"The Seattle project joins other projects in New York, Phoenix, Atlanta and Las Vegas that have been shelved, scaled back or beset by financial problems in recent months. Many city officials hoped they would provide jobs and economic activity that could help make up for a housing-market downturn that still hasn't reached bottom."But I thought the market crooners said that Commercial R/E wouldn't take a hit? All would power on and be fine?
"NEW YORK, April 25 (Reuters) - The regulator of the Federal Home Loan Bank of Chicago has denied requests by shareholders that have terminated their memberships in the institution to redeem their stock, the FHLB said in a regulatory filing on Friday.
The Federal Housing Finance Board, which ensures the safety and soundness of the entire Federal Home Loan Bank system, in October reserved the right to approve stock redemptions based on capital adequacy, which has been under pressure."
"The weakening economy is hitting tax revenue in a number of ways: People's discretionary income is being gobbled up by higher food and fuel costs, while the tanking housing market means people are spending less on furniture and appliances associated with buying a house."
"Spring Valley, N.Y., approved a 9.7% increase in the property-tax rate to balance its budget. A number of fast-growing suburbs around Washington, D.C., have raised rates, while Memphis Mayor Willie Herenton has proposed a 17% increase in the property-tax rate to close a budget gap."
"Jeff Rubin, chief economist at CIBC World Markets says oil production will barely grow over the next five years, edging up barely more than 1-million barrels a day over the next three years, and only half a million barrels a day between 2010 and 2012.
The increases will fall far short of demand, forcing the price of crude oil to surge to US$150 a barrel by 2010, and over US$200 a barrel by 2012. The updated forecast is aggressively higher than Mr. Rubin's previous forecast of US$150 a barrel by 2010 and follows the recent record-breaking run in light crude prices, which fell just US10-cents short of US$120 a barrel on Tuesday."
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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