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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (242984)	4/3/2010 11:57:49 AM
From: Pogeu Mahone	Read Replies (1) \| Respond to of 306849

Denied disaster aid, seasonal Long Pond resident steaming LAKEVILLE — The house Rick Medeiros owns at 25 Shore Ave. is soaked — much of its contents no doubt ruined — and on Thursday, he took another blow to the stomach when he tried to apply for federal disaster relief. The Federal Emergency Management Agency and U.S. Small Business Administration said he's not eligible for their help since he only lives at his Long Pond house part time. "I spent 20 minutes on the phone with (FEMA)," said Medeiros, whose primary residence is in Norton but said he typically lives in Lakeville from May 1 to Columbus Day weekend. "(The representative) said, 'Well, you're not covered.'" The FEMA representative referred him to the SBA, which provides low-interest loans to homeowners, renters, businesses and nonprofit organizations struck by disasters. "I called them up — denied also because (it's) not a primary residence," Medeiros said. "So basically, I'm out the door." FEMA and SBA aid opened to SouthCoast residents Monday when President Barack Obama issued a declaration of disaster for seven Bay State counties, including Bristol and Plymouth, for downpours beginning March 12. SBA offers its loan programs, whereas FEMA assistance can include temporary housing and rent payments for displaced persons, as well as grants to pay for repairs and replacements needed to make homes livable. Representatives from the SBA and FEMA confirmed Friday that this help isn't extended to secondary homes like 25 Shore Ave. "Our first concern is with everybody's primary residence. ... Secondary homes and similar properties are not eligible unless used for business purposes such as rental property," said Kathy Cook, an SBA spokesperson. Cook said she's "not aware of any federal, state or local programs that help with repairs to vacation homes." FEMA spokesman Kevin Galvin indicated his agency's hands are also tied. "There's nothing we can do for second homes. Our function is to get people safe and secure and dry in their home — in their primary home," he said, later adding, "(Medeiros) has a place to go that is warm and dry, I would assume." But Medeiros, who doesn't have flood insurance, is still crying foul. "I am upset. I don't see what the difference is between the year-round and the part-time resident. ... I pay taxes like the next-door neighbor does. I maintain my property like the next-door neighbor does, and I'm going to be slighted because I'm only (a) part-time resident?" he asked. "I wasn't displaced. ... But I still have repair bills." Figures were unavailable Friday for how many secondary homes are in Lakeville and Freetown — which also saw major flooding and also has residences on Long Pond — although most Freetown homes are used year-round, according to Assistant Assessor Karen Mello. The Lakeville assessors office was closed Friday afternoon and selectmen were unreachable for comment. But owners of secondary homes spoke at a recent informational meeting in Lakeville about federal disaster assistance. And among those wading Lakeville's water-logged Staples Shore Road Tuesday was a man checking in on his summer cottages. In his own pond-side area within Clark Shores, Medeiros said he can count several homes used only seasonally. Meanwhile, he said he doesn't yet know the extent of his losses since the water — 6 inches in most of his home as of Thursday, waist-high in his waterfront breezeway and 27 inches deep in his driveway — has prevented him from getting an estimate. But, he said, "I've got damage to all the wood, the furniture, the electircal system, the outlets, all my baseboard heat, which is electric." Medeiros listed installing a "whole new kitchen" and rugs among various upgrades he's made to the home since inheriting it from his grandparents. As for repairs, he said, "To do it right? I don't think I have the money." Still, he's looking to get it from somewhere. Medeiros contacted the office of U.S. Rep. Barney Frank and said he'll investigate filing a class-action suit against whoever was responsible for keeping Long Pond's water levels high before the storm. New Bedford and Taunton draw their drinking water from the pond complex that includes Long Pond. The levels are affected by a dam, controlled by New Bedford, and residents have criticized the city for keeping the water too high. But James Ricci, New Bedford's water superintendent, has said levels in the early summer were kept in line with where they have been historically to safeguard against drought. When the region was soaked with unusual amounts of rain later in the summer, more water couldn't be released since the watershed was already at its capacity, he said. "We're having close to a 100-year storm here that's created the problem," he said Friday. "What's created the problem is almost 25 inches of rain in the past (month)." Regardless, Medeiros plans to explore his legal options. "I don't know what to do," he said. "I have no options but to pay out of pocket "¦ for (something) I didn't cause." HOME

To: Giordano Bruno who wrote (242984)	4/3/2010 12:04:11 PM
From: Perspective	Read Replies (1) \| Respond to of 306849

<The average duration of unemployment rose to 31.2 weeks in March, while the broadest unemployment gauge, including those working part-time for economic reasons, rose to 16.9%. In addition, wages remain under pressure. The average hourly earnings of all workers fell two cents to $22.47 in March, the biggest drop so far in the series' four-year history.> But - but - but - the media were all chirping about springtime in the employment report. Unemployment extending longer, full-time employed still dropping, wages dropping - oh I guess we're all going to transition to part-time leisure lifestyles. <S> Sounds terribly inflationary to me. Also sounds like it should be helpful in keeping debt service flowing. Oh wait - I got that backwards, didn't I? It's DEflationary, and makes it HARDER to pay the bills. What I want to know is: when does our top 1% overseeing the demise of our economy on Wall Street get to join the party? Actually, I don't even need to know when - I just need to know how I can tell when it is happening. `BC