Connect with us

Published

on

Homeowners in San Francisco looking to sell in the troubled city are a whopping four times more likely than the average US home seller to take a loss, according to real estate brokerage Redfin.

Residents looking to get out of the city — where a once-trendy downtown area has descended into a drug-addled hellscape, and historic hotels have been converted into roach-infested “Single-Room Occupancy” housing for vagrants — can expect to sell their San Francisco abode for $100,000 less than they bought it for.

Roughly 12.3% — or one in eight — of the homes sold in the Bay Area during the three months ended July 31 was purchased for less than the seller bought it for, Redfin found.

The figure is a 5% increase from the same period a year ago, is higher than any other major US metropolis and a staggering four times the 3% national rate of homeowners who take a loss when selling their homes, according to the real estate firm.

Detroit is home to the second-highest share of homeowners who take a loss in their home-selling transactions, at 6.9%, followed by Chicago and New York, where 6.5% and 5.9% of homeowners take a loss in selling their homes, respectively.

Though the share of New York homeowners who reported a loss was half that in San Francisco, the cities were tied for the largest median loss in dollars, at $100,000, Redfin found in a separate analysis.

Thus, it’s not a surprise that San Francisco, Detroit, Chicago and New York all rank among the top 10 cities Redfin found residents want to move out of.

San Francisco ranks No. 1, New York No. 2, Chicago No. 5 and Detroit No. 9, according to Redfin.

Across the US, the average homeowner who didn’t profit off of selling their home lost $35,538, according to Redfin, which analyzed Multiple Listing Service data across the top 50 US cities of homes that were owned by the same party for at least nine months before the sale.

States where homeowners were least likely to sell at a loss: San Diego, Boston, Providence, R.I., Kansas City, Mo., and Fort Lauderdale, Fla.

In each of these cities, only about 1% of homes sold for less than the seller originally paid, Redfin reported.

Redfin attributed San Francisco’s unfortunate housing stats to a sharp decline in home prices triggered by high mortgage rates, which climbed to their highest level since 2001 last month.

As of April, the city’s median home price was down over 13% year over year — triple the nationwide slowdown of 4.2% — swiping a whopping $60 billion in the total value of homes since last year.

In addition, home prices in the Bay Area fell because the metro area was hit hard by mass layoffs in the tech sector, Redfin said.

Major tech firms based in San Francisco like Apple, Google, Meta and Salesforce all conducted rounds of layoffs within the past year.

In one of the largest layoffs San Francisco saw in recent months, Meta sacked 21,000 employees as part of Mark Zuckerberg’s so-called “year of efficiency.”

Salesforce also axed some 7,000 staffers — 10% of its workforce — at the beginning of this year after rapid pandemic-era hiring left the company with “too many people” amid an economic slowdown.

And late last year, Elon Musk infamously slashed his staff at Twitter, now known as X, in half, handing nearly 4,000 workers pink slips.

Continue Reading

Technology

Tesla teaser video sparks speculation of long-awaited Roadster or mass market model

Published

on

By

Tesla teaser video sparks speculation of long-awaited Roadster or mass market model

Elon Musk, CEO of SpaceX and Tesla, attends the Viva Technology conference at the Porte de Versailles exhibition center in Paris on June 16, 2023.

Gonzalo Fuentes | Reuters

Tesla posted a teaser video on X sparking speculation that the electric carmaker could be gearing up to release a new car.

The first video posted on Sunday shows a spinning component which many online said could be an internal component of a vehicle. The video ends with the numbers “10/7,” indicating Tuesday’s date.

A second video also posted on Sunday shows just the headlights of a car.

The teasers have sparked conversation online and among analysts about what Tesla is up to — and two theories have emerged.

The first is that it could be the next-generation Roadster vehicle that Tesla CEO Elon Musk has been promising for years.

The second is that Tesla could be about to unveil a long-awaited mass market model.

Musk teased the next-generation Roadster concept back at an event in November 2017, and in June 2018 in a series of tweets.

The billionaire has since hyped the vehicle repeatedly and, in September, said on X that “the new Roadster is something special beyond a car.”

Musk has a history of promising things that are either not delivered or take substantially longer than he initially says.

Meanwhile, Tesla has been saying a cheaper mass-market car will hit the market this year. However, Musk has confirmed this lower cost offering will effectively be a stripped down Model Y.

For investors, a mass-market model is seen as key to revitalizing Tesla’s sales. While Tesla reported a jump in auto deliveries in the third quarter of the year, this was attributed to a pull forward in demand due to the expiration of a federal tax credit. In the quarter before, Tesla reported a delivery decline.

The company has seen a continuous slump in sales in Europe, and it continues to face heavy competition in China, another key market, from local players like BYD which are also expanding overseas.

Chinese players have been launching low-cost offerings in Europe and elsewhere putting more pressure on Tesla to released a model at around the $25,000 to $30,000 mark.

Continue Reading

Politics

Half of Tory members do not want Kemi Badenoch to lead party into next election, says poll

Published

on

By

Half of Tory members do not want Kemi Badenoch to lead party into next election, says poll

Half of all Conservative members think Kemi Badenoch should not lead the party into the next election, according to an exclusive Sky News Tory members poll.

The YouGov poll found 46% think the current Tory leader should stay in place when the country next goes to the polls, while 50% say she should not.

Tory members are split as to whether she will make it that far. A total of 49% think she will be out before the election, compared with 47% who think she’ll still be in place.

Politics latest: Tories pledge to abolish business rates for high street shops and pubs

The Tory leader will hope that this week’s conference in Manchester will steady her leadership.

But asked who they would prefer as leader of the Conservative Party, 46% of Tory members picked Robert Jenrick, comfortably ahead of the 39% who said Ms Badenoch. In all, 11% said neither and 4% don’t know.

The poll of 652 Conservative members was taken between 26 September and 2 October.

More on Conservatives

Having lost to Ms Badenoch a year ago, Mr Jenrick is now comfortably the members’ favourite, and would beat Boris Johnson, James Cleverly and Priti Patel. Badenoch would narrowly beat Johnson if they went head to head.

Read more:
Badenoch praises Thatcher but faces fight with grandees
Active plot against Kemi Badenoch at party conference

Ms Badenoch rejects any kind of electoral pact with Reform UK at the next election, but this is out of step with Tory members.

The poll finds 64% support an electoral pact, meaning Reform and the Tories would not stand candidates against each other in target seats, while 31% do not.

Almost half of Tory members – 46% – would support a full blown merger with Reform UK, against 48% who would oppose a merger.

Party members are very clear that in a hung parliament, they would not want to see Tory MPs putting a Labour prime minister back in Number 10.

Tory members oppose a coalition with Labour by 93% to 6%. However 73% would welcome a coalition with Reform UK in a hung parliament, with 25% against.

Continue Reading

US

US Supreme Court rejects appeal request from Ghislaine Maxwell

Published

on

By

US Supreme Court rejects appeal request from Ghislaine Maxwell

The US Supreme Court has rejected an appeal request from Ghislaine Maxwell, the imprisoned ex-girlfriend of Jeffrey Epstein, over her criminal conviction.

Maxwell was sentenced in June 2022 to 20 years in prison after being convicted in December 2021 on sex trafficking charges.

Her lawyers argued she never should have been tried or convicted for her role in luring teenage girls to be sexually abused by Epstein.

Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice
Image:
Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice

Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice
Image:
Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice

The nine justices declined to take up a case that would have drawn renewed attention to the sexual-abuse saga.

US President Donald Trump and his administration, which urged the court not to accept the case, have been condemned for refusing to publicly release all the files from Epstein’s case.

Maxwell was moved from a low-security federal prison in Florida to a minimum-security prison camp in Texas after she was interviewed by Deputy Attorney General Todd Blanche in July.

Please use Chrome browser for a more accessible video player

Trump and Epstein statue appears outside US Capitol

As usual, the justices on the highest court in the US did not explain why they turned down the appeal.

Maxwell’s legal team argued she shouldn’t have faced prosecution because of a deal that Epstein, who took his own life while in prison in 2019, made with federal prosecutors in Miami.

The 2007 agreement protected his “potential co-conspirators” from federal charges anywhere in the country, they said.

Donald Trump at his Mar-a-Lago estate in Florida with Jeffrey Epstein in 1997. Pic: Getty Images
Image:
Donald Trump at his Mar-a-Lago estate in Florida with Jeffrey Epstein in 1997. Pic: Getty Images

Jeffrey Epstein. File pic: New York State Sex Offender Registry/AP
Image:
Jeffrey Epstein. File pic: New York State Sex Offender Registry/AP

Maxwell was prosecuted in Manhattan, and the federal appeals court there ruled that the prosecution was proper.

A jury found her guilty of sex trafficking a teenage girl, among other charges.

Maxwell was given limited immunity when Mr Blanche interviewed her over the summer, allowing her to speak freely without fear of prosecution for anything she said except for in the event of a false statement.

She repeatedly denied seeing any sexually inappropriate interactions involving Mr Trump, according to records released in August meant to distance the president from the disgraced financer.

Please use Chrome browser for a more accessible video player

As the president was arriving in the UK for his second state visit, his image was being projected on to the side of Windsor Castle alongside that of Jeffrey Epstein.

Epstein was arrested in 2019 on sex trafficking charges and was accused of sexually abusing dozens of teenage girls.

A month later, he was found dead in a New York jail cell in what investigators described as a suicide.

Maxwell’s move to a lower security facility was criticised by the family of Epstein abuse survivor Virginia Giuffre, who died in April, and accusers Annie and Maria Farmer.

Describing Maxwell as a “sexual predator who physically assaulted minor children on multiple occasions”, they said in a statement the transfer “smacks of a cover up. The victims deserve better”.

Please use Chrome browser for a more accessible video player

Epstein survivors demand release of all files

When it announced in July that no additional documents from the investigation would be released, the US Justice Department declared that Epstein had killed himself, despite conspiracy theories to the contrary.

Read more on Sky News:
Who is in latest Epstein files release?
Epstein victims condemn Maxwell treatment
Duchess dropped by charities over Epstein links

A “client list” that US Attorney General Pam Bondi had intimated was on her desk did not actually exist, the department said.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

Trending