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Foreclosure activity hot in state, sizzling in Inland Empire

first_img“Certainly the surge in subprime defaults has contributed to the overall rise in foreclosures,” James J. Saccacio, chief executive officer of RealtyTrac, said in a statement. “We estimate that more than 50 percent of the foreclosure activity we charted in the first quarter was from subprime loans.” Foreclosures are now also spreading to higher-priced homes, too. California – the state with the nation’s largest population – totaled 80,595 foreclosure filings in the January through March period, the most in the country. The number includes default and auction sale notices and bank repossessions, and properties in all three stages of the default process – notices of default for late payments, properties set for auction and those that have been taken back by lenders. “Most of the activity is still in the early stage,” said Rick Sharga, RealtyTrac’s vice president of marketing. “Many of these properties are sold before they get to (an actual foreclosure).” In the Inland Empire, there were 17,499 filings in the first quarter, one for every 68 households. By comparison, in the Los Angeles/Long Beach area, there were 14,145 filings, one for every 231 households, ranking 46th nationally. The national average is one filing for every 264 households. And activity increased an annual 35 percent nationally in the year’s first three months. While sales are falling in L.A., too, prices are holding up and set a record in the quarter. “That sort of insulates the L.A. region from the worst fallout you can get from foreclosure activity,” Sharga said. A similar picture emerges from an analysis last week by La Jolla-based DataQuick Information Systems, and supports RealtyTrac’s contention that most of the activity here remains in the early stage. In the first quarter, lenders filed 46,760 default notices across the state, an annual increase of 148 percent. In L.A. County, they spiked 110 percent, to 8,843 notices. DataQuick analyst Andrew LaPage believes Los Angeles’ size is providing a cushion. “There is a fairly strong diverse economy there and we haven’t seen the same degree of erosion in home prices we’ve seen in some areas, including the Inland Empire,” he said. The median price per square foot of a home in Riverside County has been falling for several months, and the price just went negative in San Bernardino County. Jack Kyser, chief economist at the Los Angeles County Economic Development Corp., expects this area to hold up a little bit longer. “This economy is diverse and it is growing. We are creating quality jobs and we have a lot more going for us than Detroit does or even Miami,” he said. “We have to keep our fingers crossed that we are going to hold up.” greg.wilcox@dailynews.com (818) 713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Foreclosure activity soared an annual 172.8 percent in California during the first quarter, but the numbers reflect an uneven pattern of pain across the state, a market tracker said Wednesday. The spike is in response to a residential real-estate market roiled by an 18-month slump and distress in the subprime loan sector, said Irvine-based Web site RealtyTrac.com. So far, the biggest problems are surfacing in such places as the Inland Empire, which saw a surge of new home construction over the past several years, analysts said. The Riverside/San Bernardino counties region now has the third-highest foreclosures-per-household rate in the country, behind Las Vegas and Detroit, according to RealtyTrac.com. Nationwide, 37 of 50 states reported a year-over-year increase in foreclosures. last_img read more

Stars Attend Hollywood Stands Up To Cancer

first_imgHollywood Stands Up To Cancer, presented by the Entertainment Industry Foundation (EIF) and chaired by Jim Toth and Reese Witherspoon, took place in Culver City, CA, on Wednesday.Camila and Matthew McConaugheyThe event was hosted by James Corden and featured a performance by John Legend and special guest Common.Among the stars who attended were Robert Downey Jr, Camila and Matthew McConaughey, Eva Mendes, Jesse Tyler Ferguson, Tony Hale, Marg Helgenberger, Dan Bucatinsky, Katee Sackhoff, Karl Urban and Stacy Keibler.Between gifts from major donors and ticket sales, more than $16 million was pledged in connection with the 2015 event to fund Stand Up To Cancer’s innovative research including its support of The Jim Toth Sr. Breakthrough Lung Cancer Research Award established last year.Each year, Stand Up To Cancer recognizes one of its generous corporate donors for their support. This year, Co-Founder Katie Couric honored Visionary Donor, MasterCard, which has committed more than $25 million since the formation of SU2C and announced a new donation of $10 million to support SU2C’s innovative cancer research programs. Additionally, a $6 million grant from The Lustgarten Foundation will be combined with funding from Cancer Research UK (CRUK) for a new three-year, international pancreatic cancer dream team with SU2C.The event was produced by Yifat Oren & Associates and Don Mischer Productions in collaboration with the Entertainment Industry Foundation.last_img read more

Stagnito Acquires BtoB Media Group

first_imgStagnito Media has acquired Zweig White Information Services’ media group, including CE News and Structural Engineer magazines. Stagnito is backed by Chicago-based private equity firm Cardinal Growth, which counts Zweig White in its portfolio of investments. Financial terms of the transaction, if any, were not disclosed.According to Stagnito president and CEO Harry Stagnito, the acquisition fits within the company’s goal of launching and acquiring media properties in the industrial engineering, architecture, construction and infrastructure industries, “both in the private and public sectors.”Previously, Harry Stagnito served as chief executive of Stagnito Communications, which was sold by Ascend Media to BNP Media in 2007 as part of Ascend’s estimated $30 million divestiture of its professional services division.last_img read more

Hanley Woods Goldstone You Have to Get Up and Say Today is

first_imgFOLIO: Shouldn’t it be “customer first,” and not “digital first?”PG: It’s always customer first. The wave of engagement in content consumption is happening in the most robust way in the form of digital platforms. It really comes down to this notion: You have to be constantly disrupting yourselves in order to serve your customers most effectively in every medium that they require. FOLIO: What is your current revenue structure and what do you want it to be?PG: We probably have 30 percent of overall revenue through digital platforms, which is pretty healthy. The goal is to get north of 50 percent over time in terms of digital revenue as a percent of the whole.FOLIO: Last year, Frank Anton said HW had shut down 14 magazines, and might have to shut down a lot more, leaving three core titles. Speak to that comment.PG: Every year we have to rationalize our portfolio, and place our bets on the brands that produce the most promise. Portfolio decisions are a day-by-day ongoing endeavor. FOLIO: What criteria do you use when you rationalize your portfolio?PG: It is incumbent on executives to be as close to the customer as possible, and listen and understand what the pain points are, and help them solve problems. And then you have to come back to the mothership and create the right products and services to solve their marketing needs. FOLIO: What do you see as your company’s big opportunities?PG: The opportunity is in creating a culture supporting and nurturing innovation and constant product development. You always have an opportunity to iterate and get things right as you go. You have to be willing to disrupt.FOLIO: One of the speakers here said b-to-b media companies today need to be two companies, one for today and one for tomorrow. Do you agree?PG: You don’t necessarily have be two companies, but you need to be one company always be prepared to reinvent itself. Frank always said, ‘If it’s good, make it better, if it’s better, make it the best, and if it’s the best, it’s time to reinvent it.’ At The Atlantic, they were always prepared to disrupt themselves. It’s really about running one company that has the commitment and is comfortable with innovation as a core cultural ethos.FOLIO: What are your immediate priorities?PG: To understand that the company’s been through a lot of challenges, but to get everyone to believe in a sense of optimism. These are premium brands that matter to the audience. That’s leveragable. Second is to push forward on this notion of digital-product development and digital innovation. It’s a golden age of media marketing. There are so many ways we can serve our markets and our marketing partners. We just have to make our bets in the right areas. And finally it comes down to talent. Do you have the right people in the right places to really push forward?And you’ve got to have fun. Everyone misses their numbers. You’re going to miss numbers. You’re not to going to succeed every time, but you have to get up and say, ‘Today is going to be fun, because we’re going to try X, Y, and Z. You do what’s right for the business and doing what’s right for the business can be really fun. FOLIO: The company’s performance has been, euphemistically, challenged. What’s the outlook?PG: There’s been solid growth in the last year. Trade shows are starting to recover. Some of the market sectors are starting to perform better than others. Commercial design is one. Two years ago, Frank and I were able to secure a deal to become the official magazine for the American Institute of Architects. We took over their show and re-launched the official magazine, Architect. That platform has been performing very well. The commercial sector wasn’t as battered as the residential sector, but our performance is attributable to the Architect launch and the relationship with the AIA. It was one of the biggest magazine launches of the last 10 years. FOLIO: What other sectors show promise?PG: The remodeling sector in residential is doing better than the new-construction sector. New construction is sort of bouncing along the bottom, although there are signs of recovery.Most importantly, we have a more advantageous capital structure. Restructuring of the company manifests itself in a more flexible debt structure, and the owners are supportive of making strategic investments in the company. These investments will be in the form of acquisitions and in technology and talent that we need to drive the digital-first strategy. It’s been a busy few months for Hanley Wood, the b-to-b media company that specializes in the residential housing market and has endured—because of the state of the housing market—one of the worst five-year runs of any media company ever. In January, the company recapitalized, reducing debt by $330 million to about $80 million, and receiving an influx of $35 million in new investment from three new private-equity owners, Oaktree Capital Management, Strategic Value Partners and Tennenbaum Capital Partners.While gaining some relief from crushing debt was good for the company (if not for the prior owners), the company still faces struggles, having lost about $100 million in revenue between 2007 and 2011, with projected revenue for 2012 of about $140 million. FOLIO: caught up with Goldstone at this week’s American Business Media Annual Conference in San Francisco. Following are excerpts from the conversation.FOLIO: First, congratulations on your new job. Tell us how you came to be back at Hanley Wood as CEO.Peter Goldstone [PG]: The company changed hands, and Frank Anton and the new owners had been discussing the transition of Frank to the chairman’s role. And the new owners decided to conduct a narrow search. They contacted me and asked me if I’d be interested in coming back. My answer was unequivocally yes. Then in April, the CEO, Frank Anton, long considered one of the industry’s best executives, transitioned to the role of chairman, and Peter Goldstone (pictured), who had been with the company for 11 years before moving to Atlantic Media in 2010, came back as CEO. last_img read more

John McAfee has been detained his Twitter account claims

first_imgJohn McAfee has apparently gone missing. Screenshot by Sean Hollister/CNET John McAfee has apparently gone missing and is believed to have been detained by authorities, according to a series of tweets Tuesday from the Twitter account of the 2020 presidential candidate and maker of an “unhackable” cryptocurrency wallet. Operating McAfee’s Twitter account, his campaign manager Rob Benedicto Pacifico Juan Maria Loggia-Ramirez said data hidden across the world by McAfee will be revealed if he remains detained. The antivirus software pioneer has been on the run since 2012 after his alleged involvement in a murder in Belize, which he denies. McAfee last week tweeted his only “crime is not filing tax returns.” He claims the rest of the charges against him is “propaganda by the US government to silence me.” “I have good reason to suspect that John McAfee, @theemrsmcafee and other companions have been detained by authorities at their latest port of call,” Loggia-Ramirez tweeted on McAfee’s account Tuesday. “If John misses his next check-in, events will be set into motion that I cannot prevent once they have begun. John has secreted data with individuals across the world. I know neither their identities or locations. They will release their payloads if John goes missing.” Loggia-Ramirez told CNET he has no more information about the detainment, but that he and others are “employing every possible resource to locate him and secure his release.” “The bastards wouldn’t even give him a cigarette,” Loggia-Ramirez tweeted. The Twitter thread didn’t say when McAfee’s next check-in was scheduled. On July 19, McAfee had tweeted that the CIA “attempted to collect us.” “We are at sea now and will report more soon. I will continue to be dark for the next few days,” he tweeted with a picture of himself and his wife holding guns. On July 22, McAfee then tweeted about being at sea in rough weather for four and a half days. “Nearing port. All is well. Will be back in the saddle shortly,” he said. Loggia-Ramirez told CNET later Tuesday that he could not share the plans or timeline for the release of the secreted data across the world. “I can say that our response has been pre-coordinated in the event something like this happened, and it that has many moving pieces involving people unaware of each other,” he said in a private Twitter message. “John is not stupid.” Loggia-Ramirez sent three additional tweets from McAfee’s account later on Tuesday, thanking people for their support and emphasizing that this is not a stunt.”There are also some people that doubt the veracity of today’s report. That is fair enough and can be forgiven. But you will find you are mistaken – this is not a publicity stunt,” he tweeted.  (2/4) I last spoke with John as his boat was being boarded. The situation was tense but controlled. Our conversation was cut short by authorities confiscating their phones. The bastards wouldn’t even give him a cigarette.— John McAfee (@officialmcafee) July 23, 2019 Share your voice Originally published July 23, 12:59 p.m. PT.Update, 4:16 p.m. PT: Adds further statement. Update, July 24: Adds additional tweets. More on John McAfee John McAfee running for US president on pro-cryptocurrency platform John McAfee has recruited ‘hundreds’ of masked look-alikes for his 2020 presidential bid John McAfee’s ‘unhackable’ Bitcoin wallet is hackable, company admits Tags Comments Computers Software Security Applications (2/3) There are also some people that doubt the veracity of today’s report. That is fair enough and can be forgiven. But you will find you are mistaken – this is not a publicity stunt. #freemcafee –@loggiaonfire— John McAfee (@officialmcafee) July 23, 2019 5 Legal McAfeelast_img read more

Customizing bakery sector

first_imgNew Delhi, Nov 15 (ANI): Baking at her home based bakery is Sonal Khurana, who had passion for baking cakes and turned it into profession after concluding that the bakery sector is booming in India. With innovative products and modern technology entering the Indian market, customized cakes are a hit this season. According to a report by Research and Markets, the bakery industry has achieved third position in generating revenue among the processed food sector. Daizy, a Delhi based cake designer, takes orders for her kitchen bakery and her business is roaring. New flavours are coming in the market l, which has provided the consumer with wide options, rather than restricting themselves to regular flavours.last_img

Editors Council calls section 32 an attack on democracy

Editors Council calls section 32 an attack on democracy

first_imgEditors` Council calls section 32 an attack on democracyEditors’ Council has asked the government to drop the controversial section 32 of the proposed digital security act.In a statement signed by council’s secretary general, Mahfuz Anam, on Tuesday, the council expressed conviction that if enacted, the law would create an atmosphere of stopping pursuit of journalism independently.”The section 32 of the digital security act that defines [journalism as] digital spying and keeps provision for punishment is an attack on the democratic spirit and the freedom of expression,” the council said.The council members held a meeting chaired by its president Golam Sarwar at The Daily Star centre and discussed in detail the draft of the Digital Security Bill 2018, endorsed by the cabinet.In its statement issued afterwards, the council protested at and expressed concern at the drafting of yet another draconian law, instead of scrapping the controversial section 57 of the ICT Act.The section 32 of the proposed digital security law has equated journalism with spying and kept provision for 14 years of imprisonment for such “offence”.The council recalled that the law minister assured journalists of removing all controversial provisions of ICT and other acts that hinder the journalistic practice.”The proposed law is harsher. It will only shrink the space for independent journalism and expressing opinions,” the council added.The council leaders called on the government to hold talks with stakeholders before passing the law.last_img
B Chy demands reconstitution of EC for fair polls

B Chy demands reconstitution of EC for fair polls

first_imgAQM Badruddoza Chowdhury. File PhotoPresident of Bikalpa Dhara Bangladesh (BDB) Badruddoza Chowdhury on Friday laid emphasise on forming a neutral government dissolving parliament for the sake of a fair and neutral general election, reports UNB.Speaking at an iftar party, he also demanded reconstitution of the current election commission with impartial persons to hold the 11th parliamentary elections in a credible manner.Dhaka city north unit BDB arranged the programme at a convention centre in the city’s Uttara area.B Chowdhury, also a former president, said, “A level-playing field must be created first to remove the obstacle towards holding an acceptable national election.”To ensure a level-playing field, he said an election-time neutral government, a proven neutral election commission and dissolution of parliament are crucial so that ministers and MPs cannot avail of government facilities during the polls.The BDB chief also said it is unlikely that there will be a level-playing field when hundreds of opposition leaders and activists will be there in jail during the election.He also talked against extrajudicial killings in the name of anti-narcotics drive. “We don’t know who’re being killed in the name of the anti-drug drive and using other excuses. We also don’t know their identities. Bur, there’s an allegation that they’re political activists.”B Chowdhury said a level-playing field will also not be created if political activists are killed or arrested on various excuses while the field remains under the control of a particular party.Accusing the government of keeping BNP chairperson Khaleda Zia in jail ignoring the apex court order, he called upon it to be respectful to the rule of law and the verdicts of the judiciary.The former president observed that both Awami League and BNP leaders and activists are afraid of post-election violence and their security if their respective party loses the polls due to longstanding conflicts between the two major parties.Even the common voters, he said, are also in doubt which party will be able to ensure their security after the election.Under the circumstances, he said, the political scenario can be changed if only a third political force emerges out of people’s fear about the two parties and for the sake of peace and discipline in the country.last_img read more

Capital remembers Gandhi on his 71 st death anniversary

Capital remembers Gandhi on his 71 st death anniversary

first_imgTo mark the martyrdom day of Father of the Nation Mahatma Gandhi, an All-Faith Prayer Meeting was organised by the Office of the Resident Commissioner, Government of West Bengal, at the West Bengal Information and Cultural Centre in the Capital.Participants from Guru Harkrishan Public School India Gate, Union Academy Senior Secondary School, Shafiq Memorial Senior Secondary School, Department of Buddhist Studies, University of Delhi, Ahlcon International School, ASN Senior Secondary School and St Columba’s School took part in the solemn ceremony, reciting shlokas, religious texts, and devotional songs. Also Read – Add new books to your shelf’Concert for Harmony’ – a musical ensemble – was presented on the occasion by eminent musicians from Nadd Foundation, with Durjay Bhaumik on Tabla, Monohar Balatchandirane on Mridangam, Tuhin Chakraborty on Tabla, Shounak Banerjee on Ghatam, Ravinder Rajput on Flute and Lavinya Ambade on Sitar. The event concluded with the rendering of ‘Vaishnava Jana To’. A photo-exhibition on ‘150 years of Mahatma Gandhi’ was also organised at the Muktadhara Art Gallery.last_img read more