The Barnstable Town Council and Barnstable Town Manager John Klimm are airing plans to build a $165,700,000 waste water treatment plant serving Centerville and Marstons Mills. Residents and constituents are expressing concern that this proposal includes a potential of $100,000 - $150,000 in sewer plant betterment fees. 320 Stewart's Creek homeowners are expected to endure $30,000 betterment costs to connect to the 50year old Wastewater Pollution Control Facility. The average home in the Centerville area involved are in the $250,000 price range. Calculations show that these homeowners will pay 40%-50% more for these homes in the near future.
Citizens for Open Government directed by Gary Lopez maintains 1100 - 1200 signatures and anticipate delivering completed petitions by 3:30PM, Monday@ The Clerks Office of the Barnstable Town Hall. John Julius is directing the campaign and can be reached at (508)237-2700.
These items were posted on www.capecog.com by Gary Lopez and Eric Schwaab of www.capecodliving.blogspot.com.
1. Foreclosures in Your Neighborhood
The quickest way to end up underwater is to live in a neighborhood that's plagued by foreclosures.
When one home on your block goes into foreclosure, your home's value drops by 1%.
But that isn't a one-to-one relationship.
If two homes on a block go into foreclosure, your home's value will drop by more than 2%.
As homes go into foreclosure, they create a domino effect, lowering home values throughout a neighborhood in a cascade beyond homeowners' control.
2. Homes Lingering on the Market
When "For Sale" signs linger in a neighborhood for three or more months, that may mean buyers and sellers can't agree on a price.
In that environment, homes are unlikely to sell unless the seller lowers their asking price.
3. Increasing Unemployment
In most cases, the cities where homes have lost the most value during the past year also possess the highest unemployment rates.
4. Homes in Disrepair
Dented siding, peeling paint and broken porches could be signs that neighbors are having trouble making ends meet and can no longer pay to take care of their home, Zandi says.
Or they may have gotten an appraisal and discovered their homes have dropped in value and are no longer worth the cost of repairs. Inevitably, as the condition of homes in your neighborhood worsens, home values are likely to drop.
"The mere fact that they're not investing in their homes will affect you too.”
What Underwater Borrowers Have in Common
Risky Mortgages
Some 77% of option-ARM borrowers and 50% of subprime mortgage borrowers were estimated to be underwater as of the first quarter of 2009, according to the Deutsche Bank report.
With option-ARMs, borrowers could make minimum monthly payments that didn't even cover the loan's interest. As the market declined, these balances grew over time.
With subprime mortgages, borrowers often had poor credit scores and little documentation of their financial situation. In both cases, borrowers often ended up with a large mortgage relative to the house's price.
Date of Purchase
Individuals who bought their home between 2003 and 2008 are at risk of being underwater because they bought while prices were rising.
The risk is greater for those who bought between 2005 and 2006, as the market approached its peak.
Excessive Borrowing
Many individuals borrowed against their home when it appreciated in value during the bubble by taking out a second mortgage or tapping into a home equity line of credit or home equity loan.
This borrowing left their home with less equity to weather the drop in home values.
If 10% of Barnstable is unemployed, another 26% is retired, and 50% of the homes are underwater on their mortgages, how the hell are we going to finance a $1 billion dollar sewer program with municipal liens? With this program, the town will own half the housing stock in Barnstable in five years. Folks will be mailing their keys to the Assessors Office and leaving town.
Homeowners living off Waquaquet Lake include Chief Paul MacDonald, handpicked by Joakim after the dismissal of Chief of Corruption John Finnegan, Judge Joseph A. Reardon, who placed convicted felons including, Christopher McCowen, in treatment for non-violent offenders, Councilor Tom Rugo, and my all time favorite fool, Alan R. Burt. Burt became the self-proclaimed advocate for the homeless after suggesting in 2002 that he would like to build a campaign platform and become a candidate for the Barnstable Town Council.
Cancer is more than just a zodiac sign. Hey good luck with your effort folks!
Hyannis a virtual ghost town, today! Gee, I thought the metropolis would be booming with business after I left this "God forsaken peninsula"! Well, I never...! Especially since I was told I was the problem! Ah...the perversity of selfishness! If I didn't know any better I'd think we elected some sort of terrorist, last fall, or something! ...or did we?
The loss of that Recall Effort had more of an impact on municipal development, national economic scene, and global structure including imminent terrorism than you may realize. So much for "me first" and "me too"! I hear that the CIA has opted to show no mercy. Although you didn't need my help, I was able to retrieve more evidence of reality, today. I've got more documents, tape, and video from my safety deposit box.
As far as small town stuff, anyone figure out why Laura Schufelt was in the Unemployment Office, Faxing materials, and what's up with the look on Tobey's face when I head up North Street for post office to offer help, today, anyway? Hey All-America, local municipal political figures really are rubbing elbows with the political big time! At least they are now! Evil knows no political party, no race, no religion, no ethnicity. In point of fact, it has been determined to encompass all things offensive to God. Lastly, how's the old, liberal bastion of corruption doing these days?
Is he dead, yet?
