Fairfield Connecticut Building Expert Directory

Housing in U.S. Cools as Rate Rise Hits Sales: Mortgages

April 28, 2014 — John Gittelsohn and Prashant Gopal – Bloomberg
After a roller-coaster decade of boom-bust-boom, the U.S. housing market is going downhill just when many economists thought annual sales would be heading up. Sales of previously owned properties in March tumbled 7.5 percent from a year earlier to the slowest pace in 20 months, while purchases of new houses sank 14.5 percent from February, according to reports this week. Mortgage applications to buy homes plunged 19 percent from a year earlier, indicating slowing demand during what is typically the busiest season for deals. The housing market’s underlying fragility is emerging as outside influences that fueled a two-year rebound are receding. Mortgage interest rates are rising from record lows as the central bank withdraws its stimulus, and investors, who had helped drive national prices up more than 20 percent as they went on a buying spree, are now retreating. Mr. Gittelsohn may be contacted at johngitt@bloomberg.net; Mr. Gopal may be contacted at pgopal2@bloomberg.net Read the court decision
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Reprinted courtesy of John Gittelsohn and Prashant Gopal, Bloomberg

One Sector Is Building Strength Amid Slow Growth

November 18, 2019 — Michael Msika - Bloomberg
If you had to guess which stocks are posting top gains given this year’s gloomy economic outlook, you might be surprised by the answer. Construction and material shares, despite most macro indicators pointing to slowing global growth, are now leading the pack in Europe. The sector’s up 32% already this year, knocking food-and-drinks stocks off the pedestal, and there appear few signs of the rally stopping anytime soon. Read the court decision
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Reprinted courtesy of Michael Msika, Bloomberg

White House Reverses Trump Administration NEPA Cutbacks

October 24, 2021 — Mary B. Powers & Debra K. Rubin - Engineering News-Record
The Biden administration's Oct. 6 announcement that it will restore certain long-standing environmental reviews for infrastructure projects—rolled back by the Trump administration last year—won praise from environmental groups but has some in the construction sector wary of new project delays as a major federal funding push looms. Reprinted courtesy of Mary B. Powers, Engineering News-Record and Debra K. Rubin, Engineering News-Record Ms. Rubin may be contacted at rubind@enr.com Read the full story... Read the court decision
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California Fears El Nino's Dark Side Will Bring More Trouble

September 17, 2015 — Brian K. Sullivan – Bloomberg
A group of drought experts gathered in California this week, and it wasn’t long before the conversation turned to El Nino. They weren’t touting it as the savior that will end the state’s four-year drought. Instead, they were looking at a darker scenario where the weather-changing phenomenon adds another year of dryness in the north while ravaging the south with floods. “What do you say when the governor asks you what to do? ‘You prepare for flood and drought because there is a possibility you can get both,”’ said Mike Anderson, state climatologist. Read the court decision
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Reprinted courtesy of Brian K. Sullivan, Bloomberg

Buyer's Demolishing of Insured's Home Not Barred by Faulty Construction Exclusion

June 21, 2017 — Tred R. Eyerly - Insurance Law Hawaii
Loss of the insured's home caused by a renter who demolished the home was covered under the homeowner's policy. Fisher v. Garrison Prop. & Cas. Ins. Co., 2017 Idaho LEXIS 143 (Idaho May 26, 2017). The insured, Shammie L. Fisher, entered a Purchase Agreement to sell her home to Ron Reynoso. The purchase of the property was contingent upon Reynoso obtaining financing. Before completing the purchase, he would lease the property. The Agreement stated, "Buyer intends to make certain improvements to the property upon possession, with the intent to sell the property for a profit." Within two months of renting the property to Reynoso, Fisher learned that he had demolished the entire house down to the foundation. He then ceased work and left. Fisher made a claim under her policy, but Garrison Property and Casualty Insurance Company denied coverage based upon the exclusion for faulty, inadequate or defective work. When Fisher sued, the trial court granted summary judgment to Garrison. Read the court decision
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Reprinted courtesy of Tred R. Eyerly - Insurance Law Hawaii
Mr. Eyerly may be contacted at te@hawaiilawyer.com

The Treasures Inside Notre Dame Cathedral

May 06, 2019 — James Tarmy & Eugene Reznik - Bloomberg
Paris’s Notre Dame cathedral took more than 200 years to build and just a few hours to burn. The structure’s construction began in the 12th century; six hundred years later, it was rehabilitated by Napoleon in the 1800s. In the interim, kings were crowned underneath its monumental stained glass windows even as the city around it rose, fell, and rose again. It has served as the setting of numerous historical events, including Napoleon’s coronation in 1804. In August 1944, a special mass in the cathedral attended by General Charles de Gaulle was held to celebrate the liberation of Paris from the Nazis. The spire contained relics of Saint Denis and Saint Genevieve, the patron saints of Paris, according to Laurent Ferri, a curator in the Division of Rare and Manuscript Collections at Cornell University and former conservateur du patrimoine at the French National Archives. The archbishop of Paris placed the relics at the summit of the church in 1935 to protect the building. “They are now likely reduced to ashes,” Ferri says. Reprinted courtesy of James Tarmy, Bloomberg and Eugene Reznik, Bloomberg Read the court decision
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Legislation Update: S-865 Public-Private Partnerships in New Jersey Passed by Both Houses-Awaiting Governor’s Signature

July 02, 2018 — Steven M. Charney & Charles F. Kenny - Peckar & Abramson, P.C.
New Jersey is finally close to being among the many states with broad authority to develop or improve public projects through a Public-Private Partnership (P3) delivery method. This contracting model has stimulated growth and improvements in other States and led to the delivery of projects that may not otherwise have happened. Senate Bill 865 (“S-865”), after undergoing some last-minute amendments in a frenzied legislature dealing with budget and other critical issues, has passed in both houses of the Legislature and is waiting for Governor Murphy’s signature, which is expected shortly. The law will be effective 180 days from formal enactment. The administrative framework is now in place to make Public-Private Partnerships a reality in New Jersey. Reprinted courtesy of Steven M. Charney, Peckar & Abramson, P.C. and Charles F. Kenny, Peckar & Abramson, P.C. Mr. Charney may be contacted at scharney@pecklaw.com Mr. Kenny may be contacted at ckenny@pecklaw.com Read the court decision
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Lien Actions Versus Lien Foreclosure Actions

June 02, 2016 — David R. Cook Jr. – AHHC Construction Law Blog
The lawsuits required to perfect and foreclose upon a lien have confused lien claimants and their attorneys for years. This confusion was recently demonstrated in a recent case entitled Founders Kitchen and Bath, Inc. v. Alexander, No. A15A1262, 2015 WL 6875026 (Ga. App. 2015). In the case, the trial court granted an owner’s motion for summary judgment against a subcontractor that sought to foreclose on its materialman’s lien. In deciding to reverse the trial court’s decision, the Court held that issues of material fact still existed as to whether the owner and subcontractor were in privity of contract. Read the court decision
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Reprinted courtesy of David R. Cook Jr., Autry, Hanrahan, Hall & Cook, LLP
Mr. Cook may be contacted at cook@ahclaw.com

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