Denver ranked No. 39.

In its “Metro Monitor” report, released this week, the Brookings Institute assessed how the recession has affected big-city employment, wages, gross metropolitan product, housing prices and foreclosure rates.

The primary conclusion was that the recession has had very different impacts on cities. As a result, an economic recovery will likely vary from region to region or city to city.

“All metropolitan areas are feeling the effects of this recession, but the distress is not shared equally,” Alan Berube, research director of the Metropolitan Policy Program at Washington-based Brookings and co-author of the report, said in a statement.

“While some areas of the country have experienced only a shallow downturn, and may be emerging from the recession already, people living in metro areas that are now performing weakest economically should prepare themselves for a long recovery period,” Berube said.

The overall rankings were based on four factors:

Change in employment from the peak quarter to the first quarter of 2009.
Change in the unemployment rate from March 2008 to March 2009.
Change in gross metro product from the peak quarter to the first quarter of 2009.
Change in housing prices from Q1 2008 to Q1 2009.
Colorado Springs showed a 3.9 percent drop in unemployment from the peak quarter to first quarter 2009. The unemployment rate increased by 3 percent. The gross metro product fell from the peak quarter by 2.1 percent and housing prices declined by 0.9 percent on a year-over-year basis.

Source:  Colorado Springs Business Journal

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Today is the last day to appeal your property value resulting from the 2008 reappraisal.

The El Paso County Assessor’s Office reports fewer appeals have been filed than expected, which is surprising because the reappraisal resulted in a good number of homes being valued higher than the previous reappraisal despite a plunge in values during the last year.

Property values were higher than some might expect because the reappraisal period spanned Jan. 1, 2007 to June 30, 2008, a time frame that preceded the biggest dive in market values.

Appeals of values must cite evidence from the reappraisal time period. The values are used to calculate property taxes. Most people who appeal are seeking to have their property values decreased to keep their property tax liability from rising.

The Assessor’s Office, at 27 E. Vermijo Ave., will be open until 5 p.m.

 Source: www.gazette.com

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The county’s mix of racial and ethnic minorities stayed roughly the same. The two largest minorities, blacks and Hispanics, make up 7 percent and 13 percent of the population, respectively. Hispanic origin is treated separately from race, so a Hispanic person can also be a member of any race. Overall, racial and ethnic minorities make up 26 percent of the population, up from 23 percent in 2000.

The Census Bureau’s estimates are for July 1, 2008. They offer a breakdown of sex, race, age and Hispanic origin for every county nationwide. For a database with details on every county, check www.gazette.com/sections/infocenter/census. Some other findings from the latest estimates:

• El Paso County is still slightly smaller than Denver, a combined city and county that has an estimated 598,707 residents.

• Among other large-population counties in Colorado, minorities make up 44 percent in Adams, 20 percent in Boulder, 49 percent in Denver, 14 percent in Douglas, 20 percent in Jefferson, 15 percent in Larimer, 16 percent in Mesa, 44 percent in Pueblo and 31 percent in Weld.

• El Paso County’s population of people age 65 and older increased 28 percent since 2000, much faster than the general population. That age group now includes an estimated 57,160 people.

• Among nearby counties, the population in Teller was estimated at 21,661, in Fremont at 47,283 and in Pueblo at 156,737.

Source: www.gazette.com

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The index level is almost now back to where it was last summer, which was just before panic and paralysis set in and the index fell off a cliff to levels never before recorded. With the recovery in the index over the past two months led by the forward-looking component, the big question now is whether the increasingly widespread expectation that economic recovery is just around the corner will be fulfilled or dashed. Our belief remains that what we are seeing in these (and most other) data is a shift from “end of the world” readings to those that more closely approximate something seen in a regular economic slump. We do not think that conditions are going to progress in a straight line up from here, and our forecast remains that the road to recovery will be a longer and more difficult journey than most believe at the moment. –Joshua Shapiro, MFR Inc.
Although the index is still low in absolute terms, it is at its highest level since September, and the 30-point increase over the last three months is the largest three-month gain on record. Sharp gains in confidence typically occur right at the end of a recession. These gains are due to jumps in expectations, which is also what is happening now. –Abiel Reinhart, J.P. Morgan
This is a much bigger jump than we expected… Even so, if the new level is maintained the Conference Board index is consistent with real spending growth of less than 1%, which is not much of a green shoot. –Ian Shepherdson, High Frequency Economics
That was the biggest one-month improvement in the index in more than 6 years and reflected mainly a big 22.3 point gain in the index measuring expectations about the outlook. Consumers also assessed current conditions a bit more favorably, but that part of the index remains quite low… The improved mood of consumers is encouraging. If the job market stabilizes, the improvement in confidence could translate into more spending and make the better outlook a self-fulfilling prophecy. –Nomura Global Economics
This is another strong report in favor of the U.S. consumer, and we will take good news where we can. However, we cannot lose sight that the trend is key, and given that the index continues to sit in historically low territory (note: average index value has been 95 since 1977) should temper the immediate implications of this report. –Ian Pollick, TD Securities
The May consumer confidence report is another indicator that suggests that the recession’s grip on the economy has slackened significantly and that the recession may be drawing to a close. While the labor market indicators still point to significant job losses, both the jobs components of this report and the weekly data on initial jobless claims suggest that the peak rate of job loss is now behind us. –RDQ Economics
The level of confidence still remains low. Much of the weakness is due to accelerating job losses, deepening house price declines, soaring foreclosures, tighter credit standards, and financial market volatility. Confidence is still mired in recessionary territory although consumers are not as depressed as they were earlier in the year. –Stephen A. Wood, Insight Economics
Compiled by Phil Izzo

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So if you’re looking for some new ways to wow your friends, pull up a lawn chair and fire up your grill as we bring you the best of barbeque, Colorado Springs-style.

BBQ University at the Broadmoor

If you’re crazy about barbeque and looking for a smokin’ hot culinary adventure, Rocky Mountain style, then the Broadmoor’s BBQ University is the place for you.

For the second year in a row, Steven Raichlen, the country’s reigning master of barbeque, will offer a three-day, three-night grilling school, touted by the Food Network as “the best BBQ experience in the U.S.”

Held on the deck of the Cheyenne Lodge, with its breathtaking views of the front range, 50 lucky students can fire up one of 25 grills and learn different grilling techniques from the master.

“Every day you’ll learn eight recipes for one meal all taught to you on the grill – from appetizers through dessert,” says C.W. Craig Reed, Foor and Beverage Director at the Broadmoor.

And you’ll do the cooking.

Everyone plays a part in preparing the menu – from readying the grill to prepping the food.  Then at the end of each class, both students and teacher sit down to a barbeque feast.

Students may arrive as strangers, but they leave fast friends.

“The interaction that takes place between total strangers is phenomenal,” Reed says.  “They all trade their grilling secrets and exchange emails after the class is over.”

The class is so popular, in fact, that of the 80 students enrolled last year, almost half are returning this year.

And, at the end of three days, you’ll be a grilling rock star.  What could be better?

For more information or to make a reservation for the June 14-17 session, please call The Broadmoor at 634-7711 or visit www.broadmoor.com.  Special rates available for local residents.

 

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The great outdoors!  After working, going to school, or running errands all day, many people love to rest, relax, unwind, and play outdoors and take part in recreational activities.  The outdoors offers many opportunities for such activities as swimming, tennis, and barbecues.  Yet, many safety dangers lurk outside your home, even in your own backyard.

YOUR BACKYARD

Your backyard should be childproofed in the same manner as the rest of your house.  Even in the most ideal situations – a fenced yard with a minimum of dangers – children need supervision.  Here are some suggestions for what to watch for to prevent potential accidents.

• Never let an infant or toddler play outside alone.
• Keep swimming or wading pools inaccessible to babies and toddlers.
• Check play areas frequently, watching for broken sidewalks that need repair, loose board on wooden steps, or holes or ditches in the lawn that should be filled.
• Clean areas of all animal droppings.
• Be on the lookout for poisonous insects.
• Watch for poisonous plants, such as poison ivy, poison sumac, or poison oak in the backyard and remove mushrooms and toadstools as soon as they appear.
• Install childproof locks on gates and remove anything that a child could use to climb over the fence.
• Keep a constant eye on infants who can put dangerous objects in their mouths.
• Make sure outdoor play equipment is safe and sturdily constructed.
• Place play equipment at least six feet away from fences and walls.
• Teach your toddler or infant about the dangers in their play area.
• Create a vocabulary of warning words. (Ouch, Hot, Sharp, etc.)
• Keep your child out of the area altogether when the lawn is being mowed.
• Walk around the yard to pick up objects that you may not see while mowing.
• Be careful when mowing on hills or inclines where the mower could topple over.
• Don’t leave a hose lying in the sun.  Water in it can get hot enough to scald a child.
• Keep children away from a grill at all times, especially when you are cooking on it.
• Always use sunscreen and protective clothing such as hats when outside.
• For sensitive eyes, wear sunglasses.

BACKYARD GRILLS

There is noting more entertaining than preparing summer picnics in the backyard.  Precautions need to be taken, however, when cooking on gas grills.

• Thoroughly clean gas grills at the beginning of the season.  Always keep and maintain a fire extinguisher near – but not on – the grill.
• Never throw a match in a grill, especially after the gas has been on three seconds.
• Never wear a loose apron or loose clothing while grilling.  Always wear shoes.
• Always use the grill’s starter button.  If the starter is broken, do not use the grill.
• Avoid cooking foods with a high fat content that can produce high flames.
• Thoroughly cook food to a safe temperature.
• Never throw away grill instructions or owner’s manual.  Follow manufacturer directions carefully.
• Just these few precautions can lead to safe and relaxing leisure time during warm weather.

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ADP says there were 31% fewer private sector job losses in April, while outplacement firm says pace of layoffs slows.

NEW YORK (CNNMoney.com) — The pace of U.S. job losses may be slowing, according to two private reports released Wednesday.

Automatic Data Processing, a payroll-processing firm, said private-sector employment decreased by 491,000 in April, a 31% improvement from the revised 708,000 drop in March.

Economists surveyed by Briefing.com had expected a loss of 643,000 jobs last month.

The report, which is based on payroll data from 500,000 U.S. businesses, showed the number of job cuts declined across all sectors in the survey.

“There’s a sense here of a turn, which is good news” said Joel Prakken, an ADP spokesman and chairman of Macroeconomic Advisers, LLC. But the job market “is likely to decline for at least several more months, although perhaps not as rapidly as during the last six months.”

Separately, outplacement firm Challenger, Gray & Christmas Inc. reported that the number of layoffs announced in April fell for the third straight month.

Job cut announcements by U.S. employers totaled 132,590 in April, an improvement of 12% from March’s 150,411 cuts. It was the lowest total since last October, according to Challenger, but the April figure was still 47% higher than job cuts announced in the same month a year ago.

The government/non-profit sector was hit the hardest for the second month in a row, Challenger said, with 27,624 announced job cuts in April. The automotive industry had the second highest tally of planned cuts, thanks in part to further cuts announced at General Motors.

“Job cuts are still at recession levels, but the fact that they are falling is certainly promising and may suggest that employers are starting to feel a little more confident about future business conditions. Hopefully, the next few months will bring further relief, as we tend to see downsizing activity slow during the summer months,” John Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.

Employers have announced 711,100 job cuts so far this year. That is 145% percent higher than the 290,671 job cuts announced in the first quarter of 2008, Challenger said.

The reports set the tone for the government’s monthly jobs report due Friday. The Labor Department report is expected to show that the economy shed 620,000 jobs in April, less than the 663,000 reported for March, according to a consensus estimate of economists complied by Briefing.com. The unemployment rate is predicted to rise to 8.9% from 8.5%.

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The U.S. economy has contracted sharply since last autumn, with real gross domestic product (GDP) having dropped at an annual rate of more than 6% in the fourth quarter of 2008 and the first quarter of this year. Among the enormous costs of the downturn is the loss of some 5 million payroll jobs over the past 15 months. The most recent information on the labor market-the number of new and continuing claims for unemployment insurance through late April-suggests that we are likely to see further sizable job losses and increased unemployment in coming months.

However, the recent data also suggest that the pace of contraction may be slowing, and they include some tentative signs that final demand, especially demand by households, may be stabilizing. Consumer spending, which dropped sharply in the second half of last year, grew in the first quarter. In coming months, households’ spending power will be boosted by the fiscal stimulus program, and we have seen some improvement in consumer sentiment. Nonetheless, a number of factors are likely to continue to weigh on consumer spending, among them the weak labor market and the declines in equity and housing wealth that households have experienced over the past two years. In addition, credit conditions for consumers remain tight.

The housing market, which has been in decline for three years, has also shown some signs of bottoming. Sales of existing homes have been fairly stable since late last year, and sales of new homes have firmed a bit recently, though both remain at depressed levels. Although some of the boost to sales in the market for existing homes is likely coming from foreclosure-related transactions, the increased affordability of homes appears to be contributing more broadly to the steadying in the demand for housing. In particular, the average interest rate on conforming 30-year fixed-rate mortgages has dropped almost 1-3/4 percentage points since August, to about 4.8%. With sales of new homes up a bit and starts of single-family homes little changed from January through March, builders are seeing the backlog of unsold new homes decline-a precondition for any recovery in homebuilding.

We continue to expect economic activity to bottom out, then to turn up later this year. Key elements of this forecast are our assessments that the housing market is beginning to stabilize and that the sharp inventory liquidation that has been in progress will slow over the next few quarters. Final demand should also be supported by fiscal and monetary stimulus. An important caveat is that our forecast assumes continuing gradual repair of the financial system; a relapse in financial conditions would be a significant drag on economic activity and could cause the incipient recovery to stall.

Even after a recovery gets under way, the rate of growth of real economic activity is likely to remain below its longer-run potential for a while, implying that the current slack in resource utilization will increase further. We expect that the recovery will only gradually gain momentum and that economic slack will diminish slowly. In particular, businesses are likely to be cautious about hiring, implying that the unemployment rate could remain high for a time, even after economic growth resumes.

In this environment, we anticipate that inflation will remain low. Indeed, given the sizable margin of slack in resource utilization and diminished cost pressures from oil and other commodities, inflation is likely to move down some over the next year relative to its pace in 2008. However, inflation expectations, as measured by various household and business surveys, appear to have remained relatively stable, which should limit further declines in inflation.

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“If a house is in a good neighborhood, is maintained and is a good value, it’ll get multiple offers,” says Julie Holt, owner of Anclote Title Services in Tarpon Springs, Fla. One in 10 homes now draw multiple offers, up from one in 30 last fall, she says.

Multiple bids usually signify a market in which prices are rising and buyers outnumber sellers. That’s not true now, given rampant foreclosures, still-falling prices in many regions and low demand for higher-price homes. Multiple offers on distressed properties are also not new, but their recent frequency offers hope for the real estate market, says Beth Peerce, treasurer of the California Association of Realtors (CAR).

“When you begin to see people willing to fight for a property, that’s a good sign,” she says. “We are beginning to see the beginning of the end of a disaster time.”

The competition is driven by prices — California’s are down 39% from a year ago, CAR says — low mortgage rates and a new federal tax credit of up to $8,000 for some first-time buyers.

Other hard-hit regions are also seeing more multiple offers, mainly on:

•Lower-end homes. In Phoenix, where prices have dropped 50% from their 2006 peak, competition has heated up for homes under $150,000, says Realtor Michael Orr, who publishes the Cromford Report on the Phoenix-area market. He recently considered bidding on one house for $70,000. It had received 14 offers, and Orr was told to bid $110,000 to be considered.

•Good values. Holt just handled a closing on a Tarpon Springs home close to schools that was listed at $185,000. It won three bids and sold at $192,000. Three years ago, the home would have sold for $280,000, Holt says. Higher-price homes are also getting more multiple bids. “People who always wanted to live on the water are realizing it is time to buy before prices go up,” Holt says.

Some bidders may think foreclosure bargains are waning, says Mike Lyon, CEO of Lyon Real Estate in Sacramento. That market has 1,600 bank-owned properties for sale, vs. 2,800 a year ago, he says.

He says banks have lured multiple bids by setting below-market prices. Lyon cautions that government steps to curb foreclosures have delayed some.

“People are perceiving that they are running out. But there will be more,” he says.

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