Signs Of The Apocalypse #34 Morgues Overflowing With Bodies

January 15th, 2012

To the disgust of some staff, bodies are piling up at the office of the Cook County Medical Examiner, stacked atop each other in blue plastic tarps against a wall of the storage cooler because of ongoing financial woes, the Sun-Times has learned.

All the storage trays are full, and many have a second body on them, according to sources in the office. Some 400 adults and about 100 babies are currently being kept in the cooler designed for under 300, one source said.

“There are so many bodies in there now, they can’t keep it cool enough. The stench is like nothing I’ve ever seen,” another source in the office said. “I think it’s sacrilegious.”

Medical Examiner Nancy Jones said “yes, we do” have a larger than normal number of bodies at the office.

“What we currently have in our cooler is somewhere around 300 bodies,” she said. “There is not twice that number.”

Jones said there is a backup in burials of babies because of a change in a county ordinance. Last year, critics raised questions about the remains of babies and fetuses — many who had died at birth or as a result of miscarriage — being combined for burial. So county commissioners changed the ordinance requiring the remains of babies and fetuses be placed in separate compartments.

“We haven’t been able to do any infant or fetal burials because we are waiting for some special boxes to be designed and built,” Jones said.

“There are some [adult] bodies stacked on top of boxes right now in the cooler. They’re not going to be there much longer because some of them should be put in burial ‘shells’ [wooden coffins] because there’s [an indigent] burial coming up.”

Typically after examination or autopsy, bodies remain at the office for a few days until funeral directors pick them up for burial or cremation.

But when grieving families can’t afford a burial, the county takes over. Last fall, the medical examiner’s office revealed a controversial plan to donate to science the remains that go unclaimed after only two weeks ­unless families object. Others were still to be buried in the pauper’s graves in Homewood, for which the county previously paid $300 each. But a source said delivery of the “burial boxes” has stopped because the medical examiner’s office hasn’t paid the company that builds the them ­— another reason for the bodies piling up.

While Jones said there is no average for the number of bodies kept in the morgue, she said the increase in the number of bodies is the result, in part, of state aid to help pay for burials of those who die without any assets being slashed.

“That is really the big part of it,” Jones said.

The state last summer cut $13 million from the program. Last week, Jones said, the county received word that the state had reinstated funding.

Source: chicago.cbslocal.com

 

 

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Too Poor To Care For Families, Parents Abandon Children

January 11th, 2012

Greece’s financial crisis has made some families so desperate they are giving up the most precious thing of all – their children.

One morning a few weeks before Christmas a kindergarten teacher in Athens found a note about one of her four-year-old pupils.

“I will not be coming to pick up Anna today because I cannot afford to look after her,” it read. “Please take good care of her. Sorry. Her mother.”

In the last two months Father Antonios, a young Orthodox priest who runs a youth centre for the city’s poor, has found four children on his doorstep – including a baby just days old.

Another charity was approached by a couple whose twin babies were in hospital being treated for malnutrition, because the mother herself was malnourished and unable to breastfeed.

Cases like this are shocking a country where family ties are strong, and failure to look after children is socially unacceptable – they feel to Greeks like stories from the Third World, rather than their own capital city.

One of the children cared for by Father Antonios is Natasha, a bright two-year-old brought to his centre by her mother a few weeks ago.

The woman said she was unemployed and homeless and needed help – but before staff could offer her support she had vanished, leaving her daughter behind.

“Over the last year we have hundreds of cases of parents who want to leave their children with us – they know us and trust us,” Father Antonios says.

“They say they do not have any money or shelter or food for their kids, so they hope we might be able to provide them with what they need.”

Requests of this kind were not unknown before the crisis – but Father Antonios has never until now come across children being simply abandoned.

Handouts
One woman driven by poverty to give up her child was Maria, a single mother who lost her job and was unemployed for more than a year.

“Every night I cry alone at home, but what can I do? It hurt my heart, but I didn’t have a choice,” she says.

She spent her days looking for work, sometimes well into the evening and that often meant leaving eight-year-old Anastasia alone for hours at a time. The two of them lived on food handouts from the church. Maria lost 25kg.

In the end she decided to put Anastasia into foster care with a charity called SOS Children’s Villages.

“I can suffer through it but why should she have to?” she asks.

She now has a job in a cafe, but makes just 20 euros (£16) a day. She sees Anastasia about once a month, and hopes to take her back when her economic situation improves – but when that might be she has no idea.

SOS Children’s Villages’ director of social work, Stergios Sifnyos, says the charity is not accustomed to taking children from families for economic reasons and does not want to.

“The relationship between Maria and Anastasia is very close. You can say you cannot see any problem, [any reason] why this child has to be far away from her mother,” he says.

“But it’s very difficult for her to feel comfortable to take back the child when she is not sure she will [still] have a job the next days.”

‘Act of violence’
In the past when SOS Children’s Villages took children into its care, the cause was mostly drug and alcohol addiction in the family. Now the main factor is poverty.

Another charity, The Smile of a Child, also focused in the past on cases involving child abuse and neglect. It too is now catering for the destitute of Athens.

Its chief psychologist Stefanos Alevizos, says that when a parent puts a child into care, the child feels its entire foundations have been shaken.

“They experience the separation as an act of violence because they cannot understand the reasons for it,” he says.

But The Smile of a Child’s Sofia Kouhi says the biggest tragedy, in her eyes, is that those parents who ask for their kids to be taken into care may be the ones who love their children the most.

“It is very sad to see the pain in their heart that they will leave their children, but they know it is for the best, at least for this period,” she says.

Father Antonios disagrees.

He believes that no matter how poor parents may be, the child is always better off with its family.

“These families will be judged for abandoning their children,” he says.

“We can provide a child with food and shelter, but the truth is that the biggest need any child has is to feel the love of its parents.”

The names of children in this report have been changed to protect their identities.

Source: BBC

See also: Children dumped streets by Greek parents who can’t afford them

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Chris Hedges “Brace Yourself – The Decent Is Going to Be Horrifying”

January 2nd, 2012

 

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Greeks Seek Refuge From Collapse in Rural Living

May 15th, 2011

High in the hills of Arcadia, in a big stone house on the edge of this village overlooking verdant pastures and a valley beyond, a group of young Athenians are busy rebuilding their lives.

Until recently Andritsaina was not much of a prospect for urban Greeks. “But that,” said Yiannis Dikiakos, “was before Athens turned into the explosive cauldron that it has become. We woke up one day and thought we’ve had enough. We want to live the real Greece and we want to live it somewhere else.”

Piling his possessions into a Land Rover and trailer, the businessman made the 170-mile journey to Andritsaina last month. As he drove past villages full of derelict buildings and empty homes, along roads that wound their way around rivers and ravines, he did not look back.

“Athens has failed its young people. It has nothing to offer them any more. Our politicians are idiots … they have disappointed us greatly,” said Dikiakos, who will soon be joined by 10 friends who have also decided to escape the capital.

They are part of an internal migration, thousands of Greeks seeking solace in rural areas as the debt-stricken country grapples with its gravest economic crisis since the second world war.

“It’s a big decision but people are making it,” said Giorgos Galos, a teacher in Proti Serron on the great plains of Macedonia, in northern Greece. “We’ve had two couples come here and I know lots in Thessaloniki [Greece's second biggest city] who want to go back to their villages. The crisis is eating away at them and they’re finding it hard to cope. If they had just a little bit of support, a little bit of official encouragement, the stream would turn into a wave because everything is just so much cheaper here.”

The trickle into Proti Serron might have gone unnoticed had the village not also been the birthplace of the late Konstantinos Karamanlis who oversaw the nation’s entry into the then European Economic Community in 1981. An alabaster white statue of the statesman in the village square is adorned with the words: “I believe that Greece can change shape and its people their fate.”

Nearly sixty years after they were uttered, a growing number of Greeks, at least, are beginning to wonder whether the old man was right. The drift towards the bright lights of the big cities were by Karamanlis’ own admission one of the great barometers of the country’s transition from a primarily agricultural society into an advanced western economy.This week, as the IMF and EU debated ways of trying to re-rescue Greece and observers openly wondered whether the country would have to leave the euro, Greece appeared more adrift than ever, tossed on a high sea of mounting anger and civil disobedience from people who have lost trust in their politicians, and at the mercy of markets that refuse to believe it can pull itself back from the brink of bankruptcy. “The reality is that these people, they are in deep shit,” the managing director of the IMF, Dominique Strauss-Kahn said recently. “If we had not come they would have fallen into the abyss. Two weeks later the government would not have been able to pay civil servants’ wages.”

Ironically, it is the medicine doled out under last year’s draconian EU-IMF €110bn (£96bn) rescue programme, implemented to modernise a sclerotic economy, that has made their lot worse. Twelve months of sweeping public sector pay and pension cuts, massive job losses, tax increases and galloping inflation have begun to have a brutal effect. GDP is predicted to contract by 3% this year – making Greece’s the deepest recession in Europe.

In Athens, home to almost half of Greece’s 11 million-strong population, the signs of austerity – and poverty – are everywhere: in the homeless and hungry who forage through municipal rubbish bins late at night; in the cash-strapped pensioners who pick up rejects at the street markets that sell fruit and vegetables; in the shops now boarded and closed and in the thousands of ordinary Greeks who can no longer afford to take family outings or regularly eat meat.

“We’ve had to give up tavernas, give up buying new clothes and give up eating meat more than once a week,” said Vasso Vitalis, a mother-of-two who struggles with her civil servant husband to make ends meet on a joint monthly income of €2,000.

“With all the cuts we estimate we’ve lost around €450 a month. We’re down to the last cent and, still, we’re lucky. We’ve both got jobs. I know people who are unemployed and are going hungry. They ask family and friends for food,” she sighed. “What makes us mad is that everybody knew the state was a mess but none of our politicians had the guts to mend it. It was like a ship heading for the rocks and now the rocks are very near.”

Greeks also know that with their economy needing another financial lifeline, and few willing to lend to a country in such a parlous state, it will also get much worse before it gets better.

“In the past, the future always implied hope for Greeks but now it implies fear,” said Nikos Filis, editor of the leftwing Avgi newspaper. “Until this week people thought that with all the measures the crisis would be over in a year or two. Now with the prospect of yet more austerity for more aid, they can’t see an end in sight.”

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Small Farms Doing It With Hoof Power

May 4th, 2011

ON a sunny Sunday just before the vernal equinox, Rich Ciotola set out to clear a pasture strewn with fallen wood. The just-thawed field was spongy, with grass sprouting under tangled branches. Late March and early April are farm-prep time here in the Berkshires, time to gear up for the growing season. But while many farms were oiling and gassing up tractors, Mr. Ciotola was setting out to prepare a pasture using a tool so old it seems almost revolutionary: a team of oxen.

Standing just inside the paddock at Moon in the Pond Farm, where he works, he put a rope around Lucas and Larson, his pair of Brown Swiss steer. He led them to the 20-pound maple yoke he had bought secondhand from another ox farmer, hoisted it over their necks and led them trundling through the fence so they could begin hauling fallen logs.

Mr. Ciotola, 32, is one of a number of small farmers who are turning — or rather returning — to animal labor to help with farming. Before the humble ox was relegated to the role of historical re-enactor, driven by men in period garb for child-friendly festivals like pioneer days, it was a central beast of burden. After the Civil War, many farms switched from oxen to horses. Although Amish and Mennonite communities continue to use horses, by World War II most draft animals had been supplanted by machines that allowed for ever-faster production on bigger fields.

Now, as diesel prices skyrocket, some farmers who have rejected many of the past century’s advances in agriculture have found a renewed logic in draft power. Partisans argue that animals can be cheaper to board and feed than any tractor. They also run on the ultimate renewable resource: grass.

“Ox don’t need spare parts, and they don’t run on fossil fuels,” Mr. Ciotola said.

Animals are literally lighter on the land than machines.

“A tractor would have left ruts a foot deep in this road,” Mr. Ciotola noted.

In contrast, oxen or horses aerate the soil with their hooves as they go, preserving its fertile microbial layers. And as an added benefit, animals leave behind free fertilizer.

David Fisher, whose Natural Roots Community Supported Agriculture program in Conway, Mass., sells vegetables grown exclusively with horsepower, said he is getting record numbers of applicants for his apprentice program. “There’s an incredible hunger for this kind of education,” he said.

Mr. Fisher discovered farming with horses more than a decade ago as an intern on a farm in Blue Hill, Me. It stuck.

“Using animals is just really appealing to the senses,” he said, adding that he found it philosophically appealing as well. “There’s a deep environmental crisis right now, and live power is also about creating an alternative to petroleum. Grass is a solar powered resource — and you don’t need manufacturing plants or an engineering degree to make a horse go.”

Drew Conroy, a professor of applied animal science at the University of New Hampshire, Durham, who is known in draft-power circles as “the ox guru,” notes that horses and even mules are seeing a comeback. Each animal has its niche.

“Ox are cheap and easy to train but they’re essentially bovine, which is to say, smart but slow,” he said. Horses are faster, more spirited, trickier to train and more expensive to buy and to keep. Professor Conroy notes that mules are better suited to Southern weather. “In the heat, an ox will just stop,” he said.

Even their most ardent supporters concede that draft animals are likely to remain minor features of the rural landscape. For starters, they are cost effective only on small farms. They are also time intensive, performing well only when they can be worked every day, and becoming temperamental when neglected.

On Mr. Ciotola’s first day out with his oxen, he had to struggle with the fact that the long winter had left them rusty. At one point they pulled over and came to a full stop in the bushes. He walked in front of them and tapped them gently.

“They’ve been cooped up all winter, so they get restless,” he said. Indeed, getting Lucas and Larson to go is a much more involved process than turning a key, and even at top speed they are far slower than a tractor. They plod, and Mr. Ciotola must plod along with them.

 

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World Bank: ‘One Shock’ From Crisis as Food Prices Climb

April 25th, 2011

World Bank President Robert Zoellick said the global economy is “one shock away” from a crisis in food supplies and prices.

Zoellick estimated 44 million people have fallen into poverty due to rising food prices in the past year, and a 10 percent increase in the food price index would send 10 million more people into poverty. The United Nations FAO Food Price index jumped 25 percent last year, the second-steepest increase since at least 1991, and surged to a record in February.

Food price inflation is “the biggest threat today to the world’s poor,” Zoellick said at a press conference following meetings of the World Bank and the International Monetary Fund. “We are one shock away from a full-blown crisis.”

“For most commodities, stocks are relatively low,” he said. “You have one other weather event in some of these areas and you really take a danger zone and start to push people over the edge.”

Zoellick said he opposes export bans that nations use to depress local commodity prices for their citizens, lifting costs for consumers in other countries.

Farmers in Russia, once the second-biggest wheat exporter, are planting the fewest acres in four years, in part because a government export ban kept prices low, a Bloomberg survey of producers, traders and analysts showed last month. India, the largest grower after China, is mulling lifting an export ban in place since 2007 as harvests may reach a record for a fourth straight year, Agriculture Minister Sharad Pawar said this month.

Economic growth “is leveling off after a post-crisis recovery,” Zoellick said. “The question now is whether it’s strong enough to reduce unemployment, particularly in developed countries. Inflation is up in developing countries, and this could lead to overheating or asset price bubbles.”

Source: Bloomberg

 

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A Survivalist Sees Profit in Helping Others Prepare

April 10th, 2011

Swimming pools are one way of surviving Arizona’s sky-high temperatures, which hit triple digits in a recent uncharacteristically early burst of heat. But Dennis McClung’s pool, in the Phoenix suburb of Mesa, has been redesigned into a survivalist refuge of an entirely different sort.

Mr. McClung has installed a subterranean garden in his pool along with a fish pond and chicken coop. The chicken droppings feed the tilapia, which swim in water that is pumped up through the blackberry, cherry tomato, bell pepper and chili plants. The ecosystem is designed to feed his family with minimal trips to the supermarket.

Mr. McClung’s desire to become self-sufficient does not end there. One room of his modest one-story home has been transformed into a storage facility, in case something dire happens in the world outside. He has radiation suits, batteries, bleach to disinfect water, medical supplies, gas masks and a Geiger counter, as well as freeze-dried food.

Mr. McClung, married with two young children, is not certain exactly what he is bracing for, but being ready for the unexpected has become an essential part of his life.

It all began in 1999, when many predicted dire consequences once the year 2000 arrived and computers the world over went haywire. Mr. McClung, who worked at Home Depot at the time, saw firsthand the run on generators, flashlights, tarps and other supplies and vowed to be in position to make a profit the next time anything similar occurred.

That time may be now, as 2012 nears and Mr. McClung and his wife, Danielle, sell survivalist gear on their Web site, 2012Supplies.com, to those who believe the world will end on Dec. 21, 2012 — 12/21/12.

Mr. McClung said he had not decided what to do with the name of his site once, in all likelihood, 2013 arrives without any doomsday predictions playing out. He is already planning his next home-improvement project, though, which involves solar panels on the roof and a water system that captures rainwater and recycled shower water to irrigate fruit trees. He hopes to finish that project by the end of next year.

“I hope 2013 rolls around and everyone laughs at me,” he said. “That would be fantastic.”

Source: New York Times

 

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5 Reasons To Garden Like Your Life Depends On It

April 1st, 2011

Why Is Gardening So Important Now?

There are at least five reasons why more of us should take up spade, rake and hoe, make compost and raise good soil and garden beds with a vengeance, starting this spring and with an eye toward forever.

1) Peak oil. Most petroleum experts agree that we shot past peak oil in the U.S. around 1971. Lest you’ve missed the raging, that’s the point at which more than half the readily, affordably retrievable oil in reserves has been used up, what remains is more expensive to retrieve, and the dregs are irretrievable. We’ve shot or are about to shoot past peak worldwide, estimates of when ranging from 2007 to 2013, with many oil company execs agreeing to at least the latter. There are no new cheap-easy oil fields coming on line. Any new fields you hear about or new methods, like tar sands drilling are expensive, water guzzling, dangerous, environmentally disastrous and unlikely to produce more than a few years worth of oil, and that a decade or more down the line. That means abundant, cheap oil is about to be history. What difference does that make?

For one thing, there is no replacement for oil that can do all that oil has done as cheaply and universally as oil has done it. I offer an exercise in Life Rules, “The ABC’s of Peak Oil” which helps readers imaginatively subtract from their lives everything that depends in one way or another on cheap easy oil. It doesn’t leave much. (See Beth Terry’s Web site, for example, for what subtracting plastics may entail.)

The global economy that presently supplies us with our food, runs on cheap oil and lots of it. It runs slower and less predictably on expensive oil that’s hard to get because it’s located in hard-to-reach or high-risk conflict-ridden zones. Cheap, abundant food on the shelves of grocery and big box stores and food banks, on our tables and in our bellies depends on cheap abundant oil for fertilizers, pesticides, and herbicides, and to power farm machinery and transport food from fields to processors and packagers and then to purveyors and consumers, around the world. Past peak, that system’s going to have the half-life of the strontium 90 that’s escaping the Fukushimi Dai-ichi reactor: 29 years, or thereabouts. One good global crisis, and not that long.

2) Peak soil & space. A couple of links between peak oil and peak soil: First, it matters that one of the proposed alternatives to oil is biofuels. Acreage around the world is being converted from production of corn, wheat and soy for human and animal consumption — i.e. food — to production of ethanol and biofuels to put in trucks and cars and … which makes remaining corn, et al., more expensive. Some energy economy geniuses are proposing that Afghans, for example, convert the fields of opium poppies that are their primary agricultural export, not to growing grains or legumes or other staple foods, but to biofuel, which would, not coincidentally, make the gasoline that goes in American military equipment much cheaper and provide Afghans with a profitable market item rather than food.

According to a 2009 National Geographic staff report, “The corn used to make a 25-gallon tank of ethanol would feed one person for a year.” Tell that to Archer-Daniels-Midland, Al Gore’s deep-pockets friend and mega-ethanol and corn products producer. Second, the huge oil-gluttonous machinery that has made factory farming possible has compacted soils, literally crushing the life out of them.

Arable land in the developing or so-called Third World has been at a premium since time immemorial, thanks to geographic location and/or persistent plundering by empires old and new. Revolutions in North Africa and the Middle East are occurring not just to obtain more democratic governments but also to obtain more food and more affordable food. Revolutionaries are barking up a tree that’s seen better days.

In the United States and elsewhere in the developed, read “First” world, arable land has reached peak production. All those petroleum-based products that fueled the Green Revolution of the last century, also produce so many crops, constantly, with support from toxic chemicals and without concern for the microbes that make soil a live, self-regenerating system, that most American farmland — if its farmers didn’t go organic a while back — is comprised of dead soils. Peak oil makes a repeat of the petroleum-driven 20th century Green Revolution impossible, which is good for soil and other living things, not so much for food prices and supplies.

After peak, in soil like in oil, comes descent. Adding insult to injury, every year farmers lose thousands of acres of arable land to urban and suburban sprawl and more tons of topsoil than they produce of grain and other field crops to attrition. Half the Earth’s original trove of topsoil, like that which once permitted the American Midwest to feed the world, has been lost to wind and erosion. Millions of years in the making, it has been depleted and degraded by industrialized agriculture in only a couple of centuries. China’s soils ride easterly winds across the Pacific to settle out on cars and rooftops in California while the American Bread Basket’s soils are building deltas and dead zones at the mouth of the Mississippi. Like oil, that soil isn’t coming back. We can only build it, help it to build itself and wait.

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US Homes 11.5% Vacant

March 29th, 2011

High residential vacancies are killing many housing markets, as foreclosed homes sit on the market and depress sale prices and property values.

The national vacancy rate at 11.4% according to a release Tuesday from the Census Bureau.

“Vacant homes equal more downward pressure on home prices,” said Brad Hunter, chief economist for Metrostudy, a real estate information provider.

Maine had the highest proportion of empty housing stock, at 22.8%. Other states with gluts of empty houses included Vermont (20.5%), Florida (17.5%), Arizona (16.3%) and Alaska (15.9%).

The way the census calculates the vacancy rates, however, is problematic. It includes properties such as ski lodges, beach houses and pied-à-terres that many real estate statisticians would not.

These are often summer homes or second homes, but census lumps them together with homes that have been sold but not occupied, empty homes for sale or rent, and homes used by migrant workers. Basically, anything other than a primary residence is considered vacant.

“You can only live in one home,” said William Chapin of the Census Bureau’s Housing Statistics Branch. “If you own five homes that you occasionally live in, four of them will be counted as vacant.”

But Paul Bishop, the vice president for research for the National Association of Realtors, countered that these properties aren’t vacant in the usual sense of the term. “A vacation home is hardly the same situation as a foreclosed home that has been taken back by the bank,” he said.

In Maine, more than two-thirds of the 160,000 vacancies were vacation homes in 2009; Vermont had a similarly high concentration.

Compare them with Connecticut, which has a vacancy rate of just 7.9%, the lowest of all the states. If you back out the vacation properties from the statistics, the states have very similar vacancy rates: 6.1% for Connecticut and 7% for Maine.

Some states have high vacancy rates even after backing out the second homes: Florida’s is about 10%; Arizona’s is 10.7%; and Nevada’s 11.4%.

Besides Connecticut, the other states with lowest vacancy rates are California, Iowa, Illinois, Virginia and Washington, all at 9.2% or lower.\

Source: CNN

 

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New Home Sales Hit Record Low

March 24th, 2011

Purchases of new U.S. homes unexpectedly declined in February to the slowest pace on record and prices dropped to the lowest level since December 2003, adding to evidence the industry is floundering.

Sales decreased 16.9 percent to a 250,000 annual pace, figures from the Commerce Department showed today in Washington. Economists surveyed by Bloomberg News projected a gain to a 290,000 rate, according to the median estimate. The median price fell 8.9 percent from the same month in 2010.

Builders are struggling to compete with existing homes as foreclosures add to the overhang of unsold properties and drive down values. The figures underscore the Federal Reserve’s view that the housing market “continues to be depressed” even as the rest of the economy improves.

“We’ve got this tug of war going on where we’ve got this very weak housing sector and a manufacturing sector that’s doing fine,” said Brian Jones, an economist at Societe Generale in New York, whose 240,000 forecast was the lowest in the Bloomberg survey. “The new and existing home sales numbers were abysmal. You could say that part of it was attributable to unusually harsh weather.”

Previously owned home purchases dropped 9.6 percent in February, figures from the National Association of Realtors showed two days ago. The median home price fell to a 9-year-low, while the supply of unsold properties rose.

Home sales estimates of 77 economists surveyed by Bloomberg News ranged from 240,000 to 325,000.

Stocks Fall

Stocks rose as higher metal prices lifted shares of commodity producers. The Standard & Poor’s 500 Index climbed 0.3 percent to 1,297.54 at the 4 p.m. close in New York. The yield on the benchmark 10-year note was little changed at 3.33 percent.

The Commerce Department revised January purchases up to 301,000 from a previously reported 284,000 rate. Purchases in February declined to record lows in three of the four U.S. regions. Sales slumped 57 percent in the Northeast, 28 percent in the Midwest and 15 percent in the West. The South showed a 6.3 percent decrease.

The median sales price dropped to $202,100 in February from $221,900 a year earlier, today’s report showed. Last month’s median price was the lowest since $196,000 in December 2003. The share of homes sold for $500,000 or more fell in February, matching January 2009 as the lowest on record.

The supply of homes at the current sales rate rose to 8.9 month’s worth from 7.4 months in January. There were 186,000 new houses on the market at the end of February, the same as a month earlier.

More Timely

New-home sales are considered a more timely barometer than purchases of previously owned homes, which account for about 90 percent of the housing market. Existing-home purchases are calculated when a contract closes.

Builders are putting off new construction as housing inventory builds. Housing starts fell in February to a 479,000 annual rate, the lowest level since April 2009, and construction permits slumped to a record low, Commerce Department figures showed last week.

The number of homes in foreclosure rose to a record 2.2 million in January, according to Lender Processing Services Inc. in Jacksonville, Florida. About 23 percent of homeowners with mortgages had negative equity in the fourth quarter, meaning their home-loan balances were higher than the value of their properties, CoreLogic Inc., a research company in Santa Ana,California, said in a March 8 report.

Hovnanian Homes

Hovnanian Enterprises Inc. (HOV), the largest homebuilder in New Jersey, reported on March 1 a first-quarter loss after a drop in sales and the absence of a tax benefit that boosted results a year earlier. The loss was $64.1 million, or 82 cents a share, for the quarter ended Jan. 31, the Red Bank-based company said in a statement.

“We need confidence to go up,” Chief Executive Officer Ara Hovnanian said March 2 during a call with analysts. “We need employment numbers to get better, and I think that’ll attract traffic as well as customers.”

While signs such as stronger manufacturing and exports indicate the world’s largest economy is gaining momentum, Fed Chairman Ben S. Bernanke and his fellow policy makers reaffirmed plans to buy $600 billion of Treasuries through June to “promote a stronger recovery” after their second meeting of the year on March 15.

Bernanke told Congress during a March 2 testimony that until more people want homes, “there’s no demand for construction to build houses and so the construction industry is quite reduced.”

Source: Bloomberg

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