REALTORS® are generally familiar with adverse possession and prescriptive easements--the acquisition of rights to another person's property without their permission. The law in this area has undergone considerable change over the last few years, and several recent opinions by the California Court of Appeal continue this trend.
By way of background, adverse possession and prescriptive easements each involves the unpermitted use of another's property for five years. After five years, an adverse possessor may acquire title to the affected property; with a prescriptive easement, you get a continued right to use the property, but not title. A key difference between the two concepts is that an adverse possessor must pay property taxes for the affected property, while one can acquire a prescriptive easement without paying taxes.
In the recent cases of Harrison v. Welch and Kapner v. Meadowlark Ranch Association, the Court of Appeal examined the law of prescriptive easements and concluded that the unpermitted use of another person's property that is "exclusive" (that prevents the true owner from using his or her land) generally will not give rise to a prescriptive easement. The court did not question the validity of "traditional" prescriptive easements, which are created by non-exclusive use of another's property with no permanent occupation (classic examples might include walking or driving across someone else's property to access your own property). But in the court's eyes, awarding a prescriptive easement to one who makes exclusive use of another's property is akin to awarding full title via adverse possession without the requisite payment of property taxes.
These recent cases will likely affect many boundary disputes. In the past, a property owner who constructed a fence or other encroaching structure over a boundary line might have claimed a prescriptive easement on the neighboring property after five years. Now, that argument would be much harder to make since the encroachment would probably be deemed an exclusive and permanent occupation of the neighbor's property that would not "ripen" into a prescriptive easement. (Granted, there are other legal arguments as to why such encroachments might not have to be removed. But after these recent cases, the law of prescriptive easements usually will not be the reason.)
The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, decreased by 0.2 percent to 1,114.9 on a seasonally adjusted basis for the week ending March 19 from 1,117.1 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased by 0.3 percent compared with last week and was down 25.6 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 63.1 percent of total applications for the week ending March 19 from 62.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.1 percent of total applications for the week ending March 19, compared to 27.9 percent the previous week, according to the report.
Due to the importance of HUD's efforts to reform the regulatory provisions of the Real Estate Settlement Procedures Act (RESPA) and the extensive concerns from members of Congress, consumer groups and the business community, HUD Acting Secretary Jackson on Monday announced that HUD has withdrawn the proposed rule from the Office of Management and Budget (OMB). Originally the OMB was to make a decision this month but last week extended it for another 30 days. C.A.R., as well as NAR, were among the groups opposing the proposal. Jackson indicated, without stating a timeline, that he will resubmit another proposal after proper "vetting" with all interested groups.
HUD submitted its RESPA proposal to the White House Office of Management and Budget for its review in December 2003, nearly a year and a half after the department first proposed it. But HUD kept secret what exactly it sent to OMB, so no one knew whether it was the same as the original proposal or incorporated changes. The original proposal netted an unprecedented 45,000 comments during the public comment portion in 2002. Many of those came from within the real estate industry in opposition to the changes.
The original proposal would have changed the disclosure requirements for mortgage broker fees, including the controversial yield spread premiums; simplifed the good faith estimate form; and permitted the sale of guaranteed-price bundled packages of mortgages and mortgage-related services.
A proposed new building on the North Side of Santa Barbara has sparked controversy. The DesignArc firm would like to relocate their offices to W Calle Laureles and construct a mixed-used building that would have subterranean parking, commercial space on the ground floor and 5 market rate condominiums on the top floor. For more please read a proposed new building on the North Side of Santa Barbara.
The latest publication from the Senior Advantage Real Estate Council (SAREC®) highlights the unique homebuying and selling challenges facing today's baby boomers as they segue into their senior years. "Baby Boomers: The Next Generation Seniors Market - Trends that Impact Seniors' Home Buying and Selling Habits" is the second in a series of informational reports produced by SAREC®. "Today's baby boomer is far from the typical real estate client," said Nathan Booth, senior advisor to SAREC®. "Many from this generation are experiencing the unique situation of becoming caregivers to their parents while raising children and planning for their own retirement."
The baby boomer generation, born between 1947 and 1964, is the largest demographic group now contemplating its senior years, according to the report. Those born in 1947 will be 57 this year, while the number of boomers and seniors will increase by 87 percent over the next 15 years. Last year, 41 percent of all home sellers were 55 years old or older. That number is expected to increase as more boomer homeowners become empty nesters, according to the report.
"Intelligent real estate planning can be one of the most important issues impacting boomers' financial security," Booth said. "In addition to meeting their own real estate requirements, baby boomers also are in need of identifying a REALTOR® who can provide their parents with appropriate living options. For seniors who have not bought or sold a home in many years, the real estate transaction process can be overwhelming." The report also revealed that there is a significant increase in the number of senior second-homebuyers. This trend is expected to continue with the boomer generation, as an increasing number hit their retirement years.
Copies of "Baby Boomers: The Next Generation Seniors Market - Trends that Impact Seniors' Home Buying and Selling Habits" are available upon request to RELATORS® by calling SAREC® at (800) 500-4564.
Today's Casa Article is a two parter. I've set out 10 steps to do before you call Tech Support. Sooner or later when you own a computer you'll be on the phone with Tech Support and there are definitely ways to make this experience briefer and more fruitful. If you're wondering What To Do Before You Call Tech Support please give the article a look.
To meet the challenges of increasing the housing supply and providing affordable homeownership options for more families in California -- where less than one in four households can afford a median-priced home - C.A.R. yesterday unveiled its 2004 legislative package in Sacramento. C.A.R.'s legislation in 2004 includes four bills that will improve homeownership opportunities for renters, increase the supply of second units, reform the low- and moderate-income housing requirements in cities and counties, and increase the flexibility and usefulness of the density-bonus law.
"Our legislation this year is another step in a concerted effort by California REALTORS® to confront and solve several components of the housing supply and affordability issues facing our state," said C.A.R. President Ann Pettijohn. "The inability of families to take that first step on the homeownership ladder could imperil the state's economy, and will ultimately impact all Californians."
C.A.R.'s sponsored legislation in 2004 addressing housing supply and affordability issues are: AB 2175 (Canciamilla) Condominium Conversion: Homeownership Opportunities for Tenants; AB 2348 (Mullin) Housing Element Reform; SB 1818 (Ducheny and Hollingsworth) Making the Density-Bonus Law Work; and AB 2702 (Steinberg) Ministerial Approval of Second Units.
Sales of new U.S. homes surged unexpectedly in February to their highest level since August, a Commerce Department report showed on Wednesday, suggesting the housing market continues to benefit from low interest rates.
Commerce said sales of new homes rose a stronger-than-expected 5.8 percent to a seasonally adjusted 1.163 million annual pace in February, the fastest rate since August 2003's 1.190 million clip.
January new home purchases were revised lower, however, to a 1.099 million rate from the initially reported 1.106 million pace.
February's results came in above Wall Street expectations for sales at a 1.098 million rate and showed homebuyers were not deterred in February, even as builders slowed construction of homes. Homebuyers continued to be lured into the market by low mortgage interest rates.
Compared to February 2003, new home sales were up a hefty 24.4 percent.
Last week, Commerce said housing starts dipped 4.0 percent in February. Permits, seen as a gauge of future construction, were also off.
The dip was more surprising given the direction of interest rates lately. According to mortgage finance company Freddie Mac, the average interest rate on a conventional 30-year mortgage fell to 5.64 percent in February, the lowest since July 2003, from 5.74 percent in January.
Still, some analysts have bumped up their expectations for the housing market in 2004 as interest rates don't appear set to rise as quickly as previously thought.
Wednesday's report showed new home demand running ahead of supply in February.
The supply of new homes relative to demand dipped in February, and, at 3.8 months' worth, showed the leanest inventory of new homes on the market since September.
Sales were strongest in the West, where they raced ahead by 28.5 percent compared to January, and the Northeast, where they posted a 12.0 percent gain. Northeast sales, at a 103,000 annual rate, were at their highest level since January 1997.
Sales in the Midwest slid 10.6 percent while purchases in the South were off by 1.2 percent in February.
A new $3 million proposal revealed Monday calls for major changes to the Elwood/Devereux coast, including trails, parking and habitat preservation across the picturesque wild land. For more please read the Ellwood/Devereux Proposal
The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 25.6 percent to 1,117.1 on a seasonally adjusted basis for the week ending March 12 from 889.1 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index increased by 24.8 percent for the week ending March 12 compared with the previous week and was down 31.9 percent compared with the same week one year earlier.
"Even with this surge in refinance applications, the share of applications for adjustable-rate mortgages is staying the same at almost 28 percent of applications and over 42 percent of the dollar volume," said Jay Brinkmann, MBA's vice president of research and economics. "This means that a sizable percentage of these refinance applications are for adjustable-rate loans."
The refinance share of mortgage activity increased to 62.8 percent of total applications for the week ending March 12 from 56.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 27.9 percent of total applications for the week ending March 12 compared to 28.1 percent the previous week, according to the report.
The National Association of Home Builders' Housing Market Index (HMI) stood at 64 in Mach, unchanged from February, according to a recent report. The HMI is derived from a monthly survey of builders that NAHB has been conducting for the last 19 years. Homebuilders are asked to rate current sales of single-family homes as "good," "fair," or "poor," where any number over 50 indicates that more builders view sales conditions as good than poor.
"The tremendous pace of home sales in last year's final months has apparently given way to a more sustainable level of activity in early 2004," said NAHB President Bobby Rayburn. "This climate of stability is a positive sign heading into the spring homebuying season."
Two out of three of the HMI's component indexes slipped in March. The index gauging current sales of new single-family homes fell two points to 69, while the index gauging sales expectations for the next six months declined three points to 70. The index gauging traffic of prospective buyers rose two points to 48, indicating some slight improvement in the flow of visitors to model homes over the last month, according to the report.
The C.A.R. Disaster Relief Fund has disbursed $103,000 to members and local association staff impacted by natural disasters since October '03. The fund was created to distribute grants of between $1,000 and $5,000 to REALTORS® and local association staff who have lost their homes or places of business as a result of disasters. C.A.R. members impacted by the Southern California wildfires or last month's earthquake in Paso Robles may apply for financial assistance from the C.A.R. Disaster Relief Fund by accessing and completing an application through C.A.R. Online. Applicants must provide the documentation required; otherwise, the application will not be processed.
The C.A.R. Disaster Relief Fund also may be used for future disasters. For complete information on the C.A.R. Disaster Relief Fund and other disaster-related resources, visit the REALTORS® Care section of C.A.R. Online.
Today's Casa Article is all about making a Pocket PC PDA work on the Mac. Yes, that's right with a product called Pocket Mac, now Pocket PCs aren't just for Windows Users anymore. If you're a Mac user and have been lusting after something a little cooler than your current Palm OS device, please read "Is That a Mac In Your Pocket."
The Federal Open Market Committee yesterday kept its target for the federal funds rate unchanged at 1 percent. "The Committee continues to believe that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity," the Fed said in a statement. "The evidence accumulated over the intermeeting period indicates that output is continuing to expand at a solid pace. Although job losses have slowed, new hiring has lagged. Increases in core consumer prices are muted and expected to remain low."
"The Committee perceives the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal," the statement continued. "The probability of an unwelcome fall in inflation has diminished in recent months and now appears almost equal to that of a rise in inflation. With inflation quite low and resource use slack, the Committee believes that it can be patient in removing its policy accommodation."
The Conference Board's Help-Wanted Advertising Index, a key barometer of America's job market, edged up one point in January compared to the previous month and now stands at 38. The Index was 41 in January 2003.
"The economy continues to gain momentum in the first quarter, and the Leading Economic Indicators suggest the trend will carry into the second quarter of 2004," said Conference Board Economist Ken Goldstein "But consumers are starting to get a little more nervous about how much progress the labor market will make, as indicated by the widespread decline in consumer expectations in February. However, with want-ad volume inching higher through January, the signals are that labor market improvement is continuing to slowly develop."
The Conference Board surveys help-wanted advertising volume in 51 major newspapers across the country every month. Because ad volume has proven to be sensitive to labor market conditions, this measure provides a gauge of change in the local, regional and national supply of jobs.
New York City residents spend an average of about one full week a year getting to work, the longest commute time in the nation among large cities, according to a new ranking of American Community Survey data released by the U.S. Census Bureau. New York City residents take an average of 38.4 minutes to get to work each day, more than five minutes longer than Chicagoans, who face a commute of 32.7 minutes. Other large cities with populations of 250,000 or more with long commutes include Philadelphia (30.3 minutes); Riverside (29.8); Baltimore (29.7); Washington, D.C. (29.4); San Francisco (29.2); Oakland (29.1); Los Angeles (28.5); and Boston (28.2).
States with some of the longest commute times are New York (30.8 minutes), Maryland (30.0), New Jersey (28.3), Illinois (26.7) and California (26.6) -- all above the national average of 24.4 minutes. States with the shortest commute times are North Dakota (14.8 minutes), South Dakota (15.0), Nebraska (16.1) and Montana (16.7).
The sweeping reform of the nation's rental assistance voucher program announced in HUD's 2005 proposed budget is designed to help public housing authorities (PHAs) enable more low-income families to transition to self-sufficiency while reducing the number of families on long waiting lists around the country, according to a recent report from the U.S. Dept. of Housing and Urban Development (HUD). The new Flexible Voucher Program (FVP) will allow PHAs to assist the 1.9 million families the Section 8 program currently assists and potentially serve more families. Under FVP, PHAs will continue to receive direct funding from HUD to administer the program, but with added flexibility and less red tape to encourage PHAs to manage effective programs.
FVP shifts the rental assistance program from a unit-based distribution system to a dollar-based system to give PHAs the freedom to adjust their programs to address the changing needs of their communities and better control increasing voucher costs. FVP will allow PHAs to set rents using local rental market data rather than HUD's Fair Market Rent (FMR) data, which is estimated, imprecise and often lags behind market fluctuations. In addition, the FVP will reward housing authorities that are good managers through performance-based incentives while holding PHAs accountable for poor performance
The percentage of households in California able to afford a median-priced home stood at 23 percent in January, a 6 percentage-point decrease compared to the same period a year ago when the Index was at 29 percent, according to a report released last Thursday by C.A.R. The January Housing Affordability Index (HAI) was unchanged from December, when it also stood at 23 points. C.A.R.'s monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. C.A.R. also reports housing affordability indexes for regions and select counties within the state. The index is the most fundamental measure of housing well-being in the state.
The minimum household income needed to purchase a median-priced home at $405,720 in California in January was $94,020, based on a typical 30-year, fixed-rate mortgage at 5.70 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home at $168,700 in the U.S. in January 2004 was $39,090.
At 56 percent, the High Desert region was the most affordable C.A.R. region in the state, followed by the Sacramento region at 38 percent. The Monterey region was the least affordable in the state at 14 percent.
According to the preliminary court ruling that came down yesterday Goleta must allow developers of the The Residences at Sandpiper to go ahead with their project. In his decision Santa Barbara Superior Court Judge William McLafferty questioned why city officials worked for months with the builders of the development to shepherd the housing proposal toward approval, only to deny it in a December 2002 Council vote.
“Having committed itself to one position…the city could not then deliberately change its position,” the judge wrote. “The court is puzzled by the city’s failure to make any reasonable explanation as to why it worked with the petitioner for many months, and then unaccountably made a 180-degree change in position with respect to the project.”
Today's Casa Article is all about the amazing array of Memory Cards all of our digital devices have. From Compact Flash, to Secure Digitial, to Smart Media, to Memory Stick and more. There's got be an easier way to get the stuff that we want either on or off these Cards.
I found a device put out by SanDisk that reads 8 different formats and even transfers data from one card to another without having to first download it to the computer. Please read It's All in the Cards
Friday more than a year after developers launched a $32 million lawsuit against the city of Goleta the parties will have their day in court. The legal showdown, before Santa Barbara Superior Court Judge William McLafferty, is expected to focus on the meaning of an obscure state code describing rights and rules affect newly incorporated cities, which lies at the center of the dispute.
At issue is whether the new Goleta City Council acted improperly on Dec. 16, 2002 when it rejected the Sandpiper development with a 4-1 vote, despite its approval by the county Board of Supervisors a year earlier.
Goleta’s denial sent a message to developers: Densely clustered housing on narrow streets would no longer be welcome in the city of more than 28,000 residents, unless developers provide outdoor parking in amounts similar to that of the traditional suburban tracts that dominate Goleta.
California voters agreed with C.A.R.'s positions on the March ballot initiatives, voting "FOR" Proposition 55, The Kindergarten-University Public Education Act of 2004; "AGAINST" Proposition 56, State Budget, Related Taxes, and Reserve. Voting Requirements. Penalties; "FOR" Proposition 57, The Economic Recovery Bond Act; and "FOR" Proposition 58, The California Balanced Budget Act.
To support C.A.R.'s involvement in California's political process, the Association's Issues Mobilization Political Action Committee (IMPAC) contributed $25,000 to Californians for Accountability and Better Schools: Yes on Proposition 55; $100,000 to Californians Against Higher Taxes: No on Proposition 56; and $100,000 to Californians for a Balanced Budget: Yes on Propositions 57 and 58.
Sales of existing condominiums and cooperatives surged to a new annual record in 2003, while the pace of sales activity in the fourth quarter was the second highest on record, according to a recent NAR report. There was a total of 898,000 existing condo and co-op sales last year, up 9.5 percent from the previous record of 820,000 units in 2002. The sales pace dropped 5.8 percent in the fourth quarter to a seasonally adjusted annual rate of 914,000 units from a record 970,000-unit pace in the third quarter. Sales remained 10.3 percent above the 829,000-unit level of sales activity in the fourth quarter of 2002.
Last year marked the eighth consecutive annual record for the condo and co-op market.
"The growth of condo sales since 1995 is unprecedented and reflects a new level of demand in the market," said David Lereah, NAR's chief economist. "The easing we saw in the fourth quarter was expected after a record spike in the third quarter, but sales remained exceptionally high. There is a tremendous momentum that will be driving the condo market again this year."
In the fourth quarter, the median existing condo/co-op price was $174,700, a 14.9 percent increase compared to the same period a year ago. For all of 2003, the median existing condo price was $163,800, up 15.2 percent from a median of $142,200 in 2002.
According to a recent economic outlook prepared by the Los Angeles County Economic Development Corporation (LAEDC), some of the best business prospects for Southern California include: tourism, international trade, technology, and aerospace. Some of the worst: health services, apparel industry, and motion picture/TV production. "The economy of Southern California is on a growth track in 2004, but the state's poor business environment will limit job growth in the area," said Jack Kyser, LAEDC chief economist and senior vice president. "Moreover, many of the new jobs created will tend to be in lower wage occupations."
New home construction in the region will ease back a little from 2003, which in most cases was the strongest performance since 1990. "However, the region's population continues to grow, so the 'housing deficit' will remain a problem," said Kyser. "There is concern about a housing 'bubble,' but interest rates are forecast to increase moderately over the next two years, while the economy will be healthy. This is a much different situation from the early 1990s."
The five-county forecast (Los Angeles, Orange, Riverside, San Bernardino, and Ventura) reveals that the area has a diverse economic base, which is not generally well-recognized. "In 2003, the Los Angeles metro area was the nation's largest manufacturing center (based on employment); Orange County ranked 9th, the Riverside-San Bernardino area was 17th and San Diego County placed 19th," Kyser said. "In fact, the average manufacturing employment in Southern California's six counties of 953,000 jobs last year would rank the area second in the nation if it were a separate state, after California and ahead of Texas."
The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 2.8 percent to 878.7 on a seasonally adjusted basis for the week ending Feb. 27 from 854.5 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index increased by 15.2 percent for the week ending Feb. 27
compared with the previous week and was down 29.3 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 56.4 percent of total applications for the week ending Feb. 27 from 55.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.8 percent of total applications for the week ending Feb. 27 compared to 27.1 percent the previous week, according to the report.
The U.S. leading index increased 0.5 percent, the coincident index increased 0.3 percent and the lagging index was unchanged in January, according to a recent Conference Board report. January's 0.5 percent gain was the largest increase since October. The leading index has now increased at a 5.0 percent annual rate from its most recent low in March, and this growth has continued to be widespread, with the exception of the real money supply, which continued declining in January, according to the report.
The leading index now stands at 115.0 (1996=100). This index increased 0.2 percent in December and increased 0.3 percent in November. During the six-month span through January, the leading index increased 2.0 percent, with eight out of ten components advancing.
Today's Casa Article is all about how to avoid those repetive stress disorders that plague us. If you spend a lot of time working at your computer it would be a good idea to check out Feeling Good!!
The seasonally adjusted annual rate of new single-family homes sales declined 1.7 percent in January to 1.106 million compared to December, according to a recent U.S. Dept. of Commerce report. January sales increased 9.6 percent compared to January 2003's rate of 1.009 million units.
"We are projecting a 3 percent decline in new home sales for the year as a whole based primarily on anticipated upward movements in mortgage rates as the year progresses," said National Association of Home Builders Chief Economist David Seiders. "However, if interest rates remain at or near current levels throughout the year, new home sales could equal or even surpass the 2003 record."
Three regions registered sales declines for the month. The Northeast, South and West posted 5.0 percent, 2.1 percent and 3.9 percent declines, respectively, according to the report. The Midwest registered a 5.6 percent increase over the previous month. The inventory of new homes for sale in January increased to 370,000 units, a 4.1-month supply at the current sales pace -- quite low by historical standards.
Existing-home sales nationwide increased 2 percent in January to a seasonally adjusted annual rate of 6.04 million units compared to 5.92 million units for the same period a year earlier, NAR reported today.
The national median existing-home price was $168,700 in January, up 5.4 percent from January 2003 when the median price was $160,000. Housing inventory levels declined 4.3 percent at the end of January with 2.20 million existing homes available for sale, representing a 4.4-month supply at the current sales pace, according to the report.
The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 2.1 percent to 854.5 on a seasonally adjusted basis for the week ending Feb. 20 from 837.1 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased by 6.7 percent for the week ending Feb. 20 compared with the previous week and declined 24.1 percent compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 55.7 percent of total applications for the week ending Feb. 20 compared to 56.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 27.1 percent.
The Consumer Confidence Index fell 9.1 points from 96.4 in January to 87.3 this month (1985=100), according to a report released yesterday by the Conference Board. The Expectations Index fell to 96.8 this month from 107.8 and the Present Situation Index declined to 73.1 from 79.4 in January.
"Consumers began the year on a high note, but their optimism has quickly given way to caution," said Lynn Franco, director of The Conference Board's Consumer Research Center. "Consumers remain disheartened with current economic conditions, and at the core of their disenchantment is the labor market. While the current expansion has generated jobs over the past several months, the pace of creation remains too tepid to generate a sustainable turnaround in consumers' confidence. And, with consumers anticipating economic conditions to remain about the same in the months ahead, their short-term outlook turned less optimistic."
Consumers' assessment of current conditions was less positive in February than last month, with those claiming business conditions are "good" declining to 19.3 percent from 21.9 percent. Those claiming conditions are "bad" rose to 25.1 percent from 22.9 percent in January. Consumers claiming jobs are "hard to get" edged up to 32.1 percent in February from 31.6 percent the previous month. Those saying jobs are "plentiful" declined to 11.8 percent this month from 12.3 percent in January.
Consumers' short-term outlook weakened significantly, with those expecting business conditions to improve in the next six months dropping to 21.8 percent from 27.6 percent in January. Consumers anticipating more jobs to become available in the next six months fell to 18.7 percent this month compared to 22.0 percent in January.