Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz for the day will be.
The Dow Jones industrial average rose 111.42 points, or 0.7%, to 15,680.35. The NASDAQ composite rose 12.21 points, or 0.3%, to 3,952.34. The Standard and Poor’s 500 index rose 9.84 points, or 0.6%, to 1,771.95.
Benchmark U.S. crude for December delivery dropped 48 cents to $98.20 a barrel on the New York Mercantile Exchange.
WHOLESALE PRICES DIPPED 0.1% IN SEPTEMBER
WASHINGTON - A decline in food costs helped hold down wholesale prices in September, contributing to a 0.1% decline, the first drop since April. The Labor Department says the slight dip followed a 0.3% increase in prices in August. Wholesale food prices fell 1%, led by a plunge in vegetable prices. The lower food costs helped offset a 0.5% rise in energy prices. That increase reflected higher prices for home heating oil, diesel fuel and natural gas. Gasoline prices, which had shot up 2.6% in August, dipped 0.1% in September.
DEADLINE TO MAIL CITY BALLOTS IS THURSDAY
TUCSON - The City Clerk's office recommends that voters who wish to mail in their ballots for this year's City election do so by this Thursday, October 31, to ensure that their votes will be counted. Ballots may also be dropped off at any time between 8 a.m. and 5 p.m. at the City Clerk's Elections Center at 800 E. 12th St., today through Friday as well as the following Monday, November 4th. On Election Day, Tuesday, November 5th, ballots may be cast in person from 6 a.m. until 7 p.m. at any of the City's seven polling locations. Replacement ballots will be available on election day at all seven locations. Voters with questions may call the City Clerk at (520) 884-8683, or 884-VOTE.
Polling locations, dates and hours of operation: https://1.usa.gov/HqMbWM
TPD TO BEGIN CITING LEFT TURNERS AT GRANT/ORACLE THIS WEEKEND
TUCSON - It is now illegal to make a left turn directly from Grant Rd. to Oracle Rd. in either direction. Under the intersection's new "Detroit left" design, motorists on Grant must first pass through the intersection and double back to make a right turn. Tucson Police Department, which has been issuing warnings to drivers who turn left illegally since the intersection became operational last week, will begin issuing citations this Saturday.
FORTY NINER COUNTRY CLUB DRILLS TEST WELL, WORRIES NEIGHBORS, CONSERVATIONISTS
TUCSON - Forty Niner Country Club golf course owner Ron McKenzie has initiated a well test at the site. If the test succeeds, the well could ultimately be used to pump groundwater for the golf course, according to the state permit application. A Tucson Water attorney and a longtime neighbor of the course is worried that new pumping would draw down the region's shallow upper aquifer and damage nearby riparian habitat. Protection of the wash's vegetation is the key reason Tucson ratepayers spent $8 million to connect its reclaimed system to the course, according to Chris Avery, Tucson Water's chief counsel. Tucson Water also bought many of the assets of the golf course’s water system back in 2003. "We have a contract with them to be exclusive provider of reclaimed water to the golf course. If they continue to pursue this avenue we will be exploring our legal remedies to enforce this contract," Avery said.
COURT OF APPEALS TO DECIDE RTA ELECTION CASE
TUCSON - Seven years after a Pima County's RTA election, the state Court of Appeals will decide whether those who contend the election results were inaccurate will get a chance to be heard in court to change future election procedures. Tucson attorney Bill Risner wants the court to order protections to ensure votes are being properly counted. Risner, representing the Pima County Committee of the Arizona Libertarian Party, said the system used to scan and tally ballots is subject to tinkering and abuse. But attorney Ronna Fickbohm, representing Pima County, said there's nothing to the lawsuit. She called Risner's claims "a sensationalistic and emotional attack on Pima County" which relies on "facts" without support.
AP SOURCE: STUMBLING BLOCK CITED IN JPMORGAN TALKS
WASHINGTON (AP) — Negotiations between the Justice Department and JPMorgan Chase & Co. have hit a stumbling block that has put the talks at risk, a person briefed on the discussions said Tuesday. A week and a half ago, JPMorgan tentatively agreed to pay $13 billion to settle allegations surrounding the low quality of mortgage-backed securities it sold in the run-up to the 2008 financial crisis. One of the unresolved issues in the talks: JPMorgan says it should be able to seek money from a receivership involving Washington Mutual, a failed savings and loan that JPMorgan purchased in 2008, said the person, who spoke on condition of anonymity because the source was not authorized to speak by name about the matter.
HEALTH POLICY CANCELLATIONS: NEW BLOW FOR ADMINISTRATION
WASHINGTON (AP) — Move over, website woes. Lawmakers confronted the Obama administration Tuesday with a difficult new health care problem — a wave of cancellation notices hitting individuals and small business who buy their own insurance. At the same time, the federal official closest to the website apologized for its dysfunction in new sign-ups and asserted things are getting better by the day. Medicare chief Marilyn Tavenner said it’s not the administration but insurers who are responsible for cancellation letters now reaching many of the estimated 14 million people who buy individual policies. And, officials said, people who get cancellation notices will be able to find better replacement plans, in some cases for less. The Associated Press, citing the National Association of Insurance Commissioners, reported in May that many carriers would opt to cancel policies this fall and issue new ones. Administratively that was seen as easier than changing existing plans to comply with the new law, which mandates coverage of more services and provides better financial protection against catastrophic illnesses.
OUTSIDE DROP IN AUTOS, US RETAIL SPENDING RISES
WASHINGTON (AP) — A sharp drop in auto sales, caused largely by a calendar quirk, lowered U.S. retail spending in September. But, Americans spent more on most other goods, showing some confidence in the economy before much of the government shut down. Overall retail sales dipped 0.1%, the Commerce Department said Tuesday. That was the weakest showing since March.
US HOME PRICES RISE AT FASTEST PACE SINCE 2006
WASHINGTON - U.S. home prices rose in August from a year earlier at the fastest pace since February 2006. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked. The Standard & Poor’s/Case-Shiller 20-city home price index rose 12.8% over the 12 months ending in August. That’s up from 12.4% in July from a year earlier. All 20 cities showed year-over-year gains. However, a measure of month-over-month prices for the 20 cities rose just 1.3 per cent in August. That’s’ down from a 1.8 per cent month-over-month gain in July. And 16 of the 20 cities reported more modest price increases in August than in July.
US CONSUMER CONFIDENCE PLUNGES IN OCTOBER
WASHINGTON - Americans’ confidence in the economy fell this month to the lowest level since April. The decline could weigh on spending and economic growth. The Conference Board said Tuesday that its index of consumer confidence dropped to 71.2 in October, down from 80.2 the previous month. September’s figure was slightly higher than initially reported. Consumers grew particularly pessimistic in their outlook on the economy six months from now, while their assessment of current economic conditions declined by much less. They also expect less hiring in the months ahead due in large part to continued confusion and problems of implementation for the Affordable Care Act. Consumers’ confidence is closely watched because their spending accounts for 70% of economic activity.
HEALTH INSURER AETNA’S 3Q PROFITS RISE 4%
A multi-billion dollar deal helped fuel third-quarter earnings growth for Aetna Inc., but the performance missed expectations, and shares slid Tuesday after it became the latest big health insurer to warn about challenges that lie ahead. Chairman and CEO Mark Bertolini told analysts that the Hartford, Conn., insurer is committed to growing operating earnings next year, and it expects the floor for its performance to be around where it finishes this year. But Aetna also expects to pay about $600 million toward a health insurance fee required as part of the health care overhaul, and it faces a Medicare Advantage funding cut also mandated by the law, which aims to fund coverage for millions of uninsured people over the next few years.
LinkedIn POSTS 3Q NET LOSS BUT REVENUE GROWS
NEW YORK - LinkedIn Corp. posted a loss for the third quarter on Tuesday, but the results were stronger than expected as the professional networking service boosted its user base and increased its revenue. Such results have become routine for the company. LinkedIn has surpassed Wall Street’s expectations in all of its quarters as a publicly traded company and this one was no exception. But its outlook was below estimates and its shares fell in extended trading. LinkedIn booked a loss of $3.4 million, or 3 cents per share, in the July-September period. It had earned $2.3 million, or 2 cents per share, in the same period a year earlier. Adjusted earnings were 39 cents per share in the latest quarter, beating analysts’ expectations by 7 cents.
"FIREFIGHTERS WITHOUT BORDERS" RETURN FROM ISRAEL MISSION
TUCSON - A delegation of local firefighters received a hero's welcome home at Tucson International Airport upon their return from Israel. As their flight taxied to the gate, they were greeted by a water canon salute courtesy of the Tucson Airport Authority Fire Department. The group was comprised of seven firefighters from a number of different agencies, including Northwest Fire District, Rincon Valley, and the Tucson Airport Authority. They visited several cities and regions, like the Gaza strip, Jerusalem, and Tel Aviv in the nearly two weeks they spent in Israel. The purpose of the trip was to learn from each other in a region of the world that's no stranger to deadly violence. "For years, we thought that terrorist-type events would never happen in the quiet Old Pueblo, but the events of Jan. 8 changed that perspective," said Golder Ranch Fire District Chief Randy Karrer. "Tucson has many high-profile events that could be targeted, much like the Boston Marathon incident, and we must ensure our first responders preplan the event and are astute to the latest most effective procedures."