Housing in U.S. Cools as Rate Rise Hits Sales: Mortgages
April 28, 2014 —
John Gittelsohn and Prashant Gopal – BloombergAfter 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
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John Gittelsohn and Prashant Gopal, Bloomberg
Why Employees Are Taking Ownership of Their Architecture Firms
January 22, 2024 —
Kriston Capps - BloombergThe architecture firm BNIM has always been a leader on sustainable design. In the late 1980s, principal emeritus Bob Berkebile was one of the first architects to push the industry to take the idea of green buildings seriously. Then-President Bill Clinton even recruited him to lead a climate-minded restoration of the White House. Berkebile and his Kansas City, Missouri–based firm — he’s the “B” in BNIM, alongside Tom Nelson, David Immenschuh and Steve McDowell — received top honors from the American Institute of Architects in 2011, among many other accolades.
Now the firm behind such projects as the US Embassy expansion in Kampala, Uganda, and a proposed South Loop park to deck over a highway in downtown Kansas City hopes to stand out in another way. In October, BNIM announced its transition to an employee stock ownership plan, or ESOP. The firm is one of a handful in the industry to recently embrace the employee-ownership model, following similar moves in 2021 by SHoP Architects and Zaha Hadid Architects.
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Kriston Capps, Bloomberg
Pulte’s Kitchen Innovation Throw Down
December 10, 2015 —
Beverley BevenFlorez-CDJ STAFFPulte Group’s national purchasing director, Kellee Hansen, created a kitchen competition where six unaffiliated manufacturers competed against each other to build a kitchen vignette based on three consumer segments, reported Builder Online.
On October 19th, each team had fifteen minutes to present their vignettes to about 100 people.
“In our industry, I think we lack some collaboration, historically,” Hansen told Builder Online. “Listening to our suppliers just makes us better and it makes us better as an industry. I think it raises the level for all our peers as well when we listen to our manufacturers.”
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BHA has a Nice Swing: Firm Supports CDCCF Charity at 2014 WCC Seminar
April 29, 2014 —
Beverley BevenFlorez-CDJ STAFFStop by the Bert L. Howe & Associates (BHA) booth at the 2014 West Coast Casualty Construction Defect Seminar at the Disneyland Hotel on May 15th and 16th, and Sink A Putt For Charity!
This year, seminar attendees and would-be duffers who try their hand at the golf putting game at the Bert L. Howe & Associates booth will not only have the chance to win a free gift card, they’ll also have the opportunity to help raise funds for a very important cause, the Construction Defect Community Charitable Foundation (CDCCF).
Throughout this year’s seminar, with every hole-in-one made at their booth, BHA will make a $25.00 cash donation in the golfer’s name to the CDCCF.
Bert L. Howe & Associates strongly supports the goals and principles of the CDCCF, and is honored to assist the foundation in fulfilling its mandate of assisting those in the construction defect community who are in need.
Read how the CDCCF assists the construction defect community...
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Where-Forum Art Thou? Is the Chosen Forum Akin to No Forum at All?
May 30, 2022 —
William Doerler - The Subrogation StrategistMany courts enforce forum selection clauses in contracts between parties. In W. Bay Plaza Condo. Ass’n v. Sika Corp., No. 3D21-1834, 2022 Fla. App. LEXIS 1637 (W. Bay Plaza), the Court of Appeal of Florida, Third District (Court of Appeal) answered the question of whether a mandatory forum selection clause in a manufacturer’s warranty was enforceable as to a condominium association, who was a non-signatory. The trial court enforced the forum selection clause – calling for litigation in New Jersey rather than Florida – and the Court of Appeal affirmed the ruling.
As stated in W. Bay Plaza, in late 2013 and early 2014, West Bay Plaza Condominium Association (W.B. Plaza Condo. Ass’n) contracted with Built Right Installers International Corporation, R.J. Miranda Consultants, Inc. and UCI Engineering Inc. (collectively, the Construction Defendants) to have repairs done to the exterior of the property. In 2016, Sika Corporation (Sika), a New Jersey corporation, gave a five-year warranty to W.B. Plaza Condo. Ass’n for three sealant products used to repair the garage at the property. In 2019, W.B. Plaza Condo. Ass’n sued the Construction Defendants for breach of contract and professional negligence. Subsequently, W.B. Plaza Condo. Ass’n amended its complaint and filed a claim against Sika, alleging that Sika breached its warranty because its products failed to provide a watertight barrier. Sika filed a motion to dismiss the action, alleging that Florida was an improper venue because its’ warranty contained a mandatory forum selection clause. W.B. Plaza Condo. Ass’n argued that it was not bound by the forum selection clause because it was a non-signatory to the warranty and, even if it was bound by the clause, there were compelling reasons not to enforce it.
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William Doerler, White and Williams LLPMr. Doerler may be contacted at
doerlerw@whiteandwilliams.com
Chicago Developer and Trade Group Sue City Over Affordable Housing Requirements
September 03, 2015 —
Beverley BevenFlorez-CDJ STAFFThe Chicago Tribune reported that Hoyne Development and Home Builders Association of Greater Chicago are suing the city of Chicago, claiming that the “Affordable Requirements Ordinance is unconstitutional because it involves the taking of private party without ‘just compensation,’ violating the Fifth Amendment.”
Shannon Breymaier, spokeswoman for Chicago Mayor Rahm Emanuel, however, disputes the claims, and told the Chicago Tribune in an email that the city planned to “defend the ordinance vigorously.”
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Montrose III: Vertical Exhaustion Applies in Upper Layers of Excess Coverage
May 18, 2020 —
Christopher Kendrick & Valerie A. Moore – Haight Brown & Bonesteel LLPIn Montrose Chemical Corp. of Cal. v. Superior Court (No. S244737, filed 4/6/20) (Montrose III), the California Supreme Court held that, as between excess insurers at differing levels of coverage, a rule of “vertical exhaustion” or “elective stacking” applies, whereby the insured may access any excess policy once it has exhausted other excess policies with lower attachment points in the same policy period. The Court limited the rule to excess insurance, stating that “[b]ecause the question is not presented here, we do not decide when or whether an insured may access excess policies before all primary insurance covering all relevant policy periods has been exhausted.”
Montrose manufactured the insecticide DDT in Torrance from 1947 to 1982. In 1990, the state and federal governments sued Montrose for environmental contamination and Montrose entered into partial consent decrees agreeing to pay for cleanup. Montrose claimed to have expended in excess of $100 million doing so, and asserted that its future liability could exceed that amount.
Reprinted courtesy of
Christopher Kendrick, Haight Brown & Bonesteel LLP and
Valerie A. Moore, Haight Brown & Bonesteel LLP
Mr. Kendrick may be contacted at ckendrick@hbblaw.com
Ms. Moore may be contacted at vmoore@hbblaw.com
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Insurer Must Defend Contractor Against Claims of Faulty Workmanship
May 30, 2018 —
Tred R. Eyerly - Insurance Law HawaiiThe magistrate judge recommended that the insurer's motion for summary judgment seeking to determine there was no coverage for claims of faulty workmanship be denied. Greystone Multi-Family Builders v. Gemini Ins. Co., 2018 U.S. Dist. LEXIS 56770 (S.D. Tex. Feb. 26, 2018).
TPG (Post Oak) purchased an OCIP policy to cover construction of an apartment complex. TPG was sued by the contractor, Greystone, after TPG cancelled the construction contract. TPG filed a counterclaim against the contractor, alleging that Greystone had failed to properly perform in building a luxury apartment complex which resulted in monetary damages to TPG. The complaint further alleged that the project was nine months behind its substantial completion date, far from complete, and over budget when TPG cancelled the contract. The cost to fix the mismanagement caused by Greystone was $18.9 million.
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Tred R. Eyerly, Insurance Law HawaiiMr. Eyerly may be contacted at
te@hawaiilawyer.com