Subscribe: SFGate: Net Worth
Added By: Feedage Forager Feedage Grade B rated
Language: English
area  bay area  bay  california  directors  home  market  percent  price  san francisco  san  wells fargo  wells  year   
Rate this Feed
Rate this feedRate this feedRate this feedRate this feedRate this feed
Rate this feed 1 starRate this feed 2 starRate this feed 3 starRate this feed 4 starRate this feed 5 star

Comments (0)

Feed Details and Statistics Feed Statistics
Preview: SFGate: Net Worth

Net Worth - Kathleen Pender - RSS Feed


Bay Area home prices hit another record in June

Thu, 27 Jul 2017 00:06:46 UT

Bay Area home prices hit another record in June Bay Area home prices marched to a fourth consecutive monthly record in June as limited supply, especially among lower-price homes, failed to keep up with demand, according to a CoreLogic report issued Wednesday. Real estate agents say there has been some softening in prices at the upper end of the market, and in some new condos. In any of the resale neighborhoods, there is just no supply, said Robin Hubinsky, an agent with Zephyr Real Estate in San Francisco. Hubinsky said there are few single-family homes on the market, because empty-nesters who might want to move to a condo are finding them too expensive and the dues too high. Garrett Frakes, a managing partner with Polaris Pacific, said prices of new condos in San Francisco have fallen about 3 or 4 percent since their peak in early 2015. Some homes in the popular areas of Oakland and Berkeley are selling for 60 percent more than the asking price and approaching San Francisco on a price-per-square-foot basis, said Linnette Edwards, associate broker with Abio Properties. A study released Friday by the California Association of Realtors that covered all nine Bay Area counties said the median price hit a third consecutive monthly record in June — $908,740. The mix-up probably resulted from a change in the company that microfilms documents from the San Mateo County recorder’s office for long-term storage.

Bay Area median home price hit another record in May

Thu, 22 Jun 2017 23:31:11 UT

Bay Area median home price hit another record in May The median price paid for a Bay Area home hit $755,000 in May, a third consecutive monthly record, as scorching demand continued to outstrip supply. In San Francisco and San Mateo counties, the median price reached an identical $1,207,500 (although CoreLogic had to estimate San Mateo sales for the last two weeks of May). The San Francisco market “turned into a feeding frenzy (in May), the hottest market since spring 2015, driven by very strong demand, which came roaring back, and a deeply inadequate supply of listings,” Patrick Carlisle, chief market analyst of Paragon Real Estate Group, said in an email. “The fact that interest rates have declined since the first of the year, and that people are afraid of coming increases, may be playing some role in pressurizing demand,” Carlisle said. The home has four bedrooms, two bathrooms, parking, a yard and an unfinished attic and basement, but what really sold it was the location — near hip restaurants and less than two blocks from Dolores Park, Minson said. The home received 29 offers — about a third from builders, a third from investors and a third from prospective homeowners. The website SocketSite highlighted a Hayes Valley condo and a high-end home in Cow Hollow that just sold for roughly the same price they fetched in 2014. “Demand is being driven by the incredible job demand, not just in high tech but in biotech,” said Coldwell Banker agent Jeff LaMont. Home buyers are also attracted by proximity to the airport and the county’s public schools. The sellers “were first-time home buyers when they bought it nine years earlier” and were probably persuaded by the fact that his clients were also first-time buyers.

Bay Area home prices hit record as sales drop

Thu, 25 May 2017 04:26:08 UT

Bay Area home prices hit record as sales drop The median price paid for a Bay Area home last month surged to a record — $750,000 — as the inventory of homes for sale continued to fall far short of demand, according to a report released Wednesday by the research firm CoreLogic. The median price paid for new and existing single-family homes and condos in the nine-county region was up 4.9 percent from a revised $715,000 in March, and up 8.7 percent year over year, the report said. The condo, listed at $1,249,000, has 1,525 square feet of “gracious living space,” according to its ad, and monthly homeowners association fees of $500. “I just sold a home, the buyers were tired of getting outbid and went way overboard,” said Murline Monat, an agent with Paragon Realty Group in Danville. The Castro Valley deal has not closed, and Monat believes the appraisal will come in at least $25,000 below the accepted offer price. Because the buyers had released their appraisal contingency to sweeten the deal, they will have to increase their down payment by the difference between the appraised price and the offer price, Monat said. Real estate agents blame the current situation largely on a persistent lack of inventory, which has plagued the region since around 2013. The California Association of Realtors reported this week that the median amount of time it would take to sell all Bay Area homes on the market at the current sales rate was 2.4 months in April, down from 2.6 months the previous April and about half the historical average of 5.1 months, said Jordan Levine, the association’s senior economist. The median time it took to get an offer accepted on a Bay Area home was just 20.1 days last month, down from 20.4 days a year ago and about half the long-term average of 36.8 days. During the recession, he added, “many homes foreclosed upon were bought up by investors and turned into rental units.” [...] in some markets, rising income inequality has helped widen the price gap between starter, move-up and luxury homes. More construction would help, but it can’t solve the problem considering that new homes typically account for only one out of 10 homes on the market. On the plus side, if you can call it that, 40 percent of Americans age 18 to 34 (excluding college students) are still living with parents or relatives, the highest percentage since around 1940.

Shareholders re-elect Wells Fargo directors, some just barely

Thu, 27 Apr 2017 18:22:47 UT

Wells Fargo shareholders re-elected all 15 of the company’s directors at the company’s annual meeting in Florida Tuesday, despite calls that some should be jettisoned for not acting sooner to prevent the fraudulent-account scandal that has engulfed the San Francisco bank since September. The individual directors received votes in favor ranging from 53 to 99 percent. A vote as low as 53 percent is highly unusual in the corporate world, where directors are routinely re-elected with percentages in the high 90s. In 2016, only 44 directors at the 3,000 U.S. companies in the Russell 3000 index failed to win a majority vote, according to the Council of Institutional Investors. Both are members of the board’s corporate responsibility committee, which oversees political, environmental and consumer lending risks, as well as customer service and complaints. Peña is a former U.S. secretary of the energy and transportation departments. The overall vote is “a significant show of opposition to board members,” said Greg Waters, a research director with Glass Lewis, a San Francisco firm that advises large shareholders how to vote in corporate elections. After the vote was announced, Sanger said that stockholders had sent the board “a message of clear dissatisfaction.” At one point during the three-hour meeting, Sanger called a recess so that a shareholder could be removed. The shareholder, Bruce Marks, CEO of the nonprofit Neighborhood Assistance Corporation of America, would not stop demanding to hear from each individual director about their knowledge of fraudulent account openings. Glass Lewis recommended voting against the four longest-serving members of the corporate responsibility committee. Institutional Shareholder Services, another proxy advisory firm, recommended voting against 12 directors for “failure to provide sufficient timely risk oversight.” “I am surprised that everybody received a majority vote,” said Jason Schloetzer, an associate business professor at Georgetown University. Schloetzer said receiving a low percentage of the vote could have “a negative spillover effect” for Wells Fargo directors serving on other corporate boards. The state’s two largest public pension funds — the California Public Employees’ Retirement System and the California State Teachers’ Retirement System — both voted against the company’s nine longest-tenured directors for oversight failures. Berkshire Hathaway, the bank’s largest shareholder with a roughly 10 percent stake, said it was voting in favor of the entire slate of directors. The board formed a committee to launch an in-depth investigation of the unauthorized account openings on Sept. 25. A report on the investigation issued April 10 found “mass terminations” of employees for sales practice violations dating back to “at least 2002.” Wells Fargo said last week it would increase the size of a preliminary class-action settlement to $142 million to cover claims arising from fraudulent accounts dating back to 2002. Based on preliminary results, here is the approximate percentage of shareholder votes cast in favor of each Wells Fargo director at Tuesday’s annual meeting.

CalPERS, CalSTRS to vote against some Wells Fargo directors

Sat, 22 Apr 2017 00:21:52 UT

The state’s two largest public pension systems each said Friday they are voting against nine of Wells Fargo’s 15 directors, all of whom are standing for re-election at the company’s annual meeting in Florida Tuesday. On Sept. 8, in a settlement with regulators, Wells disclosed that about 5,300 employees had been fired since 2011 for opening deposit and credit card accounts that customers probably did not know about or want, allegedly to meet aggressive sales goals. CalPERS and the California State Teachers’ Retirement System are voting against John Baker II, John Chen, Lloyd Dean, Donald James, Cynthia Milligan, Federico Peña, Stephen Sanger, Susan G. Swenson and Enrique Hernandez, Jr. A CalPERS spokesman said it was focusing its “no” votes on directors who had served from 2013 or earlier, because “that is the time frame the primary oversight failures had occurred.” On Wednesday, California Treasurer John Chiang, who is a board member of both retirement systems, issued a press release urging shareholders and to vote against all five directors on Wells Fargo’s corporate responsibility committee, which oversees the bank’s reputational risk and customer service and complaints. Two companies that advise large investors on how to vote in corporate elections have also recommended against some directors for failing to do more to stop the fraud. Last week, Berkshire Hathaway, Wells Fargo’s largest shareholder with a roughly 10 percent stake, said it and was voting its shares in favor of all 15 directors.

Scandal continues to weigh on Wells Fargo earnings

Thu, 13 Apr 2017 22:48:57 UT

Wells Fargo’s first-quarter earnings beat estimates by a few cents per share, but its stock price fell 3.3 percent Thursday on concerns about the direct and indirect costs of the sham-account scandal that has rocked the bank. Wells Fargo earned $5.5 billion, or $1 per share, for the first quarter of 2017, beating expectations by 3 cents per share and roughly matching last year’s first-quarter earnings of $5.5 billion or 99 cents per share. [...] the San Francisco bank responded to a “sales and marketing” scandal by “unveiling a new marketing campaign.” Last week, Institutional Shareholder Services, which advises large investors on how to vote in corporate elections, recommended voting against 12 of Wells Fargo’s 15 directors at the meeting for failing “to provide a timely and sufficient risk oversight process.” The bank’s non-retail operations have fared better than its consumer side, which has suffered since September when the bank disclosed in a $185 million settlement agreement with regulators that it had fired 5,300 employees over several years because they may have opened more than 2 million deposit, credit card and debit card accounts without customers’ knowledge or approval. In a call with analysts Thursday, Wells Fargo CEO Tim Sloan said that retail banking metrics the company has been releasing monthly since October have come off their lows but are “certainly not back to pre-settlement levels.” The company spent about $80 million on legal, compliance and other fees related to the scandal in the first quarter and expects to spend $70 million to $80 million per quarter the rest of the year. On the bright side, the firm’s wealth and investment management business generated a 22 percent increase in income over the past 12 months on a 9 percent increase in client assets, Sinegal said in a note. In an email, the treasurer’s office said, State law requires that a competitive sale of State of California General Obligation bonds be awarded ‘to the bidder whose bid will result in the lowest interest cost on account of those bonds.’ Because Wells Fargo has been buying back stock (reducing its shares outstanding below 5 billion for the first time since 2009), Berkshire’s stake had risen above 10 percent. According to the Federal Reserve, an ownership interest above 10 percent “would materially restrict our commercial activity with Wells Fargo,” Berkshire said in a press release.

Warriors playoff tickets prices same or less than last year

Fri, 7 Apr 2017 22:01:35 UT

Warriors playoff tickets prices same or less than last year The Golden State Warriors are keeping ticket prices for the playoffs that start next weekend the same or less than last year. Season-ticket holders will pay the same as last year for the first three rounds of playoffs and about 14 percent less for the NBA Finals, if the team makes it that far. The cheapest ticket for round one will be $125 this year versus $175 last year, said Brandon Schneider, the team’s senior vice president for business development. To afford playoff games last year, some fans tried to resell tickets to other games at higher prices, but so many people had the same idea that they did not get what they were hoping for. Last year, he sold about half of his playoff tickets to help finance the other half, but had to drop his price because there were so many on the market. In setting ticket prices, the Warriors analyze transactions on, the team’s resale marketplace powered by Ticketmaster.

SF home prices see big drop in January

Wed, 1 Mar 2017 00:47:48 UT

The median price paid for new and existing Bay Area homes and condos that sold in January was $630,000, down 5.3 percent from December and up 1.6 percent from January of last year, according to CoreLogic data released Tuesday. Buyers in San Francisco want to be the first to cook on a stove and the first to use a bathroom, said Gregg Lynn, a real estate agent with Sotheby’s. The city’s condo-building boom can cause distortions in monthly data because developers generally begin selling units long before construction is completed, but sales are not recorded until the building is ready for occupancy and buyers close escrow. [...] the median price for the nine-county region rose a mere 1.6 percent because a higher share of sales occurred in the more affordable inland stretches of the Bay Area. Because they feel the future is so uncertain, “people who can choose not to sell are choosing not to sell,” Lynn said. New construction will add to supply this year, but generally in higher price ranges (except for mandatory affordable housing).

Almost 67,000 polluting VW and Audi diesels returned so far

Wed, 18 Jan 2017 19:17:34 UT

Almost 67,000 of the roughly 470,000 Volkswagen and Audi 2-liter diesel models sold in the United States with emissions-cheating software have been returned to dealers for buybacks or lease terminations, an attorney for the automaker said at a hearing in federal court in San Francisco Wednesday. Under a consumer class-action settlement that will cost VW up to $10 billion, people who own or lease one of the 2-liter TDI models with a so-called defeat device can sell the car back to the manufacturer at the vehicle’s September 2015 trade-in value or terminate their lease without penalty and receive a cash restitution payment ranging from $2,634 to $9,852. U.S. District Court Judge Charles Breyer approved the consumer class action settlement, the largest in U.S. automotive history, on Oct. 25. At a status conference on the settlement Wednesday, Robert Giuffra, an attorney with Sullivan & Cromwell who represents VW, said that about 451,000 cars have been “registered” for the settlement, 383,000 claims have been filed and 160,000 buy-back appointments have been scheduled with dealers. Earlier this month, federal and state environmental regulators approved the first repair, but it only covers about 70,000 so-called generation 3 vehicles from model year 2015.

Stocks defy conventional wisdom, soar on Trump victory

Fri, 11 Nov 2016 16:00:10 UT

When early returns started pointing to a Trump presidential victory Tuesday night, futures contracts on the Dow Jones industrial average plunged as much as 800 points. [...] futures began paring their losses “in the wee hours, when Trump gave a victory speech that was much more conciliatory than people expected,” said Rob Sharps, a portfolio manager with T. Rowe Price. [...] they sold off on Wednesday morning, apparently on concerns that Trump would increase government spending while cutting taxes, which could lead to bigger deficits, higher inflation and higher interest rates. [...] if you look underneath those indexes, “there was really wicked volatility as people repositioned” their portfolios for a Trump presidency, Sharps said. Trump’s vow to increase spending on infrastructure caused a surge in shares of metals, mining, construction and engineering firms. On the flip side, some hospital and health insurance companies were stricken by fears that Trump will carry through on his promise to replace the Affordable Care Act with “something better.” Banking, asset managers and other financial service companies were big winners, apparently on the belief that the Trump administration will relax the Dodd-Frank Act, as well as the Department of Labor’s new fiduciary rule for brokers and other laws and regulations that have weighed on financial institutions. Banking and finance employees and political action committees poured $64.3 million into her campaign and pro-Clinton super PACs — and less than $2 million into Trump’s, according to Politifact. Investors should not read too much into a single day’s action, warned Brad Sorensen, director of sector analysis and market research with Charles Schwab. In an interview with Fox News’ Sean Hannity this spring, Trump claimed that Bezos is using the newspaper for political purposes to save Amazon in terms of taxes and in terms of antitrust. Martin Baron, executive editor of the Washington Post, issued a statement that said, “I can say categorically that I have received no instructions from Jeff Bezos regarding our coverage of the presidential campaign — or, for that matter, any other subject.”

Bay Area rent control measures getting mixed results

Wed, 9 Nov 2016 18:16:29 UT

Measures initiated by citizens to establish rent control programs appeared headed for victory in Richmond and Mountain View but were losing in Alameda, San Mateo and Burlingame. Citizens in the five Bay Area cities placed initiatives on the ballot to protect tenants from spiraling rents and evictions that have resulted from job growth outstripping housing creation. In Alameda and Mountain View, the city councils placed on the ballot less-stringent measures to temper rent increases. The measures, which all needed a simple majority to pass, aimed to bring urban-style rent and vacancy controls to Bay Area suburbs. Like the Burlingame measure, it generally would have limited rent hikes on pre-1995 multifamily buildings to the CPI increase. The initiative would roll back rents on pre-1995 multifamily units to October 2015 levels and generally limit future increases to the CPI increase. Placed on the ballot by the City Council, the measure would continue a city program that requires mediation on rent increases above 5 percent and limits evictions on all rental property.

Prospect of Trump victory roils markets

Wed, 9 Nov 2016 07:18:56 UT

Asian stocks and U.S. stock index futures collapsed Tuesday night as Donald Trump appeared on the verge of winning the presidential race. The Dow rose a total of 444 points on Monday and Tuesday, after FBI Director James Comey said there was no additional evidence in new emails uncovered in an unrelated case that would warrant a prosecution of Hillary Clinton over her use of a private email server for U.S. State Department business. Contributions from people or political action committees in the banking and finance industry to the Clinton campaign and pro-Clinton super PACs totaled $64.3 million. With Trump, you don’t know what to expect today or next week or really until his transition leader, Chris Christie, starts making appointments. Is Newt Gingrich going to be Treasury Secretary? CNBC reported that plunges of more than 5 percent in S&P 500 and Nasdaq 100 futures Tuesday night triggered “limit down” measures on the Chicago Mercantile Exchange, which prevent those contracts from trading above but not below those levels until regular trading opens on Wednesday.

Nation’s largest brokerage firm acquires SF’s Climb Real Estate

Wed, 31 Aug 2016 23:12:12 UT

Climb Real Estate, a boutique San Francisco brokerage focused on city-dwelling Millennials, has been acquired by NRT LLC, the nation’s largest residential brokerage, the companies announced Wednesday. NRT is the parent of Coldwell Banker, Sotheby’s International Realty and ZipRealty and a subsidiary of Realogy, a publicly traded real estate conglomerate. NRT has pursued the same approach with other regional firms it acquired including the Corcoran Group in New York City and Laura McCarthy Real Estate in St. Louis, said Bruce Zipf, NRT’s president and chief executive. Climb tries hard to appeal to Millennials by focusing on mobile technology and social media. “I believe what this represents is a more traditional type platform coming together with a more innovative, unique-type platform” and providing the financial capital to expand Climb in the Bay Area, Zipf said. Greg Macres, NRT’s executive vice president for the western region, said, We want our agents to be more mobile (and) stretch the boundaries of technology.

Nonbank lenders surging in California mortgage market

Tue, 12 Jul 2016 23:42:12 UT

Nonbank lenders surging in California mortgage market The number of home loans originated in California by nonbank lenders soared last year to 537,757, up 47.3 percent from 2014, according to a report issued Monday by the California Department of Business Oversight. The principal amount of mortgages originated in the state by nonbank lenders last year grew 56.7 percent, to $179.3 billion. Nationwide, the principal amount of nonbank mortgage originations grew only 43.9 percent between 2014 and 2015, according to Guy Cecala, publisher of Inside Mortgage Finance. The California department regulates nonbank lenders, meaning those that do not accept insured deposits to make loans, like traditional banks do. The department could not say how much of the growth in nonbank mortgage lending came from an increase in the underlying loan market and how much from nonbanks taking business from banks. Nationwide, however, nonbanks have been taking big chunks of market share from banks. In the first quarter of 2016, the nonbank share of U.S. originations was 48.3 percent. “Banks are pulling back from certain types of mortgage lending due to settlements (with government agencies) and enforcement actions,” Cecala said. Banks are still dominant in jumbos, but it’s only 20 percent of the market. The other 80 percent, they are reducing, and that is giving an opening and the nonbanks are stepping in to fill that void, Cecala said. Nonbanks typically borrow money from investors or banks to make loans, then quickly sell these loans to Fannie Mae, Freddie Mac, banks and other buyers, so they can repay their loans and start the process over again. Banks also sell loans but hold onto some of them. Many banks and nonbanks continue to service loans they sell for a fee. Servicers collect payments, forward them to the new loan owner and take action when borrowers fall behind. “Mortgage lending has pretty thin profit margins,” said Keith Gumbinger, a vice president with mortgage information service HSH Associates. Nationwide, San Francisco’s Wells Fargo was still the nation’s largest mortgage lender in the first quarter of this year, with 11.4 percent of the market, but that was down from 28.2 percent in the first quarter of 2012. Chase was number two in the first quarter, followed by Quicken Loans, the largest nonbank lender nationwide, according to Inside Mortgage Finance. Quicken Loans was also the largest nonbank lender in California last year, according to the department. Kathleen Pender is a San Francisco Chronicle columnist. Top nonbank lenders California mortgages by nonbank lenders in 2015 Quicken Loans Pinnacle Capital Mortgage United Shore Financial Services California Department of Business Oversight

What VW drivers should know about the giant emissions settlement

Wed, 29 Jun 2016 00:17:15 UT

What VW drivers should know about the giant emissions settlement Under the largest automotive class-action settlement in U.S. history, people who own or lease one of about 475,000 Volkswagen and Audi 2.0-liter diesel models designed to cheat emissions tests could sell their car back to the manufacturer or terminate their lease without penalty and receive cash restitution ranging from $2,634 to $9,852. Details of the settlement, which still requires approval by the U.S. District Court in San Francisco, were disclosed Tuesday by plaintiff’s attorneys and federal and state regulators. Under related settlements with the U.S. Environmental Protection Agency and California Air Resources Board, Volkswagen will pay $2.7 billion to support environmental programs and reduce emissions nationwide, including $380 million for programs in California. VW promoted its TDI models as “clean diesels,” but secretly installed devices and software that allowed them to pass emissions tests while spewing illegal levels of nitrogen oxide pollutants. The state air resources board “uncovered the fraud and figure out how it worked,” Chair Mary D. Nichols said in a press conference. The nearly $15 billion agreement is one of the swiftest and largest settlements of a complex class-action case, said San Francisco attorney Elizabeth Cabraser, the court-appointed lead counsel for VW owners. “I hope it will be a model for future resolutions in which private plaintiffs and government entities can work together to forge resolutions that, like this one, as a whole are greater than the sum of its parts,” she said. Owners who remain in the class will have the option of selling these cars back to the company or obtaining an approved emissions fix. [...] of whether they choose a repair or buyback, they also will get a cash payment equal to 20 percent of the vehicle’s value, plus $2,986.73 (subject to a minimum of $5,100). If you combine the trade-in and cash payments, total compensation for a buyback will range from $12,475 for a basic 2009 VW Jetta Sedan TDI to $44,176 for a loaded Audi A3 TDI Prestige, according to a court document posted at If an owner sold one of the tainted cars after Sept. 18, the current owner can get the buyback or repair and roughly half of the cash payment. The previous owner will get the rest of the cash payment, but must identify himself or herself within 45 days of preliminary approval, which could happen as early as July 26. People who sell an eligible car after June 28 (except back to the company) cannot participate in the settlement. People who had leased an eligible car with VW Credit as of Sept. 15 and remain in the class can terminate the lease without penalty or get it fixed. “I’m heartbroken that the fabulous, efficient, fun-to-drive, environmentally friendly car I thought I bought turns out to be a fraud,” said David Jones, a Peninsula resident who owns a 2011 Jetta Sportwagen TDI. The settlement does not cover about 100,000 late-model TDIs made by Audi and Porsche that also had emissions tampering. If preliminary approval is granted by the court, eligible owners can go and enter their Vehicle Identification Number to see what their payment would be. In general, “any settlement you get for something other than personal physical injury or sickness is taxable,” said Mark Luscombe, principal federal tax analyst for Wolters Kluwer Tax & Accounting. Theoretically, owners who sold their cars back would not owe tax if the combined payment (trade-in plus cash payment) was less than their basis, which is generally what they paid for the car (or the depreciated [...]