MONEY&MORE

YORK DAILY RECORD • FRIDAY, NOVEMBER 12, 2010

7A

I
Foreclosures

NSPIRING Home
NNOVATION seizures
Area high school students Kaitlyn Morrow, Morgan

decline
Nemtuda, Katheryn Schopp and Zion Um design a
strip mall during an architecture class. The ACE Mentor
Program encourages students to pursue careers in the
construction industry.
DAILY RECORD / SUNDAY NEWS — ANN FOSTER

Whether the trend continues

depends on how quickly
banks correct their errors
and resume foreclosing.
By ALEJANDRO LAZO
Los Angeles Times
LOS ANGELES — Lenders repossessed
9 percent fewer homes in October, an indica-
tion the foreclosure freezes put in place by
several major banks could be slowing the
record pace of home seizures this year, if only
temporarily.
Whether the trend continues depends on
how quickly the major banks correct their
errors and resume foreclosing. Daren Blom-
quist, an analyst with real estate information
site RealtyTrac of Irvine, Calif., which re-
leased the numbers, said the October data
represented probably little more than a tem-
porary slowdown.
“This is more of a blip,” he said. “We
would expect, even when we have seen the
big decrease in (repossessions), that we would
see a similar increase down the road in a few
months.”
Banks seized an estimated 93,236 homes
nationwide last month, a notable drop from a
record 102,134 homes seized in September but
still 21 percent higher than the 77,077 in Octo-
ber 2009.
California experienced a decline of 23 per-
cent from the previous month, with 13,754
DAILY RECORD / SUNDAY NEWS — ANN FOSTER homes seized. Home repossessions in Florida
Keith Smith, an architect with Providence Engineering Corp., talks with high school students during an architecture class at the Kinsley increased 1 percent to 13,434, but Blomquist
Education Center. Professionals volunteer their time with the ACE Mentor Program to help students pursue different areas of the attributed the rise to that state’s slower re-
construction industry. The local branch of the program runs design and trade sessions for high school juniors and seniors. porting process and said he expected declines
there when November figures are reported.

Construction mentors encourage students

Volunteers with the ACE Mentor Program help
high school students pursue careers in the industry.
By TERESA MCMINN
For the Daily Record/Sunday News
Elizabeth Kern, a recent Dallastown
Area High School graduate, said mentors
in the architecture and engineering fields
motivated her to pursue a college degree
to become a drafting and computer-aided
design teacher.
Kern participated in a local branch of
the national ACE Mentor Program.
ACE, an acronym for architecture, con-
struction and engineering, encourages high
school students to pursue careers in the
construction industry.
The program, which includes profes-
sionals such as mechanical, structural,
electrical, environmental and civil engi-
neers; architects, interior designers and
landscape architects that volunteer to help
students, also awards scholarships and
grants.
Ami Miller, an administrative services
manager at C.S. Davidson in York and the
York County ACE Mentor Program coordi-
nator, said the local branch of the ACE
program, which is completely funded by
donations, runs design and trade sessions
for high school juniors and seniors from
across the county.
Classes are every other week from Octo-
ber to May and are led by industry profes-
sionals from companies including Kinsley
Construction, C.S. Davidson and Buchart
Horn/BASCO Associates.
The York County Alliance for Learning
in conjunction with the
York County Economic
Online Development Corpora-
To learn tion also supports the
more, visit program, she said.
acementor. “It helps (students)
org. decide where they
want to go in the indus-
try,” Miller said, adding that during the
program, mentors also take the students to
visit an active construction site.
Each school typically decides which
students will enter the program, which is
very popular, Miller said.
“We usually have a waiting list,” she
said.
The ACE York County students are the
reigning champions at the structural in-
genuity construction competition at the
‘It helps (students)
decide where they
want to go in the
industry.’
AMI MILLER,
York County
ACE Mentor Program coordinator
annual Farm Show in Harrisburg, Miller
said.
Vaughn Silar, president of Paragon En-
gineering Services in York Township, said
he started volunteering as a mentor for the
program about six years ago.
“I want to help kids,” he said, adding
that he hopes the program will bring more
new professionals to the industry. “There’s
a shortage of engineers.”
Aaron Houseman of North Hopewell
Township is a volunteer firefighter with
companies in York Township and Winters-
town. He went through the ACE program
last year.
“I learned a lot,” he said. Understand-
ing a building’s architecture, he said, helps
him be a better firefighter. He hopes to
pursue a career in architecture. “It’s still
my dream job, along with firefighting.”
Several major lenders announced foreclo-
sure freezes beginning in late September. The
largest, Bank of America Corp., has declared a
national moratorium on foreclosure sales.
Overall, the number of homes in the fore-
closure process nationally decreased 4 per-
cent from the previous month for a total of
332,172 and was unchanged from October
2009. A total of 100,575 properties received de-
fault notices, the first step in the foreclosure
process, down 2 percent from the previous
month and off 19 percent from a year earlier.
Seizure process can
heal or hobble market
LOS ANGELES — California and Florida had
a lot in common during the housing industry’s last
boom-and-bust cycle.
Both were overrun by buyers hooked on high-
risk mortgages, speculators who helped push
prices to historic peaks and builders who didn’t
know when to stop.
But in the past year or so, California’s hous-
ing market, though still weak, has begun recov-
ering, while Florida’s remains on the critical list.
There are several reasons for the difference,
but many experts say a key one is the approach
to foreclosure.
California keeps things less complicated and
largely outside the courtroom, making it easier for
banks to seize and resell homes. Like 22 other
states, Florida requires repossessions be ap-
proved by judges, which some argue provides
extra protection for homeowners but can delay
the process for months.
The paperwork fiasco brought to light a cold
fact: Calling in a judge slows the repossession
machine.

Holiday shopping battle begins

Retailers use new forms of media to lure not only being marketed as
“Black Friday week,” but for a
Facebook.com recently
launched its Deals program,
spenders in with deals anytime, anywhere. growing number of stores, teaming up with stores includ-
“Black Friday month.” ing Penney and Gap Inc., al-
By ANNE D’INNOCENZIO savings for those willing to buy As for Thanksgiving, some lowing shoppers to “check in”
Associated Press amid an economy that’s still retailers such as Sears and Old using smart phones to reap re-
NEW YORK — From free worrying many. It also prom- Navy hope shoppers will head wards or discounts.
shipping from Wal-Mart to ises convenience. Retailers are to stores after they finish their The intense marketing is
Sears stores open on Thanks- offering deals anytime, any- turkey feasts. On the Web, happening in a season in which
giving for the first time, the where their customers want, Kohl’s Corp. and Target Corp. shoppers are expected to
battle for holiday shoppers’ through websites, smart phones are among many merchants spend only a little more than ASSOCIATED PRESS — LISA POOLE
dollars has begun in earnest. and Facebook. dramatically stepping up deals last year. Unemployment is still Wal-Mart Stores Inc. is going for the jugular in the
The early competition to Black Friday, the day after that day, counting on that holi- stuck close to 10 percent, and holiday retailing war, announcing Thursday it will offer
break through shoppers’ cau- Thanksgiving that typically day to be one of the busiest consumer confidence has been free shipping on nearly 60,000 online items — with no
tion about spending promises kicks off holiday shopping, is days of the year online. anemic for months and months. minimum purchase requirement.

Daily stats Pa. lottery Adhesives Research Local stocks: Thursday’s close
Thursday’s close
Last Chg York man wins guitar Manufacturer names president Company
ACNB
Last
14.90
Chg
-0.09
Company
Hershey
Last
47.98
Chg
+0.06
Dow 11,283.10 -73.94 Barry Peters of York won a Martin Performing Adhesives Research, an adhesive products man- Banco Sant. 11.52 -0.14 Honeywell 48.31 -0.52
Nasdaq 2,555.52 -23.26 Artist Series GPCPA1 guitar from the Pennsylvania Bon-Ton 13.22 -0.10 Johnsn Ctl. 37.11 +0.12
S&P 500 1,213.54 -5.17 ufacturer based in Springfield Township, has pro- Caterpillar 82.44 -0.02 M&T 82.09 -0.17
Lottery’s Win For Life Martin Guitar promotional moted George Stolakis to the position of president.
AMEX 2,133.51 -8.00 drawing, the state lottery said Thursday. Ch.&Dwight 65.14 -0.75 Metro 10.06 -0.29
Stolakis has been with the company since 1994, Cod.Vly Bnc. 9.02 +0.02 PNC 57.81 +0.49
The guitar is valued at $3,999. Comcast 20.68 -0.05 PPL 26.55 -0.05
NYSE volume unavailable most recently as vice president and general manager
Prime rate 3.25 percent Lottery players had a chance to win one of three Dentsply 31.79 +0.10 Rite Aid 0.96 NC
guitars when they mailed in $10 of nonwinning Win of the Adhesives Research division. He also has held Exelon 40.60 -0.03 Std. Register 3.13 -0.12
30-yr mtg. 4.39 percent
For Life instant tickets by Oct. 7. several management positions within the company’s First Energy 35.70 +0.04 Starbucks 30.74 +0.27
Thursday’s metal prices pharmaceutical and splicing business units includ- Fulton 9.11 -0.13 Susq. Banc. 8.24 -0.13
(N.Y. Mercantile Exchange) Briefly noted ing general manager, vice president and national Glatfelter
Graham
12.70
12.36
+0.22
+0.28
UGI
Wells Fargo
30.03
28.19
-0.39
-0.39
Gold 1,403.30 troy oz. Home loan rates set record lows again this week sales manager. Harley 32.33 +0.05 York Water 16.00 +0.08
Silver 27.40 troy oz. in response to the Federal Reserve’s plan to buy Before joining Adhesives Research, Stolakis held
Platinum 1,745.80 troy oz.
$600 billion in Treasury bonds, mortgage finance positions with Allied-Signal/General Chemical and More stocks YCI
On our blogs giant Freddie Mac said in its weekly report on rates. Union Oil of California. He has a bachelor’s degree c For more stocks infor- The York County Index,
Freddie Mac said Thursday the lenders it surveyed in marketing from Michigan State University. mation, visit ydr.com/
For real estate news, visit were offering 30-year fixed-rate loans at an average an average of the 28 stocks
business and use the listed above.
yorkblog.com/ of 4.17 percent with 0.8 percent in upfront lender “Yahoo! Finance” tools.
openhouse-york. fees. 29.24 –0.06