Northwest Indiana Real Estate

Personal Income- December 2011

Tom Cofer — Sat, 04 Feb 2012 02:05:00 GMT

Personal income in December 2011 rose 0.5 percent. Nominal personal consumption expenditures (PCE) was unchanged and real PCE declined 0.1 percent. Nominal disposable personal income (DPI) rose 0.4 percent and real DPI increased 0.3 percent. The personal saving rate as a percentage of DPI was 4.0 percent in December.

Inofmation supplied by the Economical and Statistical Adm.

South Shore Railroad

Tom Cofer — Sat, 28 Jan 2012 23:36:00 GMT

Passenger rates to go up 5%, effective Feb 15th. The increase will generate an additional $800,000 per year. Well, the income is on the freight side anyhow. NIPSCo needs to continue the coal shipments.

Gross Domestic Product- 4th Qtr. 2011

Tom Cofer — Sat, 28 Jan 2012 23:28:00 GMT

Real gross domestic product (GDP) grew at an annual rate of 2.8 percent in the fourth quarter of 2011, according to today’s advance estimate. This follows a growth rate of 1.8 percent in the third quarter of 2011. Real GDP increased 1.7 percent from 2010 to 2011 overall.

Data supplied by the Economic and Statistical Adm.

Single Story For Sale in Michigan Township

Tom Cofer — Fri, 27 Jan 2012 18:54:00 GMT

• 1,260 sq. ft., 1 bath, 3 bdrm single story - MLS® $18,500

Michigan Township, Michigan City - A spacious 3 bedroom, 1 bath home with attached one car garage. A large loft bedroom features a walk-in closet. Garage has a large storage area with mud room. The kitchen features a large walk-in pantry extended counter area and a variety of cabinet space. This is a short sale property.

Property information

Indiana Economy

Tom Cofer — Tue, 24 Jan 2012 13:55:00 GMT

IU's Leading Index shows Indiana economy on path to growth in 2012

Bill Strother, Herald-Times

Indiana is solidly on its way to economic recovery, according to Indiana University’s Leading Index for Indiana.

The monthly index was released Monday by the Indiana Business Research Center at the Kelley School of Business. It shows an increase of 0.4 percent to 97.5 from November to December, climbing to its highest level since September of 2008.

Home sales in Northwest Indiana- 2011

Tom Cofer — Sun, 22 Jan 2012 23:58:00 GMT

Northwest Indiana home sales level out in 2011

By the numbers

Sales of existing single-family homes increased in December in Lake County and declined in Porter County.

Lake County existing single-family homes sold

December 2011: 321

December 2010: 269

Porter County existing single-family homes sold

December 2011: 121

December 2010: 135

Source: Greater Northwest Indiana Association of Realtors

Keith Benman, Times of Northwest Indiana

Years of housing crisis-driven declines in home sales finally halted in 2011, with region Realtors selling slightly more homes than the previous year, according to year-end sales numbers from the Greater Northwest Indiana Association of Realtors.

Realtors in the five counties covered by the association sold 6,881 homes in 2011 as compared with 6,873 in 2010, an increase of just 0.1 percent. Although the increase is scant, it is being cautiously welcomed by Realtors, who had seen home sales decrease every year since 2007.

"I do think the economy, though it is still weak in general, has seen noticeable improvement, and consumers are noticing," said Peter Novak, CEO of the Greater Northwest Indiana Association of Realtors. "People are starting to take that plunge."

Home sales received a big boost in early 2010 as buyers sought to close deals to get in on expiring federal tax credits. When those ended, sales again began extending the decline that began in 2007. Through the first half of 2011, sales fell another 14.3 percent. But in July, sales were up 25 percent and they rose every month after that.

"We had about a year period where it was just ugly," Novak said.

Nationally, home sales ended the year on a rising note, with sales of existing homes of all types up 3.6 percent in December as compared with one year ago, according to the National Association of Realtors.

For all of 2011, U.S. existing home sales were up 1.7 percent with 4.26 million homes sold.

"The pattern of home sales in recent months demonstrates a market in recovery," said Lawrence Yun, National Association of Realtors chief economist. "Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market."

Interest rates on conventional, fixed 30-year home loans fell to an average of 3.96 in December, their lowest on record, according to Freddie Mac.

The housing market still has a long way to go to crawl its way back to normalcy. The number of homes sold in Northwest Indiana in 2011 is 39.4 percent less than the 11,349 sold in 2006 at the peak of the housing boom, according to Greater Northwest Indiana Association of Realtors data.

In December, 561 existing single-family homes were sold in Northwest Indiana, as compared with 518 in December 2010, for an 8.3 percent increase. The Greater Northwest Indiana Association of Realtors covers sales in Lake, Porter, LaPorte, Jasper and Newton counties.

In Lake County, existing single-family home sales in December increased 19.3 percent. Lake County also had a healthy boost in selling prices, with the median selling price increasing 11 percent to $119,900.

In Porter County, existing single-family home sales were down 10.4 percent. But the median selling price was up 2.3 percent to $148,400.

Information taken from the Northwest Times

New Residential Construction- December 2011

Tom Cofer — Sun, 22 Jan 2012 23:52:00 GMT

Building permits in December 2011 were 679,000, down 0.1 percent from November but up 7.8 percent from December 2010. During the full year of 2011, permits rose 1.2 percent over 2010. Housing starts in December 2011 were 657,000, down 4.1 percent from November but up 24.9 percent from December 2010. During the full year of 2011, starts increased 3.4 percent over 2010.

Information supplied by the Economic and Statistical Adlministration

Right to Work in Indiana

Tom Cofer — Tue, 17 Jan 2012 20:07:00 GMT

At best and worst, the right to work issue, either way, may have no effect on Indiana's economy. We have the ability and established laws to attract economic growth and a talented work force. The Republicans need to focus on what's important!

My opinion...................................

Indiana Farm Land Prices

Tom Cofer — Mon, 16 Jan 2012 14:09:00 GMT

Vacant farm ground prices have risen 133% over the last 10 years.

A once-in-a-generation combination of strong grain prices, high farm incomes and unprecedented interest in commodities investments has caused prices for agricultural acreage to skyrocket. Purdue University’s 2011 farmland value survey found an acre of top-quality Hoosier farmland would set you back $6,521—an increase of 25 percent over the previous year.

Information taken from the Indianapolis Star

Imports and Exports

Tom Cofer — Sat, 14 Jan 2012 20:23:00 GMT

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total November exports of $177.8 billion and imports of $225.6 billion resulted in a goods and services deficit of $47.8 billion, up from $43.3 billion in October, revised.

Info supplied by the U.S. Bureau of Economic Analysis

1 1/2 Story For Sale in Trail Creek

Tom Cofer — Thu, 29 Dec 2011 19:17:00 GMT

Includes Office Space and Residence

• 1,388 sq. ft., 1 bath, 3 bdrm 1 1/2 story - MLS® $96,000

Trail Creek, LaPorte County - This property has a residence as well as a light commercial space. The residence has original woodwork and knotty pine. Large screened porch. Full basement with plenty of storage. Commercial space has been re-modeled and has 960 sq. of floor space/ with 1/2 bath.

Property information

Personal Income- November 2011

Tom Cofer — Sat, 24 Dec 2011 14:30:00 GMT

Personal income rose 0.1% in November.

Data supplied by the Economic and Statistical Adm.

Porter County to get 2 Solar Facilities

Tom Cofer — Sat, 24 Dec 2011 14:20:00 GMT

Porter County will look at two solar facilities

Amy Lavalley, Post-Tribune Correspondent

VALPARAISO — The Porter County Board of Zoning Appeals has put approval of solar generating facilities in Portage and Union townships on hold until its Feb. 1 meeting, pending more information about the projects.

The action came at the board’s Wednesday meeting; county planner Raymond Joseph said the projects are a first for the county.

The Union Township facility is proposed for 495 W. County Road 450N and the one in Portage Township would be located at the southwest corner of Robbins Road and North County Road 450W.

Both locations, at 11 acres, would feature photovoltaic solar modules mounted to an aluminum and steel racking system, with a proposed height of 9 to 10 feet.

The facilities, operated by parent company Ecos Energy of Minnesota, would sell solar-generated electricity back to Northern Indiana Public Service Co., Joseph said.

Members of the board wanted to see landscaping plans; renderings of the facilities, with their sizes and dimensions; and examples of existing solar generating facilities, so they can visit them.

The facilities also need a variance for the fence that will surround them. The operators want 8-foot fences with an additional foot of barbed wire, while the standard for fencing is a maximum of 4 feet, Joseph said.

Indiana Jobs- November

Tom Cofer — Sat, 24 Dec 2011 14:17:00 GMT

The latest U.S. Bureau of Labor Statistics state report showed Indiana has added just 2,000 jobs through November of this year.

Reported by the News and Tribune

Gross Domestic Product- Third Quarter 2011

Tom Cofer — Thu, 22 Dec 2011 19:22:00 GMT

Real gross domestic product (GDP) grew at an annual rate of 1.8 percent in the third quarter of 2011, according to today’s third estimate. This follows a growth rate of 1.3 percent in the second quarter of 2011.

Data supplied by the Economical and Statistical Adm.

November building Permits

Tom Cofer — Wed, 21 Dec 2011 23:20:00 GMT

Building permits in November ‘11 were 681,000, up 5.7 percent from October ’11 and up 20.7 percent from November ’10. Housing starts were 685,000, up 9.3 percent from the prior month and up 24.3 percent from the prior year.

Information supplied by the Economics and Statistical Adm.

More Jobs for Porter County

Tom Cofer — Tue, 20 Dec 2011 13:40:00 GMT

Porter County heads up push for more jobs

Bob Kasarda, Times of Northwest Indiana

VALPARAISO | While Porter County's unemployment rate of 7.9 percent is lower than the state's or nation's, county and municipal officials are teaming up with hopes of creating jobs.

An economic development cabinet is being formed to direct a countywide plan aimed at job creation and "shovel-ready" development sites, said County Commission President John Evans, who was joined at Monday's announcement by Valparaiso Mayor Jon Costas and Portage Mayor-elect Jim Snyder.

"Now is the time for this plan in order to continue the momentum created by the Fronius project in Portage, the Northcoast expansion south of Valparaiso, and the new $225 million, state-of-the-art Porter hospital that will open next year," said Evans, R-North.

The county commissioners will appoint five members to the cabinet, including a representative from the Northwest Indiana Buildings Trades, Evans said. The mayors of Portage and Valparaiso each will make an appointment, and the cabinet will be rounded off with the two Porter County appointees to the Northwest Indiana Regional Development Authority.

Eligible appointees must have five or more years of experience in regional or local development, business or finance, or planning, engineering, transportation or public utilities. Applicants must apply with Evans or either mayor by Jan. 5.

Evans said no elected officials will be appointed, and the cabinet will end when its work is completed, which he estimated will take about 12 to 18 months.

The process is expected to cost $100,000 or more, and the county will pick up 75 percent of the bill, Evans said.

Costas and Snyder spoke about the importance of teamwork in this effort.

"I believe we have an opportunity in Porter County like we've never had," Snyder said.

Indiana Right to Work Law

Tom Cofer — Fri, 16 Dec 2011 20:49:00 GMT

Here we go...... Remember Wisconsin and Ohio!! How about more privatization, voter restrictions.

Daniels endorses right-to-work law

Dan Carden, Times of Northwest Indiana

INDIANAPOLIS | Gov. Mitch Daniels will sign right-to-work into law if the labor policy is approved next year by the Indiana General Assembly.

The Republican governor on Thursday said it is "irresponsible," given the state's 9 percent unemployment rate and the weak national economy, for Indiana to not do everything it can to create jobs for Hoosiers, including enacting a right-to-work law.

"We just can't be satisfied with where we are; we need thousands of jobs we don't have," Daniels said.

He said some companies refuse to consider locating in Indiana without a right-to-work law, even after he highlights the state's low corporate taxes and business-friendly regulations and despite top rankings from corporate leaders as a great state to do business in.

"I've argued with businesses to look at the whole picture, look at all the advantages. There's a reason Indiana is fourth, fifth, sixth on these rankings," Daniels said. "But for some companies or whoever is advising them this is just on the filter."

Under a right-to-work law, non-union employees at a union workplace are not required to pay for union-provided services.

Labor leaders claim studies show right-to-work is intended to destroy unions, does not create new jobs, drives down wages for union and non-union workers and imperils worker safety.

Daniels said his review of the issue found those arguments "don't hold up."

"The vital right to organize is totally unaffected; every right-to-work state has significant union presence, and some have higher rates of unionization than Indiana does," Daniels said. "Right-to-work states have, if anything, better rates of worker safety."

The leaders of the Republican majorities in the Indiana House and Senate have said enacting right-to-work is their top legislative priority when the General Assembly convenes in January.

An attempt to pass the labor policy last session led in part to a five-week walkout by House Democrats that shut down the Legislature.

Logistics Industry in NW Indiana

Tom Cofer — Mon, 12 Dec 2011 02:03:00 GMT

home : most recent : laporte	Share	December 11, 2011

12/9/2011 8:24:00 AM
Logistics industry poised for success in Michiana area

+ click to enlarge

Canadian National Railroad crews watch freight trains to pass in South Bend as they wait for a supply train to arrive. South Bend Tribune File Photo/PAUL RAKESTRAW

Gene Stowe, South Bend Tribune Correspondent

Far-reaching changes in global commerce and cyberspace sales are driving new opportunities in the logistics industry, with Michiana positioned to reap substantial benefits.

With manufacturing increasingly performed offshore, the stretched delivery chain for products is in search of factory-to-shelf efficiencies that can save tens of millions of dollars a year by trimming one day from the schedule.

With more shopping done online, with Cyber Monday as a symbol, demand for small-package shipment has soared. (So has demand for vans and other delivery vehicles, one reason for recent manufacturing boosts in Elkhart County.)

The full impact of the shifts has been delayed by the recession, observers say, including development of an intermodal facility at Kingsbury Industrial Park in LaPorte.

But cargo activity is already increasing at South Bend Regional Airport, where FedEx and UPS handle packages, including one-day service, and overnight letters.

Airport Executive Director John Schalliol says cargo through September totaled 17,813,765 pounds, including 2,184,829 pounds in September alone — a 0.2 percent increase over the same period in 2010.

"It is trending upward," he says. "We are a major player in that kind of activity. People say, ‘I never use the airport. I don’t want my taxes to go there.’ They use it every day if they order anything online or shipped in.

"It will come in by air to South Bend. It will be delivered by truck. They don’t drop it on their house."

Many of the goods also come by rail, says Andy Laurent, manager of growth initiatives for the Chicago South Shore & South Bend Railroad that leases the tracks of the Northern Indiana Commuter Transportation District, and price increases in truck transportation have made the train more attractive.

"Most people’s experience with it is sitting at a grade crossing looking at the flashing lights and wondering how long it will take," he says. "A lot of things we use in daily lives are on those trains," from Xboxes to bulk sand for building.

The Chicago-to-South-Bend line mostly moves coal to steel mills and power plants and steel from the mills to start its trip to customers.

The rail system, unlike any other U.S. transportation from highways to seaports to airports, is a set of competing private enterprises requiring the handoff of goods at different junctures, Laurent explains. South Shore has access to all seven Class 1 companies because of its proximity to Chicago.

"I’m one railroad away from any place in the country," he says. "South Bend is in a good place — same thing with trucking, air freight, anything like that."

In addition to the cost-competitiveness brought on partly by increased regulation on trucks, rail offers a less labor-intensive, more environmentally friendly way to haul goods.

Trains with two diesel locomotives and two crew members can carry the equivalent of 250 semi-trucks, and a gallon of fuel carries a ton of freight 450 miles.

"I think our trend line is up because our competing mode of transportation’s cost is going up, as well as fuel savings. A lot of industries are taking a look at their carbon footprint, being greener.

Wal-Mart is starting to measure carbon footprint. We’re a much more efficient transportation."

South Shore could become a key player at the Kingsbury intermodal facility, providing first-mile/last-mile transportation to other participants.

"We could serve all the other railroads because we’re a neutral carrier," Laurent says. "You have all these similar facilities on the west side of Chicago. What no one has really taken the gamble on is coming east."

Activity has recently begun to stir at Kingsbury, where Chris Davey of Grubb & Ellis/Cressy & Everett proposed the intermodal center just before the depths of the recession.

"The pressure for logistics had been growing exponentially every year," Davey says. "The phenomenon is relatively new. Now most everything is made overseas and shipped back to the United States. These ports are becoming very busy now and they’re running out of space as the product comes in on the East Coast or the West Coast.

"All the product that had to come to the middle of the country had to come by rail or truck from the coasts. That’s why there was so much pressure on the logistics industry. Our infrastructure wasn’t adequate to support the change in business strategy."

Michiana is well known for its highway access, including the oft-repeated assertion that South Bend is second only to Harrisburg, Pa., in the number of people accessible within a day’s drive.

The intermodal facility aims to capitalize on the rail traffic that passes through. Railway companies are divided east and west — Norfolk Southern and CSX in the east, for example, Union Pacific on the west, all converging on Chicago.

A facility in Joliet serves the west side of Chicago, Davey says, and the 800-acre LaPorte project would serve the east side.

Train transportation, while cheaper, is less dependable than truck traffic, he says, and upgrades to the system are under way in some places, such as Virginia, to support innovations such as stacking truck trailers on rail cars.

Just a few decades ago, most goods were manufactured in the United States, often in regional plants, with short delivery routes to customers. Now, those goods can come from the other side of the world.

"It takes a long time for that product to leave China and get on the shelf at the local Target or Walmart or whatever store it might be," Davey says. "If you can compress that time frame, you can save a lot of money.

"It’s a relatively new phenomenon. We believe when things get back to normal, demand will be increased. Things are starting to pick up again."

Earlier this year, LaPorte County Commissioners agreed to participate in $12 million in rail extension and infrastructure improvements at the park, with money from the county, state and CSX, to support development of a cold storage facility for produce brought by train from the South and held for distribution by truck.

"That will be the first phase of that development," Davey says. "I seriously believe once that first building is up there and the economy improves, you’ll see a lot more development similar to what’s going on with this development.

"You look for niche markets. Logistics is one that will grow in the coming years."

Information taken from the South Bend Tribune

October 2011 International Trade

Tom Cofer — Sat, 10 Dec 2011 01:43:00 GMT

The October 2011 international trade deficit fell 1.6 percent, to $43.5 billion. Exports declined 0.8 percent, to $179.2 billion, and imports decreased 1.0 percent, to $222.6 billion.

Data supplied by the Economic and statistical Adm.

Kingsbury Intermodal

Tom Cofer — Fri, 09 Dec 2011 12:34:00 GMT

La Porte County intermodal project is moving forward, official says

Matt Fritz, Herald-Argus

La PORTE — The proposed multimodal development project in Kingsbury Industrial Park has only a couple hurdles left before it becomes a reality, said La Porte County Council President Rich Mrozinski.

Mrozinski spoke before the La Porte County Board of Commissioners Tuesday night, explaining that the project only needs the developers to grant an easement for a utility extension to the U.S. Army Reserve Center (which he expects to happen next week) and proof from CSX Railroad that it has entered into an agreement with a customer.

He said CSX has told him it already has someone lined up.

The utility easement is in exchange for a railway easement over the Army’s property.

The project calls for the construction, installation and equipping of a rail spur from a CSX railway line to the Kingsbury Industrial Park. There the developers plan to build a refrigeration unit to store produce coming as far away as South America. It will also allow meat and produce from La Porte to be shipped down there.

Mrozinski said he met with representatives from the Indiana Economic Development Committee, the Indiana Department of Agriculture and CSX Railroad that afternoon about the project, and feels confident things are moving along.

He said he expects construction for the railroad spur to begin in spring (either April or May, depending on how bad the winter months are). He said CSX expects to have its part of the project complete by July.

“This will be the biggest thing to happen to La Porte County,” he said.

South Shore rates may rise!

Tom Cofer — Sun, 04 Dec 2011 02:37:00 GMT

The Northern Indiana Commuter Transportation District is considering increasing fares by 5 percent across the board on South Shore trains effective Feb. 15.

At its meeting on Friday, the NICTD board voted in favor of a motion to hold five public hearings on the proposed fare hike in January. It plans to vote on the increase at its Jan. 27 meeting.

The increase would yield about $800,000 in revenue for the South Shore, according to information released at the meeting.

But NICTD General Manager Gerald Hanas said the move is motivated mainly by an increase in Metra fares. System-wide Metra fare increases averaging 25 percent will hike the price of boarding a South Shore train at Hegewisch to $4.75. Because Hegewisch is in the Metra zone, South Shore trains there charge Metra fares. When the $1.50 parking price is added in the cost of traveling from Hegewisch to Millenium will be $6.25.

That compares to the current Hammond fare of $4.95, where parking is free. That could cause Hegewisch riders to "zone jump" to Hammond, Hanas told the board.

"It would aggravate greatly the parking problems at Hammond," Hanas said.

The parking lots at Hammond are often full by the time rush hour trains finish boarding in the middle of the morning, with East Chicago the next nearest station where free parking is available.

Article supplied by the Northwest Times

New Residential Sales- October 2011l

Tom Cofer — Tue, 29 Nov 2011 19:51:00 GMT

Sales of new single-family houses in October 2011 were 307,000 at a seasonally adjusted annual rate, up 1.3 percent from September, and up 8.9 percent from October 2010.

Information taken form the Economical and Statistical Adm.

3rd Qtr 2011- GDP

Tom Cofer — Fri, 25 Nov 2011 21:51:00 GMT

Real gross domestic product (GDP) grew at an annual rate of 2.0 percent in the third quarter of 2011, according to today’s preliminary estimate. This follows a growth rate of 1.3 percent in the second quarter of 2011.

Data supplied the Economic and Statistical Adm.

Personal Income- October 2011

Tom Cofer — Fri, 25 Nov 2011 21:49:00 GMT

Personal income in October 2011 rose 0.4 percent. Nominal and real personal consumption expenditures (PCE) increased 0.1 percent. Nominal and real disposable personal income (DPI) increased 0.3 percent. The personal saving rate as a percentage of DPI was 3.5 percent in October.

Data supplied by the Economic and Statistical Adm.