Archive for the ‘ Finance ’ Category

SacBee: CalPERS gets $88 million in Citi settlement

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Sep. 18, 2014 – 4:44 pm

CalPERS said Thursday it has collected $88 million from a previously-announced settlement with Citigroup Inc. over toxic mortgage securities.

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The PE: ECONOMY: Inland Empire incomes rising, poverty falling

California Poverty

Census numbers for the Inland area indicate the economy is inching toward rebirth. But they also indicate that our employment picture needs a lot more work.

BY DAVID OLSON / STAFF WRITER
Published: Sept. 17, 2014 Updated: 10:56 p.m.

In another sign that the Inland region is slowly emerging from years of economic decline, area residents’ incomes finally rose in 2013, and the poverty rate began to fall, according to U.S. Census Bureau estimates released late Wednesday.

To read story by David Olson in The Press-Enterprise, click here.

calpers

Ted Eliopoulos is named chief investment officer of the California Public Employees’ Retirement System, the nation’s largest public pension fund.

By Marc Lifsher
September 16, 2014

California’s huge pension fund has turned to a trusted insider to take over the daunting job of directing almost $300 billion in investments, crucial to the retirement of more than 1 million current and former state and local government workers.

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The Hill: House approves $1T spending bill

The Hill

By Rebecca Shabad – 09/17/14 05:35 PM EDT

The House on Wednesday approved a $1 trillion stopgap-spending bill to keep the government funded through December 11.

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LATimes: CalPERS decides hedge funds are a sell

Photo: CalPERS board

The CalPERS board meets at headquarters in Sacramento. (Robert Durell / For The Times)

By Marc Lifsher
September 15, 2104

SACRAMENTO — The country’s biggest public pension system is getting out of hedge funds.

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SacBee: CalPERS cleared to sue ratings agencies

California Supreme Court

By Dale Kasler
dkasler@sacbee.com
Published: Monday, Sep. 15, 2014 – 3:56 pm

The state Supreme Court has cleared CalPERS to sue Wall Street’s leading ratings agencies over a series of disastrous investments that cost the pension fund more than $1 billion.

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Home Construction

A new report from Beacon Economics and City National Bank points to a comeback in the Inland Empire. Above, homes being built in Rancho Cucamonga. (Gina Ferazzi / Los Angeles Times)

Economic comeback in the Inland Empire helps drive California recovery, report says
September 15, 2014

The economic recovery in California struggled through the first half of the year but now is picking up speed, driven by improvements in the real estate and the job markets, according to a quarterly report from Beacon Economics and City National Bank.

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SacBee (AP): S&P: California recovers growth with tax increases

Standard and Poor's

By JUDY LIN
Associated Press
Published: Sunday, Sep. 14, 2014 – 9:01 pm

SACRAMENTO, Calif. — Rising income inequality has led to slowing tax revenue growth in California, but the state has responded by increasing its top marginal tax rate, causing its growth rate to accelerate after 2009, according to a new study released Monday by credit rating agency Standard & Poor’s.

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SacBee: Dan Walters: Taxes on rich closed the state budget deficit

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Saturday, Sep. 13, 2014 – 9:18 pm
Last Modified: Saturday, Sep. 13, 2014 – 9:33 pm

As Jerry Brown seeks his fourth term as governor this year, he’s crowing about balancing the state budget after years of deficits that piled up a “wall of debt.”

Certainly Brown deserves some of the credit.

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LATimes: Owner of L.A. Daily News and other local newspapers exploring sale

For Sale

By Andrew Khouri
September 12, 2014

Digital First Media, the owner of the Los Angeles Daily News and other newspapers across the country, said it will explore the sale of its publications.

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For Sale

Housing price reductions are rising in the Southland

By Tim Logan, Andrew Khouri

The latest sign that buyers are gaining leverage in Southern California’s housing market: Price cuts are back.

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Reuters: Bankrupt San Bernardino, California, can cut firefighter benefits, judge says

San Bernardino Seal

By Tim Reid
RIVERSIDE Calif. Thu Sep 11, 2014 7:51pm EDT

(Reuters) – The city of San Bernardino, California, may impose cuts to its firefighters overtime and pension benefits in a bid to reach a bankruptcy exit plan, the federal judge overseeing the case said on Thursday.

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Yucaipa City_Logo

By Sandra Emerson, Redlands Daily Facts
Posted: 09/11/14, 4:41 PM PDT |

YUCAIPA >> The city has reached an agreement with its managers and supervisors.

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By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 09/11/14, 8:53 PM PDT |

The volume of goods coming in and out of the ports of Long Beach and Los Angeles over the next 20 years is expected to double and fuel expansion of the logistics sector in the Inland Empire, according to regional economy advocates.

Read the rest of this entry »

For Sale

By Gregory J. Wilcox, Los Angeles Daily News
Posted: 09/11/14, 11:32 AM PDT | Updated: 9 hrs ago

Southern California’s housing market chilled out in August with sales sinking to a four-year low for the month while the median price rose to a post-recession high, CoreLogic DataQuick reported Thursday.

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InlandPolitics: San Bernardino County pension fund underperforms

SBCO Seal

Thursday, September 11, 2014 – 09:45 a.m.

The pension fund for San Bernardino County employees exceeded its assumed rate of return of 7.75% for the 2013-14 fiscal year, but that’s about it.

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Riverside-County-Seal

BY JEFF HORSEMAN / STAFF WRITER
Published: Sept. 9, 2014 Updated: Sept. 10, 2014 11:18 a.m.

After several years of deficits and financial struggles, Riverside County Regional Medical Center should have a balanced budget this fiscal year, the county-run hospital’s interim CEO said Tuesday.

To read story by Jeff Horseman in The Press-Enterprise, click here.

UCLA Anderson_logo

The U.S. economy will be marginally stronger in 2016, according to the UCLA Anderson Forecast. Real gross domestic product is expected to swing up 3.1% next year and 3.4% in 2016.

By Tiffany Hsu
September 11, 2014

California’s “painfully plodding” economic recovery will continue its slow march through 2016, according to the quarterly UCLA Anderson Forecast.

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LATimes: Pension ‘spiking’ to cost CalPERS nearly $800 million, controller says

calpers

By Marc Lifsher
September 9, 2014

Taxpayers and local governments are on the hook to pay nearly $800 million stemming from “legal” pension spiking over the next two decades, the state controller said Tuesday.

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Politico: House GOP offers stopgap funding

Politico

By DAVID ROGERS | 9/9/14 8:38 PM EDT Updated: 9/9/14 9:12 PM EDT

House Republicans rolled out a stopgap spending bill to keep the government funded through Dec. 11 but also reshaping the budget landscape in a manner that tilts toward the GOP if it should win control of the Senate in November.

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DailyBulletin: Survey predicts tough job market, lower wages

Economy

By Kevin Smith, San Gabriel Valley Tribune
Posted: 09/08/14, 6:31 PM PDT | Updated: 1 min ago

Looking for full-time work?

Good luck, because a new survey from Harvard Business School reveals that U.S. business leaders are reluctant to hire full-time employees and would rather invest in technology, outsource work to third parties or hire part-time workers.

Read the rest of this entry »

Harvard Business

BOSTON — Monday Sep 8, 2014 – 4:12pm EDT

(Reuters) – The widening gap between America’s wealthiest and its middle and lower classes is “unsustainable”, but is unlikely to improve any time soon, according to a Harvard Business School study released on Monday.

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Calpensions: CalSTRS debt report drops from $167B to $59.5B

Calstrs

By Ed Mendel
Monday, September 8, 2014

CalSTRS was bracing to report the nation’s biggest pension debt under new government accounting rules that take effect this fiscal year — $167 billion, an amount so huge some thought it might increase the cost of issuing local school bonds.

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InlandPolitics: A few takes, questions from California Governor debate

Jerry Brown

Brown

Saturday, September 6, 2014 – 11:00 a.m.

The debate between California Governor Jerry Brown and republican Neel Kashkari, held Thursday night, was somewhat entertaining.

Brown, in his elderly style, routinely patted Kashkari on the head, while Kashkari kept raising Brown’s blood pressure, by poking at him on issues.

Read the rest of this entry »

Jobs

September 5, 2014 – 3:37 PM
By CHRISTOPHER S. RUGABER, Associated Press

WASHINGTON (AP) — A surprising drop in hiring and in the number of people seeking work in August sent a reminder that the U.S. economic recovery is still prone to temporary slowdowns.

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Labor Force Participation - August 2014

September 5, 2014 – 9:07 AM
By Ali Meyer

(CNSNews.com) – A record 92,269,000 Americans 16 and older did not participate in the labor force in August, as the labor force participation rate matched a 36-year low of 62.8 percent, according to the Bureau of Labor Statistics.

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San Onofre

The San Onofre nuclear power plant near San Clemente closed permanently in June 2013, a year and a half after defective steam generators costing $680 million leaked small amounts of radiation. (Allen J. Schaben, Los Angeles Times)

By Marc Lifsher
September 5, 2014

An agreement on paying for the closure of the San Onofre nuclear power plant near San Clemente needs to be more favorable to consumers, state regulators said Friday.

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Bloomberg/Businessweek: Megadroughts Worse Than the Dust Bowl Could Hit the Southwest

Bloomberg-Businessweek

By Karen Weise
September 04, 2014

The drought in California has already devastated the environment and upended the state’s economy. Imagine if it were to last for a decade. Or four decades. Or longer. So-called megadroughts are increasingly likely as the earth warms, according to a new scientific paper that paired historic drought patterns with climate change models.

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LATimes: California trails Texas in exports and related jobs, report finds

Texas Flag + California Flag

By Tiffany Hsu
September 4, 2014

California is home to the busiest port complex in the country and the largest manufacturing center, but where exports are concerned, it’s neither the heaviest mover nor the top employer.

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By Kate Linthicum
September 4, 2014

A report released Wednesday by researchers at USC found that immigrants who are in California illegally make up nearly 10% of the state’s workforce and contribute $130 billion annually to its gross domestic product.

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AP: Bullet-train foes seek state Supreme Court review

High-Speed Rail

AP California News
Sep 2, 7:45 PM EDT
By JULIET WILLIAMS
Associated Press

SACRAMENTO, Calif. (AP) — Opponents of California’s $68 billion high-speed rail project submitted an appeal Tuesday to the state Supreme Court, asking it to overturn a lower court’s ruling that allowed the project to proceed despite questions about whether it complies with promises made to voters.

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PIMCO

By E. Scott Reckard
September 2, 2014

William J. Popejoy apparently has lost his longtime position as a trustee of the nearly $2-trillion Pimco mutual funds in Newport Beach, but the usually outspoken financial executive wasn’t talking about what happened.

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The PE: COURTS: Budgets still lean for Inland counties

scales-of-justice

Published: Sept. 1, 2014 Updated: 10:11 p.m.

Budgets for Inland superior courts increased from the previous fiscal year by about $6 million for each system, allowing for small improvements – but services and most courtrooms shuttered by recession-era budget cuts will remain closed.

To read story by Richard K. De Atley in The Press-Enterprise, click here.

calpers

By Ed Mendel
Monday, September 2, 2014

A small but affluent Orange County city, with a current staff of only a half dozen employees, would have to pay about $3.6 million to leave CalPERS, the giant state pension system estimated two years ago.

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SacBee: Dan Walters: ‘California Comeback’ hasn’t helped everyone

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Monday, Sep. 1, 2014 – 12:00 am
Last Modified: Monday, Sep. 1, 2014 – 9:57 am

As Gov. Jerry Brown runs for re-election, he has adopted “California Comeback” – voiced during his State of the State address in January – as his informal slogan.

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Hmmm

By Kenneth R. Harney
August 31, 2014

WASHINGTON — If you’ve got it, tap it. That appears to be the strategy for growing numbers of homeowners across the country who have begun taking out home equity credit lines at a rapidly accelerating pace.

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LATimes: Slow wage growth threatens California economic recovery, report finds

California Money

By Chris Kirkham
August 30, 2014

California’s economic recovery has featured a growing share of lower-wage jobs, raising concerns about the opportunities for middle-class workers hit hard by the Great Recession, a new analysis finds.

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The Atlantic: California High-Speed Rail—More Questions and Concerns

High-Speed Rail

The Atlantic

“Bad, bad, bad,” and other critiques
James Fallows
Aug 24 2014, 11:30 PM ET

If David Letterman can put out a Top Ten list night after night for decades, we can certainly make it all the way to 10 in our chronicles of the California High-Speed Rail debates. As a reminder, this is No. 8 in a series on the most ambitious and consequential infrastructure project now under consideration in our infrastructure-degraded land. It is the plan for a north-south California High-Speed Rail system, which had its genesis before Jerry Brown’s second coming as California’s governor but is now his signature project as he runs for reelection to an unprecedented fourth term. For previous installments see No. 1, No. 2, No. 3, No. 4, No. 5, No. 6, and No. 7.

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Calpensions: Image-sensitive CalPERS has down week in media

calpers

By Ed Mendel
August 25, 2014

Last week was not a good one for CalPERS, which carefully tracks mentions of the giant pension system in the media and gives each story a rating of positive, neutral or negative.

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Jerry Brown+Rick Perry

California Gov. Jerry Brown, left, recently launched the California Competes incentive program. Texas Gov. Rick Perry, right, has touted the Texas Enterprise Fund as a “job-creation machine.” (Rich Pedroncelli / Associated Press and Mengwen Cao / Associated Press)

By Chris Kirkham
August 24, 2014

When California rolled out a $750-million plan this year to attract and retain businesses, many aspects mirrored longtime perks used by Texas — where officials love nothing more than stealing jobs from the Golden State.

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SacBee: CalPERS seeks safer path but can’t eliminate investment risk

CalPERS

By Dale Kasler
dkasler@sacbee.com
Published: Saturday, Aug. 23, 2014 – 12:00 am

CalPERS, still feeling the effects of the 2008 financial markets crash, is working to dial back the risk in its investment portfolio.

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Money

Published: Aug. 21, 2014 – Updated: 1:22 p.m.

California’s Senate on Thursday passed legislation that would restore vehicle license fee revenue to four fledgling cities in Riverside County.

To read post by Jeff Horseman in the P-E Political Empire Blog, click here.

Upland: Poll: Upland residents won’t support tax increase

Upland seal

By Liset Marquez, Inland Valley Daily Bulletin
Posted: 08/21/14, 9:02 PM PDT |

UPLAND >> Residents would not support tax measures on the November ballot, according to a recent city poll.

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Bank of America

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Aug. 21, 2014 – 8:29 am
Last Modified: Friday, Aug. 22, 2014 – 7:55 am

California homeowners and pension funds will receive $800 million from Bank of America Corp., the state’s share of a record-breaking settlement over toxic mortgages issued and packaged as investment securities during the housing bubble.

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The Sun: San Bernardino taking on more of its waste-collection services

San Bernardino Seal

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 08/19/14, 10:44 PM PDT | Updated: 11 hrs ago

SAN BERNARDINO >> The city is expected to expand its waste-hauling service and gain new revenue with the expiration of franchise agreements for two long-standing companies working here.

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calpers

By Jon Ortiz
jortiz@sacbee.com
Published: Wednesday, Aug. 20, 2014 – 11:10 am

A divided CalPERS board approved a regulation Wednesday that will allow nearly 100 different types of supplemental pay to count toward pension calculations for state and local government employees.

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Up Arrow

Prices have grown much faster than incomes in the last few years, a Zillow research director said. That’s pushing L.A. housing out of reach for many.

By Tim Logan
August 20, 2014

Los Angeles and Orange counties are the least-affordable housing market in the country. And it’s likely to only get worse.

Read the rest of this entry »

calpers

By Jon Ortiz
jortiz@sacbee.com
Published: Tuesday, Aug. 19, 2014 – 12:00 am

More than a year after Gov. Jerry Brown signed a law he said would tamp down pension spiking, the state’s biggest public pension fund is on the verge of adopting rules critics say would undermine its intent.

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VVDailyPress: Study: JPA a complicated undertaking

Calculator

Many questions unanswered as cities seek to save money

ANNELI FOGT
STAFF WRITER
Posted Aug. 17, 2014 @ 11:09 am
Updated Aug 17, 2014 at 11:29 AM

APPLE VALLEY — Council members from Adelanto, Apple Valley, Hesperia and Victorville still had several questions this week after they were presented with the findings of a feasibility study for the creation of a joint powers authority to manage the Victor Valley’s police and fire services.

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California Money

By Marc Lifsher
August 17, 2014

California is one of the most expensive states for businesses to operate, mainly because of high pay and related labor costs, says a new report commissioned by an arm of the state Chamber of Commerce.

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Dan Morain

By Dan Morain
dmorain@sacbee.com
Published: Sunday, Aug. 17, 2014 – 12:00 am

In a Capitol where contentious lobbying battles are de rigueur, the $14 billion hedge fund that goes by the name Pershing Square Capital Management has picked a most unusual fight.

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The Sun: Despite slight unemployment rate rise, Inland Empire jobs growing

unemployment

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 08/15/14, 8:55 PM PDT |

The Inland Empire unemployment rate rose slightly to 9.2 percent in July, the California Employment Development Department reported Friday.

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unemployment

By Chris Kirkham
August 15, 2014

California added more than 27,000 jobs in July, but the state unemployment rate remained flat at 7.4% as the size of the labor force shrank slightly from last month’s estimates.

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Prime Healthcare Services

By Chad Garland
August 15, 2014

Prime Healthcare Services Inc., a hospital chain that has come under fire for billing and patient privacy issues, is facing opposition over its potential acquisition of six California hospitals, including two medical centers in Los Angeles County.

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The Sun: San Bernardino, police union reach contract deal

San Bernardino Seal

By Jim Steinberg, The Sun
Posted: 08/14/14, 8:29 PM PDT | Updated: 49 secs ago

SAN BERNARDINO >> The city and the San Bernardino Police Officers Association announced to U.S. Bankruptcy Judge Meredith Jury that they have reached a tentative long-term agreement, officials said.

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Home for sale

A for-sale home in the 3200 block of Hacienda Drive in Duarte is shown here. Southern California home sales hit a three-year low for the month of July, hampered by rising prices, a limited supply of homes and a decrease in investor activity. (Photo by Watchara Phomicinda/ San Gabriel Valley Tribune)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 08/14/14, 8:18 PM PDT |

Southern California home sales hit a three-year low for the month of July and the region’s median home price dipped to $413,000, industry tracker CoreLogic DataQuick reported Wednesday.

Read the rest of this entry »

interest_rates

By E. Scott Reckard
August 14, 2014

The cost of getting a home loan has slipped back to the lowest level of the year, with Freddie Mac pegging the average rate for a 30-year fixed mortgage early this week at 4.12% compared to last week’s 4.14%.

Read the rest of this entry »

Warren Buffett

Warren Buffett’s Berkshire Hathaway is trading above $200,000 for the first time.

By Andrew Khouri
August 14, 2014

Shares of billionaire Warren Buffett’s Berkshire Hathaway traded above $200,000 for the first time — nearly eight years after topping the $100,000 mark.

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InlandPolitics: Sterling appeal denied

Gavel

Thursday, August 14, 2014 – 09:00 a.m.

For our readers who happen to be Clipper fans.

The California Second District Court of Appeal has put a fork in Donald Sterlings last minute attempt to reverse the sale of his former team.

Read the rest of this entry »

SacBee: Water bond headed to voters

water-dam

By Jeremy B. White
jwhite@sacbee.com
Published: Wednesday, Aug. 13, 2014 – 9:40 pm
Last Modified: Thursday, Aug. 14, 2014 – 12:15 am

California voters will be asked to authorize $7.5 billion to bolster the state’s water supply, infrastructure and ecosystems in November, as lawmakers and Gov. Jerry Brown on Wednesday struck a long-sought deal to move a new water bond to the ballot.

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LATimes: Southern California home sales plunge in July

down-arrow

By Andrew Khouri
August 13, 2014

Southern California home sales plunged in July and show little signs of rebounding. And that, economists say, could stunt the region’s economic growth.

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SacBee: Dan Walters: New water bond may be close, but it’s not fully cooked yet

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Tuesday, Aug. 12, 2014 – 10:27 pm
Last Modified: Tuesday, Aug. 12, 2014 – 11:30 pm

Chances are that sometime Wednesday the Legislature will place a new water bond issue on the Nov. 4 ballot.

Read the rest of this entry »

Los Angeles Clippers

The $2-billion sale of the Los Angeles Clippers to former Microsoft CEO Steve Ballmer was finalized Tuesday.

By Ben Bolch, Nathan Fenno and Melissa Rohlin
August 12, 2014

The NBA announced that Steve Ballmer’s $2-billion purchase of the Clippers had closed on Tuesday, making the former Microsoft CEO the undisputed owner of the team.

Read the rest of this entry »

LA County Seal

Los Angeles County’s five supervisors took a step Tuesday — over the objections of labor groups — toward approving a new set of rules that would require a four-fifths vote for any salary or benefit increases in union contracts.

By Abby Sewell
August 12, 2014

Read the rest of this entry »

By Rick Orlov, Los Angeles Daily News
Posted: 08/12/14, 6:31 PM PDT |

The city reached a tentative agreement Tuesday with the Los Angeles Police Protective League over a portion of its new proposed contract that deals with the 1,000 officers hired over the past three years who were paid less than their counterparts.

Read the rest of this entry »

InlandPolitics: San Bernardino unions waste little time

Police - Fire Logo

Tuesday, August 12, 2014 – 05:30 p.m.

Last week the San Bernardino, California City Council, on a split 4-3 vote, agreed to place a charter reform measure on the November ballot. A measure aimed directly at its public safety employees.

Read the rest of this entry »

San Bernardino Seal

By Jim Steinberg, The Sun
Posted: 08/11/14, 7:57 PM PDT | Updated: 53 secs ago

Top San Bernardino city officials and some of the city’s creditors met with a court-appointed federal mediator in Reno, Nev., all day Monday with discussions continuing into the evening.

Read the rest of this entry »

Jobs

By Chris Kirkham
August 11, 2014

The U.S. economy earlier this year recovered all the jobs lost during the recession, but those new jobs pay an average of 23% less than the ones lost in the downturn, according to an analysis released Monday by the U.S. Conference of Mayors.

Read the rest of this entry »

SacBee: California state revenue beats expectations in July

california_state_flag

By David Siders
dsiders@sacbee.com
Published: Monday, Aug. 11, 2014 – 10:10 am

California’s improving budget outlook has continued into the new fiscal year, with revenue last month beating estimates by about $232 million, or 4.5 percent, the state controller said Monday.

Read the rest of this entry »

San Bernardino Seal

Monday, August 11, 2014 – 09:30 a.m.

Only in backwards and bankrupt San Bernardino can this type of politics continue unabated.

Once again the city council, under new Mayor Carey Davis, is split down a 4-3 divide. A decades-long problem affecting the beleaguered city’s government.

Read the rest of this entry »

Mapp Bio

Monday, August 11, 2014 – 09:00 a.m.

One has to wonder.

The current scare over the Ebola virus is well taken. You know, that virus that causes out-of-control internal hemorraging and organ failure, and ultimately death in ninety-percent of those infected.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Monday, Aug. 11, 2014 – 12:00 am
Last Modified: Monday, Aug. 11, 2014 – 6:34 am

With just three weeks remaining in this year’s legislative session and the official deadline for placing issues on the Nov. 4 ballot long since passed, one might think that the Capitol’s politicians would be working night and day to write a new water bond.

Read the rest of this entry »

NYTimes: Print Is Down, and Now Out

newspaper-future

Media Companies Spin Off Newspapers, to Uncertain Futures

By DAVID CARRAUG. 10, 2014

A year ago last week, it seemed as if print newspapers might be on the verge of a comeback, or at least on the brink of, well, survival.

Read the rest of this entry »

InlandPolitics: This and That!

Edit

Sunday, Augusr 10, 2014 – 11:00 a.m.

Here’s some news flowing across the transom last week. In case you missed it!

Unemployment claims drop by 18,000

First-Time Jobless Claims dropped by 18,000 to 289,000, according to Thursday’s report by the Labor Department. The four-week moving average of 293,500 is the lowest since 2006. The claims estimate was for 305,000.

Read the rest of this entry »

SBCO Seal

Saturday, August 9, 2014 – 11:00 p.m.
Last Modified: Sunday, August 10, 2014 – 10:15 a.m.

A shady agreement from San Bernardino County’s past reared its ugly head this week.

Read the rest of this entry »

The PE: INLAND: Home construction industry building momentum

Home Construction

Builders are reviving Inland housing projects in master-planned developments derailed by the recession. Development areas include Riverside, Chino, Temecula, Ontario, Banning/Beaumont, Coachella, Calimesa, Lake Elsinore, Menifee, Murrieta, Rancho Cucamonga, San Jacinto, Redlands.

BY DEBRA GRUSZECKI / STAFF WRITER
Published: Aug. 9, 2014 Updated: 7:57 p.m.

Across the Inland region, developers are looking with renewed interest at thousands of acres where residential communities were approved or under construction when the recession hit – but never finished.

From Temecula and Riverside to Redlands and Ontario and beyond, construction crews are at work on developments that had languished for years as the Inland region crawled through economic hard times.

To read story by Debra Gruszecki in the Press-Enterprise, click here.

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Saturday, Aug. 9, 2014 – 11:15 pm
Last Modified: Saturday, Aug. 9, 2014 – 11:55 pm

The Sacramento Suburban Water District, which supplies water to some older neighborhoods outside the city, is engaged in a decades-long project to replace its aged, undersized water mains and install meters as required by a new state law.

Read the rest of this entry »

The PE: REAL ESTATE: Rising home prices take noticeable bite out of buying power

Home-Sales-R

While home prices have rise risen, income gains have not kept pace

Published: Aug. 8, 2014 Updated: 10:31 p.m.

Home affordability is a growing concern in Southern California, so much so that some real estate analysts are watching for signs of a post-recession housing bubble.

To read story by Debra Gruszecki in the Press-Enterprise, click here.

LATimes: New FICO criteria could help borrowers

Credit Cards

FICO changes could make it easier for some consumers to get loans and credit cards at lower rates. (Elise Amendola / Associated Press)

By E. Scott Reckard and Tim Logan
August 8, 2014

The nation’s dominant credit-scoring system is being revised in a way that could save consumers nationwide billions of dollars, especially in qualifying for mortgages, auto loans and credit cards at lower interest rates.

Read the rest of this entry »

The Sun: San Bernardino council votes to put two charter changes to the voters

San Bernardino Seal

By Joe Nelson, The Sun
Posted: 08/07/14, 8:56 PM PDT |

SAN BERNARDINO >> Voters in November will get to determine how police and firefighter salaries are determined after the City Council on Thursday night approved a ballot measure proposing to repeal a longstanding formula used for determining those wages.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Thursday, Aug. 7, 2014 – 9:06 pm
Last Modified: Friday, Aug. 8, 2014 – 12:07 am

When the Legislature adjourns this month, it will likely leave Assembly Bill 69 still sitting in the Senate Rules Committee, thereby avoiding an election-year debate on whether California motorists should cough up billions of extra dollars when they buy gas.

Read the rest of this entry »

LATimes: Many Americans are still struggling financially

economy

By Don Lee
August 7, 2014

Four in 10 U.S. households are straining financially five years after the Great Recession — many struggling with tight credit, soaring education debt and profound issues related to savings and retirement, according to a new Federal Reserve survey.

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Bank of America

FILE – In this Jan. 14, 2014, file photo, a Bank of America sign is photographed in Philadelphia. A person familiar with the matter says Bank of America has agreed to pay between $16 billion and $17 billion to settle an investigation into its sale of mortgage-backed securities before the financial crisis. (AP Photo/Matt Rourke, File)

By Kevin Smith, San Gabriel Valley Tribune

Posted: 08/06/14, 7:20 PM PDT | Updated: 1 min ago

Bank of America has tentatively agreed to pay up to $17 billion to settle an investigation into its sale of toxic mortgage-backed securities leading up to the nation’s financial crisis, an insider said Wednesday.

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VVDailyPress: County leaders stress job growth

SBCO Seal

SHEA JOHNSON
STAFF WRITER
Posted Aug. 6, 2014 @ 7:12 pm
Updated Aug 6, 2014 at 7:17 PM

VICTORVILLE — San Bernardino County supervisors and CEO Greg Devereaux on Wednesday touched upon a myriad of subjects affecting the county, including a push for technical education, the need for more private sector jobs and the ongoing impact of prison realignment.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Aug. 6, 2014 – 11:24 pm

California officials are threatening to sue investment bank Morgan Stanley over a series of toxic real estate investments that allegedly cost CalPERS nearly $200 million.

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