Greenspan Covers His A$$; Mortgage Applications Down. Shocker.

Former Federal Reserve Chairman Alan Greenspan said falling U.S. home prices are ``nowhere near the bottom" and the resulting turmoil shows no signs of abating. Ya think?Bloomberg reports that the Mortgage Bankers Association index of applications fell 14% last week. This is the lowest level since the year 2000. And refi applications fell by 23%, also the lowest level since 2000. Tighter

W Signs the Housing Bill

Though how much good it can actually do only time will tell.

Writing Wrongs

Wyndham: I've just had some feedback from two people but they've given completely contradictory feedback on one aspect of the script. The script is now going into exile in my sock drawer for six weeks or so. What kind of decisions should I be making when I get it out again and start the dreaded process of rewriting?

First, the good news. You’re doing the right thing by putting it in your sock drawer. Taking time-out and gathering perspective is just as important as brainstorming yourself into a quick rewrite. It’s all too easy to take on board everything people say and do another draft but the end result can be messy as the script can lose the focus and intent of the original writer.

The bad news? Only you can decide what’s best for the script. No-one else. There isn’t a simple solution. It comes down to instinct and personal choice. Don’t try to second-guess the audience (or the script reader). Don’t be swayed by feedback that goes against your natural impulses and/or what you always intended for the story.

Use your common sense. If you get three or more people pointing out the same problem in the script, then you should probably listen to what they’re saying (but not necessarily respond to their feedback, if you ultimately disagree with it). If you’ve got two contrasting opinions on only one element of the story, then it’s not a case of who’s right and who’s wrong, it’s a case of what you think is best. Choosing an option, knowing you’re right, that it’s good for the story (not your ego, or your mate or your reader). Then, sticking to your conviction all the way.

Your decision may be the difference between box office gold or failure (hey, it could have been the wrong choice) but you’ve got the be content, in your heart of hearts, that you made the right judgement. Some writers/filmmakers are happy with imperfect stories because they stuck to their conviction about what they wanted to say. It may not have impressed or satisfied the audience in the way that they intended but they made a decision and refused to bend.

Don’t feel tortured by the decisions you have to make. It’s all part of the process. Weigh up the good and the bad but go with your gut. As writers, we need to stand up and be counted; to take more responsibility for our work. We shouldn’t rely on other people’s approval or amend our stories for every bit of feedback that we receive. If it’s a particularly problematic part of the story that’s dividing opinion then, again, only you can decide what needs to be done.

If a basic like or dislike has been expressed about a certain scene or moment, it doesn’t necessarily mean that both responses are correct. But if the part of the story is troubling you, and you value the contrasting views, then dig deeper to find out the core of the problem. Ask yourself some questions. ‘What is the purpose of this scene?’ ‘Is it true to the character?’ ‘Does it really belong in the story?’ ‘Is it out of tone with what’s already happened?’ ‘What would happen if it was removed altogether?’ ‘Is it important to me or important to the plot?’ Answering these questions, or questions like them, should help clarify what you intended rather than bouncing off feedback that might not be entirely relevant.

Alternatively, use index cards or a cork board to lay out the scene, sequence or storyline in front of you. Experiment. Change. Add. Delete. Once you’re happy that something is right, and it works, then dig deep and stand firm. Ten different people might give you ten different opinions but that’s the nature of the beast. Make the right decision for the story, not for anyone else. You can’t rewrite forever.

Home Prices Fall, Covered Bond Market, Merrill's CDOs

This time, it's 16% year over year, from last May. Meanwhile, regulators, bankers and traders, led by Treas Sec Hank I'm-Sorry-I-Ever-Left-Goldman Paulson came together on Monday to figure out how banks can come up with cash for mortgages. They're hoping to develop a “covered bond market." Not sure what the hell that is? Read this.Merrill has decided to sell $30.6 BILLION of their securities

Suspects Arrested

MLS #451219606 Monticello Avenue$599,000.00Suspects arrested in what appears to be gang shooting, according to the Daily Progress:The suspects are known to associate with Charlottesville-area gangs, police said.“There appears to have been a conflict between two groups,” Charlottesville Police Chief Timothy J. Longo said. “Suffice it to say, a conflict arose. Gunfire resulted.”Magruder — also

Ah, Belmont....

....Where a Half-Million Dollars can get you a stucco masterpiece or a Frank Bergland Flip, and you can also be within earshot of gunfire and death.To be accurate, both of these properties have had "price drops." Er, enough to move them out of the Bubble? With "reductions" at or below 5%? Aren't these just "psychological" drops, trying to convince a buyer s/he's not paying a Half Million

Is Your Kitchen Dangerous?

Thinking of buying or selling a home?Make sure your granite kitchen counter isn't toxic.

Little Help?

Need help selling your house? Try Saint Joseph. With purchase of statue, you also get to post your listing on statue retailer's website. Apparently, St. Joe works best for those of faith. (And, we might add, he'll work for those who have the faith to price their house according to this market, not the market in their own private fantasy....) Be sure to check out the listings for Virginia.

Two More Banks Fail

From WSJ: Federal regulators shut down two national banks late Friday in the latest chapter of the credit crisis. The Federal Deposit Insurance Corp. protected all depositors by selling the accounts to Mutual of Omaha Bank.The Office of the Comptroller of the Currency, a division of the Treasury Department, revoked the charters of First National Bank of Nevada, based in Reno, Nev., and First

Existing Sales Down 15.5% from a Year Ago; Realtor vs. Realtwhore

Nobody is surprised. Right?The National Association of Realtors reported that sales dropped by 2.6% in June to a seasonally adjusted annual rate of 4.86 million units, a 10-year low. Median house prices are also down 6.1%.This is more than double the decline that had been expected and left sales 15.5 percent below where they were a year ago.Meanwhile, Fitchratings.com has a new ratings system

"Privatize the Profits, Socialize the Losses"

1. Thursday, and we're waiting for the National report on existing home sales for June, due today.2. The House has passed the Housing Bill after "W" says he will sign it.Mr. Bush was opposed due to the $4B earmarked for local governments to buy and refurbish foreclosed properties--because he considers it a bailout. This kind of plan is already in place near us--and even closer to Mr. Bush

"Rebound"--? No. Billions Lost? Yes. Again.

In the news: Large second-quarter losses at Wachovia and Washington Mutual revive concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis.Huh? Did anybody really think we were in recovery?According to the AP, "Investors who were growing optimistic after a string of upbeat bank results in recent days were jolted Tuesday when Wachovia, the

903 Rougemont: New MLS #, New Price

A veritable firestorm ensued in the comments section back on July 2 when we reported that 1705 Rugby Circle had a new MLS #. Lately our heads have been bobbling over here in Bubble Central with the onslaught of shocking financial news, so we haven't had a chance to get this post up: the MLS "New Listing" as of Friday, July 11. It's the Belmont "starter home" at 903 Rougemont now dropped in price

$$$$$$$$$$$$$$$$$$$$$$$$$$$

The cost of the Fannie Freddie Bailout?$25 BILLION OF TAXPAYERS' MONEY.

Amex Superprime Problem; Wachovia Exits Wholesale Mortgage

Calculated Risk reports on AmEx's Conference Call:“Over the past month or so, we have seen clear signs that the US economy is weakening. Unemployment rates, as we know, took the largest jump in over 20 years. Home prices declined at the fastest rate in decades, and consumer confidence is at one of its all-time low points. Card member spending particularly among consumers slowed sharply during the

Personal Vs Genre

Kevin: What's your take on screenwriting competitions? Do you feel there is a bias against genre writers? If Die Hard and Brokeback Mountain were competing in the same writing competition it seems to me Brokeback would win every time. As a genre writer, are the odds even more against me?

This is a really good and difficult question. This will be a long post. The quick answer is that there is probably a tendency to choose personal or intimate screenplays over more popcorn fare. This is not to say that there’s a deliberate bias against genre writers but the problem with spec genre scripts (and even some commissioned ones) is that they can feel samey, familiar, derivative or just a lame knock-off of the latest hit. If you’re submitting a genre script to a screenwriting competition, two main factors will help you stand out: a really strong concept and a highly polished style of writing (crisp, lean and stylish).

Let’s go back to 2004. I had been a script reader for four years at this stage, dishing out the dirt on all the scripts that came my way. So, I decided it was time to ‘put up or shut up’. I had to write a script that would demonstrate that I knew what I was talking about, and would represent a good sample of my writing abilities. I dismissed my two or three genre scripts I had written to-date, and started afresh with a low-concept, low-key coming-of-age drama set in Ireland. I wanted to show that I could create an original story with interesting characters and put them through an emotionally charged story. The result was Run For Home, which won me a BBC Bursary in 2004 and went on to be developed by Parallel Films (producers of Intermission and Breakfast on Pluto). The BBC judging panel told me that it was Run For Home’s emotion that made it the winner (although, naturally, it was a very close call between Ruth and Martin, the other two finalists). To this day, the script gets me meetings and assignments (I think it’s my agent’s favourite) so as a basic strategy, writing the script has been extremely worthwhile indeed.

As a reader, you do respond to scripts that have ‘heart’ or move you in some way. The ability to conjure emotion from the screenplay format is a skill that should not be underestimated. Genre scripts don’t often get that luxury as they’re more focused on plot and action rather than character or emotion. If Die Hard and Brokeback Mountain were competing in the same writing competition, it would be natural to assume that Brokeback would win every time but Die Hard stood out because of its characters (great hero, even better villain) and its exciting plot. Brokeback’s emotion was certainly evident in the screenplay but it wasn’t exactly a riveting read (and anyway Die Hard & Brokeback mightn’t be the best examples as they’re based on a book/short story, so they have some leverage before they hit an exec’s desk).

For Red Planet 2007, we were open to any genre and any script. It’s fair to say that only a few genre scripts made it through to the 2nd round, and even fewer made it to the final shortlist. Those that did make an impression stood out because of their original premise (or a neat twist on a familiar idea) and backed it up with a polished style of writing, making the script easy to read and maintaining an interest in the story. Sam J by Joanna Leigh was easy to spot as the winner, even as we were still finalising the shortlist. It had an interesting and original idea, and was written with style and assurance. True, it wasn’t ‘high concept’ but it was a genre script (biopic). It was interesting to note that a few ‘true stories’ and biopics made it through to the 2nd round as generally they do stand out with more appeal and interest. Original concepts and stories are more of a hard-sell, especially from an unknown writer. The premise and writing really needs to be strong to grab your attention and make that all-important impression.

If you really want to know about how genre scripts fare in writing contests, all you have to do is check out the past winners of the major screenplay competitions. The Nicholl, Blue Cat, Red Planet etc. The most illuminating competition regarding “personal scripts Vs genre scripts” was Project Greenlight, the script contest spearheaded by Matt Damon and Ben Affleck. Project Greenlight stood out from the other competitions in that it was going to produce the winning script. In its first year, they chose a touching coming-of-age drama, Stolen Summer, a really sweet script. The result? It bombed, big time.

The next year, they tried to shake it up a bit but still chose a more personal and intimate story. The result? Another bomb. For its third (and final) year, they went for a genre script, a horror called Feast, having learnt their lessons with their previous winning scripts. Feast didn’t get a cinema release (to my knowledge) but Project Greenlight has proved that there is a marked difference between a general screenwriting competition looking for new writers and a screenwriting competition that is looking for a script to make into a commercial feature film.

In the UK, you have MySpace Movie Mashup, in which the public choose the winning pitch (this year’s winning script/pitch being David Lemon’s Faintheart). And Kaos have also launched a competition to find a feature length script that they will produce & release (budget £2 million). It’s not genre specific but seeing as they’re going to make the film, it’s probably fair to say that the winning script will (or should) have some commercial qualities.

So, if you’re a genre writer (and that’s all you want to write), think big and bold but always remember that craft is not a substitute for character. All the best genre scripts are remembered for their protagonists rather than their plot. Sure, their plot was what made the film exciting and memorable but only because the hero was worth rooting for all the way. And keep reading scripts, especially the good American genre scripts, as their style and structure is usually a cut-above any kind of genre script that gets shopped around in the UK.

** UPDATE ** Also remember that the UK Film Council are always looking for strong genre scripts. Check out their development fund criteria and submit your hot spec. It's kind of like a competition, and you can enter as many times as you like. It will go through the usual 'Pass/Consider' process of a script reader but hey, it's a wide open scheme for anyone and everyone so we have little excuse not to explore every free and available opportunity.

FDIC/Fed Gov Engaging in Predatory Lending

"Federal officials heap much of the blame for the subprime mortgage mess on lenders, claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court."Whee! There'd only

One of Our Bubbles Floats Into the New York Times....

As part of the regular feature, "What You Get for..."In this case, $700,000.00.Check it out.[Update: be sure to check out the comments & follow the link in #1. Thanks, Jim!]

L-ish Economic Prospects: Paul Krugman

Here's an op-ed with some interesting "facts" about housing numbers...and what this economist sees for the economy's recovery. As usual, bolding courtesy of Real C'ville - The Bubble Blog.L-ish Economic ProspectsBy PAUL KRUGMANNYTimesHome prices are in free fall. Unemployment is rising. Consumer confidence is plumbing depths not seen since 1980. When will it all end?The answer is, probably not

Citigroup's Losses....

JPMorgan, Merrill Lynch, and now, of course, Citigroup. Sure, it's no "surprise." Nevertheless, these numbers are shocking.The only reason you may be shrugging this off is because you can't conceive of how much $$$ this is--and because this news has become "commonplace."The NYTimes reports,Citigroup said Friday morning that it lost $2.5 billion, or 54 cents a share, in the second quarter.The

Weekend Tidbits

Summer lull getting you down? Can't quite summon the creative energy to get started on your latest project, or, are you stuck, wondering what to do? Surfing the net 'till you're blue in the teeth? Well, why not procrastinate further with this nifty animation short? (and no, it's not me doing the voice as some people have asked)



On the other side of the coin, you may be busy with a script and are excited about the exec's feedback to take you to next draft. Surely all the clichés about execs and 'bad notes' aren't true, right? Take it away, Mitchell & Webb in what is probably the best sketch EVER about 'those' kind of meetings: "Not this, not this at all, don't do this, but what if say the main character dies at the end of chapter one. I mean not that but something like that, I mean not like that, but yeah."



And finally, a script call that might be of interest.

"We are a new production company with several successful short films under our belt and we are now seeking to shoot our first 90 minute, £250K feature film. We are seeking screenplays that are set in one location with around 6-12 actors in total with no need for special effects, that can be shot on in the UK. We are shooting using a RED One camera, so it will look as good as 35mm film but cost a lot less.

We are looking for finished scripts, send us a treatment or the first 10 pages and if we like it then we will shoot it!

More information about me and our last film can be found at Big Gulp Films or email James Newton, james @ biggulpfilms . com . This will be a joint venture between Big Gulp Films and Federated Films."

JPMorgan's Prime Mortgages Causing Losses; Could Triple

It’s not just subprime anymore.The NYTimes reports that James Dimon, the boss at JPMorgan, said that losses stemming from “prime” mortgage loans could triple in the coming months."So far, the pain in the mortgage crisis has been concentrated in so-called subprime loans, which were given to those with poor credit histories.JPMorgan has weathered the subprime downturn better than many of its peers.

Selling a House? Tips from WSJ

The WSJ has an interesting article, which is really a long list: "How to Sell a House, When You Have to Sell It Now."The article opens by consoling the seller with "Hey, it could be worse. You could be trying to sell a Hummer." Good point. People don't need Hummers, but they often do need houses, and the seller has to make the most of this need.Before writer David Crook gets into his list, he

JP Morgan 2nd Q Profit Down 53% From Same Time Last Year

This a.m. the NYTimes reports, "JPMorgan Chase, the banking giant that has weathered the credit crunch better than many of its peers, said Thursday that its second-quarter profit plummeted 53 percent from the same time last year, to about $2 billion.The firm attributed the drop to increased charges tied to subprime mortgages and other bad debt bets. JPMorgan also absorbed Bear Stearns, the

NAR's Public Awareness Campaign: Thanks for a Good Laugh

Agent/Blogger Jim Duncan will be on WINA AM 1070 on Thursday, July 16, from 5-5:30 pm--perfect for your walk or drive home.While we were clicking around REALCentralVA this evening, we came across this link to NAR in the "Sideblog." We of course clicked on the link, because it was prefaced with the statement, "NAR should apologize for this."Public Awareness Campaign: It's a Great Time to Buy or

Good News, Bad News, Sad News, Mad News

Bad News: Consumer prices surged 1.1% in June, driven by the (manipulated) cost of fuel. Inflation in June rose at the fastest rate in 17 years, the government said on Wednesday, the day after Bernanke warned inflation posed a significant risk to the nation’s economic outlook. You can read about this here.Good News: That being said, however, have you been to Barracks Road or Fashion Square

The Second Day Of Our New Reality

What a compelling day:The Dow dropped below 11,000 for the first time in two years.In a news conference, President Bush attempted to allay fears about the economy; instead, anybody with an IQ of 100 or higher will be tempted to stockpile several months worth of food and cash--oh, wait, this is what the CDC recommends for emergency preparedness due to Avian Flu or Terrorism. Read the transcript

Monday, July 14: The First Day of the Rest of Our Economy

Mission Accomplished:We are now in the worst economy since the Great Depression. The Bottom is nowhere in sight. We usually have just one Martini during cocktail hour. Tonight, 6:30pm, we're on our third. We're hoping three's a charm.Banks Get Clobbered in Trading Today:The Dow Jones Industrial Average ended down by 45.35 points at 11055.19, cut down by sharp declines in its banking

SWF: Day Three

First up, Mike Gubbins, editor of Screen International, gives a talk on what kind of scripts are selling, what the current trend is, and what production companies are after. Mike spoke to a few execs to ask them what they want. “Edgy….but fresh. Freshly edgy. Authentic, but in a fresh and edgy way. Not gritty, no not gritty, don't want gritty. Just non-grittily edgy with a fresh and authentic quality.” In other words, they don’t know what they want but the ever-popular genres of comedy and horror got a mention. Mike encouraged everyone to think about the future: the internet. Not just for making films but for distributing them, too. And Blu-Ray. Get up to speed with Blu-Ray.

It’s been over a week since the festival ended so my memory is already a bit of a blur, especially as the website has taken down the programme so I can’t remind myself of what I did and didn’t attend. However, two highlights of the last day stand out. First, festival director David Pearson interviewing Jane Tranter, Controller of BBC Fiction. As Jane takes her seat, Elbow’s On a Day Like This plays over clips from the Beeb’s drama output. The song and the chosen snippets work well together, making it surprisingly emotive - curse you the power of musical montage! Jane then handles the questions carefully but in an honest and down-to-earth manner, too, and keeps her cool in the face of some semi-hostile questions from the audience (one from Marks & Gran, not sure which, I think it was Marks, who had a go at her for reducing the size of the end credits, which she conceded but it was out of her hands).

The last session for me was ‘What do Script Consultants Do?’ Indeed. This was with Phil Parker, UK’s very own script guru, and Joanna Leigh, last year’s Red Planet winner. Phil had developed Joanna’s winning script (Sam J, about Samuel Johnson writing the first English dictionary) prior to entry so it was fascinating (for me) to hear how Phil helped Joanna focus on the key dramatic drive of Samuel Johnson’s story rather than do a full biopic of his life as Joanna had originally intended.

Someone asked Phil about the difference between TV and film writing (as a lot of UK film scripts feel like TV). To paraphrase Phil’s response: “Film is one-off story with a plot and/or characters that possess qualities or characterisation that you wouldn’t normally see on TV. TV is about recurring characters and recurring situations. Also, in TV, the script editor or producer will give you specific notes on how they want your script to be written. In film, an exec might say ‘we’re not sure about the character’ or ‘act two gets a bit fuzzy’, and leave it up to you to fix the problem.” Phil went on to explain that low-budget films shouldn’t feel TV in their scale or story. He used Thomas McCarthy (The Station Agent and the upcoming The Visitor) as someone who wrote stories in such a way that you wouldn’t see them on TV, even though his films are low-key and low-budget.

After that, it was time to go, and Tim and I got in the car to take the 3 hour drive back to Bournemouth. Knackered! A great festival this year, much better than the previous two. The 3-day duration is a better format, and the festival continues to attract a top line-up of guest speakers from all around the world. I think that the delegates, the bloggers and the staff created a great vibe and gave a lot to the festival, making it a hoot from start to finish. Next year should be even better.

TREASURY SEC'TY PAULSON ANNOUNCES BUSH ADMIN'S "RESCUE PLAN" FOR FANNIE/FREDDIE

Here's the bailout we promised you:Alarmed about the sharply eroding confidence in the nation’s two largest mortgage finance companies, the Bush administration will ask Congress to approve a rescue package that would give the government the authority to buy billions of dollars in stock in Fannie Mae and Freddie Mac and also lend to the companies to meet their short-term funding needs, those

Will $15 Billion be Injected into Fan/Fred Before Market Opens on Monday?

After a week of near panic among shareholders, the next big test for the GSEs comes Monday when Freddie Mac is due to sell $3 billion of short-term debt. An unsuccessful sale could be a major blow to investor confidence.As the crisis worsens for mortgage giants Fannie Mae and Freddie Mac, Treasury Secretary Henry Paulson is insisting that any potential government rescue plan not benefit the

Second Largest Bank EVER To Fail Did So Today--Entirely Separate from Fan & Fred

Regulators Seize Mortgage LenderBy Louis Story, The New York TimesBanking regulators seized IndyMac Bancorp, one of the country’s largest mortgage lenders, on Friday evening. [July 11, 2008]The bank, a star in the subprime era, is the second largest ever to fail and the first major bank to shut its doors since the savings and loan crisis of the 1980s.The bank collapse came after a frenzied week

FANNIE/FREDDIE SHARES PLUNGE 50%

PREDICTION: This weekend, while we're enjoying the summer weather, making trips to our local farmers markets, and playing with our children, the Fed will intercede and bailout Fan and/or Fred ...quietly on the weekend, just as with the Bear Stearns Bailout.Stock shares plunged as much as 50%, before the market even opened. By 11 am EST, the losses were 35% and 45%, with hours of trading to

SWF: Day Two, Part Two

The highlight session of the day (apart from the Red Planet launch, natch) was a talk about UK showrunners. Our very own James Moran joined a panel that included Tony Jordan and Barbara Machin to discuss the pros and cons of the traditional US showrunner system that is gradually being applied in the UK. Everyone could see the benefit of having a writer as exec producer but there are some drawbacks, too, and it’s not to everyone’s tastes to oversee every last design, dot and comma.

Next up, a talk with writer David Lemon and Slingshot producer Uzma Hasan to talk about David’s new film, Faintheart, and to explain its unique development (Faintheart won the MySpace Movie Mashup competition). This was an interesting session, and overran by about 15 minutes, so Tim and I were a bit late for the Barbara Machin lunch that South West Screen had set up especially for writers based in the south west. I got a lot out of this one. Barbara was just as passionate, enthusiastic and eloquent as in her opening speech, and was very encouraging about ways to write for the big shows. Thanks South West Screen for the exclusive sit down!

The friendly and positive vibe of the festival is still running strong, and I get to chat to the inexhaustible Andy Conway (who edits the Shooting People screenwriting bulletin) as well as finally meeting the gentle giant that is Adrian Mead. Other unassuming conversations turn into potential schmoozing chats: “Hi, how are you? Are you a writer?” “No, I’m an exec at Warners.” “But you’re 12 years-old!”

There’s also the launch of TwelvePoint online magazine (formerly ScriptWriter magazine), and the TwelvePoint team are at hand throughout the festival to plug the magazine’s new format. A nice mix of articles, advice, news, blogs and forum (an opening article from Lucy about genre, no less).

Rock ‘n’roll script reader Evan Leighton-Davis (now of Ealing Studios) gets me to do a scriptbite session with him on script reading/editing but we face tough competition with James Moran’s packed roundtable which is already in full swing (and I wouldn’t mind attending either). Luckily, four or five people politely join me and Evan, and we shoot the breeze on the ins and outs of what it’s like being a script reader, and how you get that kind of work.

At the end of the day, 10 writers are lined up for the big pitching event which is to be held in the main tent. Poor bastards. But they each do a great job of holding their nerve and getting their pitches across. The winning pitch is easy to spot because it’s a comedy and the guy pitching it actually makes you laugh. Afterwards, it’s straight to the bar for much needed refreshments.

Jason Arnopp thinks the battery in his camera is dead and he leaves it on the table as he orders a drink. Fool! I take a sneaky ‘selfy’ and then run off to the Harvester with Stuart Perry and Tim Clague to get a fairly decent meal, surprisingly (although hunger is a great sauce). Then, back to the main tent until closing. And of course, on to Room 109 for Piers’s customary hotel room party (the duty hotel manager telling us to keep it down after two complaints, nice).

All in all, a very good day. Next, day three…

Market Report

We're looking forward to today's Charlottesville Area Association of Realtors Marketing Report. Not only will it have June numbers, but it will also have numbers for the entire first half of 2008.Yeah, yeah, we all know the Bubble's burst and sales are slow. But we're interested in what the numbers say about our local economy, especially in light of the big big troubles brewing now with Freddie

Do You Understand What's Going On Beyond the Albemarle County Line?

If you don't know, or don't fully understand, how damaging the failure of Fannie Mae and Freddie Mac could be, take just a few minutes to educate yourself.The insolvency of these mortgage giants could impact every American taxpayer as well as the world-wide economy. It's your patriotic duty to educate yourself. This is true whether you're a renter or a property owner. Read through the Wall

513 Dice Street - $369,000.00

The price of 513 Dice Street has "dropped" to $369K ($459K if you want the yard), we'll be surprised to see this property go any time soon.What's especially interesting, we think, is that this house and its "Unrealistically Priced Asking" is brought to you courtesy of the optimist who had $852,000.00 as Initial Asking for 708 Park Street. And then thought "PRICE REDUCED $323,000.00" was

Barbara Corcoran: The American Dream Ends

Why This Housing Bust Is the Worst EverThe current housing downturn isn't over and is "much much worse" than past downturns, says Barbara Corcoran, who built The Corcoran Group into a multi-billion firm during the real estate busts of the mid-1970s, 1980s and early 1990s.This downturn is "grossly different" than those past cycles because homeowners are much more willing to "walk away" from homes,

Montpellier's Comment: Too Many Sellers With High Prices Combined With Buyers Who Can't Qualify = Our Local Market

Montpellier, a frequent insightful commenter, has as usual left a well-reasoned comment, this time on the "Fed in Crisis Mode" post from yesterday morning. We're reprinting it here because it details reasons for local and national over-supply of properties, in addition to the fact that the higher house prices are, the more difficult it is for buyers to qualify for a mortgage.And at the end of

High Property Taxes Got You Feeling Low?

Think your Property Taxes are too high? A consequence of the Bubble is that the run-up in property "value" encouraged the Tax Man to put his hand out. There's hope, though. We mentioned in Fire Sale on Rugby Road! that we knew of some homeowners in the area who had successfully challenged their assessments. Here, from the WSJ, are tips on how to challenge your tax bill.

SWF: Day Two, Part One

The Red Planet Prize launch is the first session of the day in the main tent, 9am, which is VERY early, especially as most of the delegates were partying hard the night before. I worry that no-one will show up.

I’m told to be at the tent at 8.15am to do a sound check or something but when I arrive, the grumpy sound man barely looks at me and says I’m too early. Fine. I hang around, seeing if Tony Jordan or Joanna Leigh have arrived (there’s a Q&A with Joanna over on the Red Planet Prize blog, click to read). I spot Tony first, looking like a writer rock star; crisp white shirt, Bono-like sunglasses. He needs caffeine and nicotine, stat, and promptly goes about getting his fix.

As ever, I am extremely nervous about the whole event. The first year of the competition was a great success but it all came together rather suddenly and I have to pinch myself sometimes how it all came about and how I’m involved. In many ways, I’m still a new writer making my way, just like the people who are beginning to assemble in the audience, but here I am sitting alongside Tony Jordan as if I’m some sort of big shot, which I’m most certainly am not. I calm myself with the knowledge that at least I have something to contribute about what the entries were like last year (as I read a good chunk of the scripts).

The session begins and me, Tony and Joanna take our seats in the centre of the stage. It’s set up like a panel talk but I have no idea what’s going to happen. Last year, it was pretty much a one-man stand up routine by Tony. He’s a natural born entertainer (his market stall charm and patter still serving him well). There are a handful of writers in the tent, bless you, and it doesn’t look too bad (I’m told later that it was packed but I reckoned it was about half full). Tony begins the session, explaining the different set-up this year, which favours TV pilot scripts rather than any old spec script, and Tony goes through the rules of entry.

Then, he asks Joanna about her experience of winning the competition and what’s happened to her script since. Tony asks me about what I look for in the first ten pages of a script (which is the first vital stage of entry for the comp), and I manage to blabber various tips like ‘starting the story on page one’, ‘establishing tone’, ‘something intriguing or dramatic’, ‘it doesn’t have to be an explosion or a race, it could be a scene full of subtext or something funny’ and that I don’t favour one genre over another, I just like good writing and a good story. Hopefully this doesn’t sound too generic or vague, and I check to see that I haven't slobbered all over the mic like a raving mad man.

Tony continues with his spiel and opens it up to the audience for a quick Q&A. Then, in what seems like a blink of an eye, the session is over. However, Tony is besieged by a swarm of writers who want more from the great man. Joanna and I wait for him in the wings as we’re told we have to get an official photo taken with him and sure enough, after about 15 minutes extra chat, Tony joins us for a few photos which are taken by the lake (which I haven’t seen yet but wouldn’t mind getting a copy).

And that’s it. It went well, I think, and I’m very excited about this year’s competition (better set-up, longer deadline) and am equally proud of the success it’s yielded so far. There’s no time to hang around though as Laura Mackie from ITV is giving a speech so everyone piles back into the main tent to hear her speak. For a more detailed break down of the Red Planet launch, check out Jason's magnificent review of the event.

Part two of Day Two to follow.

Mortgage Lender Implode-O-Meter

You've probably glanced at the "Mortgage Lender Implode-O-Meter" on our sidebar, under "Live Blog Updates."  It chronicles mortgager lenders that have failed during the Housing Crisis.  Now here's a NYTimes article about the man behind the meter.

Fed in Crisis Mode as Fannie Mae, Freddie Mac Shake World Stock Markets

Fannie Mae, Freddie Mac Stocks plummet 18+ % after Fed official says housing market problems will continue into 2009, and the mortgage entities lack $29-46 Billion in capital. With no end in sight to the turmoil created by the housing crisis, Ben S. Bernanke said the Fed would issue new lending rules next week, and may extend its temporary financial lifeline to major Wall Street firms. Fed to

The Assault on Reason, Taste and Judgment Continues in Belmont

The Great Cottage Sell-off Spreads Across Avon StreetAnother tiny well-worn 50+ year-old cottage is on the market at anINFLATED PRICE.MLS #455072607 Blenheim Avenue$230,000.003 br, 2 bath(includes basement 'apartment')Sq Ft: 858Acre: .131950A reader who signed his email "Albemarle Al" brought to our attention this little brick Cape Cod at 607 Blenheim Avenue. Above, you see the best picture

SWF: Day One

Up at 5am. Pick up Tim. On the road at 6am. Two hours into the journey and we miss the turn off for the M5. Tim tells me it's because I was so engrossed in his new pitch but I have my doubts. Still, we manage to avoid Wales and get ourselves on the M5, arriving into Cheltenham shortly afterwards at around 9.15am.

We're only ever-so-slightly late for Barbara Machin's opening speech. It's an inspiring talk but not nearly as controversial or ranting as she said it might be in the intro. She talks eloquently and passionately about writing and writers, and it's the perfect speech to get the festival up and running.

The next session, How to Make a Living as a Screenwriter, felt a bit rough around the edges but the panel of speakers (comic book writer, sketch writer, radio writer) do a good job of telling the throng about the various writer-related ways you can earn some money while pursuing a screenwriting career.

Next up is the highlight of day one. Stephen Woolley and Kevin Loader talking about the 10 Producers' Secrets that Writers Need to Know. This was mainly Stephen's session, and was largely improvised. He said he didn't know if he had 10 secrets. He could have 8 or 80, and tomorrow he could have 50 more. He wasn't wrong. He filled the session with a wealth of information and insight from his vast experience in the industry. You could have listened to him all day.

I missed David Bishop's talk on comic book writing but you can check out how his experience at the festival went at his blog.

The scriptbite sessions (informal roundtable talks with guest speakers) were well underway, which also brought us up into lunch. Then, a talk with Oscar-winner Ronald Harwood about his career and routine (lots of coffee, cigarettes and writing, all before 9.30am! not bad for a 73 year-old!). It was really amusing and entertaining, thanks mainly to the slightly odd interviewer (an Irish psychologist) and Mr Harwood's openness about his life and times.

Lots of great sessions followed - Deborah Moggach, The Politics of Being a Screenwriter, How to Write a Good Treatment, Code of Practice update and a BSSC film screening, and the day ending with a Mike Leigh interview. Somehow I manage to miss all of these sessions as I spend the rest of the day talking and networking with writers, bloggers, producers and script editors!

At the end of the day, I sit in on a scriptbite session with the Head of Development at Ealing Studios, which is enjoyable as the roundtables allow you to listen & talk in a more intimate manner. The early start and long drive begins to catch up on me and I'm exhausted and thirsty. A couple of pints of cider sees me right, not to mention a few visits to the chocolate fountain where marshmallows and strawberries are supplied for dipping. Delicious! I am awake.

I manage to grab something proper to eat, and the drinking is moved from the main tent to the nearby Harvester (which is next to the Travelodge hotel where a lot of the delegates are staying). Most of the blogging movers and shakers are there, and a few more besides, and once we're kicked out by the alarmingly young and short bar manager, it's straight to Room 109 (take a bow, Piers Beckley) for a nightcap or two. This is quickly becoming a Screenwriters' Festival tradition. God bless you, Piers.

The Red Planet session is on first thing in the morning so I call it a night at about 1.30am, leaving Room 109 still in full swing. A really enjoyable day. Great to see so many familiar names and faces. A hugely friendly and positive vibe emerges and hangs around for the entirety of the festival. On to day two...

Mortgage Ruling Could Shock U.S. Banking Industry

From ReutersBy Gina Keating - Analysis LOS ANGELES (Reuters) - A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law. The case began like hundreds of others filed since the U.S. housing boom

Listen to the Radio

Tune in this Sunday, July 6, when Jim Duncan,RE Agent/Blogger of REALCentralVA,discusses the current local market.WNRN.11 a.m. - Noon.

Screenwriters' Festival 08

What a blast that was. Don't believe me? The Man They Call Arnopp has all the photo evidence you'll need, right here. I'm particularly proud of that selfy photo I took while Jason wasn't looking but am slightly embarrassed by how ridiculously giddy I am at the prospect of some chocolate flowing on to a marshmallow/strawberry stick.

The absolute number one highlight of the festival that sticks out is the people. Bloggers, writers, producers, directors (hello Dan! was he the only one? there were a few writer/directors but not many sole directors), execs, script editors, readers, assistants, runners and, perhaps most importantly, barkeepers. The blogging contingent was strong, and it was a real treat to put faces to names while also feeling that these guys had been your friends all your life. Lee Thomson (looking nothing like his blog photo, which quickly became a cliche to say), Stuart Perry (soon to be known as The Hoarse Whisperer), Piers Beckley (the most unassuming and hospitable gent you're ever likely to meet), Jon 'Mine's a Cider' Peacey and the mighty Arnopp led the way, while Jimbo 'Don't call me Jimbo Or I'll Decapitate You With a Fork' Moran came in on the 2nd day to show us all how it's done. Then of course there was the Poole Posse of me, The Timster and Dominic 'I better call my wife' Carver, while Martin was part of the festival set-up, although all he seemed to do was stare with a furrowed brow at his clipboard and tell everyone he had an assistant.

It wasn't all about a blogging love-fest, of course. Networking and schmoozing with fellow scribes and new contacts was a breeze of good humour and informal chats, especially in between sessions or in one of the many 'scriptbite' roundtable discussions. And then there was the inspiring and insightful talks from many of the speakers, including Stephen Woolley, Tony Jordan, Barbara Machin, Phil Parker, to name but a few.

Expect to see a lot of festival reports from the scribosphere over the next week or so, and this blog is no exception, but just to start off with saying that if you want to network, meet new friends and make exciting contacts (or simply need to get out of the house for a few days), then the Screenwriters' Festival is definitely worth your time and money.

4th of July

Freedom and fireworks and giant waving flags.

Red Planet Prize 2008

As you may have seen in Broadcast and selected blogs, the Red Planet Prize 2008 was launched on Wednesday at the Screenwriters' Festival, Cheltenham. For those of you who may be unaware, the Red Planet Prize was set up by writer/producer Tony Jordan (with a bit of help from little old me) to discover new writing talent. There's no other screenwriting competition like it. It's free to enter. You get £5k cash if you win plus agent representation (if you don't already have it). And here's the best bit. You get a commission on one of Tony's shows! Get in!

There's a slightly different set up to this year's competition so for the full run down, visit Red Planet's shiny new website or check out the blog. It's all very exciting, especially with the success of last year's winner, Sam J written by Joanna Leigh, which is currently being developed as a single drama for TV.

The Screenwriters' Festival was on top form with its cracking line-up of speakers and delegates, providing lots of insight, inspiration, debate and drink, not to mention networking, new friends, late nights and little sleep. I'll have a bigger report on the launch and the Festival once I get my bearings. Until then, get cracking with those first ten pages!

Fire Sale in Belmont!

804 Meridian Street - MLS #455035$205,000.002 Bed, 1 BathSq. Ft: 7281948For Sale: Eight Cottages: 800, 804, 806, 808 Meridian Street and 910, 912, 914, 916 Bolling Avenue in Belmont. One owner. These new listings are to be sold individually or as a group to an optimistic investor. The listing description is simple: "Starter Home."But we're kidding about the Fire Sale, because these babies

Why Does 1705 Rugby Circle Have a New MLS #?

"New Listing" TodayMLS #455062 1705 Rugby Circle $695,000.000Old MLS #4480101705 Rugby Circle is part of the Fire Sale on Rugby Road. There's no price change. And 1705 Rugby Circle has been on the market for how long? Why does 1705 Rugby Circle have a new MLS # today?

"Most Affordable Places to Live"

We know several people who have moved away from The Hook--only to move right back. Which is one explanation for why it's known as "The Hook" (another is the original geography). But just as a point of interest outside of our navel gazing, MSN via the WSJ has published a list of the Nine Most Affordable Places to live. Interesting 'methodology,' and be sure to read the comments at the WSJ post.

1016 Carlton Ave - cVillain Does the Ranting For Us

MLS #454071$238,900.003 Bedrooms, 2 bathsSq. Ft.: 1128Acre: .12Year Built: 1925Real C'ville - The Bubble Blog thinks this is an adorable bungalow with lots of Curb Appeal.But therein lies the problem: the location! location! location! of the curb for 1016 Carlton Avenue.There are four auto services across the road: Eldar's, Cole's, Buck's and Hensley's; the view from the porch is garages and