Business & Economy

Business news

Joe Moore / Valley Public Radio

Data out today show a big spike in the rate of California homes purchased and resold within six-months.

People in the real estate business call it “flipping.”

“Flipping is the process of buying a home or other property, usually at a discounted price, improving that property through rehab and repairs and then reselling that.”

Daren Blomquist is with RealtyTrac. The research firm has released new nationwide figures on flipped properties.

“Not surprisingly the state with the most flips in the first-half of 2012 was California with nearly 26,000.”

A federal judge in Los Angeles has upheld California's law that bans the use of tightly confined cages for some farm animals.

An egg producer challenged 2008's proposition 2, saying it was too vague for farmers because it didn't specify cage size.

But US District Judge John F. Walter said in his ruling it wouldn't require QUOTE "the investigative acumen of Columbo to determine if an egg farmer is in violation of the statute."

Food and Drug Administration

DFI Marketing of Fresno has announced a recall of 28,000 cartons of cantaloupe after a sample tested positive for Salmonella bacteria. Dresick Farms Inc grows produce on a farm in Huron, in western Fresno County.  

Amazon "Tax" Begins Saturday

Sep 13, 2012

If you need to make a purchase on Amazon, now would be a good time to do it. As Amy Quinton reports from Sacramento, starting Saturday, Californians will have to pay sales taxes on purchases.

AAA: Labor Day Holiday Travel Up

Sep 1, 2012
Michael R Perry / Licensed via Creative Commons via Flickr: http://www.flickr.com/photos/michaelrperry/6868181303/

The latest AAA forecast says a higher number of Californians will be traveling over this Labor Day holiday weekend.

According to the auto club, 3.7 million Californians will travel 50 miles or more.

“This is a modest increase of 3.4 percent over last year," said Cynthia Harris, who is with AAA Northern California. She says “modest” increases in travel numbers have been the norm over the past four years.

Foreclosures Drop, But Still Remain High

Aug 30, 2012
Joe Moore / Valley Public Radio

Foreclosure-related home sales fell 10 percent in California during the second-quarter compared to last year. But repossessions still accounted for a big percentage of homes sold. Listing service RealtyTrac says four out of every 10 California homes sold between April and June were foreclosures.

Daren Blomquist, RealtyTrac’s Vice-President said that number, "is extremely high. We’d expect to see less than 5 percent of all sales be foreclosure-related in a normal, healthy market."

A new UC Berkeley study says temporary workers in California are more likely to live in poverty than their co-workers.

Miranda Dietz is with the university’s Center for Labor Research and Education. She says “temps” hired through staffing agencies to work in data entry, nursing, accounting and other jobs, earn an average of 18 percent less per hour than their co-workers.

Joe Moore / Valley Public Radio

Three bills that would regulate California’s “Buy Here, Pay Here” used car industry are moving through the State Capitol despite some growing opposition. The critics include several used car dealers associations and some local chambers of commerce.

Former Republican Assemblyman Roger Niello is with the Sacramento Metro Chamber of Commerce. He’s also the owner of several auto dealers. He says efforts to crack down on what the bills’ authors call “predatory lending” would backfire on the very people the legislation is intended to help.

Congressmen Call For Hanford Slaughterhouse to Re-Open

Aug 23, 2012

Three Central Valley Congressmen have called on Agriculture Secretary Tom Vislack to allow the Hanford slaughterhouse at the center of an animal cruelty controversy to re-open. In a letter released today, Republican House members Kevin McCarthy, Devin Nunes and Jeff Denham called the shutdown of the Central Valley Meat Company unnecessary, and said the closure is causing economic hardship in the area. They said that the investigation into the plant's practices can continue should the plant re-open.

Federal regulators and fast-food companies reacted with unprecedented speed this week to the release of an undercover video that animal-rights activists shot inside a California slaughterhouse. The video — which, we'll warn you, is pretty graphic — shows employees of Central Valley Meat Co. using electric prods repeatedly on cattle that appeared unable to get to their feet.

An economic forecast out today says California’s unemployment rate will drop to single digits this time next year – sooner than originally predicted. Right now, California’s jobless rate is 10.7%. It peaked at 12.5% in 2010. The rate’s been inching down ever since.

Economist Jeff Michael is with the Business Forecasting Center at University of the Pacific in Stockton. “We see [the] unemployment rate going into single digits in mid-2013 and in the past we’ve been saying the end of 2013.”

California Lumber Sales Creep Up In Recent Years

Aug 15, 2012
Licensed using Creative Commons from Flickr user CHRISTOPHER MACSURAK / http://www.flickr.com/photos/macsurak/6195650749/

Lumber sales are up slightly in California, after hitting a record low in 2009. The 2008 collapse of the housing market devastated California's already faltering lumber industry. The housing market has been slow to recover, but new home construction has risen in the last year.

David Bischel of the California Forestry Association says that's translated into a slight uptick in lumber production. "There's been an increase in sales because there's been a small increase in housing production, our markets are very closely tied to housing markets."

Kern County Leads Nation in Employment Gains

Aug 7, 2012
Joe Moore / Valley Public Radio

Employment in California’s largest counties rose between December of 2010 and December of 2011, but paychecks got smaller in most large counties. 24 of the 26 large counties in California saw employment increase. The US Bureau of Labor Statistics defines large counties as those with employment of 75,000 or more.

Kern County posted a 5.3 percent increase, followed by San Francisco County at 3.3 percent. Kern County’s increase was not only the largest increase in the state but in the country as well. Los Angeles County has the highest number of employed at more than 3.9 million.

California Labor Commissioner Julie Su has filed a lawsuit against a Valley farm labor contractor for unpaid wages. The case filed in Fresno Superior Court on Monday alleges Javier Diaz of Diaz Contracting committed multiple violations, including failure to provide minimum wage and overtime to employees. The lawsuit seeks over $600,000 in unpaid wages, penalties and damages affecting 129 workers.

California Leads Nation in Farmer's Markets

Aug 5, 2012
Joe Moore / Valley Public Radio

The number of farmer’s markets in California has risen substantially. According to a U.S. Department of Agriculture survey, there are about 830 markets in the state. That’s up almost a hundred from last year.

Kathleen Merrigan with the USDA says the economy and the demand for fresh, healthy food have caused a 10 percent increase in markets nationwide.

The controversial “Buy Here, Pay Here” used car industry would face strict new regulations under several bills moving through the California legislature.

Search “Buy Here, Pay Here” on Google and the first website that pops up is “We-Approve-Bad-Credit-dot-com.” Dealers require buyers to make each month’s loan payment in person. If they can’t, their cars are often repossessed on the spot. Democratic State Senator Ted Lieu says his bill would apply similar regulations for typical auto lenders to the Buy Here, Pay Here industry.

Numbers released today from Fresno State's Craig School of Business show the San Joaquin Valley's economy is slowing. The San Joaquin Valley Business Conditions Index dropped for the second straight month in July, to 51.6, down from 55.4 in June.

The numbers remain above growth neutral, meaning the economy is still expected to grow in the next three to six months, businesses aren't as optimistic about the future as they were in June. The lower July numbers reflect a drop in new export orders and business confidence.

Joe Moore / Valley Public Radio

The Central Valley is the agricultural center of California, producing a wide range of fruits, vegetables, and other commodities - all worked by the hands of thousands of farm workers. However, these crops may be threatened this season with a reported decrease in the number of workers. 

It used to be a rite of passage for teens, getting a summer job at a fast food restaurant or the mall. But with an economy that continues to struggle, the state's teen unemployment rate is around 36 percent. But there are several new programs that aim to help teens get a taste of life in the workforce, and local companies that are working with non-profits and the government on this issue. Juanita Stevenson reports on how a summer job changed one teen's life.

The ag industry may soon see some changes, now that the Farmworker Safety Act was approved by the state Assembly yesterday afternoon. 

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