CHARLOTTE, N.C. --
Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.
Bank of America said it initially plans to operate Countrywide separately under the Countrywide brand, with integration occurring no sooner than 2009.
The transaction represents a 7.5 percent discount to where Countrywide shares ended Thursday after they soared on news that a rescue plan was in the works. It also effectively leaves Bank of America with a big loss on its $2 billion August investment in Countrywide Financial Corp. during the height of the summer's global credit crisis.
An aggressive dealmaker who has already snapped up behemoths FleetBoston Financial and MBNA, Bank of America chief executive Ken Lewis this time isn't buying a financial winner. Delinquencies and loans in pending foreclosure are rising in Countrywide's loan portfolio, and Lewis said Friday "there are near-term challenges" in the nation's housing market.
But Countrywide's troubles have allowed Lewis to sweep in and add a major business line to his supermarket of financial products on the cheap.
"Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation's premier lender to consumers," Lewis said in a statement.
It also places Lewis in the position of a market savior. By buying Countrywide, he's keeping the industry and regulators from the messy task of figuring out who would take on the responsibility of collecting payments for the 9 million U.S. home loans serviced by the Calabasas, Calif.-based lender. Lewis said Friday there was no government support for Countrywide's loan portfolio.
"There's still plenty of risk involved," said Bart Narter, senior analyst at Celent, a Boston-based financial research and consulting firm. "He's brave to do it. But I think that it's very likely down the road to be profitable, maybe not immediately, but long-term."
There was no immediate work on job cuts, but analysts said they expect some among the ranks of Countrywide's 15,000 employees. Lewis said he would like Countrywide chairman and chief executive Angelo R. Mozilo to stay with the combined companies until the deal is done.
"Angelo has told me that he will do anything that we want him to do," Lewis said. "I would guess that he'll want to go have some fun. I will talk with him next week about his personal desires. Many of the senior people will have big operating roles in this company."
Shareholders of Countrywide will receive 0.1822 of a share of Bank of America stock in exchange for each share of Countrywide. The deal is expected to close in the third quarter and to be neutral to Bank of America earnings per share in 2008 and lift earnings per share in 2009, excluding buyout and restructuring costs.
Bank of America expects $670 million in after-tax cost savings in the transaction, or 11 percent of the expense base of the two companies' mortgage operations.
The agreement has been approved by both companies' boards and is subject to regulatory and Countrywide's shareholders approval.
Shares in Countrywide hit record lows in recent days on persistent rumors that a bankruptcy was imminent, a condition brought on by the widespread spike in mortgage defaults and foreclosures, especially in subprime loans - those made to borrowers with weak credit.
Countrywide shares plummeted more than 13 percent, or $1.04, to $6.71 at the open of trading Friday. Bank of America shares fell 19 cents to $39.11.
Countrywide shares have fallen 57 percent since Bank of America made its $2 billion deal in August at $18 per share. That purchase of preferred stock was convertible into a common shares of Countrywide at $18 per share, for roughly a 16 percent stake in the company.
Along with the $2 billion investment from Bank of America, Countrywide was forced to draw on an $11.5 billion line of credit to steady itself in August. It also tightened its credit guidelines and stopped selling some types of adjustable rate loans. But analysts said it wasn't enough, with one noting this week that Countrywide needed an infusion of $4 billion in capital within the next two weeks to save itself.
Lewis' bank holds $1.5 trillion in assets and is the nation's largest bank by market capitalization
"Their balance sheet can take a shock much better than Countrywide," said CreditSights senior analyst David Hendler. "When you take the shocks at Countrywide, they have a big, busting consequence that's negative."
While Lewis downplayed the prospect of a major deal last month, it fits with an established pattern of building Bank of America through acquisition. In the past few years, Lewis has expanded the bank's retail operation with multibillion purchases of FleetBoston Financial Corp., bolted on a credit card business by adding MBNA Corp., and grabbed a wealth-management business in U.S. Trust Co.
The result of all the dealmaking is a widely diversified financial services company that does business with nearly one out of every two American households.
In the past year, Bank of America has boosted its market share of prime mortgages, or those offered to borrowers with a solid credit history, and was the top retail mortgage originator in the U.S. during the first nine months of 2007.
"We are aware of the issues within the housing and mortgage industries," Lewis said. "The transaction reflects those challenges. Mortgages will continue to be an important relationship product, and we now will have an opportunity to better serve our customers and to enhance future profitability."
In Countrywide, Lewis gets the "best, total mortgage-banking company in the U.S. by far," Hendler said. Countrywide's sophisticated back office is a valuable asset that makes Bank of America a much bigger competitor with Wells Fargo & Co., Washington Mutual Inc. and others, he said. In 2007, Countrywide had $408 billion in mortgage originations and has a servicing portfolio of about $1.5 trillion with 9 million loans.
"The technology platform, the people who run it, the hedging, the facilities, the mortgage servicing rights, the origination platform, you know, they are all state of the art," Hendler said.
While there are some regulator hurdles to close the deal, they are hardly insurmountable. The buyout would require approval from the Federal Reserve, and possibly other agencies, but analysts believe regulators are more concerned about a Countrywide collapse than industry consolidation.
A Countrywide failure would be a huge blow to government-sponsored mortgage finance companies Fannie Mae and Freddie Mac, which are major buyers of Countrywide's loans.
Federal law also bars banks from acquisitions that would increase market share above 10 percent of U.S. deposits, a limit that Bank of America is nearing. Bank of America chief financial officer Joe Price said because Countrywide Bank us a federally regulated thrift, it "doesn't play into the deposit cap."
In addition, banking industry experts say Bank of America could easily lower the total amount of money held in deposits by decreasing interest rates and shedding deposits.
Saturday, January 12, 2008
Friday, January 11, 2008
Mortgages rates drop to low last seen in 2005
The benchmark 30-year fixed-rate mortgage plunged 26 basis points, to 5.88 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.35 discount and origination points. One year ago, the mortgage index was 6.24 percent; four weeks ago, it was 6.17 percent.
The benchmark 15-year fixed-rate mortgage fell 31 basis points, to 5.45 percent. The benchmark 5/1 adjustable-rate mortgage fell 33 basis points, to 5.81 percent. The benchmark 30-year, fixed-rate jumbo mortgage, for home loans greater than $417,000, fell 17 basis points, to 7.03 percent.
The 30-year fixed hasn't been this low since Sept. 21, 2005, when it was 5.88 percent. You have to go all the way back to June of 2000 to find the last time the rate on the 30-year fixed tumbled more in one week. In the second week of that month, the 30-year fixed fell from 8.56 percent to 8.28 percent in one week.
This week's drop in rates can be traced to the release Friday of the employment report for December. According to the Labor Department, the economy produced a net new 18,000 jobs in December. That was a lot worse than expected. Local, state and federal governments added 31,000 jobs, meaning that private employment actually shrank during the height of holiday shopping season.
The unemployment rate climbed to 5 percent from the previous month's 4.7 percent. At 5 percent, the unemployment rate was higher than the average rate in the last 10 years (4.9 percent). Over that 10-year period, the unemployment rate was below 4.7 percent half the time. Five percent isn't horrible, but it's not benign, either.
Rates lower, hoops to qualify higher
The prospect of a slowing economy sent mortgage rates lower. Normally, you would think that the lowest mortgage rates since September 2005 would goad people into mortgage offices to refinance their loans. Some of that is happening, but not in big numbers. The Mortgage Bankers Association says applications were up slightly last week, but it's difficult to make comparisons this time of year because of shortened holiday weeks.
Anecdotally, loan officers and brokers say business is down not only because of slow home sales, but because borrowers aren't paying attention to rates, or they don't think they'll qualify.
"Sixty percent of people who got mortgages last year can't get them this year," says Bob Moulton, president of Americana Mortgage Group of Melville, N.Y.
Moulton cites the example of a potential borrower who walked into his office early this week. She owed $700,000 on a house in Cape Coral, Fla., that had been appraised recently at $500,000. She couldn't afford to sell it, couldn't afford to refinance it, and couldn't afford the payments after a rate adjustment. Moulton says he recommended that she talk to a lawyer about negotiating a short sale, in which she would sell the house for less than the loan balance and the lender would forgive the shortfall.
Tread carefully
Loan officers and mortgage brokers say they're plagued by lenders that change the rules after a mortgage has been approved but before it has been funded. Some borrowers are getting all the way to the closing table before they find out that the loan approval has been withdrawn, or they have more paperwork to submit or more financial hoops to jump through.
"Even if they go through contract, they might not be able to get financing," Moulton says. Now he tells customers: "Make sure you have your house sold before you buy this house. Make sure it's priced right. You've got to be really conservative right now. You don't want to be caught with two houses" and two mortgage payments.
As the mortgage industry imploded last year, thousands of loan officers and brokers lost their jobs. They're not around to tell their customers that rates have dropped so low.
The benchmark 15-year fixed-rate mortgage fell 31 basis points, to 5.45 percent. The benchmark 5/1 adjustable-rate mortgage fell 33 basis points, to 5.81 percent. The benchmark 30-year, fixed-rate jumbo mortgage, for home loans greater than $417,000, fell 17 basis points, to 7.03 percent.
The 30-year fixed hasn't been this low since Sept. 21, 2005, when it was 5.88 percent. You have to go all the way back to June of 2000 to find the last time the rate on the 30-year fixed tumbled more in one week. In the second week of that month, the 30-year fixed fell from 8.56 percent to 8.28 percent in one week.
This week's drop in rates can be traced to the release Friday of the employment report for December. According to the Labor Department, the economy produced a net new 18,000 jobs in December. That was a lot worse than expected. Local, state and federal governments added 31,000 jobs, meaning that private employment actually shrank during the height of holiday shopping season.
The unemployment rate climbed to 5 percent from the previous month's 4.7 percent. At 5 percent, the unemployment rate was higher than the average rate in the last 10 years (4.9 percent). Over that 10-year period, the unemployment rate was below 4.7 percent half the time. Five percent isn't horrible, but it's not benign, either.
Rates lower, hoops to qualify higher
The prospect of a slowing economy sent mortgage rates lower. Normally, you would think that the lowest mortgage rates since September 2005 would goad people into mortgage offices to refinance their loans. Some of that is happening, but not in big numbers. The Mortgage Bankers Association says applications were up slightly last week, but it's difficult to make comparisons this time of year because of shortened holiday weeks.
Anecdotally, loan officers and brokers say business is down not only because of slow home sales, but because borrowers aren't paying attention to rates, or they don't think they'll qualify.
"Sixty percent of people who got mortgages last year can't get them this year," says Bob Moulton, president of Americana Mortgage Group of Melville, N.Y.
Moulton cites the example of a potential borrower who walked into his office early this week. She owed $700,000 on a house in Cape Coral, Fla., that had been appraised recently at $500,000. She couldn't afford to sell it, couldn't afford to refinance it, and couldn't afford the payments after a rate adjustment. Moulton says he recommended that she talk to a lawyer about negotiating a short sale, in which she would sell the house for less than the loan balance and the lender would forgive the shortfall.
Tread carefully
Loan officers and mortgage brokers say they're plagued by lenders that change the rules after a mortgage has been approved but before it has been funded. Some borrowers are getting all the way to the closing table before they find out that the loan approval has been withdrawn, or they have more paperwork to submit or more financial hoops to jump through.
"Even if they go through contract, they might not be able to get financing," Moulton says. Now he tells customers: "Make sure you have your house sold before you buy this house. Make sure it's priced right. You've got to be really conservative right now. You don't want to be caught with two houses" and two mortgage payments.
As the mortgage industry imploded last year, thousands of loan officers and brokers lost their jobs. They're not around to tell their customers that rates have dropped so low.
Thursday, January 10, 2008
Wednesday, January 2, 2008
Historical Home Price ROLLER COASTER!
US Home Prices, adjusted for inflation, from 1890 to Present, represented as a roller coaster!
Wednesday, December 19, 2007
Our New North Carolina Blog!
We have partnered with CityBlogUSA and now have control over all of CityBlogUSA's North Carolina sites! What does that mean to you? It means that you can go and ask questions about any city or town in North Carolina! What are the hospitals like, how is the market looking, what are good restaurants, etc. Anything you want! Just go to http://northcarolinablogpage.com/ and look for whatever city you want. If you want to adverise on any of these just let us know and we can hook you up with a coupon code!
Tuesday, December 18, 2007
Friday, December 14, 2007
All Realtor Bonuses to be Disclosed. Commission wants homebuyers to learn of incentives in writing.
N.C. regulators have moved closer to making the state among the most rigorous in the country in letting homebuyers know about their real estate agent's financial interests.
The nine-member N.C. Real Estate Commission decided unanimously Wednesday to draft a rule that would require agents to provide a written disclosure of bonuses they receive from sellers before their clients make a decision to buy a home.
The rule change, prompted by an Observer investigation, could take effect as early as July 1. It will be subject to a public hearing before the commission decides to send it to the state for approval.
Real estate brokers are typically paid a commission, or a percentage of the sales price. Some sellers, particularly homebuilders, also pay agencies a bonus for finding buyers. Such extra incentives are legal.
State rules currently require agents to tell customers of bonuses before an offer for purchase is made, but agents are only required to disclose bonuses orally, making the rule hard to enforce.
"The buyer needs to know 100 percent of what's going on in that transaction," said commission Chairman Skip Alston of Greensboro. "It should be transparent."
If the new rule is approved, North Carolina would be among just a few states nationwide requiring written disclosure of bonuses before a purchasing decision. Most don't require any disclosure of bonuses beyond including them on the HUD settlement statement at closing.
In the Southeast, only Tennessee requires the type of disclosure pending approval in North Carolina.
One commission member questioned Wednesday whether a rule change was necessary, given that bonuses are seemingly infrequent in some markets. "I'm not sure how egregious the problem is," said Joe Hodge, a Raleigh-area Realtor. But Executive Director Phillip Fisher said his staff's research showed that bonuses are common in Charlotte, indicating substantial use of the practice.
Mecklenburg County real estate agents have told the Observer that bonuses are offered on as many as 40 percent of newly built homes and about one-fourth of existing homes.
Tom Miller, the commission's director of legal services, said the new rule wouldn't require that agents provide written disclosure of bonuses each time they approach a house. He hoped, however, that the rule would prompt agents to be more diligent about notifying clients of bonuses orally when they are considering a house, then putting the bonus in writing before a contract is signed.
The written disclosure would likely come in a separate form created by the N.C. Association of Realtors or individual real estate agencies.
The commission could still change or scrap the rule following public comment. But, said chairman Alston: "I don't think you're going to have any opposition once it becomes a proposed rule."
The move to change the rules followed an Observer investigation published in September of Realty Place, a Charlotte-area company that received millions of dollars in bonuses from homebuilders in exchange for finding buyers. Observer reporters spoke to more than 50 Realty Place clients, none of whom remembered being told about a bonus the agent received.
The Observer investigation found that Realty Place maintained a close relationship with builders after vowing to protect clients from them. Company records showed -- and former employees affirmed -- that the company funneled buyers into low-priced starter home developments, many of which are now plagued by foreclosures.
Miller said a Real Estate Commission investigation of Realty Place, opened in response to the Observer's reporting, is ongoing. The company's owners have denied wrongdoing.
The nine-member N.C. Real Estate Commission decided unanimously Wednesday to draft a rule that would require agents to provide a written disclosure of bonuses they receive from sellers before their clients make a decision to buy a home.
The rule change, prompted by an Observer investigation, could take effect as early as July 1. It will be subject to a public hearing before the commission decides to send it to the state for approval.
Real estate brokers are typically paid a commission, or a percentage of the sales price. Some sellers, particularly homebuilders, also pay agencies a bonus for finding buyers. Such extra incentives are legal.
State rules currently require agents to tell customers of bonuses before an offer for purchase is made, but agents are only required to disclose bonuses orally, making the rule hard to enforce.
"The buyer needs to know 100 percent of what's going on in that transaction," said commission Chairman Skip Alston of Greensboro. "It should be transparent."
If the new rule is approved, North Carolina would be among just a few states nationwide requiring written disclosure of bonuses before a purchasing decision. Most don't require any disclosure of bonuses beyond including them on the HUD settlement statement at closing.
In the Southeast, only Tennessee requires the type of disclosure pending approval in North Carolina.
One commission member questioned Wednesday whether a rule change was necessary, given that bonuses are seemingly infrequent in some markets. "I'm not sure how egregious the problem is," said Joe Hodge, a Raleigh-area Realtor. But Executive Director Phillip Fisher said his staff's research showed that bonuses are common in Charlotte, indicating substantial use of the practice.
Mecklenburg County real estate agents have told the Observer that bonuses are offered on as many as 40 percent of newly built homes and about one-fourth of existing homes.
Tom Miller, the commission's director of legal services, said the new rule wouldn't require that agents provide written disclosure of bonuses each time they approach a house. He hoped, however, that the rule would prompt agents to be more diligent about notifying clients of bonuses orally when they are considering a house, then putting the bonus in writing before a contract is signed.
The written disclosure would likely come in a separate form created by the N.C. Association of Realtors or individual real estate agencies.
The commission could still change or scrap the rule following public comment. But, said chairman Alston: "I don't think you're going to have any opposition once it becomes a proposed rule."
The move to change the rules followed an Observer investigation published in September of Realty Place, a Charlotte-area company that received millions of dollars in bonuses from homebuilders in exchange for finding buyers. Observer reporters spoke to more than 50 Realty Place clients, none of whom remembered being told about a bonus the agent received.
The Observer investigation found that Realty Place maintained a close relationship with builders after vowing to protect clients from them. Company records showed -- and former employees affirmed -- that the company funneled buyers into low-priced starter home developments, many of which are now plagued by foreclosures.
Miller said a Real Estate Commission investigation of Realty Place, opened in response to the Observer's reporting, is ongoing. The company's owners have denied wrongdoing.
Crosland Homes LLC are planning a "Green" Community beside the U.S. National Whitewater Park and want your opinion!
In an unusual step for a developer, Crosland LLC is seeking advice from the public on a nearly 800-acre "green" community it plans near the U.S. National Whitewater Center.
The northwest Charlotte development's theme, "explore living," is based on the range of outdoor activities -- rafting to biking -- anticipated there.
But realizing that words mean different things to different people, Crosland is turning to consumers for their interpretations and suggestions on dwellings, activities and amenities.
A teaser ad campaign starting today will reach out through a Web site and a video clip to be shown on the site and at selected movie theaters during the holiday season.
Construction of the first houses in the estimated 2,800 home community -- Whitewater -- is to start in about a year, allowing time for the developer to incorporate consumer ideas, said Crosland's Rich Reichle.
The feedback could influence everything from what kind of trails will come first -- walking, hiking or mountain biking -- to the price range and mix of single-family houses and townhomes.
Crosland expects homes in the community along N.C. 27 and the Catawba River near Interstate 485 to sell from the high $100,000s to the $700,000s.
Bill Daleure, president of Crosland's land development division, said the developer bought the initial land for the project in late 2003, before the U.S. National Whitewater Center had become its neighbor.
But once the center located there, he said, the planning shifted to linking with it, preserving green space, emphasizing outdoor living and developing an environmentally sensitive community.
Residents of Whitewater will experience trails, parks and green space connected to 300 acres of public park land and 11 miles of trails. They will have access to the Catawba River via the center.
The community will have its own amenities complex and full-time "exploration" director.
Crosland said it has started grading for 1.3-mile Whitewater Parkway which is expected to open in late April connecting the community and the center.
The center has been using a temporary road while it awaits the connector, for which Crosland is paying most of the cost.
Work also is under way in Whitewater for a public elementary school expected to open in August, Crosland said.
The master plan for Whitewater includes about 450,000 square feet of commercial space. Roughly a third of Whitewater's acreage will be devoted to green space.
Daleure believes Crosland will spend about 10 years completing the development.
Consumers -- Crosland sees them as potential home owners -- who respond to the ad campaign might be asked to participate in future surveys on Whitewater, but they will get a bonus.
Crosland said they will be the first invited to tour the property and will have the first opportunity to buy in the community.
The northwest Charlotte development's theme, "explore living," is based on the range of outdoor activities -- rafting to biking -- anticipated there.
But realizing that words mean different things to different people, Crosland is turning to consumers for their interpretations and suggestions on dwellings, activities and amenities.
A teaser ad campaign starting today will reach out through a Web site and a video clip to be shown on the site and at selected movie theaters during the holiday season.
Construction of the first houses in the estimated 2,800 home community -- Whitewater -- is to start in about a year, allowing time for the developer to incorporate consumer ideas, said Crosland's Rich Reichle.
The feedback could influence everything from what kind of trails will come first -- walking, hiking or mountain biking -- to the price range and mix of single-family houses and townhomes.
Crosland expects homes in the community along N.C. 27 and the Catawba River near Interstate 485 to sell from the high $100,000s to the $700,000s.
Bill Daleure, president of Crosland's land development division, said the developer bought the initial land for the project in late 2003, before the U.S. National Whitewater Center had become its neighbor.
But once the center located there, he said, the planning shifted to linking with it, preserving green space, emphasizing outdoor living and developing an environmentally sensitive community.
Residents of Whitewater will experience trails, parks and green space connected to 300 acres of public park land and 11 miles of trails. They will have access to the Catawba River via the center.
The community will have its own amenities complex and full-time "exploration" director.
Crosland said it has started grading for 1.3-mile Whitewater Parkway which is expected to open in late April connecting the community and the center.
The center has been using a temporary road while it awaits the connector, for which Crosland is paying most of the cost.
Work also is under way in Whitewater for a public elementary school expected to open in August, Crosland said.
The master plan for Whitewater includes about 450,000 square feet of commercial space. Roughly a third of Whitewater's acreage will be devoted to green space.
Daleure believes Crosland will spend about 10 years completing the development.
Consumers -- Crosland sees them as potential home owners -- who respond to the ad campaign might be asked to participate in future surveys on Whitewater, but they will get a bonus.
Crosland said they will be the first invited to tour the property and will have the first opportunity to buy in the community.
Thursday, December 13, 2007
Saturday, December 1, 2007
Great Wolf Lodge Indoor Waterpark Coming to Concord, NC!
This is a video of a similar waterpark that will call Concord, NC home in the near future!
Charlotte North Carolina - ABC News Report Real Estate
This is a wonderful piece from ABC on the Charlotte areas real estate market.
Monday, November 26, 2007
The Speedway Stays!
THURSDAY, Thanksgiving 2007
Concord Mayor Scott Padgett's phone rang just before 6 p.m. Wednesday.
On the other end of the line: Lowe's Motor Speedway owner Bruton Smith.
"We have an agreement," Smith said.
With that, the speedway will stay in Concord, where Smith's company will receive about $80 million in incentives in return for spending at least $100 million on renovations and upgrades.
Smith's decision caps a seven-week saga involving one of Cabarrus County's biggest taxpayers, its biggest tourist draw and a signature sports venue in the Charlotte region.
Still undisclosed, however, are exactly which incentives Smith will receive, and what he'll spend on track improvements.
Wednesday, November 21, 2007
Happy Thanksgiving!
Maybe after dinner you can go to www.WeichertCraven.com and buy that house that your significant other has been talking about for the last month? I don' t know? Just thinking out loud about what an awesome present that would be. Happy Holidays!
Tuesday, November 20, 2007
What does Al Gore have to do with Real Estate?
Last evening, while talking with a fellow co-worker over a few Guinness at the local Irish bar, I had a revelation. Al Gore is a parallel to the future of Real Estate. The discussion was about how Al Gore brought the world up to speed about our environmental situation. As my friend put it, "He may have given up the Presidency of the greatest country in the world for a higher calling. Possibly single handedly saving the planet."
How did he do it? It's so simple it hurts! He climbed into a tour bus and headed to auditoriums and libraries all over the United States. He was armed with valid statistics from internatioanlly known scientists. He was armed with a laptop computer and a power point presentation.
Let's review: statistics, technology and environmentalism.
Fellow Realtors that is the future of real estate. Our future home buyers don't care that you have been in the business for 20+ years. They care that you have statistics current to today's market. Not the market 10-15 years ago. They won't be blinded by your old school sales tactics like talking slick to cover up the fact that you really don't know that answer. They don't want to read your newspaper ad. They want to go a website and watch a video about you. And guess what? They're not impressed by your new Hummer or Escalade. They see it as wasteful and as a slap in the face to living, breathing creatures everywhere.
Realtors: Change with the market, before the market changes you.Thursday, November 8, 2007
Concord: Cruisin' for a Bruton?
So the City of Concord has laid down with the dogs and is now itching it's fleas! Concord said NO to a dragstrip that Bruton Smith, owner of Lowes Motor Speedway in Concord, started to build across the street from LMS. Now Bruton has said he doesn't need Concord and is entertaining the idea of removing the speedway from Concord. This would cost the City of Concord millions in tax dollars and a crushed dream of becoming the epicenter of the motorsports world. But what is this all about anyway? Will Bruton really move? Is it a bluff just to get more tax incentives out of Concord? Is Bruton just a billionaire Diva with no more loyalty then Paris Hilton's dog? Will he really risk becoming the most hated man in motorsports by turning his back on the home of racing in order to flip a few (million) bucks? Is Concord sucking up to Bruton just making you squint your eyes and grit your teeth with rage? Should Concord call on the Franz Family (the Royal Family of NASCAR) for help? Is NASCAR dead? Has it become so big that it's roots have been kicked out of the track because you can't through chicken bones or 24oz cans of Budweiser anymore? Do you care? Do I care? I don't even know anymore. Let's hear it!
Wednesday, November 7, 2007
New Weichert Realtors - Craven & Compnay Website
We are proud to announce the new Weichert Realtors - Craven & Company office website! Just launched a few days ago at our weekly Tuesday morning sales meeting. Let us know what you think! www.WeichertCraven.com
Beezer to fire CEO
The Charlotte Observer today released a news story that Beazer Homes, of sub-prime mortgage infamy, is ousting it's CEO under pressure form a union-based investment group. Thoughts anyone? http://www.charlotte.com/business/breaking_news/story/350677.html
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