WASHINGTON — Tropical Storm Irene’s trek up the East Coast caused less damage than many had feared, a bit of reassuring news for a fragile economy.
Insured damages from the storm will likely range between $2 billion and $3 billion, and total losses will likely be about $7 billion, according to preliminary estimates from Kinetic Analysis Corp., a consulting firm.
Both figures are lower than had been expected, suggesting that the storm poses little threat to the nation’s $14 trillion economy. Some economists said that, as with past hurricanes and earthquakes, the recovery could end up boosting growth in the coming months. Demand for building repairs might help the depressed construction industry, for example.
“Irene left several places with black eyes, but it doesn’t seem to have delivered an economic knockout,” said Ryan Sweet, an economist at Moody’s Analytics.
In the short run, the costs will grow as storm-ravaged areas deal with lost business, dislocated workers, and transportation delays — damage that will take months to understand. And in some areas, the impact will be measured in lost tourist dollars, canceled flights, and shuttered stores.
Irene slammed into a region that’s vital to the economy’s health. The mid-Atlantic and New England account for about 16% of the nation’s economic output and about 14% of its workforce, Sweet said.
But Kinetic’s estimates suggest that Irene will have caused far less insured damage than the $6 billion the insurance industry paid out after Hurricane Isabel struck the East Coast in 2003. Other analysts agreed broadly with Kinetic’s early estimates, saying insured losses are unlikely to exceed $4 billion. Other consultants will release their own projections this week.
Sweet said small businesses on the North Carolina coast will likely lose two weekends of tourist activity, including the travel-heavy Labor Day weekend. Beach communities spanning the East Coast face the same threat.
For ordinary people in hard-hit areas, Irene’s costs could run high. Victims of natural disasters often lack the insurance they need to recover their losses and return to work quickly, said Susan Voss, Iowa’s top insurance regulator and president of the National Association of Insurance Commissioners. People who lose homes can end up in temporary housing far from their homes and workplaces.
Many don’t realize that flood damage isn’t covered by standard home owners insurance policies, Voss noted. A standard home owners policy covers damage caused by wind or by rain through a damaged roof. A separate flood insurance policy would be needed to cover damage from rising water, such as from the storm surges unleashed by Irene.
Economists said that reconstruction from Irene could increase U.S. economic growth in the October-December quarter, though the benefits will be limited by the relatively slight damage the storm caused.
“This region is very highly insured, so a lot of money will start pouring in, and that should re-employ a lot of construction workers who are now out of work,” said Mark Zandi, chief economist at Moody’s Analytics. He said the benefits from rebuilding might extend into next year’s January-March quarter.
“That will put some people back to work, at least temporarily,” said David Kotok, chairman of Cumberland Advisors.
For now, power outages and flooding will close some businesses, costing workers pay, and likely increasing some temporary layoffs. Transportation and shipping may also be disrupted. The length of the outages and the extent of public transportation problems in cities like New York will help determine the costs, analysts said.
Such disruptions will emerge in economic data starting this coming week, when the government reports how many people applied for unemployment benefits as the storm bore down on the Southeast.
Economists expect a post-storm rise in applications.
Major fixtures of the economy are already returning to normal. The New York Stock Exchange and NASDAQ are preparing to open Monday. Mayor Michael Bloomberg lifted an evacuation order for lower Manhattan as of 3 p.m. Sunday.
Airlines planned to resume some flights into and out of East Coast airports on Monday. Crews are already restoring power in Southern states hit by the storm and are starting work in the northeast.
And Irene will add only about 15% to insurers’ weather-related payouts this year, if the current cost estimates hold. Tornadoes, flooding, and droughts in the Midwest and South have forced the industry to handle about $17 billion in weather-related claims this year.
By House Logic. Christopher S. Rugaber and Daniel Wagner
AP Economics Writer Martin Crutsinger contributed to this report
Read more: http://www.houselogic.com/news/articles/damage-irene-appears-be-less-feared/?nicmp=dfsocial&nichn=hltwitter&niseg=20110829_damageirene#ixzz1WX8zHwYK
Tuesday, August 30, 2011
Wednesday, January 19, 2011
Wednesday, September 8, 2010
Goat-powered weed-whacking?
Homeowners and businesses replace pesticides and gas-guzzling garden tools with hungry goats-for-hire.
Recently, the patch of weeds behind Steve Holdaway's Chapel Hill, N.C., home grew so unkempt that he hired outside help. For six hours, the crew's members tackled tall grass and thorny blackberry plants and toiled without a break — other than to chew their cud, that is.
His workers: seven hungry — and carbon-emission-free — goats.
As more homeowners, businesses and towns seek to maintain land with fewer chemicals or fossil-fuel-powered machinery, a growing number are trying goats to get rid of unwanted vegetation. Internet rivals Google and Yahoo hired herds to clear around their Northern California headquarters this year. So did the Vanderbilt Mansion, a national historic site in Hyde Park, N.Y. And this April, nannies and billies were deployed at the U.S. Naval Base Kitsap Bangor in Silverdale, Wash., to annihilate pesky scotch broom plants.
While predators, poisonous plants and peeved neighbors can test goats on the job, the small livestock are well-suited for such labors.
Easy to manage, they relish prickly brush and weeds, and their agility makes them "popular employees" for navigating steep slopes that can thwart humans and machines, says Brian Faris, president of the American Boer Goat Association in San Angelo, Texas.
It cost 55-year-old Holdaway $200 to clear a 1,700-square-foot swath on his land with goats, pricier than the weed-whacking he's been doing himself for a decade with a gas-powered trimmer. "But like many organic practices, you are going to have to pay a premium sometimes," Holdaway says.
Livestock owners and towns plagued with brush fires or invasive species like kudzu have rendered goats' services for years. Now new interest among the eco-conscious is giving rise to a cottage industry of rental operations — since unlike lawn mowers, you can't just buy a goat and park it in the shed come wintertime. Some owners say business is so good, they're angling to license and expand with sheep, which do particularly well trimming grass.
In Vernonia, Ore., Lewis Cochran started Vegetation Management Services Inc. with his dad in March after he lost his truck-driving job. He studied goat management online and is now the boss of nearly 50 critters, charging between $6 and $10 a head per day.
Back East, 22-year-old entrepreneur Matthew Richmond teamed up in June with a retired livestock owner he found on Craigslist to launch rent-a-goat.com in Chapel Hill. "It's more of an upper-middle-class fad that we are seeing," Richmond says.
Generally, companies truck goats to work sites (some gas required) where the animals munch inside portable fencing or electric netting, often powered by solar panels. Prices can range from $200 a day for a dozen goats to upward of $1,000 for larger herds of 100 or more. On bigger projects, animals may stay overnight supervised by the business owners or specially trained guardian dogs.
At Vanderbilt Mansion, where a small herd currently grazes on seven hilly acres, the job's $9,000 annual price tag is about two-thirds what hired manpower would run, says Dave Hayes, the estate's natural-resource program manager. "And the goats are a lot more popular.
They're also gentle. Casey Brewer of Duvall, Wash., hired The Goat Lady LLC to clear half an acre overrun with salmonberries. The tally came to just over $1,000 for three days, and Brewer says the goats didn't harm her cherished old-growth cedar stumps.
"It's not a simple line of work," says Dunakin, who expects to gross just over $100,000 this year, her sixth in the business, and is developing an "affiliate" model to train others in goat brush-clearing. From setting up fencing to giving goats shots, water and mineral supplements, she says, "there are a lot of mistakes people can make."
Still, for many homeowners, goats are worth the cost and occasional mishap. Pamela and Dennis Holst banded together with neighbors last summer to clear a dense patch of brush, including poison oak, around their Santa Barbara, Calif., homes. The couple, whose house burned in 1990 from a brush fire, paid $495 to Brush Goats 4 Hire for their one-third-acre share. Despite a goat getting loose one night, Pamela Holst, who has watched her husband "slip-and-slide down the hillside" with a weed-whacker and herbicide, declares the animals "well worth the expense." (The owners came and retrieved the fugitive goat.)
For his part, Holdaway of Chapel Hill says the goats did a fine job on his property and that the neighbors "were amused." Still, given the tall grass in his yard, the goat company returned with a scythe to neaten up. "What you end up with is not a lawn-cut look," Holdaway says. "It's a munched look."
source: www.msn.com
Thursday, July 8, 2010
HOT HOT HOT! Are you blasting your A/C this summer?
If your A/C is 8-10 years old, it could be using 2x the amount of electricity of a new one!
Air Conditioning Equipment: Repair or Replace?
If you’re deciding whether to repair or replace central air conditioning equipment, assess the quality of your house’s ductwork and insulation first.
So much has changed in the world of air conditioning in recent years that if your system has almost any significant breakdown—or if it’s just not keeping you as cool as it used to—it may be worth replacing it instead of repairing it.
As of 2010, for example, manufacturers must use a new kind of refrigerant that’s not an ozone-depleting chlorofluorocarbon. And a new system can use less than half the electricity of your old one while doing a far better job of keeping you cool and comfortable.
If your air conditioner is more than eight years old, repair is probably not worth the expense, unless it’s a simple problem like debris clogging the condenser unit or a worn fan belt. Still, to best weigh your repair-or-replace decision, ask your contractor to assess not just the condition of your existing equipment, but also the ducts that deliver the cool air and the overall quality of the insulation in your house. Improving those elements might increase the effectiveness of the system as much or more than installing new machinery.
Assess the efficiency of your current system.
Even if your central air conditioner is just eight to 10 years old, it could suck up to twice the electricity that even a low-end new one would use. That’s because it operates at or below 10 SEER, or Seasonal Energy Efficiency Ratio, which is the amount of energy needed to provide a specific cooling output. Until 2006, 10 SEER was standard, but these days, the minimum allowed by federal law is 13 SEER. That translates to 30% less electrical consumption and 30% lower cooling bills than equipment installed just a few years ago.
For an 1,800 square foot house, a new 13 SEER unit will cost $3,000 to $4,000. You can double your energy savings by jumping up to 16 SEER, which will reduce cooling expenses by 60% over a 10 SEER unit. At $5,000 to $6,000, these super-efficient units are more expensive, but they qualify for a 30% federal tax credit of up to $1,500 and possibly local incentives, too. So the added cost might be negligible.
“Your installer can run the numbers for you to see whether it’s worth the additional cost,” says Ellis Guiles of TAG Mechanical in Syracuse, New York. “If you’re south of the Mason Dixon line, certainly, you can make up those dollars pretty quickly.”
Inspect the condition of the ductwork.
You could upgrade to the highest efficiency gear available and still not feel comfortably cool on hot days. That’s because the mechanicals are only part of the central air system. The average house’s ductwork leaks 10% to 30% of its air before it can reach your living space, according to Pacific Gas & Electric. Before deciding whether to repair or replace your condenser and blower units, your technician should run a duct-leakage test, by sealing the vents and measuring how much air escapes the system.
If the ducts are inefficient, he can locate and seal the gaps, typically for $25 to $35 per vent (per “run” in industry jargon), or replace the ductwork entirely with new, insulated pipe for around $100 per run, according to Guiles. Your technician may recommend doing the duct improvements in conjunction with replacement of the mechanicals or may recommend only one or the other job.
Consider the building envelope itself.
If your house is poorly insulated, it’s putting a strain on your aging air conditioner. Resolving the house’s flaws may mean that your old system will have enough cooling power to continue to do the job for a few more years. Or it may enable you to buy a smaller replacement system, lowering your upfront and ongoing energy costs significantly.
Your heating and cooling contractor should assess and, if necessary, upgrade the building envelope. For example, he might seal gaps and cracks in the outer walls and attic floor, or he might blow insulation into the walls, either of which could knock as much as 30% off your heating and cooling costs. This work too may be eligible for federal and local tax credits—and in some cases, it may be a more effective solution to your cooling problems than replacing your equipment.
Make sure a new system is sized right.
If you decide to replace, make sure the contractor’s bid includes a load calculation, which is a computer printout showing how big a system you need and why.
Air conditioning is measured by the ton, which is the cooling power of a one-ton block of ice melting in 24 hours. Some old-school installers use a ballpark estimate for sizing equipment—say, one ton for every 400 or 600 square feet of living space. But that typically leads to systems that are too big, according to Greg Gill of Action Air Conditioning and Heating in San Marcos, Calif. Not only do oversized systems cost more, but they also do their cooling work too quickly, which means more frequent on/off cycles, wearing out components and gobbling electricity. Plus, they don’t have a chance to effectively dehumidify the air.
Good contractors use load-calculating software that factors in such data as the number of windows in your house, the thickness of insulation, the configuration of the attic, and the building’s orientation to the sun. It produces not only an exact tonnage requirement, but determines how much cool air each room needs.
houselogic.com
Air Conditioning Equipment: Repair or Replace?
If you’re deciding whether to repair or replace central air conditioning equipment, assess the quality of your house’s ductwork and insulation first.
So much has changed in the world of air conditioning in recent years that if your system has almost any significant breakdown—or if it’s just not keeping you as cool as it used to—it may be worth replacing it instead of repairing it.
As of 2010, for example, manufacturers must use a new kind of refrigerant that’s not an ozone-depleting chlorofluorocarbon. And a new system can use less than half the electricity of your old one while doing a far better job of keeping you cool and comfortable.
If your air conditioner is more than eight years old, repair is probably not worth the expense, unless it’s a simple problem like debris clogging the condenser unit or a worn fan belt. Still, to best weigh your repair-or-replace decision, ask your contractor to assess not just the condition of your existing equipment, but also the ducts that deliver the cool air and the overall quality of the insulation in your house. Improving those elements might increase the effectiveness of the system as much or more than installing new machinery.
Assess the efficiency of your current system.
Even if your central air conditioner is just eight to 10 years old, it could suck up to twice the electricity that even a low-end new one would use. That’s because it operates at or below 10 SEER, or Seasonal Energy Efficiency Ratio, which is the amount of energy needed to provide a specific cooling output. Until 2006, 10 SEER was standard, but these days, the minimum allowed by federal law is 13 SEER. That translates to 30% less electrical consumption and 30% lower cooling bills than equipment installed just a few years ago.
For an 1,800 square foot house, a new 13 SEER unit will cost $3,000 to $4,000. You can double your energy savings by jumping up to 16 SEER, which will reduce cooling expenses by 60% over a 10 SEER unit. At $5,000 to $6,000, these super-efficient units are more expensive, but they qualify for a 30% federal tax credit of up to $1,500 and possibly local incentives, too. So the added cost might be negligible.
“Your installer can run the numbers for you to see whether it’s worth the additional cost,” says Ellis Guiles of TAG Mechanical in Syracuse, New York. “If you’re south of the Mason Dixon line, certainly, you can make up those dollars pretty quickly.”
Inspect the condition of the ductwork.
You could upgrade to the highest efficiency gear available and still not feel comfortably cool on hot days. That’s because the mechanicals are only part of the central air system. The average house’s ductwork leaks 10% to 30% of its air before it can reach your living space, according to Pacific Gas & Electric. Before deciding whether to repair or replace your condenser and blower units, your technician should run a duct-leakage test, by sealing the vents and measuring how much air escapes the system.
If the ducts are inefficient, he can locate and seal the gaps, typically for $25 to $35 per vent (per “run” in industry jargon), or replace the ductwork entirely with new, insulated pipe for around $100 per run, according to Guiles. Your technician may recommend doing the duct improvements in conjunction with replacement of the mechanicals or may recommend only one or the other job.
Consider the building envelope itself.
If your house is poorly insulated, it’s putting a strain on your aging air conditioner. Resolving the house’s flaws may mean that your old system will have enough cooling power to continue to do the job for a few more years. Or it may enable you to buy a smaller replacement system, lowering your upfront and ongoing energy costs significantly.
Your heating and cooling contractor should assess and, if necessary, upgrade the building envelope. For example, he might seal gaps and cracks in the outer walls and attic floor, or he might blow insulation into the walls, either of which could knock as much as 30% off your heating and cooling costs. This work too may be eligible for federal and local tax credits—and in some cases, it may be a more effective solution to your cooling problems than replacing your equipment.
Make sure a new system is sized right.
If you decide to replace, make sure the contractor’s bid includes a load calculation, which is a computer printout showing how big a system you need and why.
Air conditioning is measured by the ton, which is the cooling power of a one-ton block of ice melting in 24 hours. Some old-school installers use a ballpark estimate for sizing equipment—say, one ton for every 400 or 600 square feet of living space. But that typically leads to systems that are too big, according to Greg Gill of Action Air Conditioning and Heating in San Marcos, Calif. Not only do oversized systems cost more, but they also do their cooling work too quickly, which means more frequent on/off cycles, wearing out components and gobbling electricity. Plus, they don’t have a chance to effectively dehumidify the air.
Good contractors use load-calculating software that factors in such data as the number of windows in your house, the thickness of insulation, the configuration of the attic, and the building’s orientation to the sun. It produces not only an exact tonnage requirement, but determines how much cool air each room needs.
houselogic.com
Thursday, June 17, 2010
Make your home a HOT property this summer!
Adapt Your Home to Its Selling Season
Play up your home's amenities for the season in which you choose to sell.
Summer Staging Tips
•Highlight your outdoor areas. This is your outdoor space's chance to shine. Clean your deck, porch, patio or outdoor kitchen, and repaint or make repairs if necessary. No deck? Arrange chairs or outdoor furniture in your yard to create the illusion of an outdoor room. Make necessary repairs to your home's exterior, including your siding and windows.
•Play up the pool. A pool is a huge selling point during the sweltering days of summer. Keep yours clean and debris-free, and create a seating area near the pool where buyers can imagine themselves floating through the cool water.
•Spruce up your landscaping. Make sure your lawn and flower beds aren't languishing in the summer heat. Add pops of color to your entryway with potted plants.
•Add value and security with lighting. Frame your walkways and driveways with lights for a stylish touch.
•Don't skimp on the air conditioning. House hunters will want to escape the heat so make sure your home is nice and cool. Set the thermostat at a comfortable level, so it doesn't feel like an ice box either.
•Provide refreshments. Even though you likely won't be home for a showing, greet buyers like you would party guests. During the dog days of summer, set out a cool pitcher of lemonade for buyers. Anything you can do to make them linger a little longer can only help you sell.
frontdoor.com
Play up your home's amenities for the season in which you choose to sell.
Summer Staging Tips
•Highlight your outdoor areas. This is your outdoor space's chance to shine. Clean your deck, porch, patio or outdoor kitchen, and repaint or make repairs if necessary. No deck? Arrange chairs or outdoor furniture in your yard to create the illusion of an outdoor room. Make necessary repairs to your home's exterior, including your siding and windows.
•Play up the pool. A pool is a huge selling point during the sweltering days of summer. Keep yours clean and debris-free, and create a seating area near the pool where buyers can imagine themselves floating through the cool water.
•Spruce up your landscaping. Make sure your lawn and flower beds aren't languishing in the summer heat. Add pops of color to your entryway with potted plants.
•Add value and security with lighting. Frame your walkways and driveways with lights for a stylish touch.
•Don't skimp on the air conditioning. House hunters will want to escape the heat so make sure your home is nice and cool. Set the thermostat at a comfortable level, so it doesn't feel like an ice box either.
•Provide refreshments. Even though you likely won't be home for a showing, greet buyers like you would party guests. During the dog days of summer, set out a cool pitcher of lemonade for buyers. Anything you can do to make them linger a little longer can only help you sell.
frontdoor.com
Tuesday, May 11, 2010
6 Biggest Mistakes Homebuyers Make
Buying a home is the biggest purchase most people will ever make, yet many go into it blind. Here are the 6 most common -- and costly -- mistakes homebuyers make.
1. Not knowing your credit score
If you're even toying with the idea of buying a home, you must find out exactly what your FICO score is. If you find it is less than ideal, wage a systematic campaign to raise it. Too many borrowers ignore this step and get surprised when they get interest rate quotes.
Once you've pored over your credit history and corrected any errors, your next step is to pay down revolving debt balances to no more than 30% usage. That will help raise your score significantly.
Why does it matter?
The lower your score, the higher your costs of borrowing. Fannie Mae and Freddie Mac, for example, charge higher up-front fees to borrowers with credit scores below 740.
For a buyer with a credit score between 680 and 700, the fee comes to 1.5% of the mortgage principal. On a $200,000 mortgage, that adds up to $3,000. Someone with a 740 score pays nothing.
Lower-score borrowers also get saddled with higher interest rates, about 0.4 percentage point more for the below 700 borrower. That costs an extra $62 a month -- $744 a year -- on a $200,000, 30-year, fixed rate loan.
read more ..
1. Not knowing your credit score
If you're even toying with the idea of buying a home, you must find out exactly what your FICO score is. If you find it is less than ideal, wage a systematic campaign to raise it. Too many borrowers ignore this step and get surprised when they get interest rate quotes.
Once you've pored over your credit history and corrected any errors, your next step is to pay down revolving debt balances to no more than 30% usage. That will help raise your score significantly.
Why does it matter?
The lower your score, the higher your costs of borrowing. Fannie Mae and Freddie Mac, for example, charge higher up-front fees to borrowers with credit scores below 740.
For a buyer with a credit score between 680 and 700, the fee comes to 1.5% of the mortgage principal. On a $200,000 mortgage, that adds up to $3,000. Someone with a 740 score pays nothing.
Lower-score borrowers also get saddled with higher interest rates, about 0.4 percentage point more for the below 700 borrower. That costs an extra $62 a month -- $744 a year -- on a $200,000, 30-year, fixed rate loan.
read more ..
Thursday, May 6, 2010
15 Easy Ways to Prep the House for a Sale
Sabrina Soto, Get It Sold host and home-staging expert, shares her tips on what to do before putting a house on the market. Print out this handy checklist.
•Use "home wash" (a hose attachment that is available at any home improvement store) to clean the outside of the house.
•Clean rain gutters as well as outside windows and screens.
•Make sure the front door is inviting. Paint it if needed. Also, replace any outdated outdoor lighting fixtures.
•Buy new house numbers if the old ones are dated or faded. Be sure buyers can see the new ones from the curb.
•Buy a new Welcome mat.
•Eliminate half of your belongings - clutter can cost in a sale. Rent a storage unit or portable pod for extraneous pieces of furniture or knickknacks. Another idea is to ask a friend if you can borrow some space in his or her garage.
•Organize all closets and drawers. Buyers might look there.
•Make any necessary repairs so that buyers don't have to add that to their list of expenses.
•Rearrange furniture to make rooms appear as large as possible.
•Make every surface shine, from ceiling fans to baseboards. Don't forget interior windows, mirrors, and floors.
•Scrub every inch of the kitchen and bathrooms.
•Depersonalize each room, removing photo frames and posters or artwork.
•Buy new linens and pillows if necessary. Be certain they are a neutral color.
•Buy air neutralizer and spray it often.
•Let go emotionally of your home, and get ready for an offer!
read more ...
•Use "home wash" (a hose attachment that is available at any home improvement store) to clean the outside of the house.
•Clean rain gutters as well as outside windows and screens.
•Make sure the front door is inviting. Paint it if needed. Also, replace any outdated outdoor lighting fixtures.
•Buy new house numbers if the old ones are dated or faded. Be sure buyers can see the new ones from the curb.
•Buy a new Welcome mat.
•Eliminate half of your belongings - clutter can cost in a sale. Rent a storage unit or portable pod for extraneous pieces of furniture or knickknacks. Another idea is to ask a friend if you can borrow some space in his or her garage.
•Organize all closets and drawers. Buyers might look there.
•Make any necessary repairs so that buyers don't have to add that to their list of expenses.
•Rearrange furniture to make rooms appear as large as possible.
•Make every surface shine, from ceiling fans to baseboards. Don't forget interior windows, mirrors, and floors.
•Scrub every inch of the kitchen and bathrooms.
•Depersonalize each room, removing photo frames and posters or artwork.
•Buy new linens and pillows if necessary. Be certain they are a neutral color.
•Buy air neutralizer and spray it often.
•Let go emotionally of your home, and get ready for an offer!
read more ...
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