Americans are borrowing against the equity in their homes at a rate that threatens the economy. During the first quarter of 1991, only 3.9 percent of all home mortgages were used to take equity out of the home. That number soared to 49.8 percent during the last quarter of 2005 and dropped to 41.5 percent during the second quarter of 2007 — still too high, according to Dr. Fred Crowley, senior economist and associate research professor at the University of Colorado at Colorado Springs.
The city of Aspen has seen a flurry of new downtown redevelopment applications in recent weeks, reports the Aspen Daily News. The new plans include a two story redevelopment of abuilding and plans to add a third-story penthouse to another building. Altogether, the city has received seven redevelopment plans in light of new proposed height […]
Federal Reserve chairman Ben Bernanke said the unemployment rate in the United States is a “national crisis,” according to Bloomberg. The unemployment rate remains stubbornly above 9 percent and Bernanke said fiscal discipline could help jumpstart the economy. Read more at Bloomberg.
Business leaders expect the state and national economies to improve during the third quarter, according to the state Business Leaders Confidence Index. The Index, paid for by Compass Bank, is conducted regionally by the Leeds School of Business at the University of Colorado in Boulder. The survey is given to business professionals in the region […]
The Colorado Springs Sky Sox have turned baseball into good business. It’s a franchise that has invested more than $8 million into its facilities in the past five years. Its unique promotions – like “Bring Your Dog to the Game Day” – have pumped up attendance in four of the past five seasons. And it […]
<h3>County needs volunteers </h3>The El Paso County Board of Commissioners is seeking volunteers to serve on several of its boards. The deadline for applications is April 18. Vacancies exist on the Board of Adjustment, the Colorado State University Extension Advisory Committee, the El Paso County Fair & Events Complex Advisory Board, the Juvenile Community Review Board, the Employee Benefits Advisory Board,
Retail sales inched higher in March, an indication consumers are weathering higher gas prices going into the second quarter, said Bloomberg. The .8 percent gain was almost three times as large as anticipated, and followed a 1 percent advance in February, according to the U.S. Commerce Department. Read more at Bloomberg.
The board of directors for the Ramtron Corp. has rejected a second unsolicited bid, according to the Denver Business Journal. The company said the offer of $2.68 a share was inadequate. It’s the second bid that California-based Cypress made to Ramtron. Read more at the Denver Business Journal.
All three major credit raters have downgraded the United States, with Fitch being the last do so after the failure of the supercommittee to reach an agreement, reports Bloomberg. Fitch still has given the U.S. a AAA+ rating, but said the downgrade reflects declining confidence that the nation will act to address soaring deficits. Read […]
Corny Cravings is the new business now occupying a storefront at 2872 N. Powers in the Safeway Marketplace East. Rhonda Luker and Daniel Romano opened their business Aug. 10. The business offers gourmet popcorn, glazed nuts, candy and gift baskets. “Our focus is to celebrated the events in your life,” Luker said, “in addition to […]
Mary Bitney, right, Terracon project manager, attempts to lift a gold dore at the Cripple Creek and Victor Gold Co. celebration of the 20 millionth ounce. Mary Bitney is on her fifth career move, which she thinks is “poster-child” representative of the “employee of the future.” Bitney transitioned in May from a part-time research consultant […]
American businesses are losing an estimated $652 billion to fraud and embezzlement each year, and small businesses and nonprofits stand to lose the most. The impact of fraud on large and small businesses is detailed in the Association of Fraud Examiners’ 2006 Report to the Nation on Occupational Fraud, released last month.