THURSDAY, OCT. 9, 2008
STATEWIDE:
JPMorgan: Florida Homes Could Nearly Halve in Value
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Florida Trend is...
In a presentation to investors in late September, JPMorgan Chase & Co., hot off of announcing its purchase of Washington Mutual Bank, predicted Florida home prices would fall another 16%.
It could get even worse. In the event of what it called a "deeper recession," the bank projected Florida prices falling another 21%. A "severe recession" could bring prices crashing a further 36%.
JPMorgan assumes Florida prices have fallen 28%, which corresponds to what most home price indices say. So the bank is betting on a peak-to-trough decline of 44% in Florida (the 28% drop we've already experienced + another 16%).
[Source: St. Petersburg Times]
Also: Fort Myers-area home sales up
| Flurry of sales gives Realtors hope
GAINESVILLE:
State Legislators Suggest ‘Tweak' of Bright Futures
The Bright Futures scholarship program should be phased out over the course of a decade, state Sen. Steve Oelrich said Wednesday to a University of Florida community group. Most UF students use the program despite a lack of financial need, said Oelrich, a Cross Creek Republican who chairs the Senate Higher Education committee. Nearly 95% of freshmen use the scholarships to pay for tuition, while the most recent statistics show the median income of all UF students' families is around $100,000. Bright Futures scholarships have forced tuition to be kept so low, Oelrich said, that it only pays for about a quarter of the true cost of educating UF students. [Source: Gainesville Sun]
MIAMI-DADE:
Panel: School Board 'Violated Principles' with Carvalho Hire
An ethics committee that oversees the Miami-Dade School Board said Wednesday that the School Board ''violated the principles of fairness and transparency'' when it selected new Superintendent Alberto Carvalho last month.
The district's Ethics Advisory Committee also advised the School Board to create a more thorough process for selecting a superintendent.
The watchdog committee has no teeth -- it can only make recommendations to the School Board. But its statement could send a message to School Board members, who are scheduled to take up Carvalho's proposed $275,000 contract on Friday.
The board selected Carvalho just hours after it negotiated a $368,000 buyout with former Schools Chief Rudy Crew. There was no formal application process; board members nominated five candidates from the dais.
[Source: Miami Herald]
More on education from Florida Trend:
- Editor Mark Howard: The Power of School Choice
- Trendsetters in Education
TAMPA:
One Bright Spot: Gas Prices Plunge
Gas prices could fall below $3 a gallon by Halloween as oil prices on Wednesday fell to their lowest point this year on fears of a global economic downturn. "You could say it's a good thing," said Tom Kloza, chief oil analyst for Oil Price Information Service. "But it's happening for all the wrong reasons." This week, the price of a gallon of gas across the United States fell below $3.50 for the first time in nearly six months, as oil prices remained lower and refineries recovered from hurricanes Ike and Gustav. One station in Clearwater charged $2.87 per gallon Wednesday until the fuel ran out. [Source: St. Petersburg Times]
ALSO AROUND FLORIDA:
› American Airlines Attendants to Picket at MIA
American Airlines flight attendants will protest poor working conditions by picketing at Miami International and three other airports on Friday, according to union officials.
› UF Entomologists Warn New Roaches May Be on the Way
As if Floridians aren’t bugged enough by roaches, a growing interest among reptile enthusiasts to farm the insects as lizard food could result in several new cockroach varieties invading the state, University of Florida researchers say.
› Bealls Outlet Sales Shine While Other Stores Suffer
Bradenton-based Bealls Inc., with its 585 outlet stores strewn across the Sun Belt, saw "high single-digit increases" in sales, said President Conrad Szymanski.
› JEA Lays Off Dozens of Workers
The employees, who worked for the information technology and meter disconnecting divisions, were employed through labor agencies and temporary work agreements. CEO Jim Dickenson said the city-owned utility's full-time, permanent workforce remained intact.
› Many Floridians Lack Health Insurance, Study Says
About 24% of Floridians lack it. In Miami-Dade, 29.6% lacked coverage. In Broward, it was 26%.
› Elections Chief Says He Has Cancer, Will Not Resign
In less than 24 hours, Palm Beach County Supervisor of Elections Arthur Anderson received two pieces of devastating news - one of them life-threatening.
On Aug. 25, the day before voters overwhelmingly rejected his bid for a second term, Anderson's doctor told him he has incurable blood cancer.
› NASA Saves 1,900 Jobs -- But It's Not Clear How
Florida lawmakers greeted the news with some enthusiasm. "This is better than losing 6,400 jobs, but it's still a cut that's going to hurt," said U.S. Sen. Bill Nelson, D-Fla.
Go to page 2 for more stories ...
› Obama's Top Talent Sent to Florida
he Obama campaign's top two field generals have decamped to Florida, a sign of its confidence that the state, with 27 electoral votes, is tilting toward the Democratic candidate. Also: Biden denounces McCain-Palin's attacks in Florida stump speeches
› Bank Startups Still Draw Investors' Attention
New Traditions is among a handful of Central Florida startups that have raised large amounts of cash to get into the banking game, even as established banks of all stripes have been shaken by the biggest U.S. financial crisis in decades.
Also: Horizon's profit halved, but it still makes money
› 'Suffering' Ahead in Financial Arena, Raymond James Boss Says
Thomas James: "JPMorgan Chase and Bank of America and a few others are too big to fail. They aren't going anywhere." On why bankers are holding steadfast against making loans: "The people who are running these institutions are also human. They have fear, too." From Trend: Tom James Gets Candid
› Daytona State College Takes Over News-Journal Center
As Daytona State College takes over the operation of the News-Journal Center, it begins on a positive note in today's economy -- with no debt.
› Seminole Tribe Donates $300K to Aid Gambling Addicts
The Florida Council on Compulsive Gambling, a nonprofit organization, plans to begin a free treatment program for gambling addicts with the funding.
› Florida, Get Serious About Renewables
Position: The latest proposal for renewable energy, while better than goals put forward earlier this year, is a swing and a miss. The Public Service Commission needs to get serious.
› Burt Reynolds' Museum in Jupiter Might Go Down in History
The museum is in jeopardy of disappearing to make way for a hotel, a marina and restaurants along the Intracoastal Waterway.
› Alligator Alley Tolls May Rise to $3.75 if Road Is Leased
Six private, foreign-owned companies will use the proposed rate increases to determine how much to pay the state up front to lease the 78-mile section of Interstate 75.
› Cash, But No Flow: What Lehman Bros. Did to Fla. HMO
One of them was MD Medicare Choice, a Tampa-based health insurer.
The Florida Department of Financial Services took it over just before midnight on Sept. 30, acting on a judge’s authorization.
› BlackBerry Storm Has Touch Screen You Can Feel
It gives up the physical keypad in favor of a large screen, just like the one on Apple's iPhone.
› Supplement Maker BSN Wants to Be 'Gatorade of UFC'
A Boca Raton company uses marketing deals to expand sales of supplements.