Freddie Mac economist sees sunny economy in second half
by JON PRIOR, http://www.housingwire.com/Monday, June 27th, 2011Freddie Mac Chief Economist Frank Nothaft said the overall economy should begin to accelerate in the second half of 2011 with an improved housing market close behind.Nothaft said with the continued support of the Federal Reserve, monthly job gains will continue, bringing the unemployment rate toward 8.6% by the fourth quarter, according to his blog post Monday. Mortgage rates, he said, should remain between 4.5% and 5% over the rest of the year and recent price drops pushed affordability even higher.Economic indicators sagged this spring. Unemployment inched up to 9.1% in May. Consumer confidence hit a six-month low and existing home sales plummeted 15.3% that same month. Confidence among small businesses and homebuilders lingers at historically low levels.Nothaft said consumers uncertain about the overall economy are holding back on purchasing "big-ticket items" such as homes."Some potential buyers who have the means to buy are awaiting clearer signs that home values have firmed," Nothaft said.When that occurs remains in question. The Standard & Poor's/Case-Shiller Home Price Index officially double-dipped this spring. Research from Altos Research said values should bounce up and down for an extended period of time. And Capital Economics analysts said a lack of demand should keep prices from a consistent rise until 2014.But Nothaft said the rental sector is a lone bright sign in today's housing market. The National Multi Housing Council reported new debt and equity financing became more available. Vacancy rates on buildings with at least five apartments dropped over the past year and monthly rents rose."Even though near-term concerns over income and sales growth are restraining consumer spending, business hiring, and new building, a number of positive signs in the economy indicate that growth will continue and is likely to accelerate in the second half of this year," Nothaft said.Anthony Sanders, a professor of real estate finance atGeorge Mason University, said with tumultuous changes coming to the housing market such as tightened purchasing standards and heightened guarantee fees at Fannie Maeand Freddie Mac, the future for housing remains cloudy."Mortgage rates are very low. House price declines are slowing in many areas of the country and level if not increasing in others. Mortgage delinquencies have slowed down," Sanders said. "But the economy is in a 'soft patch' and it is unclear how long that will last."Nothaft remains optimistic, pointing to the encouraging signs in the rental market and noting home sales remain above last year's pace when tax credits first began to dry up."Look for a gradual improvement in housing activity in the coming year," Nothaft said.
Tuesday, June 28, 2011
Freddie Mac economist sees sunny economy in second half
Sunday, June 26, 2011
World's Most Spectacular Pedestrian Bridges
World's Most Spectacular Pedestrian Bridges
Pedestrian bridges are going to cool new heights, turning the need to get from here to there into an adventure.
Capilano Suspension Bridge, Vancouver
Photo Courtesy of Capilano Suspension Bridge
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Stroll the 1.3-mile Hudson River Walkway in Poughkeepsie, NY—taking in the exhilarating view of water, treetops, and sky—and you could almost forget that we live in a world designed for the automobile. Here, the environment belongs not to those who roar by at 70 mph, but to pedestrians like you.
The concept of pedestrian bridges isn't new—Venice's Rialto Bridge dates back to 1588, and even the Brooklyn Bridge architects made room for walkways alongside the car lanes. But just recently, since around the turn of the millennium, we've rediscovered the notion that regular people are important enough to deserve some spectacular feats of engineering.
Sure, these pedestrian bridges make a big impression with sweeping views and innovative features like solar-powered LED lighting or the ability to levitate and roll upwards into a wheel. But above all, they reward us for traveling, whether on foot or two wheels, with our own muscle power.
Capilano Suspension Bridge, Vancouver, British Columbia
Come face-to-face with wildlife in Vancouver's lush treetop ecosystem while strolling this skinny 450-foot-long canopy bridge that floats 230 feet above the Capilano River. Just 10 miles from downtown, the bridge dates back to 1889, when a Scottish civil engineer strung a hemp rope and cedar plank to his isolated cabin.
A Growing Trend: The Capilano forest also features a new 650-foot-long network of bridges and viewing platforms connecting several of the towering Douglas fir trees. And the concept has taken hold—canopy walks have lately been built in the Peruvian Amazon rainforest and Borneo's Danum Valley.
Langkawi Sky Bridge, Malaysia
Photo by: Gavin Hellier / Alamy
Langkawi Sky Bridge, Malaysia
More like an observation deck, this bridge to nowhere dangles spectacularly about 2,300 feet above sea level in Langkawi, an archipelago on Malaysia's west coast. It's reached by a harrowing cable car ride up Mount Mat Cincang, and the bridge's gently curving promenade provides tourists with dazzling views of the Andaman Sea far below. Every posted description of the bridge includes the not-entirely-reassuring phrase: "Langkawi sky-bridge is safe."
Spine Tingling: The view is impressive and so is the engineering: the bridge is suspended from a single mast that sticks up from the mountain below like a construction crane.
BP Bridge, Millennium Park, Chicago
Photo by: Patrick Pyszka
BP Bridge, Millennium Park, Chicago
Get an overview of Chicago's most impressive architecture, not to mention Lake Michigan, when you set out from the brushed-steel Jay Pritzker Pavilion and amble along Frank Gehry's 925-foot-long bridge above Columbus Drive. Clad in shiny lizard-skin-patterned steel and paid for by its oil-company namesake, the overpass's only shortcoming is that it doesn't make it all the way to the water's edge—you're left to fend for yourself on traffic-filled Lakeshore Drive.
Companion Bridge: An ultra-skinny minimalist footbridge, designed by Renzo Piano, leads from Millennium Park to the architect's new wing of the Art Institute of Chicago.
Puente de la Mujer, Buenos Aires
Photo by: Agustina Prats
Puente de la Mujer, Buenos Aires
Architect Santiago Calatrava's "Woman's Bridge" on the Rio de la Plata is female by association; the surrounding streets are named for noteworthy women such as human rights activist Alicia Moreau de Justo. The bridge faces a new crop of trendy hotels, restaurants, and condos in Puerto Madero—and can take some credit for inspiring the neighborhood's redevelopment.
Fancy Footwork: With a single mast pointing skyward at a 45-degree angle, the bridge sometimes gets compared to a couple doing the tango. We don't quite see it, but in Buenos Aires, tango dancers are never far away, especially on the streets of San Telmo.
Walkway over the Hudson, Poughkeepsie
Photo by: Alvis Upitis / Alamy
Walkway over the Hudson, Poughkeepsie, NY
It feels like you're walking in the sky. This former railroad bridge is suspended 220 feet above a wide, unusually straight stretch of the Hudson that Dutch seafarers once called "Lange Rack" or Long Reach. That means you can see up and down the river for miles—without any overhead structure to obscure the view.
Conflicting Claims: The official website states that, at 6,767 feet long, it's the world's longest pedestrian bridge. One not-so-small problem: the Anping Bridge in Fujian China, a stone pedestrian bridge dating from the 12th century, is 526 feet longer.
Henderson Waves Bridge, Singapore
Photo by: Abdul Rahman Latiff
Henderson Waves Bridge, Singapore
You can see why Singapore is nicknamed the Garden City. Crossing from one hilltop park to another, 118 feet above busy Henderson Road, its highest pedestrian bridge overlooks treetops, flowering bushes, the harbor, and the skyline. Cooler still is this bridge's resemblance to a Slinky toy. A sculptural wave of steel ribs follows the walkway, periodically curling up and over the edge to create little coves of sheltered seating.
Flora and Fauna: Singapore's Southern Ridges area is also home to the Canopy Bridge, where you'll find wild orchids, pitcher plants, and tons of birds.
Kurilpa Bridge, Brisbane, Australia
iStock
Kurilpa Bridge, Brisbane, Australia
Masts attached to cables jut out from this bridge in all directions—as if trying to distract your attention from the impressive cluster of skyscrapers lining the Brisbane River. Powered by 84 solar panels, Kurilpa looks its finest when the LED lighting system puts on dazzling shows.
Push and Pull: It may appear to be a crazy jumble, but the positions and the strength of the mast connections are the product of sophisticated calculation; this is the first major bridge built according to the principles of tensegrity.
Rolling Bridge, London
Photo: Steve Speller
Rolling Bridge, London
The payoff for pedestrians is usually the view from on high, but here the bridge itself is the sight to see. Each Friday at noon, genius architect Thomas Heatherwick's Rolling Bridge allows a single boat to pass in or out of its moorage. You'll be transfixed as the bridge, powered by hydraulic rams, levitates upward as a unit, and then curls backward, allowing its eight triangular hinged sections to roll into a wheel.
Neighborhood Facelift: The Rolling Bridge is one small element in a major redevelopment of the area around Paddington Station. Other novel canal crossings include the Helix Bridge, which screws and unscrews to allow boats to pass.
Infinity Bridge, Stockton on Tees, England
Photo by: John Devlin / Alamy
Infinity Bridge, Stockton on Tees, England
Opened in 2009, this long bowstring bridge is named for the infinity symbol formed by its dramatic double curve and reflection in the River Tees. The main arch is almost 400 feet tall and the span is nearly 900 feet, creating a flamboyant wave. Special nighttime lighting enhances the infinity effect, and LEDs built into the handrails and footpath are programmed to change color as pedestrians and bicyclists pass by.
Be Transported: Another landmark Tees crossing, the Middlesbrough Transporter Bridge, completed in 1911, carries cars and pedestrians across the river in a suspended gondola, 90 seconds each way.
Bob Kerrey Pedestrian Bridge
Photo by: Elaine Conner (Connermajik)
Bob Kerrey Pedestrian Bridge, Omaha, NE, to Council Bluffs, IA
The first pedestrian bridge to link two states extends for 3,000 feet over the bucolic Missouri and traces a gentle S-curve around its two supporting towers—a plaque marks the spot where you can have one foot in Nebraska and the other in Iowa. Opened in 2008 and illuminated at night, the bridge has become a teen hangout and has energized the waterfronts of two cities that haven't always been so hospitable to pedestrians.
On the Waterfront: On the Omaha side, the bridge syncs up with a riverfront trail, part of a 1990s redevelopment.
Brady’s mentor may be on the mend
Brady’s mentor may be on the mend
Great news for former College of San Mateo coach and longtime quarterback guru Tom Martinez — after recent reports that complications from diabetes may have given Martinez a very short time to live, it now appears that there's far more hope than originally thought. Martinez, who has been Tom Brady's(notes) primary quarterback guru for over 20 years and has trained many other NFL players as well, was given between a week and a month to live in early June.However, according to the San Francisco Chronicle, a second opinion Martinez received at UCLA's medical center this week revealed that the primary issue with his health may have been a pacemaker he received right around the time that the more somber diagnosis was made. "I'm feeling better and I'm optimistic after being almost completely certain that I was going to die," Martinez said after the pacemaker was adjusted. Amazingly, he felt good enough on Saturday to attend his 33rd annual quarterback camp
Now, the man who taught Brady how to be a quarterback (the two conferred about Brady's mechanics just recently in a meeting that also included Pats receiver Julian Edelman(notes)) could very well be in line for a kidney transplant. After his condition was reported on Facebook, several people volunteered to help. A donor was recently found, and Martinez will undergo further tests to insure that he's strong enough to handle the procedure. From there, a heart transplant might be a possibility as well. "Incredible, isn't it? They might try to do a double transplant if everything works," he said.
One kid I used to coach said he would give both his kidney and his heart, but obviously I couldn't do that," Martinez told the Chronicle. "It was all very touching."
Brady is Martinez's most famous success story, but the longtime football mentor is still a bit haunted by his most talented failure — former Oakland Raiders quarterback JaMarcus Russell(notes), who bombed out of the NFL despite an amazing arm.
"When he got to Oakland and started to struggle ... I always at the end of every kid I work with, I give them a quarter," Martinez told the Chronicle. "…If you need help, if there's anything you think I can help with because I watch every game, call me. And here's a quarter. ... Brady used his quarter, and I had to give him another one, and he used that, and I gave him a different one. JaMarcus still has his."
If Russell ever wants to use that quarter, it appears that he'll have more time to do so. Tom Martinez is making a more amazing comeback than any of his quarterbacks ever have.
Billy the Kid Photograph Auctioned
Billy the Kid is pictured in an undated handout photograph
DENVER (Reuters) - The only authenticated photograph of infamous Wild West gunslinger Billy the Kid was auctioned off to Florida billionaire William Koch for an $2.3 million on Saturday night.
Koch, an energy company executive and well-known collector of art and American West artifacts, placed the winning bid in person before stunned onlookers at Brian Lebel's annual Old West Auction in Denver.
Lebel said at an auction preview that he expected the tintype image to sell for between $300,000 and $400,000.
Koch told Reuters after the auction that he plans to allow some small museums to display the piece, and after that he will "just enjoy" the iconic piece.
"I love the old West," he said. "This is a part of American history."
The metallic photo, taken outside a Fort Sumner, New Mexico, saloon in late 1879 or early 1880, depicts the outlaw gripping the upright barrel of a Winchester carbine, with a Colt 45 pistol strapped to his hip.
The photograph was owned by the descendants of Dan Dedrick, who was given the photo by his cattle rustling partner, Billy the Kid himself.
Born Henry McCarty, but known in New Mexico as William Bonney, the Kid was shot dead at age 22 by lawman Pat Garrett in 1881, months after a jailbreak in which Bonney reportedly killed two deputies.
In the 130 years since his death, Billy the Kid has been depicted, with varying degrees of accuracy, in scores of popular culture movies and books.
Koch's winning bid was actually $2 million, but a $300,000 "buyer's premium" was tacked on, bringing the total selling price to $2.3 million, an auction spokeswoman said.
Brian Lebel said he was pleased that the photo wasn't sold to an overseas buyer.
"I'm happy that it will stay in this country and will be shared with the public," he said.
Koch is one of the sons of Fred C. Koch, founder of Wichita, Kansas-based energy conglomerate Koch IndustriesThe ten greatest athlete cameos in movie history
The ten greatest athlete cameos in movie history
This weekend, Jeff Gordon will make a big-screen appearance as the voice of "Jeff Gorvette" in "Cars 2." He joins the ranks of athletes who've tried — tried really, really hard, in some cases — to jump from the stadium to the cineplex. In honor of Gordon's cinematic debut, we present the 10 greatest athlete cameos of all time. Sometimes they appear as themselves, and sometimes they try to be someone else, which is so much more fun to watch. Check out these actors in their roles (the ones we can show you, of course) and have your say below on the best of the best:
10. Wilt Chamberlain, "Conan The Destroyer": Wilt the Stilt knew his way around a basketball court, but in front of the camera, he showed all the acting range of a hardwood floor. Still, when you're in a sword-and-sorcery fantasy, your character's name is "Bombaata," and your one big line is "Thieves should be hanged," we're not expecting Oscar-worthy material out of you. Here's hoping they lined up Dwight Howard for this summer's remake.
9. Derek Jeter, "The Other Guys": An unwitting victim of the itchy trigger finger of Mark Wahlberg's character, Jeter can always blame this shooting for this year's hitting woes. Best line: "You shoulda shot A-Rod!" (Sadly, no video, as Jeter does not respond in a family-friendly way to being shot.)
8. Lawrence Taylor, "The Waterboy": The unintentional comedy is off the charts with this cameo, as a lively Lawrence Taylor speaks to kids (bad idea) and gives them some good, if ironic, advice: "Don't smoke crack!"
7. Lee Trevino, "Happy Gilmore": Trevino, a notorious prankster -- he once threw a rubber snake at Jack Nicklaus before a critical U.S. Open playoff -- was one of the grounding forces in the otherwise off-the-rails golf scenes in "Happy Gilmore." He dispensed wisdom like this:
6. Lance Armstrong, "Dodgeball": Armstrong's speech on quitting somehow manages to both make light of cancer and motivate you to get up off your couch, all at once. Nice work.
5. Brett Favre, "There's Something About Mary": Expertly foreshadowed throughout, this was an example of a perfect reveal at the end of the movie -- and it marked the last time anybody was genuinely excited to see Favre's face again.
4. Mike Tyson, "The Hangover": A killer cameo for three reasons: it totally reclaims "In the Air Tonight" from "Miami Vice," it turns Tyson into a lovable menace, and it answers once and for all the question of whether you'd be willing to take one punch, just one, from Tyson for a million bucks.
3. Reggie Jackson, "The Naked Gun": Reggie Jackson played a mind-controlled ballplayer sent to assassinate the queen. If George Steinbrenner had known Jackson could do that, he'd have put him to better use.
2. Kareem Abdul-Jabbar, "Airplane": Sure, he says he's Roger Murdock, but why would he be wearing Laker shorts to fly a plane?
1. Cam Neely, "Dumb and Dumber": Simply the greatest athlete cameo ever. No more needs to be said except for Sea Bass' catchphrase.
Honorable mentions: Dale Earnhardt, "Baseketball", Roger Clemens, "Kingpin"; Dan Marino, "Ace Ventura"; Jamie McMurray, "Talladega Nights"; Mike Ditka, "Kicking and Screaming"; Andre the Giant, "The Princess Bride"; Pele, "Victory"; Alex Karras, "Blazing Saddles"; Bob Uecker, "Major League"; John McEnroe, "Mr. Deeds"; Richard Petty and Dale Earnhardt Jr., "Cars."
Amazing tales: USF lineman lifts Cadillac, saves trapped man
Amazing tales: USF lineman lifts Cadillac, saves trapped man
Danous Estenor may sound like the name of a character from a Tolkien novel, and he may look like a grizzly bear who could maul anyone who crosses his path. At 6-foot-3, 306 pounds, he probably could, actually. Off the field, though, the South Florida offensive lineman is more of the "gentle giant" type, more likely to channel his natural power to more productive ends — such as last February, for example, when he hulked out on a 3,500-pound car to save a man trapped underneath. From Friday's St. Petersburg Times:Across the parking lot on that Thursday night in February, [Estenor] saw a frightening scene: a tow truck driver pinned under the rear tire of a 1990 Cadillac Seville that had lurched forward as he worked underneath it, his wife struggling in vain with two men to lift the car. […]"I just see his legs," said Estenor, 21, a child of Haitian immigrants from Palm Beach. "The car is crushing him. He's not moving. I'm thinking, 'Oh, God, this guy is going to die.' ""I tried to lift the car, and when I first tried, it didn't budge. I backed up. I don't know. But I felt this energy come, and I lifted it. I don't know how, but somebody pulled him from the car."Maria Uribe had been sleeping in the cab of her husband's truck when she heard Arzola, 34, yelling "Ayudame!" — help me. The scene looked "like a horror movie … a lot of blood," she said. The Cadillac's front right tire had run over Arzola's torso and dragged him about 10 feet.Somehow he sustained only cuts, bruises and a dislocated shoulder, which was pinned beneath the rear tire. He was back towing cars two weeks later.
Estenor's immediate response to the incident: To continue on to the cafeteria for dinner. Even teammates were skeptical of his adrenaline-fueled heroism until a few weeks later, when coach Skip Holtz brought Estenor in front of the team while he read a letter from the manager of the Bull's Den Cafe, in whose parking lot the accident occurred. Two Bull's Den employees, including the owner of the Cadillac, were attempting (unsuccessfully) to lift the car when Estenor came to the rescue.
"Ever since coach Holtz read the letter, they all say, 'Oh, where's your cape?'" he told the Times. "It's not bad. They're just making fun, but I'm glad [Holtz] let them know what happened. I always feel good when I do a good deed, to help somebody, any kind of way."
Yes, the heart, it is warmed. Now: How to recreate the same adrenaline rush when handling defensive linemen?
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Photo hat tip: USFNation.com
Matt Hinton is on Twitter: Follow him @DrSaturday.
Photo hat tip: USFNation.com
Matt Hinton is on Twitter: Follow him @DrSaturday.
Winner of the 2011 World's Ugliest Dog Contest
2011 World's Ugliest Dog contest
Yoda's short tufts of hair, protruding tongue, and long, seemingly hairless legs were enough to earn it the World's Ugliest Dog title. The 14-year-old Chinese crested and Chihuahua mix won the honor Friday night. (AP)
Sat, Jun 25, 2011
10 Tax-Friendly States For Retirees 2011
10 Tax-Friendly States For Retirees 2011
AGE/Jörg Röse-oberreich
10 Tax-Unfriendly States for Retirees 2011
10 Tax-Unfriendly States for Retirees 2011
by Mary Beth Franklin
Friday, June 24, 2011
Friday, June 24, 2011
Some states offer attractive tax benefits for retirees. Then there are these ten tax hells, which have earned a place on our "do not live here for your second act" list either because of higher-than-average taxes across the board or because of policies that don't exempt much retirement income from state taxation.
| More from Kiplinger.com: • Compare All States with Kiplinger's Retiree Tax Map• 10 Great Cities for Empty Nesters• 8 Secret Retirement Hot Spots |
#1 VERMONT
State Income Tax: 3.55%-8.95%
State Sales Tax: 6% (localities can add another 1%)
Estate Tax/Inheritance Tax: Yes/No
State Income Tax: 3.55%-8.95%
State Sales Tax: 6% (localities can add another 1%)
Estate Tax/Inheritance Tax: Yes/No
There are no exemptions for retirement income in the Green Mountain State, except for Railroad Retirement benefits (which are exempt in every state). Out-of-state pensions are fully taxed. Vermont exempts medical devices and prescription and nonprescription drugs from its 6% sales tax. But it imposes a 9% tax on prepared foods, restaurant meals and lodging, and a levies a 10% sales tax on alcoholic beverages served in restaurants. Real estate taxes have two components: school property tax and municipal property tax collected by towns and cities where the property is located. The Tax Foundation, a nonprofit tax-research group in Washington, D.C., lists Vermont's property tax among the ten highest in the nation.
#2 MINNESOTA
State Income Tax: 5.35%-7.85%
State Sales Tax: 6.875% (cities and counties can add another 2.65%)
Estate Tax/Inheritance Tax: No/No
State Income Tax: 5.35%-7.85%
State Sales Tax: 6.875% (cities and counties can add another 2.65%)
Estate Tax/Inheritance Tax: No/No
Minnesota offers retirees cold comfort on the tax front. Social Security income is taxed to the same extent it is taxed on your federal return. Pensions are taxable regardless of where your pension was earned. Income-tax rates are high, and sales taxes can reach 9.53% in some cities. Food, clothing, and prescription and nonprescription drugs are exempt from sales taxes. The North Star State does offer some residents 65 and older who have income of $60,000 or less the option of deferring a portion of their property tax. But this is a low-interest loan, not a tax-forgiveness program.
#3 NEBRASKA
State Income Tax: 2.56%-6.84%
State Sales Tax: 5.5% (localities can add another 1.5%)
Estate Tax/Inheritance Tax: No/Yes
State Income Tax: 2.56%-6.84%
State Sales Tax: 5.5% (localities can add another 1.5%)
Estate Tax/Inheritance Tax: No/Yes
There are no tax breaks for Social Security benefits and military pensions in the Cornhusker State. Real estate is assessed at 100% of fair market value. Residents 65 and older qualify for a homestead exemption on property taxes. Food and prescription drugs are exempt from state sales taxes. But Nebraska imposes an inheritance tax on all transfers of property and annuities.
#4 OREGON
State Income Tax: 5%-11%
State Sales Tax: None
Estate Tax/Inheritance Tax: No/Yes
State Income Tax: 5%-11%
State Sales Tax: None
Estate Tax/Inheritance Tax: No/Yes
First, the upside: There's no state sales tax in the Beaver State. But it shares the distinction with Hawaii of imposing the highest tax rate on personal income in the nation on taxable income of $250,000 or more. Although Oregon does not tax Social Security benefits, that's the extent of its income-tax breaks for retirees. And Oregon has an inheritance tax that applies even to intangible personal property, such as investments and bank accounts, no matter where it is located.
#5 CALIFORNIA
State Income Tax: 1.25%-9.55%
State Sales Tax: 7.25% (effective July 1, 2011)
Estate Tax/Inheritance Tax: No/No
State Income Tax: 1.25%-9.55%
State Sales Tax: 7.25% (effective July 1, 2011)
Estate Tax/Inheritance Tax: No/No
The Golden State has lost its luster for many retirees. Although Social Security benefits are exempt from state income taxes, all other forms of retirement income are fully taxed. Californians pay some of the highest income taxes in the U.S., with the top rate of 9.55% kicking in at $46,767 of taxable income. State and local sales taxes can reach 9.25% in some cities, although food and prescription drugs are exempt. Real estate is assessed at 100% of cash value, but taxes are capped at 1% of value.
#6 MAINE
State Income Tax: 2%-8.5%
State Sales Tax: 5% (counties can add another 0.5%)
Estate Tax/Inheritance Tax: Yes/No
State Income Tax: 2%-8.5%
State Sales Tax: 5% (counties can add another 0.5%)
Estate Tax/Inheritance Tax: Yes/No
Like the majority of states, Maine exempts Social Security benefits from state income taxes. And residents can deduct up to $6,000 per person of eligible pension income. But remaining income in excess of $20,150 per year is taxed at a steep 8.5% rate. Residents of the Pine Tree State pay a 5% sales tax statewide on everything except food and prescription drugs. All real estate and personal property is subject to local property taxes (and, in some cases, state property taxes, too), but permanent residents can receive an exemption of $10,000 on the assessed value of their home. Maine is also one of only three states that do not allow cities and towns to impose their own local sales taxes.
#7 IOWA
State Income Tax: 0.36%-8.98%
State Sales Tax: 6% (localities can add another 1%)
Estate Tax/Inheritance Tax: No/Yes
State Income Tax: 0.36%-8.98%
State Sales Tax: 6% (localities can add another 1%)
Estate Tax/Inheritance Tax: No/Yes
The Hawkeye State offers no feathered nest for retirees. Although it allows single retirees to exclude up to $6,000 of retirement-plan distributions from state income taxes, and married couples can exclude up to $12,000, the rest is taxed at rates as high as 8.98%. Iowa taxes a portion of residents' Social Security benefits, too, although it is in the process of phasing out the Social Security tax, which is scheduled to disappear in 2014. Food and prescription drugs are exempt from the statewide 6% sales tax. Real estate is assessed at 100% of market value, and most property is taxed by more than one taxing authority, such as cities, counties and school districts. There is a small homestead tax credit for residents who live in-state at least six months of the year.
#8 WISCONSIN
State Income Tax: 4.6%-7.75%
State Sales Tax: 5% (counties can add another 0.5%)
Estate Tax/Inheritance Tax: No/No
State Income Tax: 4.6%-7.75%
State Sales Tax: 5% (counties can add another 0.5%)
Estate Tax/Inheritance Tax: No/No
The Dairy State exempts Social Security benefits and military-related pensions from its state income taxes, but it taxes most other pension and annuity income the same way the federal government does. Retirees 65 and older can subtract $5,000 of qualified retirement income, including IRA distributions, from their Wisconsin taxable income, subject to income restrictions. Some Wisconsin state- and local-government retirees qualify for a tax exemption. But out-of-state government pensions are fully taxed. Food and prescription drugs are exempt from state sales taxes. Some homeowners may qualify for a school property-tax credit against their state income tax.
#9 NEW JERSEY
State Income Tax: 1.4%-8.97%
State Sales Tax: 7%
Estate Tax/Inheritance Tax: Yes/Yes
State Income Tax: 1.4%-8.97%
State Sales Tax: 7%
Estate Tax/Inheritance Tax: Yes/Yes
Its nickname may be the Garden State, but New Jersey is no Eden for retirees. The Tax Foundation says New Jersey's combined state and local tax burden is the highest in the nation, thanks in part to sky-high property taxes. But there are a few bright spots: New Jersey does not tax Social Security benefits and military pensions. It also allows residents 62 or older with incomes of $100,000 or less to exclude up to $15,000 ($20,000 for married couples filing jointly) of retirement income, including pensions, annuities and IRA withdrawals. Groceries, medicine and clothing are exempt from the 7% statewide sales tax. The state imposes an inheritance tax on the transfer of real and personal property worth $500 or more, but bequests to family members are exempt. Even with the bright spots, it's an expensive place to live for retirees.
#10 CONNECTICUT
State Income Tax: 3%-6.7%
State Sales Tax: 6.35%-7%
Estate Tax/Inheritance Tax: Yes/No
State Income Tax: 3%-6.7%
State Sales Tax: 6.35%-7%
Estate Tax/Inheritance Tax: Yes/No
Connecticut can be inhospitable to retirees, depending on their income and where they earned their retirement benefits. Although some residents of the Constitution State can exclude their Social Security benefits from state income taxes, the exclusion applies only if their adjusted gross income is $50,000 or less ($60,000 or less for married couples). All out-of-state government and civil-service retirement pensions are fully taxed. Effective July 1, 2011, the sales tax rate statewide is 6.35%, with luxury items taxed at 7%. Connecticut residents pay some of the highest property taxes in the U.S., according to the Tax Foundation, but residents 65 and older qualify for an annual property tax credit or rent rebate.
Friday, June 24, 2011
Best and Worst Cities for Renters
Best and Worst Cities for Renters
Jun 20, 2011
Provided by:
The population of New Haven, Conn., grew a robust 5% from 2000 to 2010. With demand for housing outpacing construction of new multi-family buildings over the past few years, the home of Yale University is a great place to be a landlord. But, by our measure, it’s the worst city in the country to be a renter.
With a low rental vacancy rate of 4.5%, average rent in New Haven is up $57 over last year to $1,504 per month, exceeded only by notoriously pricey markets like New York City, San Francisco and Boston. It would actually be cheaper for residents of the Elm City to buy: The median price of a single-family home is $223,672; at 10% down with a 30-year mortgage at 4.9%, that would translate into monthly mortgage payments of $1,435 per month, $69 less than the average rent.
Hessam Nadji, managing director of research and advisory services at Marcus and Millichap, says job growth in nearby Westchester County and New York City contribute to New Haven’s high rents, as does the academia-driven local economy: “Students and employees at Yale University provide a sizable pool of potential renters…[and] medical facilities associated with Yale also augment the renter pool.”
On the flipside, rental bargains can be found in many of the cities rocked by the real estate bust. No. 1 on our list: Tucson, Ariz., where the average monthly rent is just $604, only $9 higher than in 2010. Unsold, vacant homes have flooded the Tucson rental market, translating into more choices and reasonable rents for locals happy to stay away from an uncertain home market.
Behind The Numbers
With the help of Marcus and Millichap, an Encino, Calif.-based real estate investment firm, we rated the 44 biggest cities in the U.S. based on four criteria: Average rent in the first quarter and how much it changed year-over-year; vacancy rates, since more empty units mean more choices and usually better prices; and lastly the cost of renting versus buying.
From the peak of the housing bubble through the bust, the Joint Center for Housing Studies at Harvard University reports that 3.9 million Americans have transitioned to renting since 2004. The national rental vacancy rate has declined by nearly a percentage point year-over-year. Nadji says the growing demand for rentals is a departure from the usual pattern in the housing market during downturns: “Normally you don’t get very strong rental demand until there’s job demand and this time around we’ve seen it ahead of job growth. A big part of it is the big problems in the for-sale single-family housing market.”
No matter where you live, putting more time and effort into your hunt can help you uncover deals. Christina Aragon, director of strategy and consumer insights at Rent.com, a Santa Monica, Calif.-based rental listing site, says offering to sign a 15- to 18-month lease rather than the traditional 12-month contract can go far in price negotiations no matter what the market.
Here are the nation's five best cities for renters:
 |
| Among the best cities for renters: Kansas City, MO. Photo: AP Photo/Orlin Wagner |
No. 5: Kansas City, Mo.
Average Monthly Rent: $649
Change in Rent year-over-year: 1.9% increase
First Quarter Vacancy Rate: 7.5%
Mortgage Payment v. Rent Payment: $213 cheaper to rent
Average Monthly Rent: $649
Change in Rent year-over-year: 1.9% increase
First Quarter Vacancy Rate: 7.5%
Mortgage Payment v. Rent Payment: $213 cheaper to rent
 |
| Among the best cities for renters: Columbus, OH. Photo: Joe Sohm/Getty Images |
No. 4: Columbus, Ohio
Average Monthly Rent: $625
Change in Rent year-over-year: 2% increase
First Quarter Vacancy Rate: 8.6%
Mortgage Payment v. Rent Payment: $170 cheaper to rent
Average Monthly Rent: $625
Change in Rent year-over-year: 2% increase
First Quarter Vacancy Rate: 8.6%
Mortgage Payment v. Rent Payment: $170 cheaper to rent
 |
| Among the best cities for renters: Phoenix, AZ. Photo: Joshua Lott/Bloomberg/Getty Images |
No. 3: Phoenix, Ariz.
Average Monthly Rent: $685
Change in Rent year-over-year: 1.5% increase
First Quarter Vacancy Rate: 8.9%
Mortgage Payment v. Rent Payment: $152 cheaper to rent
Average Monthly Rent: $685
Change in Rent year-over-year: 1.5% increase
First Quarter Vacancy Rate: 8.9%
Mortgage Payment v. Rent Payment: $152 cheaper to rent
 |
| Among the best cities for renters: Jacksonville, FL. Photo: Thinkstock |
No. 2: Jacksonville, Fla.
Average Monthly Rent: $737
Change in Rent year-over-year: 0.8% increase
First Quarter Vacancy Rate: 10.2%
Mortgage Payment v. Rent Payment: $104 cheaper to rent
Average Monthly Rent: $737
Change in Rent year-over-year: 0.8% increase
First Quarter Vacancy Rate: 10.2%
Mortgage Payment v. Rent Payment: $104 cheaper to rent
 |
| Among the best cities for renters: Tucson, AZ. Photo: Edward McCain/Getty Images |
No. 1: Tucson, Ariz.
Average Monthly Rent: $604
Change in Rent year-over-year: 1.5% increase
First Quarter Vacancy Rate: 9.4%
Mortgage Payment v. Rent Payment: $277 cheaper to rent
Average Monthly Rent: $604
Change in Rent year-over-year: 1.5% increase
First Quarter Vacancy Rate: 9.4%
Mortgage Payment v. Rent Payment: $277 cheaper to rent
Here are the nation's five worst cities for renters:
 |
| Among the worst cities for renters: San Francisco, CA. Photo: Thinkstock |
No. 5: San Francisco, Calif.
Average Monthly Rent: $1,720
Change in Rent year-over-year: 3.7% increase
First Quarter Vacancy Rate: 4%
Mortgage Payment v. Rent Payment: $1,906 cheaper to rent
Average Monthly Rent: $1,720
Change in Rent year-over-year: 3.7% increase
First Quarter Vacancy Rate: 4%
Mortgage Payment v. Rent Payment: $1,906 cheaper to rent
 |
| Among the worst cities for renters: Boston, MA. Photo: Steve Dunwell/Getty Images |
No. 4: Boston, Mass.
Average Monthly Rent: $1,625
Change in Rent year-over-year: 3.6% increase
First Quarter Vacancy Rate: 4.6%
Mortgage Payment v. Rent Payment: $598 cheaper to rent
Average Monthly Rent: $1,625
Change in Rent year-over-year: 3.6% increase
First Quarter Vacancy Rate: 4.6%
Mortgage Payment v. Rent Payment: $598 cheaper to rent
 |
| Among the worst cities for renters: San Jose, CA. Photo: Thinkstock |
No. 3: San Jose, Calif.
Average Monthly Rent: $1,362
Change in Rent year-over-year: 5.3% increase
First Quarter Vacancy Rate: 3.4%
Mortgage Payment v. Rent Payment: $2,321 cheaper to rent
Average Monthly Rent: $1,362
Change in Rent year-over-year: 5.3% increase
First Quarter Vacancy Rate: 3.4%
Mortgage Payment v. Rent Payment: $2,321 cheaper to rent
 |
| Among the worst cities for renters: Manhattan, NY. Photo: Andrew Harrer/Bloomberg/Getty Images |
No. 2: Manhattan, N.Y.
Average Monthly Rent: $3,459
Change in Rent year-over-year: 4.8% increase
First Quarter Vacancy Rate: 3.2%
Mortgage Payment v. Rent Payment: $4,754 cheaper to rent
Average Monthly Rent: $3,459
Change in Rent year-over-year: 4.8% increase
First Quarter Vacancy Rate: 3.2%
Mortgage Payment v. Rent Payment: $4,754 cheaper to rent
 |
| Among the worst cities for renters: New Haven, CT. Photo: Christopher Capozziello/Getty Images |
No. 1: New Haven, Conn.
Average Monthly Rent: $1,504
Change in Rent year-over-year: 3.8% increase
First Quarter Vacancy Rate: 4.5%
Mortgage Payment v. Rent Payment: $69 cheaper to buy
Average Monthly Rent: $1,504
Change in Rent year-over-year: 3.8% increase
First Quarter Vacancy Rate: 4.5%
Mortgage Payment v. Rent Payment: $69 cheaper to buy
Moon Dust Missing for 40 Years Is Found at Auction House
Moon Dust Missing for 40 Years Is Found at Auction House
http://www.time.com" class="provider-logo ult-section">
- http://news.yahoo.com/video/local-15749667/25725236" class="media media1">
Play Videohttp://news.yahoo.com/video/local-15749667/25725236">Space Video:NASA To Fly Low Over Region For Air Quality StudyWJZ 13 Baltimore - http://news.yahoo.com/video/science-15749654/25709797" class="media media1">
Play Videohttp://news.yahoo.com/video/science-15749654/25709797">Space Video:Atlantis crew prepares for launchReuters
It was one small step for man, one giant leap for mankind, and a lot of people wanted a piece of it. Now, some 40 years after moon dust brought back from the Apollo 11 mission went missing, it was recovered at a St. Louis auction house and returned to the Johnson Space Center in Houston this week.
"It's a speck - the size of a fingertip," said David Kols of Regency-Superior auction house, where the dust had been placed for sale. "But it's lunar material, and since we're not going back to the moon in my lifetime or yours, that makes it worth a lot to some people." http://www.time.com/time/specials/packages/0,28757,1910599,00.html" target="_blank">(See TIME's special report on the 40th anniversary of the moon landing.)
The U.S. attorney's office in St. Louis, which announced the recovery of the moon dust on June 23, said that investigators with NASA believed the dust had come from the film cartridge of a camera used by astronauts on humanity's first trip to the moon in 1969. The dust was lifted from the cartridge using a 1-in. (2.5 cm) piece of clear tape. Somehow, it reached the black market and was sold in 2001, NASA investigators believe, to a German collector who cut up the tape into tiny slivers rather than return it to the U.S. government.
When investigators from both NASA and the U.S. attorney's office noticed moon dust listed for sale in St. Louis, they shut down the transaction with the cooperation of the auction house and the seller. The widow trying to sell the dust - her name was not released - said she didn't know where her late husband had purchased it. She "immediately and graciously agreed to relinquish it back to the American people," the U.S. attorney's office said.
The auction house had estimated its value at $1,000 to $1,500. http://www.time.com/time/photogallery/0,29307,2078148,00.html" target="_blank">(See photos of Mercury.)
Preliminary testing by the Johnson Space Center's lab has concluded that the material in "all likelihood" is lunar, but final results will take a few weeks.
More than 800 lb. (363 kg) of moon rocks, pebbles, sand and dust were ferried back to Earth during the Apollo lunar missions, which ended in late 1972. The overwhelming majority of the material was kept for analysis, but a handful of samples were given to museums, individual states and foreign dignitaries. Some are now unaccounted for, and there are many fakes for sale. A moon rock given to Missouri during the administration of Governor Christopher "Kit" Bond, who was first elected in 1972, was found last year in a box of memorabilia when Bond cleaned out his office after four terms in the U.S. Senate. Bond promptly returned the rock to the current governor, Jay Nixon.
The story of the film canister and the stolen dust had been considered a hoax by some, U.S. attorney Rich Callahan said. This discovery, even a little speck, suggests the story is true - though you have to peer really, really close. "The truth is, it's not much to look at," said Callahan. "You have to believe it's there."
http://www.time.com/time/photogallery/0,29307,2048103,00.html" target="_blank">See amazing photos of the sun.
http://www.time.com/time/photogallery/0,29307,2077991,00.html" target="_blank">See photos of the moon's eclipse.
View this article on http://www.time.com/time/health/article/0,8599,2079683,00.html?xid=rss-fullhe...">Time.com
The five best and worst dressed players at Wimbledon 2011
Thu Jun 23 01:59pm EDT
The five best and worst dressed players at Wimbledon 2011
Wimbledon's "almost entirely white" clothing rule leaves little room for originality and inventiveness, not that Venus Williams hasn't tried. Thanks to her toga jumper, the elder Williams sister makes our list of the worst dressed players at this year's third Grand Slam. She doesn't top the list, though -- that honor belongs to Victoria Azarenka and her white leggings -- unlike her sister, Serena, whom we named best dressed at the All England Club. Roger Federer and Ana Ivanovic join Serena in that top five, while Caroline Wozniacki, Marion Bartoli and the inexplicably colored shirt of Somdev Devvarman help comprise the worst list.
Best dressed
NBA draft 2011: winners and losers
NBA draft 2011: winners and losers
By Marc J. Spears, Yahoo! SportsJun 24, 4:01 am EDT
NEWARK, N.J. – The Sacramento Kings need a new arena and they need to start winning. But if the Kings’ owners are serious about trying to keep the franchise in Sacramento, they also need a star who can help them build back their fan support.
They think they found one in Jimmer Fredette.
The Kings acquired the rights to the former Brigham Young guard in a three-team trade with the Milwaukee Bucks and Charlotte Bobcats during the NBA draft. The consensus national player of the year won over a legion of fans while leading the nation in scoring last season. The Kings, who initially tried to move to Anaheim, Calif., could use the help: They finished second-to-last in the NBA in attendance last season.
Jimmer Fredette was drafted by the Bucks but then traded to the Sacramento Kings.
(NBAE via Getty Images)
(NBAE via Getty Images)
By landing Fredette, the Kings helped lead a list of winners on draft night. More importantly, they hope Fredette can help them generate ticket and sponsorship revenue and spearhead support for a new arena in Sacramento.
“I know they are going to be there one more year and see how it goes,” Fredette said. “I hope the fans come out and support us. I hope they like our team. I think we will have a very exciting team and I hope we can get more wins. Winning translates to getting more fans out there, and hopefully we’ll be able to keep the organization there.”
The Kings also made a wise move by deciding to play combo-guard Tyreke Evans(notes) off the ball. Fredette will likely open next season as the Kings’ starting point guard after Beno Udrih(notes) was dealt to Milwaukee in the trade. Evans, the 2010 NBA Rookie of the Year, certainly has the size and scoring ability to play shooting guard. The Kings also got a steal with the last overall pick in the draft in gritty point guard Isaiah Thomas. Fredette, Evans, Thomas and the likely re-signed Marcus Thornton(notes) give Sacramento a young and talented collection of guards for years to come.
And thanks to Fredette’s arrival, those years could be spent in Sacramento.
“Jimmer was one of the most exciting players in college basketball the last couple of seasons,” Kings general manager Geoff Petrie said. “If not the best shooter in the draft, he was certainly one of the best. He’ll add a new dimension to our team offensively. He’s an exciting player and I think our fans will enjoy him as well.”
Here’s a look at some of the drafts other winners – and losers.
Loser: Cleveland Cavaliers
The Cavaliers did their due diligence leading into the draft by working out Duke guard Kyrie Irving and Arizona forward Derrick Williams – in addition to also working out Turkish center Enes Kanter, Kentucky guard Brandon Knight and Texas forward Tristan Thompson twice. But the Cavs also let Irving, supposedly the new face of the franchise, nervously wait out their selection without confirming he was the first pick.
The New Jersey native was a near-consensus top pick, so if you’re going to wait that long to tell him, you might as well be daring enough to draft someone else.
“I knew when everybody else knew,” Irving said. “They gave me no indication that they were going to pick me. I was really nervous sitting at that table with my family and my friends.”
Twin brothers Markieff, right, and Marcus Morris, who played together at Kansas, embrace each other after they were picked No. 13 and No. 14, respectively.
(AP photo)
(AP photo)
Winner: Morris twins
Marcus Morris was expected to be drafted ahead of his twin brother and former Kansas teammate, Markieff. But in a surprise, Markieff was selected 13th overall by the Phoenix Suns. Marcus didn’t have to wait long to also hear his name called: He was picked next by the Houston Rockets. Markieff, who was born seven minutes ahead of Marcus, was drafted seven minutes, 13 seconds ahead of his twin.
“Maybe when I’m 60 I’ll tell him I got one on him,” Markieff said.
Loser: Minnesota Timberwolves
There is no question that Derrick Williams is a talented and athletic combo-forward who has a bright career ahead of him. But the last thing the Wolves needed was another forward, right?
Isn’t Williams more or less the same player as Michael Beasley(notes)? Doesn’t Minnesota have enough players who can play either forward position already in Beasley, Kevin Love(notes), Wesley Johnson, Martell Webster(notes), Anthony Randolph(notes) and Anthony Tolliver(notes)? Minnesota slightly improved its depth at center by trading for aging Band-aid Brad Miller(notes), but Enes Kanter’s talent and potential should have made him a candidate to go No. 2.
The Wolves also tried desperately to trade the second pick, but failed in their efforts to land the type of experienced star they wanted.
“I’m not really focused on that right now. I’m just going to get my body into the best of shape as possible,” Williams said of Minnesota’s logjam at the forward positions.
Winner: Tristan Thompson
Thompson
There were some raised eyebrows when Thompson left Texas after his freshman year, especially because there were several other players in his class that were regarded higher than him. Even in a down draft, the 6-foot-8, 235-pound forward was expected to be selected in the latter half of the lottery. But the highest-drafted Canadian ever was the surprise of the night when he was taken fourth overall by the Cavaliers. Cleveland now has a talented 19-year-old inside-outside combo to build around for the future in Irving and Thompson.
“I know a lot of people never expected it and neither did myself,” Thompson said. “It just shows the wonders that hard work puts in.”
Loser: Milwaukee Bucks and Captain Jack
Stephen Jackson was the Bobcats’ leading scorer in 2010-11, averaging 18.5 PPG.
(Getty Images)
(Getty Images)
The Milwaukee Bucks acquired talented – but often disgruntled – swingman Stephen Jackson(notes) from Charlotte to join young Brandon Jennings(notes) in their backcourt in a three-way trade. While Jackson and Jennings will score a lot of points together, it will be interesting to see how the combustible Captain Jack gets along with stern coach Scott Skiles. Jackson will be playing for his seventh NBA team and third since 2009. The Bucks traded John Salmons(notes), but also acquired guard Beno Udrih and might have landed a steal in 18-year-old Tennessee forward Tobias Harris.
Despite the potential issues, Jennings was excited about Jackson’s arrival.
“Stephen Jackson brings a lot of leadership,” said Jennings, who attended the draft. “He’s won an NBA championship. He plays hard every night. He wants to win. And I think he is going to be that voice in our locker room that we need.”
Winner: Utah Jazz:
The Utah Jazz quietly improved their team by adding Kanter (No. 3) and Colorado guard Alec Burks (No. 12). Kanter proclaimed a day earlier that he is the best player in the draft, and with his size, scoring ability and rebounding he has the talent and potential to prove he is right. While Burks isn’t a household name, he was a proven scorer in college, averaging 20.5 points last season as a sophomore. The Jazz have an intriguing group of young players in Kanter, Burks, Derrick Favors(notes), Gordon Hayward(notes) and Jeremy Evans(notes).
Loser: Portland Trail Blazers
Felton
The Portland Trail Blazers traded one of the most underappreciated players in point guard Andre Miller(notes) to the Denver Nuggets and sent athletic guard Rudy Fernandez(notes) to the Dallas Mavericks while acquiring point guard Raymond Felton(notes) in a three-team trade. The Nuggets were disappointed with Felton after a lackluster offensive-minded performance in the playoffs and were determined to trade him. While Felton is a solid starting point guard, he’s not as experienced a floor leader as Miller. Friends close to Nuggets coach George Karl said he was thrilled about the return of Miller, whom he hated to see dealt in the Allen Iverson(notes) trade on Dec. 19, 2006. While Fernandez wanted out, the Blazers helped the NBA champion Mavericks and lost an insurance policy for injury-prone guard Brandon Roy(notes).
Winner: Indiana Pacers
The Pacers acquired veteran guard George Hill(notes) in exchange for the 15th selection (Kawhi Leonard), the 42nd overall pick (Davis Bertrans) and the draft rights to Erazem Lorbek. The Pacers not only filled a need for a shooting guard in Hill, but also landed an Indianapolis native who should be a hit with the fans. The Pacers finished last in the league in attendance last season. The former IUPUI star, Darren Collison(notes) and Paul George(notes) give the Pacers a young core of perimeter players. For Hill, the Spurs could’ve sent him to a lot worse places than his hometown team.
“It is tough, but at the same time things happen for a reason,” Hill said in a statement. “My hat is off to San Antonio for opportunity I had here and I’m really looking forward to coming home to Indiana and helping the Pacers win games.”
Loser: Prospects who left college too early
UCLA forward Tyler Honeycutt, Georgia forward Travis Leslie, Michigan guard Darius Morris, Kentucky guard DeAndre Liggins and Kansas guard Josh Selby all left school hoping to be taken in the first round. None of them were. Boston College guard Reggie Jackson also looked bad by shunning teams for workouts and interviews because he was promised to be selected 24th overall by the Oklahoma City Thunder. Wonder if he could have been drafted higher if he took part in the draft process?
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