Landmines on road to recovery

Forecasts: home sales will grow despite anemic economy- As reported by Matt Carter, Inman News, December 30, 2009

Real estate agents and brokers typically look forward to spring as the season where homebuyers come out in force and sales pick up. In 2010, the uncertainty created by the financial crisis makes it harder to bank on a seasonal uptick in sales -- particularly in markets hit hard by unemployment. Further complicating matters down the road are three potentially destabilizing events that are expected to occur in a tight timeframe during the spring buying season:

- At the end of March, the Federal Reserve is expected to wind up a $1.25 trillion program that's kept mortgage rates low.
- The Federal Housing Administration's announcement that it plans to tighten underwriting standards could take effect as soon as April.
- Congress is expected to allow the newly expanded homebuyer tax credit to expire, closing the door on buyers not under contract by April 30 and closing by June 30.

Economists must rely on a certain amount of guesswork in predicting what impact these changes will have when drawing up their forecasts for 2010. Many expect unemployment won't peak until next year, and it's almost certain mortgage rates can only go up from record lows. But housing was hammered so badly, and for so long, that most forecasters expect housing prices to stabilize and sales to pick up in 2010, even if economic growth doesn't spring back as fiercely as it usually does in a recovery.

"We are definitely in a recovery now, but this has been such a severe recession -- we think the financial crisis and the credit retrenchment that's occurred means this is going to be a fairly anemic recovery," said Michael Fratantoni, the Mortgage Bankers Association's vice president of research. America has moved from a manufacturing to service-based economy, meaning "there's not as much potential for a snapback" from a recession like the Reagan-era boom of the 1980s, Fratantoni said.

Read more: http://www.inman.com/news/2009/12/30/landmines-road-recovery?page=0%2C0

Upcoming Events at The Ellen Theatre

Dear Friends of The Ellen,

After their concert, the first thing the brilliantly talented members of Solas asked was, "When can we come back?" The Irish folk ensemble thoroughly enjoyed their reception and you are all earning the reputation within the world of traveling performers of being a terrific crowd. It was impressive how much music those five people were able to create and, if you missed Solas, The Ellen is already working on having them return next year.

In regard to other future concerts, there are a couple of dates to keep in mind for 2010. John Jorgenson will be here Saturday, February 27 and Leon Redbone is scheduled for Thursday, April 15. Ray Templin is also in the works and tickets for all of these events will be on sale soon.

"A Christmas Story" is an annual tradition at The Ellen, and this year, there will be a live stage version, complete with leg lamp, Scut the bully and Aunt Clara's bunny suit. Twelve hysterical performances of this family favorite start December 4 and run right up until December 23. Last year, there were sold-out audiences for the final two weekends of "A Christmas Carol," so I would encourage you to purchase tickets early. And, as promised, tickets remain only $12 and $16, depending on seat location.

http://www.theellentheatre.com

Projects Await Federal Funds- Money for downtown blast site, airport interchange, Livingston bridge included in spending bill

As reported by the Bozeman Daily Chronicle, Tuesday, December 15, 2009
The downtown Bozeman blast site, the Ninth Street Island Bridge in Livingston and the proposed I-90 interchange at the airport all stand to get a boost from the $1.1 trillion spending bill sent to President Barack Obama on Sunday.

According to Montana's senators, $974,000 is earmarked in the appropriations bill for the city of Bozeman's downtown explosion recovery project, which will go to help property owners affected by the March 5 blast rebuild. Another $1.46 million is tapped to go toward the building of an interchange on I-90 that would make it easier to get to Gallatin Field from the interstate. And, $608,000 is slated to go to restoring the Ninth Street Island Bridge, damaged by high water in the Yellowstone River in June 2008. The Senate passed the bill, 57-45, on Sunday, and it now awaits Obama's signature. Both Montana Senators, Democrats Max Baucus and Jon Tester, voted for the bill. In total, projects in the Bozeman area are set to get almost $5 million in federal dollars from this spending bill, which funds several areas of the federal budget, including transportation, urban development and financial services.

Blast site improvements
According to Baucus' office, the downtown recovery appropriation will go toward maintaining the historic integrity of downtown Bozeman.The March 5 natural gas explosion destroyed several historic buildings on Main Street and severely damaged several more. One of the damaged buildings, the Osborne Building, is more than 100 years old and set to be demolished because of the high cost associated with making the current building safe again.The Baucus office said city officials are forming a board to look into how best the money could help business owners rebuild in "historically appropriate" ways.

I-90 interchange
The $1.5 million appropriation comes atop $8 million in previous federal earmarks, said Larry Watson, grants and projects administrator for Gallatin County. In total, the project, which has been in the works for several years, would put a new interchange on I-90 to allow drivers to get off the interstate at Alaska Road. It would make getting to the airport easier, but will also cost about $40 million, Watson said. Before the $1.5 million appropriation was announced, funding to complete the project was still between $14 million and $15 million short, he said. The latest appropriation will likely go toward design or land acquisition costs, he said.

Ninth Street Island Bridge
Flooding in June 2008 weakened the Ninth Street Island Bridge, and Livingston residents have been driving on a temporary Bailey bridge to access a small neighborhood on an island in the Yellowstone River. Marty Malone, a Park County commissioner, said engineers estimate that a new, permanent bridge will cost $800,000. That makes the $600,000 appropriation significant."It's going to go a long ways," he said. Malone said the county hopes to have the new bridge in place by mid-2010.

Other appropriations
Also receiving appropriations, according to Tester's and Baucus' offices:- The Livingston Railroad Grade Separation Undercrossing: $584,400, to "prevent the imminent failure of the transportation corridor and enhance public safety response time to a heavily populated area."- The Gallatin County Treatment Court expansion: $185,000, to "allow the court to expand the capacity of its program by adding case management, mental health access, treatment access, and housing and education assistance."- TechRanch's Technology Venture Center: $137,500 to help TechRanch expand its Bootstrapping program and "expand its reach into clean and renewable energy start-ups across the state."- Montana State University - High-Technology Assistance Program for Micro & Nano-Technologies: $133,000 to assist Montana high-technology businesses adopt micro- and nanotechnologies to improve their products and increase their competitiveness.- Prospera: $200,000 to help fund a training program that focuses on specialized business technical assistance and training to Montana entrepreneurs and companies.