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alstry (35.59)

Remember when government only shut down for a day......

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December 07, 2009 – Comments (1)

Yolo County will close 14 departments Dec. 21 through Jan. 2, as part of an aggressive cost-cutting effort.

In addition, four other departments will close Dec. 24 for the remainder of the year.

The cash-strapped county announced far-reaching cuts this year in order to balance its general fund.

County departments that will be closed starting Dec. 21 through the remainder of the year include the Board of Supervisors, county administrator’s office, county counsel, elections, health, library, planning and public works and the UC Cooperative Extension.

The assessor, auditor-controller/treasurer-tax collector, public administrator and Veterans Service Office will close starting Dec. 24, and reopen Jan. 2, county spokeswoman Beth Gabor said in a news release.

1.01.10.....when Concentric Contraction happens

Harley Davidson fires 2/3 of its workers

New Home Construction DOWN 80%

Over 60% of Architects unemployed

Commercial R/E Construction grinds to a halt

Government shuts down for weeks at a time......

It wasn't hard to see coming.....simiply hard to believe it was true.......

Now high school sports is being slashed....same with vice principals, and teachers, and librarians, and schools, and colleges, and universities......

and police officers, firefighters, home health care workers, nurses, and more......

Remember, it is not the end of the world, simply the end of the world as you know it.........

The interesting part is trying to guess when most of the Fools actually appreciate that they are being Zombulated despite their resistence to Alstrynomics documenting the facts.

You gotta luv business cycles.....is this the cycle when all private property reverts back to a central body because the system was simply too corrupt to fix?????

I think its time to get bullish on the dollar......until its not time anymore.

 

1 Comments – Post Your Own

#1) On December 07, 2009 at 10:10 PM, alstry (35.59) wrote:

1.01.10......A NATION OF ZOMBULATION

Zombie Buildings ......from calrisk.

From Thomas Corfman at Crain's Chicago Business: Zombie fears stalk Tishman in the Loop (ht David)

Corfman describes properties where the owners owe far more than the buildings are worth, and can't refinance, as "zombie buildings". The owners "can't compete for new tenants because they lack the money to cover brokers' commissions and interior office reconstruction."

"Virtually all the assets bought between '05 and '07 cannot be refinanced today without a significant capital infusion," says Shawn Mobley, executive vice-president at real estate firm Grubb & Ellis Co. "These buildings need to be recapitalized to get back in the business of being active real estate."
...
The number of zombie buildings in the Chicago area is likely to grow in 2010 ... For landlords, the trend means even top-quality office properties are likely to divide themselves into "haves" and "have-nots," with the latter seeing their vacancy rates worsen because of the lack of financing.
...
Many tenants won't consider zombie buildings because they need landlords' cash [for tenant improvements].

An "extend and pretend" loan modification will just let the zombie building live longer with deferred maintenance and few tenant improvements.

Although Corfman is discussing commercial office buildings, the same idea applies to residential real estate and loan modifications. Homeowners with significant negative equity own zombie houses - the "owners" are really renters and will defer maintenance as long as possible.

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