federal Reserve economist. These withdrawals and related consumer spending plunged in the first half of this year. By the time the housing slump bottoms out, $1.7 trillion in housing wealth will have been lost. For each dollar that a home falls in value, consumer spending falls by 4-9 cents, Fed Chairman Ben Bernanke told Congress.
According to Zillow.com, almost 16% of homeowners who bought in the past two years owe more on their mortgage than their properties are worth.
In a recession, investors have to be prepared to absorb a 20%, or more, decline in the value of their portfolios.
Home-equity withdrawals accounted for up to $324 billion a year in consumer spending from 2004 to 2006, according to estimates from a Federal Reserve economist. These withdrawals and related consumer spending plunged in the first half of this year. By the time the housing slump bottoms out, $1.7 trillion in housing wealth will have been lost. For each dollar that a home falls in value, consumer spending falls by 4-9 cents, Fed Chairman Ben Bernanke told Congress.
- January 2003 6.03 million existing home sales
- June 2003 The Federal reserve cuts the benchmark federal funds rate for the 13th time in 30 months, to 1%, the lowest since 1958.
- June 2004 The Federal reserve begins raising interest rates, 17 times in 24 months to 5.25%, the highest since early 2001.
- July 2004 Homeownership hits a record 69% of US households, 73 million Americans owning their own home
- September 2005 The Peak, 7.21 million existing home sales
- September 2007 Projected, 5.04 million existing home sales
- 2003 $718 billion
- 2004 $825 billion
- 2005 $1.4 trillion
- 2006 $2.0 trillion
- 2007 $2.4 trillion
According to Zillow.com, almost 16% of homeowners who bought in the past two years owe more on their mortgage than their properties are worth.
Friday, November 23, 2007
VibeAgent.com
Hotel rating TripAdvisor.com has new competition. Recently launched, VibeAgent.com, targeting travelers slightly younger than TripAdvisor users (two-thirds of whom are 35+), is a hotel review and booking site heavy on personalization and social networking.
Co-founder of VibeAgent, Adam Healey says "TripAdvisor doesn't provide context to who's writing the reviews". VibeAgent, "agents", provide photos and more info about themselves. As with Facebook and MySpace, members can keep a network of friends informed of their doings.
So far, VibeAgent has more than 10,000 people who have signed on so far. It remains to be seen whether it can compete with TripAdvisor's 5-million-plus members and 10 million reviews of hotels, eateries and attractions. TripAdvisor is also going after young users and launched a networking function in June.
Co-founder of VibeAgent, Adam Healey says "TripAdvisor doesn't provide context to who's writing the reviews". VibeAgent, "agents", provide photos and more info about themselves. As with Facebook and MySpace, members can keep a network of friends informed of their doings.
So far, VibeAgent has more than 10,000 people who have signed on so far. It remains to be seen whether it can compete with TripAdvisor's 5-million-plus members and 10 million reviews of hotels, eateries and attractions. TripAdvisor is also going after young users and launched a networking function in June.
Wednesday, November 21, 2007
For Sale: Land in San Clemente (Surf Shop)
Since the 1970's, the small, unassuming structure on the corner of El Camino Real and Avenida Pico in North Beach has been a surf shop.
1755 N. El Camino Real, San Clemente, CA 92672.
For Sale: $3.2 million
Size: 6,600 square feet, the building is 2,800 sq. ft.
Contact: Howard James Co. (714) 553-0702 Scott
Hopeful that the property can continue as a surf shop. Possibly a surf shop expanded with a Tommy Bahama's restaurant or a Javier's Cantina & Grill.
1755 N. El Camino Real, San Clemente, CA 92672.
For Sale: $3.2 million
Size: 6,600 square feet, the building is 2,800 sq. ft.
Contact: Howard James Co. (714) 553-0702 Scott
Hopeful that the property can continue as a surf shop. Possibly a surf shop expanded with a Tommy Bahama's restaurant or a Javier's Cantina & Grill.
Fed Lowers outlook for 2008
Yesterday, the Fed cut its forecast for growth in 2008.
Projected range of percentages in 2008 for:
Real GDP growth: 1.8% - 2.5% (in June, they forecast 2.5-2.75%)
Unemployment rate: 4.8% - 4.9%
Personal Consumption Expenditure inflation: 1.8% - 2.1%
The 3-year forecast, indicates that the Fed officials see a 1.6% - 1.9% inflation rate as a longer-term goal.
Projected range of percentages in 2008 for:
Real GDP growth: 1.8% - 2.5% (in June, they forecast 2.5-2.75%)
Unemployment rate: 4.8% - 4.9%
Personal Consumption Expenditure inflation: 1.8% - 2.1%
The 3-year forecast, indicates that the Fed officials see a 1.6% - 1.9% inflation rate as a longer-term goal.
Freddie Mac
Stunning Wall Street with a $2 billion quarterly loss, Freddie Mac warned that the worst is yet to come. It said its mortgage losses will deepen through 2009, and its considering slashing its dividend in half and issuing a "large" amount of preferred stock to raise cash.
The stock fell 29% yesterday, to below $27.
The stock fell 29% yesterday, to below $27.
TV - Nielsen Top 10
1. Dancing With The Stars (ABC) 21.8 million viewers
2. CSI (CBS) 21.4
3. Grey's Anatomy (ABC) 19.6
4. Dancing With The Stars - Result Show 17.6
5. NCIS (CBS) 17.4
6. House (Fox) 17.0
7. Criminal Minds (CBS) 15.7
8. CSI Miami (CBS) 15.5
9. Survivor China (CBS) 14.7
10. 60 Minutes (CBS) 14.6
2. CSI (CBS) 21.4
3. Grey's Anatomy (ABC) 19.6
4. Dancing With The Stars - Result Show 17.6
5. NCIS (CBS) 17.4
6. House (Fox) 17.0
7. Criminal Minds (CBS) 15.7
8. CSI Miami (CBS) 15.5
9. Survivor China (CBS) 14.7
10. 60 Minutes (CBS) 14.6
CBS: 12 of the Top 20 viewed shows.
NBC: 1 (NFL) in the Top 17 viewed shows.
NBC: 1 (NFL) in the Top 17 viewed shows.
Tuesday, November 20, 2007
North Beach San Clemente
The development group, LAB Holdings, LLC, selected by the city to transform the parking lot area at North Beach into a retail center presents its latest site design plans to City Council today.
"The main thing is that with these kinds of projects there are a series of committees and groups we have to satisfy and, for the most part, they have different needs - city councils, Coastal Commission. When you're doing this size of a project, there's going to have to be compromise. With the right amount of compromise, we think that after 14 months of working with the city staff that the project is positioned really well." said Shaheen Sadeghi, principal of LAB.
Most recent changes to the plans include: The removal of the single level of underground parking at the Ole Hanson Beach Club side of the project, a reduction in scope from 65,000 square feet to 47,000 square feet due in part to a building setback from the beach club and some conflicting underground utilities.
The City Council will review the new plans. If council were to green light the plans, another 18-24 months of work with getting the environmental impact report completed and working through plans with Coastal Commission.
"The main thing is that with these kinds of projects there are a series of committees and groups we have to satisfy and, for the most part, they have different needs - city councils, Coastal Commission. When you're doing this size of a project, there's going to have to be compromise. With the right amount of compromise, we think that after 14 months of working with the city staff that the project is positioned really well." said Shaheen Sadeghi, principal of LAB.
Most recent changes to the plans include: The removal of the single level of underground parking at the Ole Hanson Beach Club side of the project, a reduction in scope from 65,000 square feet to 47,000 square feet due in part to a building setback from the beach club and some conflicting underground utilities.
The City Council will review the new plans. If council were to green light the plans, another 18-24 months of work with getting the environmental impact report completed and working through plans with Coastal Commission.
Story Corps
Awed by the historical power of the recordings made by Works Progress Administration folklorists and writers who toured the country in the 1930's and 1940's, Dave Isay started the non-profit StoryCorps in 2003 to gather the stories of everyday Americans.
The idea caught on, and StoryCorps has become one of the fastest growing US non-profits.
Anyone can make an appointment at a StoryCorps recording booth, bringing along a loved one. A StoryCorps facilitator guides the 40-minute interview. Some suggested questions: What was your happiest moment? What are you most proud of? Is there anything you've always wanted to tell me? The fact that the two people are already connected makes for unguarded, intimate conversations with riveting results.
At the end of the session, a CD of it is given to the participants. Another CD - if the participant approves - goes to an archive at the American Folklife Center at the Library of Congress.
Though StoryCorps asks for $10 as a suggested donation for a session, its costs more than $250 t0 record each interview.
The idea caught on, and StoryCorps has become one of the fastest growing US non-profits.
Anyone can make an appointment at a StoryCorps recording booth, bringing along a loved one. A StoryCorps facilitator guides the 40-minute interview. Some suggested questions: What was your happiest moment? What are you most proud of? Is there anything you've always wanted to tell me? The fact that the two people are already connected makes for unguarded, intimate conversations with riveting results.
At the end of the session, a CD of it is given to the participants. Another CD - if the participant approves - goes to an archive at the American Folklife Center at the Library of Congress.
Though StoryCorps asks for $10 as a suggested donation for a session, its costs more than $250 t0 record each interview.
www.storycorps.net
Subscribe to:
Posts (Atom)