May 2008 Archives

The success of the I-235 reconstruction project has attracted some attention in Minneapolis, with one of the Twin Cities' TV stations offering a 5-minute video report lauding the improvements on the MacVicar Freeway. The reconstruction cost a whole lot of money -- about $430 million in all -- but it's also pretty apparent that the old road simply wasn't going to be safe to drive for much longer. The quick Des Moines commute -- under 20 minutes, on average -- saves the average commuter two hours a week in traffic versus what they'd spend on the roads in Chicago. That difference accumulates to 100 hours a year that a Des Moines resident can spend on recreation that a Chicagoan can't. Quality of life is a big factor in choosing where to live.

The Des Moines Business Record has a well-researched review of the collapse of Regency Homes. The whole affair is unfortunate, since it leaves people unemployed, contractors unpaid, and prospective homeowners in dire straits. The story rather strongly suggests that Regency simply overextended itself, and once Wells Fargo changed some of its lending terms, the overreach caused the company to topple. Bad loans hit Wells Fargo hard in October and again in January following the previous quarters' reports. The bank is still trying to contain the bad news, though it had started cutting back on higher-risk loans more than a year ago.