All this week we've been talking to people about their predictions for tech in 2014. Today we hear from Dave McClure, founding partner at the Venture Capitol firm 500 Startups. McClure traveled all over the world last year. We asked him what kind of software everyone everyone will be using this year. He says expect more growth in messaging apps around the world. Also, don't be surprised if online and mobile video sees a big boost in parts of the world where television is restricted.
Click the audio player above to hear more.
New York gets a new mayor this week -- Michael Bloomberg is being replaced by Bill De Blasio. And one of the things the new mayor will be looking at is the taxi of tomorrow: A fleet of green Nissan vehicles that launched this fall, fitted with some custom technology absent in the usual yellow cab. Former mayor Bloomberg pushed hard for the new cars, but their future is uncertain. Nonetheless we hopped into one recently for a ride from Manhattan to the boro of Brooklyn, accompanied by Ted Mann, who covers transportation for the Wall Street Journal's greater New York section, to help detail some of the new cab's features.
Foreclosures are way down from the worst of the housing crisis. But as we start this new year, don’t be surprised if some places see a rise in foreclosure sales. That’s because foreclosures that have been slowly working their way through judicial pipelines are now coming to market. That may prove a rude awakening in some areas.
In almost half of states, foreclosures have to go through court. The idea is to do everything possible to protect homeowners, but these judicial foreclosures can take a long time, sometimes take years.
Tom O’Grady is CEO of Pro Teck Valuation Services, which analyzes housing data. He says foreclosure is quicker in non-judicial states.
“It’s kindof like ripping the bandaid off, instead of pulling off slowly,” O’Grady says.
He’s found that non-judicial states have bounced back from the low point of their housing crises faster than judicial states.
Non-judicial states worked through their foreclosure pain – and inventories -- up front, says Dave Stevens. He’s head of the Mortgage Bankers Association.
“The home values were depressed much quicker, much faster, but now they’re in significant recovery,” says Stevens, who points to the double digit appreciation in places like Phoenix, Arizona.
“That’s gonna be very different in states like New York, New Jersey, and Florida where they have now the backlogs that are just hitting the market,” he says.
Foreclosures tend to sell for about 30% less than non-distressed sales, Stevens says. When there are lots of foreclosures in the market, they pull down the value of the homes around them. That means some communities won’t get to share in the housing recovery just yet.