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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.

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Science

Point Nemo: The Remote Ocean Graveyard Where the ISS Will Make Its Final Descent in 2030

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NASA will retire the ISS in 2030, sending it to Point Nemo, a remote Pacific zone known as the spacecraft cemetery. Most of the station will burn up during reentry, with remaining debris falling harmlessly into the sea. The controlled descent aims to avoid past mishaps and reflects a new era of commercial space stations.

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Business

Chancellor Rachel Reeves blames other people’s mistakes for her predicament but she bears some responsibility

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Chancellor Rachel Reeves blames other people's mistakes for her predicament but she bears some responsibility

To say this wasn’t the plan is an understatement.

When Rachel Reeves said last year (and many times since) that she had no intention of coming back to the British people with yet more tax rises, she meant it.

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But now the question ahead of the budget later this month is not so much whether taxes will rise, but which taxes, and by how much? Indeed, there’s growing speculation that the chancellor will be forced to break her manifesto pledge not to raise the rates of income tax, national insurance or VAT.

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Chancellor questioned by Sky News

Her argument, made in her news conference on Tuesday morning, is that she is in this position in large part because of other people’s mistakes, primarily those of the Conservative Party.

But while it’s certainly true that a significant chunk of the likely downgrade to her fiscal position reflects the fact that the “trend growth rate” – the average speed of productivity growth – has dropped in recent years due to all sorts of issues, including Brexit, COVID-19 and the state of the labour market, she certainly bears some responsibility.

A problem that is some of her own making

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First off, she established the fiscal rules against which she is being marked by the Office for Budget Responsibility.

Second, she decided to leave herself only a wafer-thin margin against those rules.

Third, even if it weren’t for the OBR’s productivity downgrade, it’s quite likely the chancellor would have broken those fiscal rules, due to the various U-turns by the government on welfare reforms, winter fuel, and extra giveaways they haven’t yet provided the funding for, such as reversing the two-child benefit cap.

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Now, at this stage, no one, save for the Treasury and the Office for Budget Responsibility, really knows the scale of the task facing the chancellor. And in the coming weeks, those numbers could change significantly.

But it’s becoming increasingly clear, from the political signalling if nothing else, that the government is rolling the pitch for bad news later this month.

Indeed, for all that this government pledged to bring an end to austerity, a combination of higher taxes and lower spending will be highly unpopular, not to mention deeply controversial. And while the chancellor will seek to blame her predecessors, it remains to be seen whether the public will be entirely convinced.

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UK

Southport inquiry: Axel Rudakubana’s brother feared he would kill their father before attack

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Southport inquiry: Axel Rudakubana’s brother feared he would kill their father before attack

Axel Rudakubana’s brother feared he would kill a family member two years before the Southport attack, an inquiry has heard.

Dion Rudakubana, who is two years older than his brother, said Axel has a “short temper” and was prone to “violent outbursts”, hitting him regularly when they were children.

He said Axel’s behaviour escalated after he was expelled from the Range High School in Formby, Merseyside, in 2019 and their parents had “lost control”.

The public inquiry into the Southport attack heard by the time he left for university in 2022, Dion feared his brother would kill a family member.

In messages sent to a friend when he returned to the family home for Christmas, Dion said: “My brother doesn’t show mercy, my dad just has to try not to die… We hide knives to mitigate that factor.”

He told the inquiry there were times the police would be called out and recalled one incident when “my father was holding my brother off”.

“I remember being scared somebody was going to die… my dad,” he says.

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(Left to right) Bebe King, Elsie Dot Stancombe and Alice da Silva Aguiar. (Pic: Merseyside Police)
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(Left to right) Bebe King, Elsie Dot Stancombe and Alice da Silva Aguiar. (Pic: Merseyside Police)

Rudakubana was 17 when he murdered Elsie Dot Stancombe, seven, Bebe King, six, and Alice da Silva Aguiar, nine, in a knife attack on a Taylor Swift-themed dance class on July 29 last year.

Eight other children, who cannot be identified because of their age, were also injured, along with yoga instructor Leanne Lucas, who was leading the dance class, and businessman John Hayes, who was one of the first people on the scene and tackled the killer.

Giving evidence from a remote location by video-link, Dion’s voice could be heard but he could not be seen at Liverpool Town Hall.

After swearing on the Bible, he told how he and his brother grew up in Cardiff after their parents Laetitia Muzayire and Alphonse Rudakubana came to the UK from Rwanda and were granted asylum.

Flowers left at a memorial for the victims
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Flowers left at a memorial for the victims

Dion says the genocide had a “very heavy influence on them” but he doesn’t feel he was “traumatised” by his parents’ experiences.

His mother and father studied for degrees and moved to Southport in 2013 because his mother got a job, while his father started working as taxi driver because “he was not finding work in the area he studied in”, Dion said.

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He told how Axel was resentful of him after they had to move schools because of his health issues.

Dion said Axel was physically bigger, and he felt “increasingly wary” of his younger brother who would regularly hit him and smash plates and glasses in their home.

Dion said the last interaction he had with his brother was in the summer of 2023, when Axel threw a metal bottle at him, but luckily he had already closed the door.

In his witness statement, Dion compared his brother with the “sociopath” played by Javier Bardem in No Country For Old Men, who kills ten people over the course of the film.

“I watched it recently and it concerned me,” he told the inquiry, which continues on Wednesday.

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