About 25% of consumers buying a major appliance also get an extended warranty, although appliance reliability seems to make that unneccessary, according to a new study by J.D. Powers & Associates.
The study measures customer satisfaction in nine segments of appliances: dishwashers; free-standing ranges; built-in cooktops and wall ovens; freezer-top refrigerators; side-by-side refrigerators; clothes washers; clothes dryers; over-the-range microwave ovens; and countertop microwave ovens. Customer satisfaction was measured based on performance in six factors: operational performance (including how well the appliance functions, noise level and energy efficiency); operational features (such as the number of settings available and appliance capacity); ease of use; styling and feel; price; and warranty.
Thursday, November 15, 2007
Suddenly White Castle Doesn't Sound So Bad...
Reuters reports that the Modern Toilet diner chain in Taipei features seats made out of toilet bowls, dishes shaped like toilet bowls, toilet paper instead of napkins, and food that...well, you've been warned. (You've only yourself to blame for clicking there.)
"Most customers will bring their cameras in because the place is quite special," says one of the chain's managers, and I doubt I would have believed it without the photos, either.
Construction Wages Slip Slightly in October
Average hourly earnings in October for workers in construction trades slipped 0.3% from September to $21.23, according to the most recent figures from the Bureau of Labor Statistics. That figure was 3.8% over earnings for October of 2006.
Weekly construction trade earnings for October were virtually flat with September at $838.59, 3.3% above October, 2006 earnings.
For all U.S. workers, average weekly earnings fell by 0.2% from September to October to $595.22.
The BLS also reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in October before seasonal adjustment. The October level of 208.936 (1982-84=100) was 3.5% higher than in October, 2006.
Weekly construction trade earnings for October were virtually flat with September at $838.59, 3.3% above October, 2006 earnings.
For all U.S. workers, average weekly earnings fell by 0.2% from September to October to $595.22.
The BLS also reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in October before seasonal adjustment. The October level of 208.936 (1982-84=100) was 3.5% higher than in October, 2006.
Wednesday, November 14, 2007
NAR: Slight Recovery For Existing Home Sales in 2008
The latest forecast from the National Association of Realtors sees a modest recovery for existing home sales in 2008 to 5.69 million units. That will be up from 5.67 million units in 2007.
Median existing home prices will dip 1.7% this year to $218,200, and remain virtually flat next year at $218,300.
NAR pegs new home sales at 796,000 units in 2007 and 693,000 next year; no real improvement is seen for new homes until 2009. Starts, including multifamily units, are forecast at 1.35 million this year and 1.14 million in 2008. The median new-home price is estimated to drop 1.6% to $242,500 in 2007 before rising 0.4% to $243,600 in 2008.
Median existing home prices will dip 1.7% this year to $218,200, and remain virtually flat next year at $218,300.
NAR pegs new home sales at 796,000 units in 2007 and 693,000 next year; no real improvement is seen for new homes until 2009. Starts, including multifamily units, are forecast at 1.35 million this year and 1.14 million in 2008. The median new-home price is estimated to drop 1.6% to $242,500 in 2007 before rising 0.4% to $243,600 in 2008.
Tuesday, November 13, 2007
Home Depot Sales Drop 3.5% for Quarter
Home Depot reports that its fiscal third quarter sales dipped 3.5% from the same period in 2006 to $18.9 billion.
The Atlanta-based home center giant reported that sales for the first three quarters of its fiscal year were down 3.1% from the same period last year to $59.7 billion.
We are facing a tough environment as housing indicators continue to deteriorate. Our financial performance in the third quarter reflects these tough conditions," said Frank Blake, chairman & CEO.
Monday, November 12, 2007
Cost vs. Value Declines in 2007
Remodeling magazine's annual Cost vs. Value Report finds that kitchen and bath remodeling have declined in value, along with other home improvements across the board. While 10 of 22 projects tracked, including kitchens and baths, returned more than 90 cents on the dollar in 2005, none performed that well in this year's report.
A minor kitchen remodel (refacing plus laminate countertop) returns 83% in increased home value of its $21,185 investment, while a major kitchen remodel (semi-custom cabinetry, laminate countertop) returns 78.1% in resale value of its $55,503 investment. An upscale major kitchen remodel (custom cabinets and stone countertops) returns 74.1% in increased home value of its $109,394 cost.
A bathroom addition costing about $37,000 will return 66% of its cost as increase home value, while a $73,000 investment in additional bathroom returns 69% of its cost. Some 78.3% of the cost is recouped from a $16,000 bath remodeling job, but just 68.4% of a $51,000 bath remodeling job is added to the home's value. And investing nearly $100,000 to add a master bedroom/bathroom suite will recoup 69% of its cost in increased home value.
A minor kitchen remodel (refacing plus laminate countertop) returns 83% in increased home value of its $21,185 investment, while a major kitchen remodel (semi-custom cabinetry, laminate countertop) returns 78.1% in resale value of its $55,503 investment. An upscale major kitchen remodel (custom cabinets and stone countertops) returns 74.1% in increased home value of its $109,394 cost.
A bathroom addition costing about $37,000 will return 66% of its cost as increase home value, while a $73,000 investment in additional bathroom returns 69% of its cost. Some 78.3% of the cost is recouped from a $16,000 bath remodeling job, but just 68.4% of a $51,000 bath remodeling job is added to the home's value. And investing nearly $100,000 to add a master bedroom/bathroom suite will recoup 69% of its cost in increased home value.
Wednesday, November 7, 2007
Let Me Know When It Hangs Them in the Closet
Via The Boy Genius Report comes word of an Electrolux dryer in the UK that uses steam to reduce or replace ironing.
Friday, November 2, 2007
October Construction Employment Virtually Flat
Some 7.6 million workers were employed in construction jobs during October, virtually unchanged (-0.1%) from September, according to the most recent figures from the Bureau of Labor Statistics.
For all workers, nonfarm payroll employment rose by 166,000 in October, and the unemployment rate was unchanged at 4.7%.
For all workers, nonfarm payroll employment rose by 166,000 in October, and the unemployment rate was unchanged at 4.7%.
Thursday, November 1, 2007
Foreclosures Nearly Double in Third Quarter
There were more than 635,000 foreclosure filings nationwide in the third quarter of this year, 99.5% more than in the same period of 2006, according to RealtyTrac. The figure was 30.0% higher than levels for the second quarter of 2007, and marked one foreclosure for every 196 U.S. households.
“August and September were the two highest monthly foreclosure filing totals we’ve seen since we began issuing our report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although not all areas are being hit as hard as others, the rise in foreclosures is quite widespread, with 45 out of the 50 states documenting year-over-year increases in the third quarter. Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets.”
“August and September were the two highest monthly foreclosure filing totals we’ve seen since we began issuing our report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although not all areas are being hit as hard as others, the rise in foreclosures is quite widespread, with 45 out of the 50 states documenting year-over-year increases in the third quarter. Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets.”
WaMu, First American Probed for Mortgage Scam
ABC News is reporting that New York state is investigating an apparent fraud scheme by Washington Mutual, the nation's largest savings and loan; mortgage and property services company First American Corporation; and its wholly owned subsidiary, eAppraiseIT. According to court papers said to include internal e-mails, the three entities inflated the value of homes appraised beyond actual market value, to allow the S&L to write an increased amount of loans for more money, inflating its value for investors. Unlucky homeowners caught in the scheme now may owe more than their property is worth if they attempt to sell or refinance their property.
KBB Green
Newly added to "Sites to See": KBB Green, a blog by Jeff Holloway, CKD, CBD, and K+BB magazine to discuss all things ecologically responsible.
Fed Drops Rates A Quarter-Point
Trying to stave off recession due to the sub-prime crisis, the Federal Reserve announced a quarter-point drop in the federal funds rate, to 4 1/2%.
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