This is one in a series of year-end stories that look back at the most memorable pieces KPCC reporters worked on in 2012 and look ahead at a key issue that will be the focus of coverage in the coming year.
How much happened in the Golden State in 2012 when it comes to business? Lots. Lots and lots. The DeBord Report covered most of it.
The slide show above serves up the business year in pictures for the state with the largest economy and two of America's most storied industries: Hollywood and high-tech.
And if you want to review the business year in links to the original posts...well, I've got that covered, too.
9. The long, long, LONG Tribune Co. bankruptcy comes to and end. So who will buy the Los Angeles Times?
That's the takeaway from today's California Association of Realtors Housing Market Forecast for 2013. CAR Chief Economist Leslie Appleton-Young presented the data, and the date is...basically unprecedented. Appleton-Young said that she's never seen a market quite like it.
However, she doesn't think that the market is distorted. You could be excused for thinking that it is. For starters, according the the CAR, prices in California fell almost 60 percent from their bubble highs before the financial crisis. But at the moment, several factors are intersecting. There's not enough supply to meet housing demand in the state. Combined with historically low interest rates, this is pushing up prices. And investors snapping up properties they consider to be historically underpriced are sweeping into the market, using all-cash offers to gobble up homes.
The California Association of Realtors released data on August pending and distressed home sales today — data that shows that the housing market in the Southland and elsewhere in the state is improving to the degree that a lack of housing inventory is becoming a problem.
This could ultimately be a good problem to have, if its spurs builders, such as L.A.-based KB Home, to start constructing new houses. KB beat earnings expectations last week and now seems to be pretty bullish on a housing recovery.
It's also good for sellers, as a shortage of supply is pushing prices up. It's worth noting that market is now clearing the overhang of distressed properties, a process that we've been waiting for particularly in hard-hit California. As you can see from the charts above, distressed sales — short sales and foreclosed properties, or "REOs" ("real estate owned") — have been falling year-over-year and month-over-month is Los Angeles, Riverside, and San Bernardino counties.
Sen. Dianne Feinstein, at the Millennium Biltmore Hotel in Downtown Los Angeles, speaks at a Town Hall event.
Sen. Dianne Feinstein sat down with Mark Baldassare, CEO of the Public Policy Institute of California, in front of a packed lunchtime audience today at the Millennium Biltmore Hotel in Downtown Los Angeles. The two discussed economic challenges facing the U.S., the Occupy Wall Street movement, tax reform, and political gridlock in Washington, D.C.
"If you elect people who want to solve problems, you can get something done," Feinstein, who has been representing California for nearly 20 years in Congress, stated. "If you elect people who pound the table, you can't get anything done."
Feinstein, a Democrat, followed this indictment of Republican intractability by pointing out that she considers it unlikely that the remaining aspects of President Obama's jobs bill will pass, including a provision that would establish an national infrastructure bank, still to be voted on.