Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/318750322?client_source=feed&format=rss
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Friday, July 12, 2013
Foreclosures are Down and Seattle's Housing ... - RealEstate.com
Foreclosure Filings Down
Foreclosure filings, a key measure of the housing industry?s health, slipped to a 6.5-year low in June, another indication that the market is gaining strength and recovery is well underway.
A RealtyTrac report said 127,790 homes had foreclosure filings last month. That?s 14 percent down from the May numbers. Compared to the year-ago period, numbers are down 35 percent.
The good news doesn?t end there. Fewer homes entered the foreclosure process and lenders seized fewer homes, which means the future pipeline of foreclosures is also on the decline. Banks possessed 248,538 homes in the first half of the year. If the numbers follow the trend, by the year?s end foreclosures would be around 500,000. That?s below 671,000 foreclosure properties the previous year.
?We are getting tantalizingly close to being back to normal, healthy foreclosure levels, at least on a nationwide basis,? Daren Blomquist, vice president at RealtyTrac, told Reuters.
Foreclosures have been the biggest curse on the once thriving housing market. A faltering economy and rising unemployment hit consumers hard, disabling them from making their monthly mortgage payments and increasing foreclosures. The influx of such properties increased the inventory in the marketplace, thereby dragging down home prices. As the number of foreclosed homes grew, builders, sellers and buyers became anxious. Things have been steadily on the mend as the economy began improving, and interest rates continued staying low. This week?s report from RealtyTrac provides a helpful boost to consumer and builder confidence. The last year has been a good year for the industry. Home prices are up and so are sales.
According to RealtyTrac, 34 states saw a decline in repossessions in June compared to a year ago. But, there are still some states ? such as Oklahoma, Maryland and Arkansas ? that saw significant gains. So, although we are on the right track, we still have a long road ahead.
Seattle?s Housing Market is Sizzling Hot
Seattle is one of the most competitive housing markets in the country thanks to low interest rates and depleting inventory, according to King5.com
?Seattle is just crazy bonkers. Most of our listings are going in 30 days,? Al Uyeno, a local real estate agent, told the news website.
Uyeno said that the declining unemployment rate and increasing hiring has helped increase the number of buyers in a tight market.
?We?ve got Amazon, we?ve got Boeing, we?ve got Microsoft all hiring, and all these people are coming here from out of state so they have to have some place to live,? ?Uyeno said.
Real estate agents say that good homes are selling fast, and at high prices. In some areas, the median price for homes is up as much as 14 percent.
Mortgage Rates Touch Two-Year High
Beware buyers. Mortgage rates are again inching upward. So, if you want to lock into some low, lucrative rates, you may want to get in the game now.
The average rate on the 30-year loans skyrocketed to 4.51 percent this week. Last week it was 4.29 percent, according the mortgage giant Freddie Mac, who tracks rate changes. Two months ago the rate was 3.35 percent, just a tad above the all-time low of 3.31 percent.
Rates on the shorter-term loans are also on the upswing. The average rate on 15-year loans jumped to 3.53 percent from 3.39 percent a week ago. That?s the biggest increase since August 2011.
Rates have been at historic lows for a while now and began inching upward because of expectations that the Federal Reserve will cut down its bond buying this year. The continued low rates have helped encourage buyers to jump into the market. Despite the increases this week, rates continue to be low. But not everyone can qualify for the lucrative rates. Lenders have installed a tight screening process. Only consumers with a clean credit record and sizeable down payment generally have access to the lucrative rates.
Even with the gains, mortgage rates remain low by historical standards. Low rates have helped fuel a housing recovery that is helping to drive economic growth this year.
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Esterline: Next Generation Military And Commercial Aircraft Make This Supplier Interesting
The sequester is creating confusion for aerospace and defense investors this year. However, confusion tied to the impact of defense budgets on aerospace suppliers may present opportunity given military spending is historically lumpy and strong commercial aerospace demand provides long-term tailwinds.
If so, one aerospace supplier worth consideration is Esterline Technologies (ESL), a company with reach into key military programs such as the upcoming Airbus A400M, and commercial programs, such as the top selling Airbus 320.
The company operates three segments
1. Advanced Materials - defense technologies and engineered materials.
2. Sensors and Systems - advanced sensors, connectors and power systems.
3. Avionics and Controls - avionics systems, communication systems, control systems and interface technologies.
Esterline's sales are geographically diversified, with 50% coming from the United States and the remainder generated abroad.
Approximately 40% of the company's business comes from the commercial aerospace sector, 40% from defense spending and the remaining 20% come from adjacent industrial markets including railroads and gaming.
Headwinds to overcome
Despite having nicely balanced revenue between defense and commercial and overseas and domestic businesses, Esterline's biggest hurdle remains defense spending.
Specifically, two programs are creating challenges for the company.
The first is slowing production for the Beechcraft T-6B training aircraft for the Navy. Esterline produces the cockpit systems for the aircraft and sales are slipping as Beechcraft cuts annual production from 49 to 42 planes.
Production is unlikely to rebound given Beechcraft lost a contract for its next generation AT-6 training aircraft to Embraer (ERJ) in 2012, which helped push the aircraft maker into bankruptcy.
Since, a suit against the Pentagon prompted a re-bid, which again resulted in Embraer winning - throwing fresh doubt on future production.
A second program, the Global Hawk UAV, has also stumbled.
The US Air Force may retire its fleet of the Northrop Grumman (NOC) made UAV's to refocus on the aging, yet tried-and-true U-2 surveillance aircraft. The end of the Global Hawk program impacts demand for Esterline's signal intelligence receivers.
But it's not all bleak for Esterline in defense.
Offsetting those headwinds is growth tied to Airbus' A400M, which generates $1.2 million in value for Esterline per ship set.
The A400M owns 32% of global orders for heavy lift aircraft with deliveries beginning this year. Airbus hopes to build 2.5 per month by 2015, which means its current backlog won't be worked through for six years.
Esterline also generates about $900,000 per ship set from the F-35 Joint Strike Fighter. The next generation 1,100 mile per hour fighter will cost the Pentagon $391 billion for 2443 planes over time. The plane will also be a staple of western ally fleets as F-16s and Harrier's are retired.
And Esterline also has opportunity in Boeing's (BA) P-8 maritime surveillance aircraft, from which it gets about $1 million in business per ship set. The P-8 Poseidon is based on Boeing's 737-800, with its first delivery occurring last year. In September 2012, the Pentagon ordered another 11 P-8s for $1.9 billion.
Commercial aerospace is the real reason to consider buying shares
At the Paris Air Show in June, both Airbus and Boeing walked away with significant orders to add to their already bulging backlogs.
Airline operators ordered 466 planes worth more than $70 billion from Airbus. Those orders add to an existing backlog of 4,928 planes at the end of May.
Boeing announced orders for 442 planes worth $66 billion, lifting Boeing's year-to-date net orders to 692 planes. Boeing's backlog was north of 4,400 exiting this past spring.
These orders add pressure to curb the swelling production by boosting production. Airbus is building 42 A320s per month, up from 34 in 2010. Boeing plans to lift 737 production to 42 this year. As a result, both companies may deliver a record number of planes this year.
Esterline's commercial programs include the Boeing 787 and 737 and Airbus A320. So, ramping production will help fuel growth.
"At the outset of this year, I said, much like our fiscal 2012, we will build to a strong finish. This still holds. And there are a number of favorable trends that we expect to continue to a strong back half of the year, including continuing strength in our commercial aerospace OEM business, particularly for single-aisle platforms, steady margin performance, a solid $1.3 billion backlog, continued strong cash flow and, throughout the business, an effective focus on cost controls," said Richard Bradley Lawrence, CEO, during the FYQ2 EPS conference call in May.
And Esterline's R&D is focused on winning share in future programs including Boeing's 737 MAX and Airbus's A350, offering additional opportunity.
Add to this backdrop a potential pickup in aftermarket demand tied to pent-up maintenance and rising revenue passenger miles, and you get a solid long-term opportunity for growth.
"Fortunately, the near-term strength in the global commercial aerospace cycle remains very positive with respect to the outlook for high levels of passenger load, which bodes well for spares and aftermarket business, and a strong appetite for new, fuel-efficient aircraft, which bodes well for our OEM business," said Mr Lawrence.
By the numbers
Since 2002, the company's sales have grown a compounded 17.8% annually and free cash flow has increased from a pre recessionary trough of $11 million in 2006 to $145 million in 2012.
Despite the defense headwinds, company wide FYQ2 sales of $500 million were only just shy of the $505 million from a year ago. For the first six months of the fiscal year, sales were 2% lower year-over-year.
But, even with lower sales reducing margin leverage against fixed costs, gross margins stayed in check. In the fiscal second quarter they were 36.3%, down only slightly from 36.6% a year ago. And, fiscal year-to-date, gross margins are up slightly to 35.7% from 35.1%.
The stability in margin reflects ongoing focus on right sizing budgets. Such cost conscious management should pay off as higher margin aftermarket sales rebound.
The final take
Shares are trading a reasonable 1.22 times sales and 1.44 times book value. More interesting, shares are trading just 12.9 times forward earnings estimates, well below the 23 times investors are currently paying on trailing 12 month earnings.
Given the company has plenty of content shipping into high demand new military and commercial aircraft programs, flattening sales this year may prove a short-term concern. If so, investors stepping into shares this quarter may be rewarded over the coming one to two years.
Additional Source Material: Investor Presentation
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in ESL over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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SKorean pop star Rain discharged from military
SEOUL, South Korea (AP) ? South Korean pop sensation Rain is out of the military.
Under cloudy skies Wednesday, Rain fired off a crisp salute and thanked a large crowd of mostly media and women who'd gathered to commemorate his discharge after 21 months of mandatory service.
The fans held signs reading in Korean and English: "We waited for you" and "Rain's coming." One Japanese fan said she'd been waiting for more than a day to see the "entertainment soldier."
The 31-year-old served in an army unit that provides TV and radio programming that promotes the military.
Rain, whose real name is Jung Ji-hoon, has made seven albums and acted in several South Korean and Hollywood films. Time magazine named him one of the 100 most influential people in the world in 2011.
He hasn't said what his future plans are.
South Korea requires all able-bodied men serve about two to three years in the military, a legacy of the 1950-53 Korean War.
Source: http://news.yahoo.com/skorean-pop-star-rain-discharged-military-053724480.html
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Thursday, July 11, 2013
Join an All-New Business Opportunity Presentation Today ...
Share the excitement! Live your dreams! Bring your Guests and join us as we share the Talk Fusion Products and Opportunity LIVE!
Click?here?to view our informative Presentation Schedule featuring the ALL-NEW Business Opportunity Presentation and Diamond Rush FAST TRACK Training Presentations! See the whole month?s schedule in multiple languages at a glance! PLEASE NOTE: We have a new schedule for English Presentations, so check the Business Opportunity Presentation Schedule for times.
Posted under Live Your DreamsSource: http://blogtalkfusion.com/?p=11184
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Plans for Osceola baseball spring training facility on hold
By Sandra Osborne, Reporter
Last Updated: Tuesday, July 09, 2013, 11:54 AM OSCEOLA COUNTY --?
Last Updated: Tuesday, July 09, 2013, 11:54 AM OSCEOLA COUNTY --?
The negotiations to build a two-team spring training facility in Osceola County are temporarily on hold.
County Commissioners voted not to approve plans that would allow them to negotiate with an architect to design the two team facility.
Two commissioners said they want to get more information from the Tourist Development Council before reconsidering the project that is estimated to cost about $6.5 million.
TDC officials say they want their voices heard before moving forward with such a big project.
Local tourism leaders will be discussing spring training in a special meeting tomorrow afternoon before sharing concerns and ideas with commissioners.
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Wednesday, July 10, 2013
Minnesota college students mull life's big questions at 'Philosophy Camp'
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The students trekked toward the sunset, feeling the strange crunch of prairie grass recently shorn by a burn. They waved off June bugs trailing them as they talked neuroscience and drunkenness. A farm kitten, too, tagged along, nudging their ankles when they paused to snap photos of the sky.
?The cat! He came.?
It was an impromptu hike, late on a Sunday, but in a way, those University of Minnesota students were attending class.
For one month each summer, students, instructors and a few curious folks turn a farm and retreat center in southwest Minnesota into a philosophy classroom. Or a ?community on the prairie,? as the syllabus puts it.
Together, they discuss life. What is a good life? How might a person create such a life?
Philosophy professors ask such questions in lecture halls. But there?s something special about discussing Plato on the prairie. Cooking Sunday dinner from scratch with classmates. Meditating beneath the stars.
The course?s title ? ?Lives Worth Living: Questions of Self, Vocation and Community? ? refers to Plato?s notion that ?the unexamined life is not worth living.? But its nickname ? Philosophy Camp ? hints at a residential experience more important than any text.
People are caring here, ?and I think that?s a product of living in the same space,? said Ted Tiffany, a senior and course apprentice who first came to camp as a sophomore. ?Even if you see the same person every day for a semester, you?re just with them for an hour at a time. Here, you cook a meal with someone, you do the dishes together, you go for a walk.?
A bit of magic
The instructors attribute part of the course?s power to the place: the Shalom Hill Farm, two dirt roads away from a major thoroughfare and 12 miles north of Windom, Minn. Nestled into the side of an uncommon hill, its buildings let light into unexpected places and lead to patios with prairie views.
Source: http://www.startribune.com/lifestyle/214794541.html
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