The Best Markets For Residential Property Investors 2 days ago DS News Webcast: Thursday 6/12/2014 Home / Featured / DS News Webcast: Thursday 6/12/2014 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Share Save Previous: Southern Nevada Home Prices Rebound in May Next: LoanLogics Welcomes Senior VP of Customer Success Sign up for DS News Daily The Wells Fargo Economics Group released its Housing Chartbook for May 2014, which found that most markets are “wildly out of balance” from inflated home prices driven by investor purchases as well as exceptionally tight inventories. The group said that the lack of a rebound in home sales this spring has reinforced their view that there was more than harsh winter weather behind the recent slide in home sales and mortgage applications. The group notes that the road to housing recovery will be longer—and much bumpier—than expected.The group believes housing demand is still reeling from last spring’s spike in mortgage rates. They commented that a 70-basis point rise in mortgage rates coupled with a 6-point 2 percent rise in prices resulted in a 17.1 percent jump in monthly principal and interest payments. Payments on an existing home, irrespective of a slight dip in home prices, rose 11.9 percent. Consumer confidence in purchasing a new home within six months fell in May to 4.9 percent, which was below the 12-month moving average of 5.7 percent.Measuring new homebuilding against employment numbers—which only recently recovered from their recessionary decline—the National Association of Realtors found that historically, there is one new home built for every 1.5 jobs added to the economy. As of the first quarter, 32 states and the District of Columbia are above that ratio, meaning job growth has far outpaced new construction over the past three years. NAR believes that a majority of states are constructing too few homes, which will hamstring supply and slow home sales. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago June 12, 2014 610 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Print This Post 2014-06-12 DSNews in Featured, Media, Webcasts Related Articles About Author: DSNews
Richard “Dick” Grimes. Photo Credit: Donald B. KravitzRichard “Dick” Grimes, a man whose influence touched people and institutions throughout Ocean City, died Saturday at age 96.Grimes was the first black employee of the U.S. Post Office in Ocean City. He helped found the Ocean City Youth Athletic Association in 1956. As a member of the Ocean City Ecumenical Council, he helped create the local Food Cupboard and Clothes Closet. He was active with the Boys Scouts and the Housing Authority. He was named the Ocean City Regional Chamber of Commerce Citizen of the Year in 2007.A World War II veteran, Grimes came home to Ocean City and mentored countless Ocean City youth with his knowledge and boundless enthusiasm.“He was basically one of the finest Ocean City citizens that we’ve known,” said Bill Hughes Sr., a former U.S. Representative and ambassador who lives in Ocean City. “He was always up on current events, and he loved Ocean City.”“When he walked down the Avenue, it would take him a half hour to get to the bank,” Hughes said, recalling an image of Grimes shaking hands and speaking with all the people he knew.“We’re going to miss him,” Hughes said. “I’ve never heard him say anything negative about anybody. He loved children and devoted his life to helping others.”Grimes was active in the Democratic Club in town, and he helped with Congressional campaigns during Hughes tenure from 1974 to 1994.Born in Pittsburgh in 1919, Grimes came to Ocean City to live with his grandmother, Emma Davis, when he was 7 years old. He was schooled in Ocean City but moved briefly to Philadelphia and graduated from Central High School.Grimes served five years with the 13th Combat Cargo Squadron of the U.S. Army Air Forces, which was involved in aerial transport from India to Burma and later from Burma to China during World War II.He returned to Ocean City and began a lifelong career with the Post Office.He married a Marzita Miles Grimes, a graduate of the University of Maryland Eastern Shore who was the first black teacher at Ocean City High School (home economics). Marzita died in March at age 97.Grimes is survived by two daughters, Clarissa Price of Baltimore and Rita Brown of Galloway Township.Grimes helped organize the Ocean City Youth Athletic Association in 1956 for baseball, and he was active in creating youth basketball and football programs as well. He was later known for his interest in playing and teaching tennis.The baseball field at Sixth Street and Haven Avenue was named for him in 2008.“He was a great influence on the kids,” said Greg Donahue, a former OCYAA president and Ocean City educator. “He was just a wonderful person.”Donahue recalled Grimes walking across the street from his home on Sixth Street to watch youth baseball games before they moved to the field at 35th Street.“He would cheer the kids on and talk to them,” Donahue said. “He saw potential in children.”Tom Williams, a veteran sportswriter and broadcaster who grew up in Ocean City and has followed local sports for 50 years, remembers Grimes as his first Babe Ruth baseball coach on a team that won a league championship.“He was always a guy filled with energy,” Williams said. “And he had a way of lifting your energy when he showed you something on the baseball field and acted it out.”“He came through times when there were racial barriers in Ocean City,” Williams said.But Grimes never showed any signs of bitterness or anything but genuine interest in the community.“He was a guy you’d see all over the place,” Williams said of Grimes, even in his later years. “And he always made you think, ‘How can I feel tired?’ ”Dottie Cianci, coordinator of the Ocean City Ecumenical Council Community Food Cupboard, worked with Grimes since about 2000.“It’s a great loss,” Cianci said. ” He was one of the co-founders of the Food Cupboard, and he was my mentor.”Cianci said Grimes was instrumental in organizing the Postal Service Food Drives that help the Food Cupboard operate.“He was always there. We couldn’t have done it without him. Both he and his wife were very active. I found it a privilege to know him. A finer person you couldn’t meet.”Further detail is still pending, but funeral services are scheduled for 11 a.m. Tuesday, August 19, at the Ocean City Tabernacle.__________Sign up for OCNJ Daily’s free newsletter and breaking news alerts“Like” us on Facebook
Coffee giant Starbucks yesterday outlined a major seven-stage plan for the brand, including growing the number of stores from 22,000 to 30,000 worldwide, with a particular focus on China and on tea. Over the next five years, Starbucks will aim to achieve a portfolio of 30,000 sites around the world, having just this week opened its 5,000th store in the China/Asia Pacific (CAP) region. Over the next five years Starbucks’ presence in the region is set to grow three times in size and the coffee chain’s store footprint will double to 10,000 across its 15 markets.John Culver, group president China/Asia Pacific and channel development, said: “Over half of Starbucks’ new store growth globally over the next five years will come from the CAP region, led by Japan and China. Japan was Starbucks’ first market outside North America, entered in 1996.”Today approaching 1,100 stores in Japan and will soon assume full ownership of the market. China is Starbucks’ fastest-growing global market. In the next few weeks we’ll open the 1,600th store and will have 3,400 stores there in the next five years. Shanghai has more Starbucks’ stores than any other city in the world in which we operate.“We are seeing tremendous anticipation for Starbucks’ first international Roastery as we look for potential sites in Japan and China.”Hot drinksWhile famous for its coffee, which remains a focus for the company, tea is higher on the agenda for growth. It is the second-most consumed drink after water and has a global category size of $125bn (£84bn). Starbucks envisages building its Teavana brand, including Teavana Shaken Iced Tea, Teavana Oprah Chai and Teavana hot brewed teas, which are currently served in just seven of the 66 countries in which the company has presence.Annie Young-Scrivner, president, Teavana, said “a large portion” of the category value resides in Asia, so all stores in China and Japan will next year be converted to the brand.Regarding coffee, this year Starbucks will achieve verified ethical sourcing for 99% of its coffee.Other plansStarbucks plans to grow its digital engagement following the success of its gift cards, which it claimed one in seven American adults received over Christmas. Its ‘My Starbucks Rewards’ loyalty programme is also growing well, with more than 10 million active members and nearly 50% year-on-year growth to $1.5bn in 2014.Creating new reasons to visit stores is another area of growth, including drive-thrus. The first Express format of take-away-only stores will open next quarter in New York, with four more by the year-end.Bet Guajardo, senior vice-president of global strategy, said: “Starbucks has become one of the world’s most beloved and trusted brands, and we can tell you what creates our brand strength. In a survey of all the people who consider purchasing at Starbucks because of brand appeal, they do so because: 47% love the Starbucks brand because of the connection between partners and customers; 27% say they love the way Starbucks treats its people; and 26% love the coffee.”Read the full report from the 2015 annual meeting of shareholders here.