Is Yelm approaching Groundhog Day 2008?
With a recession looming post-inflation, is the Yelm City Council prepared for an economic downturn?
Special Report – key points for Yelm officials to be aware:
+ In September 2008, a major recession ensued, biting Yelm 2 months later
+ In November 2008, one of the state’s largest developments went bankrupt in Yelm
+ Thurston Highlands developers left the city with $250,000 in unpaid taxes/fees
+ Yelm is on the verge of receiving more water rights, paving the way for unprecedented growth
+ Yelm’s council was told last night the city has over 700+ homes ready to be built
+ With 3.5-4 people per family home means Yelm expanding 25-30%
+ The council has previously made rumblings about selling the 640 acres Yelm owns.
+ Are they seeking a developer to build even more homes? Salivating at permit fees?
+ Is Yelm repeating past mistakes approving permits without Smart Growth guidance?
+ With fuel/food prices skyrocketing, the public is holding discretionary spending in check
+ Home prices here are about topped out and soon to drop as demand weakens
+ If a recession suddenly strikes, has the City of Yelm prepared to trim the budget?
+ The city is still recovering from being ill-prepared from the effects of the 2008 recession!
+ Five new council members in one year reflect a lack of experience and knowledge in governance and the city’s Achilles’ Heel.
+ And a question by a re-elected councilor last night as to whether the city’s Hearing Examiner’s meetings were public, was an embarrassment!
The recession news mounts exactly as in summer 2008
+ CNBC: 5-year and 30-year Treasury yields invert for the first time since 2006, fueling recession fears
+ Barron’s: An Inverted Yield Curve Doesn’t Always Predict a Recession. Why This Time Is Different.
+ NVN: Yelm Nears Acquisition of Additional Water Rights
+ The Olympian: Olympia area ranks 4th in nation’s small markets for homes selling above asking price – The statistics include homes in Lacey, Tumwater and their growth areas.
+ JOLT News: Retiring population, lack of flexibility contribute to labor shortage [in Thurston County]
+ CNBC: Here’s how the Fed raising interest rates can help get inflation lower, and why it could fail – Potential effects include lower wages, a halt or even a drop in home prices and a decline in stock market valuations.
+ CNBC: As inflation bites and America’s mood darkens, higher-income consumers are cutting back, too
+ CNBC: This isn’t a recession – it’s a ‘war-cession,’ top strategist says. Here’s why it’s different
* Editor’s note: The Federal Reserve is raising interest rates to cool inflation, meaning this area is now topping out on homes prices and sales, as buyers reconsider large home expenditures in this economic environment. Yelm’s Finance Committee would be wise to take heed of these changing winds!
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