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Sunday, January 22, 2012
All Local News Teams Should Use Puppets Instead of Court Sketches [Video]
Neil Young's Warehouse Fire Blamed On The Hybrid Car He Made
SAN CARLOS, Calif. -- A company founded by Neil Young is facing a lawsuit over a fire in the San Francisco Bay Area that authorities say started in a vintage car the rocker had converted into a hybrid vehicle.
The suit seeks nearly $500,000 that Unigard says it paid to the owner of a building damaged in the 2010 blaze in San Carlos.
Fire officials say the blaze started in the car, dubbed the LincVolt. Young converted the car into a hybrid vehicle in a highly-publicized project to promote fuel-efficiency.
He did not respond to a request for comment.
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Saturday, January 21, 2012
Home prices likely to keep falling in 2012
By Martin Wolk
The housing market ended the year on a positive note with strong sales in December, but a glut of unsold homes will likely push prices lower through much of this year, forecasters said Friday.
Sales of existing homes hit an 11-month high last month and the number of properties on the market fell to the lowest level in nearly seven years, according to the National Association of Realtors.
Unseasonably warm weather may have helped boost sales, but analysts said a strengthening job market and record low mortgage rates should buoy housing in coming months. Still, they were troubled by the high level of "distressed homes" for sale, including short sales of underwater properties or sales of foreclosed properties. Nearly one-third of existing-home sales were distressed last month, according to the Realtors.
In addition, one-third of Realtors said home sales fell through last month because of declined mortgage applications or appraisals that fell short of the required values.
"These strong negative undercurrents in the housing market and absence of support from strong labor market conditions will continue to trim home sales in the near term," said Asha Bangalore, economist at Northern Trust Co.
The median sale price for an existing home in December was $162,500, down 2.5 percent from December 2010. For the full year, the median price for existing homes fell nearly 4 percent.
"Home sales will gradually improve in 2012. ... However, prices will continue to decline in the near term, despite the better sales," said Stuart Hoffman, chief economist of PNC. He pointed out that many home foreclosures are stuck in the pipeline due to paperwork issues and will pressure home prices in the year to come.
"The market for single-family homes picked up in the second half of 2011, after being stuck near the bottom for nearly three years," said economist Patrick Newport of IHS Global Insight. "This pickup is real, but the road to recovery will be a slow one."
While the home sales pace was a touch below economists' expectations, December marked the third straight month of gains, adding to hopes that a tentative recovery was taking shape.
But a glut of unsold properties that is weighing down on prices and stringent lending practices by banks is likely to make progress painfully slow.
There were 2.38 million unsold homes on the market last month, the fewest since March 2005. That represented a 6.2 months' supply at December's sales pace, the lowest since April 2006 and down from a 7.2 months' supply in November.
The Realtors group noted, however, that the inventory of unsold homes tends to decline in winter.
Data earlier this week showed single-family home starts rose for a third straight month in December and optimism among builders this month was the highest in four-and-a-half years.
"It is very encouraging that the current phase of the recovery is being driven by economic fundamentals as opposed to being fostered by temporary stimulus," said Millan Mulraine, a senior macro strategist at TD Securities in New York.
Reuters contributed to this report.
What are home prices doing in your area?
Existing home sales increased 5 percent last month, the highest pace in nearly a year. So, which investments may be the best bets as housing shows signs of life? CNBC's Diana Olick has the details.
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Project Bifrost: (Fission) Rockets of the Future?
Anytime anyone even thinks about mixing "nuclear" and outer-space (even radioisotope generators as used on many space probes) all the anti-nuclear groups kick up a huge fuss.
Sucks to be them, then. Any time you push beyond the inner solar system, you need some sort of nuclear power to get electricity, as you can't burn things or use hydroelectric or wind-power. You can use solar panels in the inner solar system, but the further out you go the less practical that becomes. IIRC, solar is a no-go much beyond about the orbit of Mars, even for relatively low-power applications. High thrust engines are not low-power!
What's more, as long as you're outside the Earth's magnetosphere, an
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