21st President Selected at GA Military College

The Georgia Military College Board of Trustees has selected Lt. Gen. William B. Caldwell, IV to lead GMC as the schools 21st president.

In a statement on the school’s website, the 3-star General will officially assume duties this summer, upon retirement from the United States Army following 37 years of service.

Caldwell presently serves as Commanding General of United States Army North at Fort Sam Houston, Texas.

The selection of Lt. General Caldwell follows a six-month national search that the trustees say attracted more than 35 qualified candidates.

Search committee chairman Randall A. New said, “The level of nation-wide interest in this opportunity and the quality of the applicants is a testimony to the reputation of the college and the transformational leadership of General Boylan.”

Major General Peter Boylan is retiring as the school’s president when Caldwell assumes duties. According to GMC’s website, Boylan has served as the leader of the school since August 1992.

Submitted by Kenny Burgamy

Wednesday, February 27th, 2013, 8:10am

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SITE OF THE DAY:

Monster.com: Finds Jobs

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FACT OF THE DAY:

FACT OF THE DAY:

In ancient Greece, people believed that the god of the sea, Poseidon, caused earthquakes. When he was angry, Poseidon would strike the ground with his trident and set off an earthquake. His unpredictable, violent behavior earned him the nickname “Earth-Shaker.” – Provided by RandomHistory.com

THOUGHT OF THE DAY:

THOUGHT OF THE DAY:

“If your contribution has been vital there will always be somebody to pick up where you left off, and that will be your claim to immortality.” – Walter Gropius

Existing-Home Sales Inch Up; Inventory at Lowest Level Since 1999

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BY: MARK LIEBERMAN, FIVE STAR INSTITUTE ECONOMIST

Existing-home sales rose 0.4 percent in January to 4.92 million after December sales were revised downward, theNational Association of Realtors (NAR) reported Thursday. Economists had expected the sales pace to drop to 4.9 million from December’s originally reported 4.94 million.

The median price of an existing single-family home fell to $173,600 in January, the lowest level since last March.

The inventory of existing homes for sale fell 4.9 percent to 1.74 million, the lowest level since December 1999. At the reported sales pace, that represents a 4.2 month supply of homes for sale, the lowest supply since April 2005. The inventory of homes for sale is off 25.3 percent from a year ago and has fallen for five straight months.

Weak prices could be contributing to the reluctance of homeowners to list their homes. Though up 12.3 percent from a year ago, the median price of an existing single-family home has fallen for five of the last six months and is down 24.6 percent from the July 2006 peak of $230,300. The median price is also off 8.1 percent from the 2012 peak of $188,800 in June.

According to the NAR data, January existing-home sales (closed transactions) were up 9.1 percent from one year earlier, the smallest year-over-year increase since last June.

The report on existing-home sales tracked NAR’s Pending Home Sales Index, which rose in November to its highest level since April 2010 but fell sharply in December.

Distressed homes—foreclosures and short sales—accounted for 23 percent of January sales, the NAR said, down from 24 percent in December and 35 percent in January 2012. Fourteen percent of January sales were foreclosures, and 9 percent were short sales.

Foreclosures sold for an average discount of 20 percent below market value in January (from 17 percent below market value in December), while short sales were discounted 12 percent (from 16 percent previously).

Unlike the government report on new home sales, which tracks contracts, the NAR report is based on closings, which means this report, though labeled “January,” actually reflects economic conditions when contracts were signed in November.

The median time on market for all homes, the NAR said, was 71 days in January, down from 73 days in December and 28.3 percent below 99 days in January 2012. Short sales were on the market for a median of 94 days, down from 117 days in December, while foreclosures typically sold in 47 days compared with 45 days in December. Non-distressed homes took 75 days, up from 74 days in December. As in December, 31 percent of all homes sold in January were on the market for less than a month.

First-time buyers accounted for 30 percent of purchases in January, the NAR reported, unchanged from December; they were 33 percent in January 2012.

All-cash sales were at 28 percent of transactions in January, down from 29 percent in December and 31 percent in January 2012, NAR said. Investors—who account for most cash sales—purchased 19 percent of homes in January, down from 21 percent in December and 23 percent in January 2012.

Existing-home sales in the Northeast increased 4.8 percent to an annual rate of 650,000 in January and were 12.1 percent above January 2012. The median price in the Northeast was $230,500, up 2.4 percent from a year ago.

Existing-home sales in the Midwest rose 3.6 percent in January to a pace of 1.16 million and were 17.2 percent higher than a year ago. The median price in the Midwest was $131,800, the lowest level since last March but 8.6 percent above January 2012.

In the South, existing-home sales increased 1.0 percent to an annual level of 1.96 million in January and were 14.0 percent above January 2012. The median price in the South was $152,100, up 13.4 percent from a year ago.

Existing-home sales in the West fell 5.7 percent to a pace of 1.15 million in January and were 5.7 percent below a year ago. The median price in the West was $239,800, the lowest level since June but 26.6 percent above January 2012.

Hear Mark Lieberman every Friday on P.O.T.U.S. radio, Sirius-XM 124, at 6:40 a.m. and again at 9:40 a.m. EST.

Zillow: 1.9M Homeowners Released from Negative Equity in 2012

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BY: ESTHER CHO

Over the course of last year, nearly 2 million homeowners were released from negative equity, Zillowreported Thursday.

Data from Zillow revealed 1.9 million homeowners came out of negative equity due to two main reasons: sustained high foreclosure rates and rising home values, which increased by 5.9 percent year-over-year, according to the Zillow Home Value Index.

Zillow further projects at least 999,601 homeowners will be released from negative equity in 2013.

“As home values continue to rise and more homeowners are pulled out of negative equity in 2013, the positive effects on the housing market will be numerous,” said Dr. Stan Humphries, Zillow’s chief economist.

Humphries explained, “homeowners will have more flexibility, and some will likely choose to list their home for sale, helping to ease inventory constraints and moderating sometimes dramatic, demand-driven price increases in some markets.”

Zillow also estimated 13.8 million mortgages were still underwater at the end of the Q4, down from 15.7 million in the same quarter in 2011. The most recent figure represents 27.5 percent of homeowners with a mortgage, down from 31.1 percent a year ago. Zillow’s report uses data from TransUnion and looks at current outstanding loan amounts for owner-occupied homes and compares them to the current value of the homes.

In dollar terms, homeowners were collectively underwater by more than $1 trillion at the end of 2012.

Out of the 30 largest metros, the areas with the highest number of homeowners freed from negative equity in 2012 were Phoenix, where 135,099 homeowners were released, followed by Los Angeles (72,936); Miami-Fort Lauderdale (70,484); Dallas-Fort Worth (59,461); and Riverside, California (58,417).

This year, Zillow expects the most freed homeowners to come out of Los Angeles, Riverside, Phoenix, Sacramento, and Dallas-Fort Worth.

While progress is being made on a national and local level, Humphries noted “negative equity is still very high,” and pointed out “millions of homeowners have a very long way to go to get back above water, even with current robust levels of home value appreciation in most areas.”

Home Values Post Biggest Annual Increase Since 2006; Rent Gains Slow

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BY: ESTHER CHO

Home values in January posted their biggest annual increase since July 2006, beating national gains in rent, according to a recent report from Zillow.

The Zillow Home Value Index rose for the 15th straight month to $158,100 in January 2013. According to Zillow, national home values have not been that high since June 2004. The improvement represents a 6.2 percent year-over-year gain and a 0.7 percent increase from December 2012.

The winter season, however, slowed gains for the Zillow Rent Index, which was down 0.2 percent from December, but still 4.3 percent higher compared to a year ago.

“The winter months are typically when things cool off in the housing market, but high demand and continued tight inventory in many markets have helped keep things at a boil through the early part of 2013,” said Dr. Stan Humphries, Zillow’s chief economist.

For every 10,000 homes nationwide, Zillow reported 5.54 homes were lost to foreclosure in January, down 0.8 homes month-over-month and 2.3 homes year-over-year.

Although the pace of completed foreclosures is slowing, Humphries noted foreclosure activity remains high.

“This will have the dual effects of nurturing rental demand, as displaced former homeowners seek new lodgings, and of adding supply to many markets, as foreclosed properties re-enter the market,” Humphries explained.

Zillow also measured changes in home values and rent across the 30 largest metros.

The biggest annual gains in home prices were seen in Phoenix (21.9 percent), San Francisco (17.2 percent), San Jose (16.8 percent), Las Vegas (16.2 percent), and Sacramento (13.7 percent).

Year-over-year, rents rose the most in Denver (7.5 percent), while Charlotte and Boston posted the second-highest increase, 6.3 percent. San Jose (5.5 percent) and San Francisco (5.4 percent) took the next two spots in the top five.

LPS: December Prices Climb 5.8% from Year Ago

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BY: TORY BARRINGER

Home prices in December were mostly flat from the month before, according to the latest Home Price Index (HPI) released by Lender Processing Services (LPS).

LPS’ index shows prices climbed 0.1 percent in December, staying at a rounded-off $207,000. November’s HPI was also reported at $207,000.

While December’s index was little changed from the prior month, it was up 5.8 percent from $196,000 in December 2011. January 2012’s index was also an estimated $196,000, meaning the year-to-date change throughout 2012 was also 5.8 percent.

According to LPS, prices are still down 21.9 percent from their peak of $265,000 in July 2006.

Nevada saw the largest upward movement in prices in December; the Silver State reported a 1.3 percent gain month-over-month. Rounding out the top five movers were Florida (1.0 percent), New York (0.6 percent), and California and Arizona (each reporting 0.4 percent improvement).

On the other hand, Alaska experienced the most depreciation in December with a reported price decline of 0.8 percent. Michigan (0.7 percent decline) and Ohio (0.6 percent decline) followed, along with Nebraska, Connecticut, Rhode Island, and Illinois (all with 0.4 percent price declines).

Florida was home to eight of the top 10 “biggest movers” on the metro level—down from November, when all of the top metros were in the Sunshine State. The two outsiders were Las Vegas (which saw 1.6 percent price growth, making it the top mover in December) and Vallejo, California (which broke in near the middle with 1.1 percent growth).

Anchorage, Alaska, turned up as the biggest loser in December, posting a 0.9 percent decrease in home prices. It was followed by Cleveland, Ohio; and Olympia and Spokane, Washington; which all saw 0.8 percent declines

Case-Shiller Indices Show Fastest Gain in 6 Years

BY: MARK LIEBERMAN, FIVE STAR INSTITUTE ECONOMIST

Home prices rose at their fastest pace since July 2006, according to the Case-Shiller 10- and 20-city Home Price Indexes, Standard & Poor’s which publishes the indexes reported Tuesday. At the same the Case Shiller national index, reported quarterly, registered its strongest gain since Q2 2006.

The 10- and 20-city index each rose 0.2 percent in December, reversing declines in November. Year-year, the 10-city index was up 5.9 percent and the 20-city index rose 6.8 percent. The national index was up 7.3 percent year-over-year.

The year-year gain in the 20-city index matched the consensus forecast.

The gain in the overall 20-city index was tempered by drops in prices in 11 cities with no distinct pattern. Prices fell month-month in four Midwest cities – Chicago, Cleveland, Detroit and Minneapolis – three cities in the West – Denver, Portland and Seattle—and two cities in each of the South – Charlotte and Dallas—and the Northeast – New York and Washington DC.

Year-year prices rose in 19 of the 20 cities though, falling only in New York.

The month-month price gains were led by Las Vegas, up 1.8 percent, Los Angeles, up 1.1 percent, Phoenix, up 0.9 percent, Miami, up 0.8 percent and San Francisco, up 0.7 percent. Of the nine cities which registered price gains, five were in the West, three in the South and one in the Northeast,

The month-month price declines were led by Chicago, 0.7 percent, followed by Detroit, 0.6 percent and Portland and Seattle, 0.5 percent each.

Year-over year, prices registered double digit percentage improvements in Phoenix, 23.0 percent, San Francisco, 14.4 percent, Detroit, 13.6 percent, Las Vegas, 12.9 percent and Minneapolis, 12.2 percent.
The year-year price drop in New York City was 0.5 percent.

The year-year price improvement in Phoenix has been over 20 percent for four straight months but prices there are still down 44.9 percent from their June 2006 peak.

Indeed prices in every city in survey remain below their historic highs led by Las Vegas where prices are off 56.4 percent from their August 2006 high.

The 10-city index, at 158.49, is down 30.0 percent from its June 2006 high of 226.29 and the 20-city index at 145.95 is off 29.3 percent from its July 2006 peak of 206.52.

The quarterly index fell in the fourth quarter for the first time since the first quarter but was up year-year for the third straight quarter.

Hear Mark Lieberman Friday on P.O.T.U.S. radio, Sirius-XM 124, at 6:40 am EST and again at 9:40 am EST.

10 Things to Know for Wednesday

10 Things to Know for Wednesday

By The Associated Press

Your daily look at late-breaking news, upcoming events and the stories that will be talked about Wednesday:

1. HOW CALIF. MANHUNT FOR EX-COP PLAYED OUT

A single gunshot was heard inside mountain cabin before it went up in flames – and the fugitive never emerged.

2. JOB 1 FOR OBAMA: CREATING JOBS

3. WHAT NORTH KOREA GAINS FROM NUKE TESTS

The blasts put young leader Kim Jong Un and his advisers right where they want to be: at the center of the world’s attention.

4. PAPAL CAMPAIGN GETS UNDER WAY

The race for the Vatican’s top post has one strict taboo: No one can openly seek the job.

5. HAGEL CLEARS FIRST HURDLE

A sharply divided Armed Services Committee votes 14-11 to send Obama’s pick for defense secretary to the full Senate.

6. COMCAST BUYING UP NBCUNIVERSAL

Completing the deal for the owner of NBC should make Comcast less vulnerable to rising TV programming costs.

7. ENGINE FIRE CRIPPLES CRUISE SHIP

Passengers say luxurious vessel has become a “shantytown” in the Gulf of Mexico, with lousy ventilation and non-functioning toilets.

8. WHEN TREATMENT MIGHT BE WORSE THAN THE DISEASE

A study of older people with small kidney tumors found they lived longer if doctors monitored the growths instead of operating right away.

9. GIANT BREEDS MAKE BIG IMPRESSION AT DOG SHOW

But living with Great Danes and other extra-large dogs can require adjustments, including removing seats from minivans so the animals fit.

10. WHY WRESTLING GOT THE AX AT THE OLYMPICS

The sport ranked “low” in several categories, including popularity with the public at the London Games and the global TV audience.