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Common items are getting more expensive, and consumers are losing faith in the economy, according to data released on Tuesday. Which is not good news for those hoping to prevent a recession (I’m guessing that would include pretty much everyone). The Conference Board said its index of consumer confidence for February dropped to 75–below expectations, and the lowest reading in 15 years (except for during the 2003 Iraq War). Consumers are down about the current and upcoming economy, according to The Wall Street Journal. To be honest, the Conference Board didn’t sound so confident, either. "With so few consumers expecting…

Condo and apartment property managers deal with many resident repairs–some of which are the building’s responsibility, some of which aren’t. As I type this, a contractor is replacing my front door–in part because my circa-1985 door began splitting like a wishbone a week ago (the hallway got the larger half–so make a wish, elevators!), and in part (of course) because I believe in supporting the remodeling and repair industry. Yet the experience has illustrated a few methods that can make the repair/remodel process smoother for property managers, contractors and residents–who are often all working independently for the same goal: A…

On Friday, we discussed how some celebrities seem to have unusual luck in the real estate market–and why some buildings are using celebrities as a marketing tools. However, some people could care less about whether or not a famous person is attached to the home they want to buy. And–especially in today’s market–celeb power alone may not sell a unit. The Star Sell: Not for Everybody A star owner or neighbor, in some cases, may up the value or quicken the sale of a condo or apartment. But celebrity tie-ins aren’t popular with all developers–or with all celebrities, for a…

Selling a home is no easy task these days–unless you’re famous. Forget how easy it must be to finance a home if you make millions. The real perks of being a star involve living at a luxury address that was owned previously by another celeb and/or features famous neighbors. (P. Diddy paid $5 million for his three-bedroom Park Imperial Manhattan apartment–which came with great views and neighbors Tommy Mottola and Deepak Chopra.) And–of course–those perks also involve being able to said the home easily when you decide it’s time for another. While celeb mansions may be the norm in L.A.,…

The next sector to be hurt by the housing slump? Small businesses, according to USA Today. A ripple effect could threaten small companies when larger companies–such as homebuilders and developers–see losses and cut jobs, says James Barrood, executive director of Fairleigh Dickenson University’s Rothman Institute of Entrepreneurial Studies. The effect a reduced housing demand has on builders and developers spreads directly to building material suppliers and vendors; which then decreases business activity in industries like travel and business equipment. Just look at California. The state’s weakening housing industry is expected to slow payroll employment growth in the state for the…

When the economic stimulus checks start making their way to our mailboxes later this year, the government is hoping we’ll all cash them and promptly go shopping. In the last round of rebates, in 2001, many did: according to Citigroup, 25 percent of the rebates issued in 2001 were spent at Wal-Mart alone. But it’s unclear how Americans will spend the rebates this time. The economy is unquestionably worse; housing starts are at their lowest level since 1991, according to Commerce Department data released Wednesday. And everyday living is getting more expensive. The CPI rose by 0.4 percent again in…

Yesterday, we discussed the prime mortgage market’s difficulties–which include homeowners with good credit falling behind on their payments. The causes are similar to the factors that pushed the subprime sector into rocky waters. And–even though considerably less troubled prime borrowers exist–the prime defaults are cause for concern. What’s next? Well, according to the Mortgage Bankers Association, the highest rate of prime mortgages since the MBA began tracking prime and subprime mortgages in 1998 were delinquent or in foreclosure at the end of September. As the country tries to spur residential building and the housing market by unloading some of its…

When homeowner-related credit issues began, they involved subprime borrowers–people with less than perfect credit–prompting criticism when the government stepped in with its Hope Now program to help those homeowners avoid foreclosure. Some asked, why should we help homebuyers who over extended themselves? Isn’t that their problem? Well, according to a recent New York Times article, it’s now everybody’s problem. Decreased home prices and stricter lending standards have pushed some homeowners with good credit backgrounds behind on their payments–less than the 24 percent of subprime borrowers which are delinquent or in foreclosure, the Times says, but in some areas, still a…