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Nationwide

Sales of new homes surged 16.2% in April, the biggest jump since 1993. At the same time the median price of a new home dropped 11.1% to $229,100. The surge in new home sales was bolstered by the Northeast, which skyrocketed by 43.1%. The rest of the country faired quite poorly, with the Midwest dropping 28.1%, the West dropping 25.4% and the South dropping only 3.4%. (MSNBC.com, May 24, 2007)

After a small dip in April, May foreclosure levels surged back, according to RealtyTrac. Topping the list of foreclosure rates were Nevada, California and Colorado. Nevada had the highest rate in the nation for the 5th month in a row. California foreclosure activity jumped 30% from April and a whopping 350% from May of 2006. Other states in the top ten in May for foreclosures were Florida, Ohio, Arizona, Georgia, Michigan, Indiana, and Connecticut. (RIS Media, June 25, 2007)

Builders are returning to smaller, affordable homes finding they have strong selling power in the sluggish housing market. Among the nation’s larger builders, KB Home of Los Angeles is leading the way toward downsizing. "Smaller homes generate lower revenues, but they sell faster, therefore the cash returns are better," says KB Home's chief executive, Jeffrey Mezger. Other major builders, including Fort Worth, Texas-based D.R. Horton Inc., also have started downsizing some home offerings. KB embarked on its strategy nine months ago to build more small, affordable homes and has sold 48 units in the past eight weeks at a Las Vegas community where homes range from 1,267 square feet to 1,608 square feet with prices that start at $195,590. These homes are about 500 square feet smaller than KB believed home buyers preferred a year ago, Mezger says. The prices also are as much as 20 percent cheaper than they were before the downsizing. (Associated Press, July 5, 2007)

The center of the Sunbelt has the fastest growing cities in the country according to demographers and the U.S. Census. "It has to do with affordability. It has to do with freshness. It has to do with a mix of jobs and amenities," says William Frey, a senior demographer at the Brookings Institution in Washington. "The more affordable regions of the country are growing faster."


Denton, Texas; Carry, North Carolina; McKinney, Texas and North Las Vegas are other cities in the Southern interior that rank among the nation’s fastest growing.
The communities continue to grow because increasing job opportunities attract new residents. Many of these cities are on the outskirts of larger Southern cities, which helps to provide a broad set of amenities. (Christian Science Monitor, July 11, 2007)

Money magazine has released its annual top ten list of best places to live in the U.S. This year they focused on smaller communities with populations from 7,500 to 50,000. The selection criteria focused on areas that offered the best combinations of economic opportunity, good schools, safe streets, things to do, and a real sense of community. They also focused on home prices and property taxes, so more expensive places to live slid down in rankings:

  1. Middleton, Wis.
  2. Hanover, N.H.
  3. Louisville, Colo.
  4. Lake Mary, Fla.
  5. Claremont, Calif.
  6. Papillion, Neb.
  7. Milton, Mass.
  8. Chaska, Minn.
  9. Nether Providence, Pa.
  10. Suwanee, Ga.

(CNNMoney, July 16, 2007)

Rental rates are climbing fast in some markets where potential buyers are opting for rentals instead of buying, because of uncertainty about markets or tightening of lending. In markets where home sales have remained relatively strong rental rates have climbed as much as 3% in the 2nd quarter of 2007 as vacancies are shrinking. In markets where there are large inventories of homes for sale many sellers are also trying to rent their properties increasing the rental pool and driving rents down. The following is a list of the top 10 markets where rents have risen the most, including the average rent and the percentage rise from the 1st quarter of 2007 (Business Week Online, July 19, 2007):

1. San Francisco, $1,757, 3 percent
2. San Jose, Calif., $1,473, 2.4 percent
3. New York City, $2,657, 2.1 percent
4. Seattle, $973, 2 percent
5. Oakland-East Bay, Calif., $1,300, 1.8 percent
6. Orange County, Calif., $1,493, 1.7 percent
7. Washington, D.C., $1,301, 1.7 percent
8. Baltimore, $945, 1.7 percent
9. New Haven, Conn., $1,065, 1.6 percent
10. Philadelphia, $981, 1.6 percent

AARP has released their list of top 5 places to live if you’re over 50. The criteria is based on factors that make a community livable for those over 50, such as mass transit, expanded sidewalks, better health care and a broad range of mixed use housing. The top 5 this year are (AARP Magazine, July 23, 2007):

  • Atlanta: "A sophisticated metropolis with southern charm, Atlanta offers abundant volunteer and cultural opportunities. Retirees also appreciate the wide range of housing options."

  • Beacon Hill in Boston: "This historically genteel part of Boston is full of culture and great restaurants. The Beacon Hill Village provides concierge style access to a network of support services for aging residents including transportation, health care and entertainment."

  • Chandler, Ariz.: "Gracious desert living combined with an activist twist that encourages residents to get involved with the spirit of the town. A city climate and plenty of parks and open space provide ample recreation opportunities."

  • Milwaukee: "An example of urban renewal at its best, Milwaukee features picturesque river walks and affordable water-front living."

  • Portland, Ore.: "European charm meets environmental nirvana in this environmentally progressive city. 50-plus residents love the miles of safe bike lanes and the revitalized Pearl District."

Forbes released their top 10 list of most affordable real estate markets. The list is determined by comparing median home price to median household salary and also by tracking the number of homes sold in the first quarter of 2007 that were affordable to the median income-earning household. This data is then applied against the nation’s 40 biggest metropolitan areas. (Forbes, August 2, 2007)

  1. Indianapolis, IN, Median home price: $112,500
    Median household income: $60,383, Recent affordable home sales: 89%
  2. Cleveland, OH, Median home price: $122,900
    Median household income: $57,472, Recent affordable home sales: 82.4%
  3. Detroit, MI, Median home price: $154,600
    Median household income: $63,052, Recent affordable home sales: 87.4%
  4. Pittsburgh, PA, Median home price: $109,000
    Median household income: $54,872, Recent affordable home sales: 75.5%
  5. Cincinnati, OH, Median home price: $136,800
    Median household income: $60,146, Recent affordable home sales: 78.1%
  6. St. Louis, MO, Median home price: $134,400
    Median household income: $59,950, Recent affordable home sales: 77.1%
  7. Atlanta, GA, Median home price: $170,400
    Median household income: $63,484, Recent affordable home sales: 69.3%
  8. Greensboro, NC, Median home price: $145,100
    Median household income: $50,447, Recent affordable home sales: 71.1%
  9. Dallas, TX, Median home price: $145,500
    Median household income: $58,736, Recent affordable home sales: 57.4%
  10. Austin, TX, Median home price: $176,200
    Median household income: $65,739, Recent affordable home sales: 56.8%

Forbes released their top 10 list for the riskiest real estate markets. The markets were determined by which areas have the most strained lending conditions, are the most overvalued and are likely to face downward price pressure. Only the nation’s 40 largest metro areas were considered. (Forbes, August 2, 2007)
1. Miami, FL
2. Orlando, FL
3. Sacramento, CA
4. San Francisco, CA
5. San Diego, CA
6. Phoenix, AZ
7. Kansas City, MO
8. Cincinnati, OH
9. Chicago, IL
10. Denver, CO

Forbes released their list of top vacation home markets. The list is based on appreciation over the last five years. They broke the nation down into four regions and selected the top markets for each region. In the Northeast, Watermill, Bridgehampton N.Y. ranked #1 with a median price of $1.38 million and an annual average appreciation rate of 21% per year. In the West Moran Wyoming came in at first with a median price of $1.13 million and an annual appreciation rate of 35%. Victoria Minnesota came in first place in the Midwest with a median price of $435,000 and annual appreciation rate of 18%. In the South Key Largo Florida took first with a median price of $2.8 million and appreciation at 27% per year. (Forbes, August 16, 2007)

Foreclosure filings climbed 9% from June to July nationally and were up 93% from July of last year. California, Florida, Michigan, Ohio and Georgia accounted for more than half of the total foreclosure filings. Nevada ranked first in the number of foreclosures per household ratio, with 1 filing for every 199 households. (Realtor Online, August 21, 2007)

Forbes has released its list of best markets for flipping properties. The analyzed the markets based on sales against inventory, low levels of planned new construction, price appreciation data and investor share. Here are the top ten flipping markets (Forbes, August 30, 2007):

1. Seattle, $385,000
2. San Francisco, $759,000
3. Raleigh, N.C., $225,000
4. Houston, $150,000
5. Austin, Texas, $175,000
6. San Antonio, $150,000
7. Boston, $389,000
8. Los Angeles, $590,000
9. New York, $489,000
10. Portland, Ore., $295,000

Moody’s has released a list of the top 10 metro areas likely to start rebounding in the next 2 years, including the forecasted growth rate:

  1. Dallas-Fort Worth: 6.4%
  2. Indianapolis: 6.3%
  3. New Orleans: 5.7%
  4. Atlanta: 5.6%
  5. Montgomery, AL: 5.5%
  6. Memphis: 5%
  7. Mobile: 4.7%
  8. Austin, TX: 4.7%
  9. Houston: 4.6%
  10. St. Louis: 4%

(Moody’s – Business 2.0, September 25, 2007)

Alabama

Birmingham: Not all parts of the country are suffering from soft real estate markets. Certain neighborhoods in Birmingham Alabama were seeing double-digit appreciation rates. 9 select neighborhoods saw an average increase of over 20% in the past year. The Avondale school area is one such hot spot where 1 year appreciation was well over 20%. Second on the list was the nearby Forest Park neighborhood where home values shot up 23.5%. (May 6, 2007)

Mobile: Mobile Alabama beat out Louisiana for the new ThyssenKrupp Steel plant. The plant will cost an estimated $4.2 Billion and will be completed in 2010. Once complete the plant is expected to employ about 2,700 workers. The company said that once it is up and running it could create as many as 38,000 area jobs from suppliers and transportation to entertainment and dining. (Sun Herald, May 11, 2007)

Arizona

Phoenix: For metropolitan markets with over 1 million workers Phoenix ranked #1 for new job growth. From February 2006 to February 2007 89,200 jobs were added, representing a 4.8% increase. The overall U.S. job growth during the same period was 1.5%. The Business Journal - Phoenix, April 2, 2007

Arizona unemployment rates have dropped to the lowest point since 1969, almost 40 years. The state unemployment rate for May was 3.6%, a drop of .4% from the previous month. The lack of available employees means many companies are investing in training to bring up the skill levels of not fully qualified workers.

California

The Northern California real estate market is showing signs of heating up. Experts are predicting that 2007 will mark rock bottom for area real estate. Sales are starting to pick back up as home prices have dropped between 5 to 10% compared to 2 years ago. As excess inventory is reduced in 2007 experts are expecting a shift between supply and demand and expect to see price appreciation in 2008, perhaps as much as 10%. (CBS5.com, April 5, 2007)

California mortgage defaults hit a 10 year high in the last quarter, the result of weak home sales and declining home prices. Nearly 54,000 notices of default were sent to California home owners during the months of April, May and June, which is more than double the number from second quarter of 2006. Defaults were also more than 15% higher than 1st quarter of 2007. (Wall Street Journal, July 24, 2007)

California is the state most likely to be hit hardest by the tightening of sub-prime lending or non-traditional mortgages. Last year California led the nation with about 24% of all new and refinanced mortgages being payment option ARMs. California was also second only to Nevada with 32% of its loans last year being interest only mortgages. (Dow Jones Business News, August 5, 2007)

Colorado

Aspen: The Aspen real estate market, from Aspen to Parachute, is booming. Sales thus far in 2007 have far outpaced record breaking 2006 numbers. This marks one of the longest booms in Aspen’s history. The boom started in 2002 and every year since 2003 has been a record setter. (Post Independent, July 31, 2007)

Florida

Miami: Miami has topped Forbes list of riskiest real estate for the next year. Forbes ranked Miami number one based on insurance woes, high numbers of adjustable rate mortgages, unaffordable housing prices and high vacancy rates. In the last 2 years the number of sale listings has skyrocketed from 14,000 to 78,000. (Forbes, July 20, 2007)

Ocala: Commercial building activity in the last 18 months is the busiest it has ever been. The Ocala building department issued 40% more commercial building permits last fiscal year than the year before. (no source or date available)

Orlando: Orlando area median home prices plunged $15,000, down to $240,000 from February 2007 to March 2007. The plunge is the result of continued supply and demand imbalance. There is a 14 month backlog of homes in the Orlando area, for a record total of 23,547 homes for sale. Despite this 1 month plunge, median home prices for the first quarter of 2007 are up 4.1% from the first quarter of 2006. (Orlando Sentinel,April 11, 2007)

Idaho

Boise: The Southwest Idaho real estate market has started to slump. Nearly 63% of the homes for sale in the region are owned by investors, causing an over-supply of homes for sale. Ada County saw a 1.3% median home price drop in March, the first drop in 10 months. (KTVB.com, May 14, 2007)

Louisiana

New Orleans: The economic boom predicted for Louisiana after Hurricane Katrina has yet to happen. In fact, construction jobs in the New Orleans region are down 7,400 jobs post-Katrina. One key factor contributing to the lack of construction growth and economic boom in Louisiana is that federal spending for recovery in that region has been lagging. Construction normally drives recovery. Louisiana is in direct contrast to the Mississippi Gulf Coast which is experiencing tremendous growth and a construction boom post-Katrina. (New Orleans City Business, May 29, 2007)

Mexico

More and more Americans are buying real estate in Mexico. Attracted by the warm climate, low cost of living and comparatively cheap real estate more than 1 million Americans already own homes in Mexico and the numbers are growing by leaps and bounds. In San Miguel de Allende, a favorite Mexican town for relocating Texans, home values have risen 12% to 20% a year since 2001. Buying in Mexico is getting easier too as American lenders are starting to offer loans across the border to American buyers. Additionally the National Association of Realtors formed a joint venture with the Mexican Association of Professional Realtors last year where Realtors in Mexico are now bound by the same code of ethics as Realtors in the United States. Additionally Stewart Title and a few other title insurance companies are offering title insurance in Mexico. (From MySanAntonio.com, May 5, 2007)

Mississippi

Bay St. Louis: The Stennis Space Center’s new engine test facility broke ground in a large ceremony. The new test stand will provide engine testing for the Ares spacecraft which will be replacing the space shuttle. Stennis Space Center is a major economic driving force for Hancock County and with the new engine testing facility it will continue to provide a significant number of jobs and economic boost to the area for several decades to come. (Sun Herald, August 24, 2007)

Bay St. Louis: Construction has begun on the new Bay St. Louis-Waveland Yacht Club. The cost will be nearly $3 million and will include a 10,500 square foot facility with a full commercial kitchen, 200 seat dining room, a large bar, boardrooms, locker rooms and several offices. The club was founded in 1896 and has a long list of achievements in regional, national and international sailing events. (Sun Herald, September 8, 2007)

Biloxi: Wind Pool legislation passed in Mississippi lowering insurance rates for both residential and commercial users. Commercial users will see rate reductions of 126% from Post-Katrina peaks, helping to re-spur smaller business recovery in heavily damaged areas. Residential rates are about 90% higher than Pre-Katrina but are gradually expected to come down over the next 4 years. (Biloxi, Sun Herald, April 13, 2007)

Biloxi: March of 2007 was another record breaker for the Biloxi area casinos. The coast casinos made $118.4 Million during March, making for the best March in coastal casino history. Currently 9 Casinos are open in the Biloxi area with the Hard Rock, being the tenth when it opens in July. March marks 8 straight record breaking months for the Biloxi area casinos. April 18th, 2007

Biloxi airport expansion continues. The current 43,800 seats per month is expected to climb to 58,000 by October after most of the expansion work has been completed. The terminal expansion is scheduled for completion in July, adding another 75,000 square feet to the terminal. A new food court will also be developed with eateries expected to open in September.April 19, 2007

Biloxi: Coast casinos reported the best August on record last month. With $108.9 million in revenues this August exceeded the previous highest August 2004 of $105.9 million. The consistent record setting numbers are beginning to create a buzz beyond the neighboring states normally marketed to. (Sun Herald, September 18, 2007)

Biloxi: Skybus has been added as a carrier to the Gulfport-Biloxi International Airport. They will feature direct, non-stop flights from Columbus, Ohio. They are the third carrier this week to announce new non-stop flights. American Airlines’ regional affiliate also announced a non-stop flight to Chicago O’Hare. These flights are expected to be especially popular in the winter when northerners will seek to flee the colder weather. (Sun Herald, September 20, 2007)

Biloxi: The average sales price for a home in South Mississippi has passed $180,000 in August, to $180,748. That represents an increase of $2,000 from July and $15,000 from August of last year, or a yearly increase of 11%. (Sun Herald, September 22, 2007)

Biloxi: The U.S. House of Representatives was set to vote on expanding federal floor insurance to become a multi-peril policy, which would also include wind. Rep Gene Taylor D-Bay St. Louis has been a fundamental player in pushing this policy. House Speaker, Nancy Pelosi, D-California, has been a strong proponent of the expansion as well. (Sun Herald, September 25, 2007)

Update – The House voted in favor of the expansion. It now needs to go before the Senate for vote

Update – President Bush has threatened to veto the bill should the Senate approve it.

D’Iberville: The City of D’Iberville, Biloxi’s neighbor to the North, has two casinos on the horizon. Both have submitted applications to the planning commission and have already received approval from the Mississippi Gaming Commission and have the proper zoning. They would be located adjacent to each other on the Back Bay west of I-110. (Sun Herald, September 25, 2007)

Gulfport: The State College Board voted unanimously to place another University of Southern Mississippi campus on land located in the Gulfport area. The campus will be located on property near County Farm and Landon Roads in Northern Harrison County. The site contains about 1,700 acres and was chosen for its tremendous expandability options.April 19th, 2007

Pass Christian: The Pass Christian Yacht Club broke ground Saturday, April 21, and is expected to be complete by year end. Pass Christian is known as the birthplace of yachting in the South and is home to the second oldest Yacht club in the United States. The new 10,500 square foot facility will offer a dining area, decks, lounge, offices and other spaces.April 20, 2007

Additional noteworthy for the Biloxi-Gulfport area: In February the Biloxi-Gulfport area posted a 14.5% gain in jobs added over February 2006, this gain equates to 13,500 jobs.

Governor Haley Barbour recently stated that Mississippi’s economy is “good and getting better,” but that South Mississippi especially the coastal areas have become an expensive place to live. He says that wages will need to correspondingly increase due to the competition for workers in the area. He also said that statewide employment is just below record levels with wages being about 15% higher than when he first took office. (Sun Herald, May 4, 2007)

The new Mississippi Business report states that Mississippi has seen its strongest economic growth since the early 1990s, with much of the boom stemming from Hurricane Katrina recovery. In the past year Mississippi’s economy grew 2.7%. 45% of the new jobs created in Mississippi during the year spanning February 2006 to February 2007 were in Harrison County, home to Biloxi. (Sun Herald, May 5, 2007)

The Stennis Space Center in Hancock County will be the site for testing the new J-2X Engines. These engine systems will be implemented in returning the U.S. to the moon as well as eventually Mars. The site, originally known for Apollo-era testing, will see decades of new use. The spin-off in jobs and benefits for the Hancock county area is likely to be quite significant. (Sun Herald, May 9, 2007)

Jimmy Buffet and Harrah’s announced the development of Margaritaville Casino Resort in Biloxi. The $700 Million project will be built on Casino Row. Margaritaville will feature nearly 800 hotel rooms, 100,000 square feet of gaming space, 66,000 square feet of convention space, 250,000 square feet of shops, entertainment and restaurants. (Sun Herald, May 15, 2007)

Biloxi casinos had another record setting month during April. Gross gaming revenue was 42% higher than April 2006 and 10% higher over Pre-Katrina April 2005. That makes for the largest April revenues in history, also marking 7 out of the last 8 months for record setting high revenues. (Sun Herald, May 18, 2007)

Biloxi: Landlords may obtain forgivable loans for supplying affordable rental housing. The Small Rental Assistance program is designed to help landlords provide more affordable housing stock. The forgivable loans are up to $30,000 per unit for 1 to 4 unit buildings. More than half of the units must be rented to tenants who make 80% or less of the area median income, at rental rates deemed affordable by state and federal officials (for example, a 2 bedroom apartment in Hancock and Harrison counties would rent for $640/month). Qualifying areas include Hancock, Harrison, Jackson, or Pearl River Counties. (Sun Herald, May 19, 2007)

Biloxi: Unemployment rates across the six coastal Mississippi counties were down from last month, as well as last year. The largest one month drop was in Hancock County to 5.8%. Hancock County also posted the largest drop over one year, going from 13.1% to 5.8%. (Sun Herald, May 24, 2007)

Biloxi: Vacation-goers are beginning to replace FEMA employees as the biggest users of condotels along the Mississippi Gulf Coast. As more and more vacationers realize that the Mississippi Gulf Coast is recovering and cleaned up from Hurricane Katrina occupancy rates have been steadily rising. A local vacation rental company representative said that short term rentals have tripled in the past two months. (Sun Herald, May 25, 2007)

Biloxi: Year-to-date commercial and residential construction contracts are up 46% over last year for the Gulfport-Biloxi area. For the month of April residential contracts are up 21% from the same month last year. Commercial contracts for April are down significantly over the same month last year, but year-to-date commercial totals are almost double that of last year. (Sun Herald, May 25, 2007)

Biloxi: Replant South Mississippi has announced they plan to replant 300,000 trees in 3 years. These native tree species will be planted to replace trees lost by Hurricane Katrina. Instead of using small saplings they will be planting larger trees and use a growing technique called root production method that allows the trees to grow at 3 times the rate of normal trees. Their goal is to restore the canopy and beauty the trees provided.

Biloxi: The Gulfport-Biloxi International Airport has added a new carrier today. Allegant Air will be providing non-stop flights from Las Vegas and Orlando to Gulfport-Biloxi. With the addition of Allegant, Gulfport-Biloxi now has six airlines including AirTran, American Airlines, Continental, Delta, and Northwest. The Gulfport-Biloxi International Airport expansion project is scheduled for completion in September and they are already planning for their next expansion. (Sun Herald, June 1, 2007)

Biloxi: The Mississippi Coast Coliseum and Convention Center, known as the Queen of the Coast, is undergoing major renovations and an expansion. The Coliseum has already gotten new seats, outside facades, new 150 mph wind resistant windows, new dressing rooms, panic doors and a state of the art kitchen capable of feeding 4000. The convention center will begin it’s expansion in the beginning of July and will double it’s size, helping the Gulf Coast to expand it’s convention business. (Sun Herald, June 1, 2007)

Biloxi: Biloxi-Gulfport ranked #3 for year-over-year home price appreciation according to the National Association of Realtors, with a 12-month increase of 15.7%! The primary contributors to the solid growth are positive fundamentals, including strong job and population growth. Other contributing factors include a lack of excessive price run-up during the boom years and a relatively small size, allowing room for population growth. With a median price of $153,700, the area remains over $58,000 below the national median home price. (CNNMoney.com, June 27, 2007)

Biloxi: The first week of July showed tremendous steps in rebuilding in Biloxi. The Hard Rock Casino opened its doors and the Treasure Bay Casino unveiled its new casino floor expansion as well. (Sun Herald, June 30, 2007)

Biloxi: Keesler Air Force Base has restarted its medical residency training program. Medical professionals and administrators from across the state said that Keesler’s program is an incredible boost for the state’s health care system. Mississippi is well below average for the number of physicians per resident ratio. Expanding the residency training program helps to add physicians and doctor’s often stay in the states they trained in. (Sun Herald, July 2, 2007)

Biloxi: July is traditionally the busiest month of the year for Coast casinos. Mayor A.J. Holloway feels this July will be especially strong. “There’s been a good buzz about Biloxi leading up to July and carrying into this first week of the month,” Holloway said. “Of course, there was the opening of Hard Rock, the expansion at Treasure Bay, two fireworks shows, the continuing interest in the market, and the upcoming Roy Jones Jr. boxing match. But I think the thing that some people may be overlooking is the impact of the 318 hotel rooms that came online with Hard Rock’s opening.” Resort hotel rooms, the mayor has said, “are what drives gaming revenue figures, and gaming is what’s driving our market.” When Beau Rivage opened with its 1,800 hotel rooms in March 1999, for example, gaming revenue jumped 35 percent that year. (City of Biloxi release, July 6, 2007)

Biloxi: $40.5 Million was allocated for affordable housing GO Zone tax credits to encourage builders to rebuild affordable housing stock. Some areas have been more amenable to construction than others. Studies show approximately 5,000 affordable housing units were lost on the Mississippi Coast. "There's an overwhelming demand for affordable housing down there," said Rick Deyoe of Realtex Development in Texas. Mayor Tommy Longo of Waveland is a strong supporter of affordable housing saying, "This will be a huge shot in the arm right now. Our businesses need employees." Longo says that lack of affordable housing is keeping some workers from returning to Waveland preventing area businesses from meeting demand and expanding their hours. (Sun Herald, July 8, 2007)

Biloxi: The Small Rental Property Assistance Program has been approved by HUD. This program has $262.5 Million in funding set aside to help the owners of small rental properties (4 units or less) to provide affordable housing on the Mississippi Gulf Coast. By providing affordable housing, landlords can qualify for up to $30,000 per unit as a forgivable loan. The loans will be interest and payment free during the 5 year term, after which the entirety of the loan is forgiven. This loan program is a HUGE opportunity for Gulf Coast investors. (Sun Herald, July 12, 2007)

Biloxi: Members of the Biloxi Planning Commission said they envision East Biloxi as a resort district with condominiums, condotels and casino-related developments. To guide that vision the commission is working to put together height, density and other zoning requirements. There are no plans to force current residents to sell their property for development. However, residents who want to sell are encouraged to band together to have their properties rezoned for commercial development to receive top dollar for their land. (Sun Herald, July 13, 2007)

Biloxi: The City of Biloxi made a broad stride in lighting the 8.4 mile stretch of Beach Blvd, with the completion of installing lights between White and St. George avenues. The area is sometimes called the “Holy Land” due to the streets being named after Saints. "This is the first time that the holy land section of Highway 90 has ever been lit to industry safety standards," Mayor A.J. Holloway said. "We're also going to look to restore the ornamental lighting that was pretty much destroyed by the hurricane." Another 2 mile section of Beach Blvd is expect to be complete within a month. (City of Biloxi, July 13, 2007)

Biloxi: The New York Times ran a front page story on the recovery of the Biloxi area focusing on the rapid recovery of the casino industry. The Mississippi Gulf Coast casinos have seen record setting month after record setting month in the past nine months. In fact, the trend of record setting has prompted Larry Gregory, the executive director of the Mississippi Gaming Commission, to humorously bar his staff from using the phrase “record-setting” because “it was becoming too redundant.” The Gulf Coast casinos have had the opportunity to reinvent themselves into resort destinations. All of this is in spite of the fact that the Biloxi Bay Bridge is still under re-construction (blocking a major pipeline into the area) and that existing hotel rooms are still at less than pre-Katrina numbers. Mayor Holloway added to the article saying, “You should consider that Gulfport-Biloxi International Airport has gone from being served by four airlines before Katrina to six airlines today, and the airport is doing 110 percent more business than it was doing before the storm. And although the number of hotel rooms is down in the Biloxi area, the rooms are staying packed." (City of Biloxi, July 16, 2007)

Biloxi: HUD is asking for help from landlords to determine market rents for South Mississippi for 2008. They have currently set the rates the same as 2007 because there is insufficient market data. The fair market rents determine what units can be rented for to Section 8 housing tenants. Comments are being accepted through August 18th and may be submitted through regulations.gov. (Sun Herald, July 20, 2007)

Biloxi: Mississippi Gulf Coast Casinos set another record in June. The total revenues marked the best June ever, surpassing even pre-Katrina June 2005. June revenues totaled $107.8 Million. With the opening of Hard Rock Casino in July, the Mississippi Gaming Commission expects July numbers to be even stronger. (Sun Herald, July 20, 2007)

Biloxi: $1.6 Million has been awarded in the fourth round of hurricane relief grants. The grant money is part of a $24 Million overall grant for the restoration of historically significant structures. The money will be distributed to 42 applicants of public and privately owned historical structures damaged by Hurricane Katrina. All but 3 of the awards in this round go to the six southernmost counties. (Sun Herald, July 21, 2007)

Biloxi: The demand for boat slips in South Mississippi is tremendous. Every public marina along the Mississippi Gulf Coast is leased to capacity with waiting lists, in some cases long waiting lists. There are a total of 5 publicly owned harbors and six private harbors along the coast, the total capacity will double with the planned renovations are completed. "We've got people on the waiting list since 1996" for certain types of boats, said Ocean Springs harbormaster John Hughes. The Coastal scenery, abundant fishing, entertainment and gambling make for a unique mix keeping demand high. (Sun Herald, July 22, 2007)

Biloxi: South Mississippi may be on path to a second record setting year for the shrimp fisherman. 2006 was a record high year and 2007 numbers are looking better than last year. "All shrimpers have been doing really well," said Mississippi Department of Marine Resources' Mike Brainard. "Catches have been great." (Sun Herald, July 23, 2007)

Biloxi: The Gulfport-Biloxi airport is continuing its expansion with the construction of a 40,000 square foot cargo facility, new ramps and taxiways. The cargo facility is scheduled for completion in late January of 2008. The new ramps and taxiways will permit airlines to use larger planes at the airport. Delta and Northwest are both planning for larger passenger loads and will begin using larger planes in September. (Sun Herald, July 24, 2007)

Biloxi: Biloxi city council has voted to approve the Convention Center Overlay District. The District will allow for taller buildings and greater density in an area surrounding the Convention Center. Luxury condos, restaurants, shopping and tourist attractions are expected to follow the approval. (Sun Herald, July 25, 2007)

Biloxi: Biloxi City Council approved plans for the $700 Million Margaritaville Casino Resort. Ground breaking will begin in August pending permitting approvals. The Jimmy Buffett and Harrah’s developed resort is scheduled for completion in 2010. Area native, Jimmy Buffett, will be heavily involved in the designs of Margaritaville drawing from memories of growing up on the Coast. (Sun Herald, July 28, 2007)

Biloxi: The Isle of Capri, Biloxi’s first casino, celebrates its 15th birthday on August 1st. Starting as just two Mark Twain steamboats, the Emerald Lady and the Diamond Lady, it didn’t take long before the Isle upgraded to larger digs. Expansions continued adding in a hotel and restaurants. The Isle was the second casino to reopen after Katrina and is further expanding to become a resort-style destination. (Sun Herald, July 29, 2007)

Biloxi: The Biloxi City Council issued a conditional use permit to the Biloxi Yacht Club for the construction of their new facility. The location will also be changing as part of a land deal with the Trivoli Hotel site owners. The new yacht club will be 12,500 square feet and 3 stories. It will feature a dining room, lounge and 4,000 square foot banquet facility. Ground breaking will be mid-October with completion in spring of 2009. The yacht club, the nation’s 6th oldest, will offer 50 boat slips as well. (Sun Herald, July 30, 2007)

Biloxi: Mayor Holloway unveiled his new budget for the upcoming fiscal year, the largest budget ever at $209.9 Million. The new budget marks an 18% increase. However, with the budget came a surprise. Tax revenues are expected to be significantly higher due to all of the construction. Because of this the budget does not include any property tax increases. This marks 14 years in a row in which Biloxi property taxes will not increase! (City of Biloxi, July 31, 2007)

Biloxi: A new Harbor Freight Tool Company store will be opening in the Edgewater Square Shopping Center in Biloxi on August 21. It will occupy a 14,000 square foot retail space. Harbor Freight is one of the largest retailers of tools and equipment in the United States. (Sun Herald, August 1, 2007)

Biloxi: The city of Biloxi’s signature landmark, the Lighthouse, will be featured on all state license plates beginning October 1st. Said Joe Blount, state commissioner of revenue: "This tag design is intended to be a reminder to us of all those who lost so much from Katrina, to serve as a symbol of our citizens' commitment to recovery as well as a symbol of our gratitude to all Americans for their prayers and generous support." “And on August 29, 2005,” the state said in a release, “it stood defiant against the wind and surge of Katrina. Today, it is no longer just a beacon to seafarers, but a tangible testament of resilience. The Biloxi Lighthouse stands proud and tall representing those who weathered the storm.” (City of Biloxi, August 3, 2007)

Biloxi: The Wind Pool Board approved changes to the wind pool insurance that is likely to reduce premiums. Policyholders who build with fortified construction to resist hurricane damage will be eligible for credits that can reduce their rates. Additionally the board has approved optional deductibles ranging from 5% to 20% as a measure to lower premiums. For example, a 5% deductible on a $150,000 home could save the owner $250 per year in premiums. Also, homes built to required standards for hurricane protection would save 25% off the first year’s premium. Each year the discount would be gradually lowered until the fourth year would be a discount of 10%, where the discount would remain for the duration of the policy. (Sun Herald, August 4, 2007)

Biloxi: The Isle of Capri Casinos reported a drop in revenues. The Biloxi casino is performing very well, but other Isle casinos around the state didn’t perform as well. The Isle feels that while the Biloxi casino is performing well it will do even better after the Biloxi Bay Bridge reopens in November. Additionally, the Isle is currently planning the addition of another casino in western Harrison County. (Sun Herald, August 4, 2007)

Biloxi: Harrah’s Casinos saw a huge jump in profits nationally in the 2nd quarter of 2007 from the same quarter last year. In the Mississippi and Louisiana regions Harrah’s profits shot up 15.3%, thanks in part to the reopening of Harrah’s Grand Casino Biloxi. Harrah’s is also breaking ground this month on the new Margaritaville Casino Resort Biloxi which is expected to be complete in 2010. (Sun Herald, August 8, 2007)

Biloxi: Community Development Director Jerry Creel says that while casinos and condos are taking up all the headlines there is a lot else being developed in Biloxi. Since Katrina more than 20,000 permits have been issued. “I think it’s important that people look at Biloxi and realize that it’s not just condos and casinos," Creel said. "Just last night, the City Council approved Villa Toscano, more than 80 single family residential lots off Atkinson Road in West Biloxi. At Cedar Lake Road in north Biloxi, you have Landmark Apartments – about 288 units with more on the way – where construction workers are out there seven days a week.
“And right down the street, we just opened a new Applebee's restaurant, with a La Quinta hotel about 80 percent complete, and the Nord De Lieu retail center, a strip center is under construction, with two banks under construction at that same corner at Cedar-Popp’s.
“That’s just in north Biloxi,” he declared. “If you look to the west, you’ll see Dillards under construction at Edgewater Mall, construction almost complete at Edgewater Village, with about 40 percent already occupied, and a bank under construction a little further north on Eisenhower.” (City of Biloxi, August 9, 2007)

Biloxi: The World Poker Tournament is coming to the Gulf Coast for its first televised event on the Coast. The Tournament will be starting on August 29, the second anniversary of Hurricane Katrina. The Beau Rivage will be hosting the tournament where poker greats like Scotty Nguyen, J.C. Tran, John Phan and Vanessa Rousso will come to compete for a million dollar prize. (Sun Herald, August 10, 2007)

Biloxi: The Margaritaville Casino Resort has broken ground. Karen Sock, senior vice president and general manager of Harrah's Grand Biloxi Casino, said "It demonstrates our commitment to the market and the Gulf Coast, and will create another reason for tourists to visit Biloxi." The Today Show will be on site both at the Harrah’s Grand Casino and the Margaritaville construction site filming a segment for its “America the Beautiful” feature about how the casinos are helping to rebuild the Coast. (Sun Herald, August 14, 2007)

Biloxi: Post Katrina construction in Biloxi has topped the $700 million mark and is just getting started. These numbers represent total amounts in permits pulled thus far. For example, the Margaritaville Casino Resort will total over $700 million in construction, but to date only the first permit for the foundation has been pulled which amounts to $7 million. Here are some figures for recent construction:

  • Total number of all permits issued: nearly 20,000 (includes commercial, residential, building, electrical, plumbing, mechanical and temporary trailer permits).
  • Total valuation of all construction: $705 million
  • Total non-casino and non-condo: $444 million.
  • Total casino and condo: $261 million.
  • Total new single family homes:$45 million
  • Total of new single family homes or rebuilds: 307 new homes
  • Total new multi-family (apartments): $72 million
  • Total number of new apartment units: 408

(City of Biloxi, August 16, 2007)

Biloxi: Coast Casinos set an all time record high in revenues during July reaching $122.4 million. The addition of the Hard Rock Casino gave the normally busiest month of the year an extra push. 9 of the last 11 months have set individual records in Biloxi. (Sun Herald, August 17, 2007)

Biloxi: Biloxi has been bringing in bigger and greater numbers of entertainment acts to the Coast Coliseum. In addition to the recent Faith Hill/Tim McGraw show and the Roy Jones Jr. boxing match, Larry the Cable Guy, Sea Wolves hockey, the NBA, Disney and Keith Urban are on the way. The directors of the Coliseum were recently able to make arrangements for a representative of Live Nation, one of the biggest concert promoters in the country, to visit the Coast. "During his visit we were able to discuss several possibilities that will allow us to better compete for the larger touring acts," Coliseum Executive Director Holmes reported. "Partnerships with our casinos will continue to play a part in our success in attracting the major tours." (Sun Herald, August 17, 2007)

Biloxi: The Coast Casinos have driven the post-Katrina economic recovery for the Biloxi area. Every Biloxi area casino has expanded or updated reinventing themselves into resort destinations, totaling billions of dollars of investments. Casinos have contributed more than $800 million in tax revenues to the state and cities since their legalization 15 years ago. "I hate to think where we would be today in this post-Katrina world were it not for the revenue and jobs created by this industry," Mayor Holloway said. (Sun Herald, August 19, 2007)

Biloxi: The Land Trust for the Mississippi Coastal Plain is nearing completion in its acquisition of 114 acres of land in Harrison and Jackson Counties for conservation and its target is hundreds more. The largest project, more than 100 acres around Turkey Creek has been bought by the City of Gulfport and is in the process of being transferred to the Land Trust. "Residents of Turkey Creek have been working on this since 2004," Judy Steckler, director of the Land Trust, said. "They want a greenway to connect where they work and go to school and to their homes. They are very proud of their land and as development encroached, they were looking for a way to save their heritage." (Sun Herald, August 19, 2007)

Biloxi: Volunteers were recognized for their efforts at a news conference on Monday. In the two years following Katrina more than 1 million volunteers have logged in excess of 14 million hours. Estimates are that more than half of those hours have been in Mississippi helping with the recovery there. "We're here to stay," said David Eisner, chief executive officer of the government's Corporation for National and Community Service, which supports service and volunteering. "We want volunteers to come so we can see the Gulf Coast become once again a place where families live with happiness and success." (Sun Herald, August 21, 2007)

Biloxi: Northrop Grumman is making a huge effort to ensure their employees can afford housing on the Mississippi Coast. They are partnering with the Renaissance Corporation to sponsor the REACH program. The program provides forgivable loans on housing for employees who stay in good standing with the employer for 5 years. Northrop Grumman’s highest rate of employee attrition is in the 1 to 4 year range and they are hoping that this incentive will increase retention rates. Additionally legislation is now in the U.S. House and Senate to make the forgivable loans tax exempt for the employees. (Sun Herald, August 21, 2007)

Biloxi: The Mississippi Gulf Coast Business Council has released a two year anniversary progress report following Hurricane Katrina, highlighting both the positives and negatives of the Gulf Coast’s current condition. The Council said that the report has more positives than negatives because they believe the Gulf Coast has made tremendous strides post-Katrina. A few of the positives (Sun Herald, August 22, 2007):

  • Per capita income estimates for 2006 report a 17.4% increase in the Gulfport-Biloxi area over a 5.3% increase nationally

  • Annual retail sales in the 3 coastal counties have increased 61% since 2004 and are expected to top $8.4 Billion this year

  • FEMA Trailers have decreased by over 60% from over 43,000 to less than 16,000 now

  • Commercial Construction investment is up 67% from $215.7 million in 2006 (post-Katrina) to $360 million in 2007

  • Over 18,000 employees are working in the casino industry, exceeding the 2005 level of 17,000

Biloxi: An Ocean Springs woman has received the first 2 bedroom Katrina Cottage. She said it feels like she is living in a mansion compared to the FEMA trailer. The two bedroom model is 728 square feet and has a front porch and central air conditioning. To date more than 60 of the 1 bedroom cottages have been distributed and the first 3 bedroom is scheduled to be delivered in the next couple of weeks. (Sun Herald, August 22, 2007)

Biloxi: HUD has approved the Small Rental Assistance Program, a big step towards affordable rental housing on the Mississippi Gulf Coast. The program will provide forgivable loans for smaller landlords who in turn will provide reduced rents. The application period opens on September 10 and will run for 45 days for the first round. The program has $260 million in funding and estimates are that it will provide approximately 5000 units of affordable housing for working families. (Sun Herald, August 23, 2007)

Biloxi: The Wind Pool Board has approved significant rate reductions for homes built or improved to IBHS (Institute for Business & Home Safety) standards. Both on-site and modular homes can qualify for the rate reductions if the IBHS standards are met. Reductions for brick or masonry homes would qualify for a wind pool rate discount of 60%. Wood framed homes would qualify for rate reductions of 70 to 75%. The reductions were passed to encourage stronger building and lure insurers back to the Coast with more durable homes. The added construction cost to meet the IBHS standards can be as little as 1 to 3%, but the annual insurance rate savings can be in the neighborhood of $2,000 per year for a $200,000 home. (Sun Herald, August 23, 2007)

Biloxi: Treasure Bay Casino has completed renovations on 91 hotel rooms and made them available for overnight guests. By the end of the year an additional 160 more rooms will be completed. The rooms are outfitted with plush accommodations matching the theme of the resort. Also coming in September CQ restaurant and Blu Lounge will be completed. (Sun Herald, August 24, 2007)

Biloxi: Governor Barbour’s office has released a report chronicling 2 years of Katrina recovery. The report addresses milestones that have been achieved such as the re-opening of the Bay St. Louis Bridge. The report notes that more than 500,000 people have come to South Mississippi as volunteers to assist in the recovery. The Department of Interior and National Parks Service have given over $26 million for the rebuilding of historic structures. It also focuses on growth, citing examples like Rolls-Royce building a jet engine test facility at Stennis Space Center and PSL North America building a new pipe plant. "All of this progress is critical," Barbour said. "But the most important reason I'm not only optimistic, but absolutely confident about Mississippi's future is the spirit and character of our people." (Sun Herald, August 26, 2007)

Biloxi: Two years after Katrina took a look at where over $23 billion in Federal funds went to Katrina recovery. Because of the magnitude of destruction entirely new sets of rules have been written for Katrina disaster recovery to clear out red tape and speed the process up. The numbers are staggering, like $281 million being spend on Katrina Cottages, transitional housing to get people out of FEMA trailers. Amounts like $540 million in SBA Small Business Loans help fuel the economic recovery of the Gulf Coast. In all, the disaster recovery amounts far exceed anything in U.S. History. (Sun Herald, August 26, 2007)

Biloxi: Foundations and Corporations opened their wallets wide in donations for Hurricanes Katrina and Rita totaling over $1 billion in donations. This accounted for 14% of all private giving. Among the largest donations (over $28 million each) were from the Bill & Melinda Gates Foundation, W.K. Kellogg Foundation, Lilly Endowment, and Ford Foundation. Chevron, Starkey Laboratories and Exxon were the largest corporate donors at more than $24 million each. (Sun Herald, August 28, 2007)

Biloxi: The Biloxi City Council approved pay raises of $4,593 for all city employees. The raises also increase the starting pay level for all new city positions as well. The raises are a cost of living raise to help cover higher insurance costs as well as other costs that have risen since Katrina. (Sun Herald, August 29, 2007)

Biloxi: In an update on federal housing assistance in Mississippi HUD has stated that a total of $5.5 billion has been allocated for the state. To date about $1.5 billion has been spent. More than 13,600 home owner grants have been issued. (Sun Herald, August 30, 2007)

Biloxi: Mark Cumbest, the new chairman of the Mississippi Real Estate commission was interviewed by the Sun Herald. He had some positive things to say about the Gulf Coast real estate market, “We are still seeing sizable increases in prices north of Interstate 10 because insurance rates are typically lower there and it's a piece of mind thing.” He also said that, “Multifamily prices are still going up.” (Sun Herald, August 31, 2007)

Biloxi: Mississippi Farm Bureau Casualty Insurance Company submitted 2 rate reductions for Mississippi. The reductions are 3% premium decrease for homeowners insurance and 4.3% premium decrease for dwelling insurance. Insurance Commissioner George Dale approved the reductions saying "I see Mississippi Farm Bureau Casualty's filings as another positive sign of the beginnings of the slow stabilization of insurance rates in the state that I have predicted. As we continue to have a relatively quiet hurricane season and move further away from Katrina, I expect to see more and more companies filing for rate reductions. While the premium rates and the market are far from where I would like them to be, this is an excellent first step." (Sun Herald, September 11, 2007)

Biloxi: The city of Biloxi will begin to market 38 parcels along Caillavet street. With the revitalization and rewidening project complete Caillavet street is envisioned to have office and retail shops with apartments above. Bordered by the Imperial Palace on one side and the Beau Rivage on the other, Caillavet street will be a walkable district from one end to the other. (Sun Herald, September 11, 2007)

Biloxi: The Vieux Crescente project is adding a casino to the development. The casino would be on land adjoining the condo towers, which is zoned waterfront. The waterfront zoning means no zoning changes are necessary for the casino addition, although the developers do have to receive approval from the Mississippi Gaming Commission. The Vieux Crescente tower is about 50% sold. (Sun Herald, September 12, 2007)

Biloxi: Bacaran Bay has hired Meng Chai as the vice president of design and construction. Meng Chair is a professional architect who’s recent accomplishments include the rebuilding of the Hard Rock Casino in Biloxi and the Island View Hotel and Casino in Gulfport. "Meng will play an important role in the completion of Bacaran Bay Casino Resort here in Biloxi," said Marlin Torgeson, CEO of Torgeson Gaming, "and will oversee and manage the remaining design and construction of the development." (Sun Herald, September 14, 2007)

Biloxi: The RAND Corporation has released the first comprehensive study examining the impact of Katrina on housing. The study determined that affordable housing is lagging significantly. The report acknowledged that affordable housing was an issue before the storm as well with almost 40% of renters paying more than they could reasonably afford. Katrina damaged or destroyed about 5,700 affordable housing units around the Mississippi Coast, more than 20% of the total area affordable housing inventory. A 20% rental rate increase following the storm has further put the squeeze on housing. (Sun Herald, September 27, 2007)

Biloxi: The City Council has approved an expanded version of the South Beach development. The condotel and hotel project, located near the convention center, will feature a total of 10 towers, each nine stories tall. Unlike most developments no pre-sales took place. Units will not be for sale until they are actually complete. (Sun Herald, October 4, 2007)

Gulfport: The city of Gulfport has voted to approve Katrina Cottages to replace some of the FEMA trailers. The cottages will be part of a two year program to provide a transition for FEMA trailer residents. To qualify for cottages the resident must provide the land and pay for the utilities and maintenance costs. Gulfport is the last city in the area to approve the Katrina Cottages. (Sun Herald, August 1, 2007)

Ocean Springs/Pascagoula: The Choctaw nation has presented its casino plan to local officials and community members. The casino would be located in Jackson County, which currently has no casinos, near exit 57 off I-10. The casino would provide nearly 2,800 full time permanent jobs. Federal law prohibits Native American casinos from paying state or local taxes on revenue, however, the Choctaws have offered to pay impact fees from revenues equal to other casinos taxes towards road improvements, police and fire protection and local schools. The first step towards getting approval will be the non-binding referendum in November, which will determine whether there is community support. (Sun Herald, September 27, 2007)

Pascagoula: The city of Pascagoula is trying to revitalize its downtown area. A, currently, blighted riverfront, will be at the core of their new plans. They envision a riverwalk promenade with mixed-use developments. The plans will include a downtown hotel and conference space, retail shops, restaurants, and parks intermixed with housing. "I think this will be the major change in Pascagoula from being strictly industrial to also becoming a place with the quality of life that other cities want," said City Manager Kay Kell. With the expansion of the ship building industry and Chevron’s expansion, Pascagoula has more jobs in its future. The city expects that the revitalization and redevelopment of the waterfront will play a key role in the population growth of the city in the coming years. (Sun Herald, August 6, 2007)

Pascagoula: Northrop Grumman Ship Systems in Pascagoula won a $337 million contract to build the third National Security Cutter. "This cutter is the third in the class of new, high-performance cutters that will significantly enhance the maritime security capabilities and mission execution of the United States Coast Guard," said Philip Teel, president of Northrop Grumman's Ship Systems. (Sun Herald, August 10, 2007)

Pass Christian: Chevron has donated $3.8 million to the non-profit group, Save the Children, for the construction of child care centers. Two new centers will be built in Pass Christian and the Bay-Waveland school districts. "This is an incredible opportunity for our school district to be able to recover," said Sue Matheson, superintendent of the Pass Christian schools. "I don't think we have a single child-care facility in Pass Christian. This will be a great help to the citizens and to the city." (Sun Herald, August 29, 2007)

Pass Christian/Bay St. Louis: The government, residents and area businesses of West Harrison County are leading an effort to establish a 113 acre park, highlighting the natural heritage and history of the area. The central point of the park would be a trail called the Native American Portage Route, a trail used by Choctaw Indians to trade with the Biloxi tribe. Harrison Counties Board of Supervisors is petitioning the National Park Service to use their expertise to manage the effort. "Some sections will be in the woods. Others will be along roads or drainage canals," said Jerry Landrum, a resident active in making the proposed project a reality. "Everybody already knows what we've got on the beach. It would be nice to have this attraction on our backwaters. It's really pretty back there." (Sun Herald, August 7, 2007)

Pass Christian: Mississippi’s First Lady, Marsha Barbour, and NBA stars, Clyde Drexler and Hilton Armstrong, were on hand to celebrate the dedication of the Marsha Barbour Community Resource Center in Pass Christian. The facility will eventually house the basketball court, community meetings, classrooms, a computer lab, a swimming pool and other recreational areas. (Sun Herald, July 19, 2007)

Pass Christian: Members of Congress visited Pass Christian schools to view the hurricane recovery progress and assess what more can be done. Local school officials urged them to make reforms to FEMA, particularly giving local officials decision making power and also to pass Rep. Gene Taylor’s insurance reform. "I want you all to know that our commitment to you is as genuine as anything we've ever undertaken," Majority Whip James Clyburn said. "And we will never relent." (Sun Herald, August 14, 2007)

North Carolina

Asheville: According to the North Carolina Association of Realtors the average selling price for a home in Asheville North Carolina in February of 2006 was $231,765. In February of 2007 the average selling price went up to $269,166. That’s a 16% price increase! Additionally, North Carolina tourism was up 8.3% in 2006 from 2005, the single largest increase since 1990. (no source or date available)

Pennsylvania

Pittsburgh

A multi-year building boom, the likes of which hasn’t happened in some time, is going on in Pittsburgh. By the end of 2007, it's probable that a new Penguins arena will be under construction, as well a shiny new casino along the Ohio River. The Children's Hospital project will still be under construction, along with a new Westinghouse campus in Cranberry, the Allegheny River tunnel project, new skyscrapers and Downtown condos. Richard Stanizzo, the business manager for the Pittsburgh Building and Construction Trades Council predicts the trend will continue for 4 to 5 more years. (The Pittsburgh Post-Gazette, March 25, 2007)

Tennessee

Memphis: Despite a 1st quarter 2007 drop in home sales compared to record breaking 2006, Realtors predict 2007 may be the second best year on record. The average home price rose 2.8% from March 2006 to March 2007. Memphis is known as an area that bucks national real estate trends, and area Realtors predict 2007 will point towards a return towards normal healthy sales versus the frenzy of 2006. (Memphis Daily News, April 24, 2007)

Texas

Houston: The Houston real estate market has stopped its frenetic pace according to the Houston Association of Realtors. The months of May and June mark the first two consecutive months of declining sales in more than 6 years and the last 3 of 4 months show sales declining. Despite the rising inventory prices are still climbing keeping the local Realtors™ upbeat. (Houston Real News, July 20, 2007)

Utah

Utah unemployment continues to hover near the record low 2.3% in 2007. Utah businesses are continuing to offer higher wages and more attractive benefits to lure employees they need. Utah continues to surpass much of the rest of the country in the employment sector. (The Salt Lake Tribune, April 6, 2007)

Panama City

Baby Boomer retirees are pumping dollars into the Panama City, Panama real estate market. 170 Residential towers are planned or under construction for a total value of $3.2 Billion. Retirees are drawn to the location by the cheap health care, widespread use of English and the dollar economy. (Houston Chronicle, April 23, 2007)