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Monday, November 29, 2021

Pending home sales rebounded sharply in October, despite rising mortgage rates - CNBC

A single family home is shown for sale and in escrow in San Marcos, California.
Mike Blake | Reuters

Buyers came roaring back to the housing market in October, even as mortgage rates rose.

Signed contracts on existing homes, so-called pending sales, jumped 7.5% from September, according to the National Association of Realtors. Sales were still 1.4% lower than October 2020, but last fall marked a cyclical high in the housing market.

Pending sales are a forward-looking indicator of sales that will close in one to two months. Wall Street analysts were expecting October pending sales to be flat compared with the month before.

Closed sales in October also rose unexpectedly.

"Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later," said Lawrence Yun, NAR's chief economist. "This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low."

Sales were strongest in the Midwest and South regions, rising 11.8% and 8.0% month to month respectively.

In the Northeast, pending sales rose 6.9% from October, and in the West they increased 2.1%.

The average rate on the popular 30-year fixed mortgage was just below 3% in mid-September, but climbed to 3.22% by the end of October, according to Mortgage News Daily. Mortgage rates dropped back last Friday, however, on news of the new Omicron variant of the Coronavirus.

Homebuyers, especially those on the lower end of the market, continue to find very few homes listed for sale. Total housing inventory at the end of October stood at 1.25 million units, down 0.8% from September and down 12.0% from one year ago (1.42 million). At the October sales pace, that represents an extremely low 2.4-month supply. A 4 to 6-month supply is generally considered a balanced market between buyers and sellers.

The fall surge in homebuying, also seen in closed sales in October, rounds out an extremely strong year for the market. Last year's surge began just a few months after the onset of the pandemic in the U.S., and while many thought it would lose steam, apparently it hasn't yet.

"The notable gain in October assures that total existing-home sales in 2021 will exceed 6 million, which will shape up to be the best performance in 15 years," added Yun.

Sales of newly built homes, which are also measured by signed contracts, did fall in October, but that may be due to the fact that big builders are slowing sales in order to deal with supply chain issues in construction.

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Pending home sales rebounded sharply in October, despite rising mortgage rates - CNBC
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Pandemic impact: 21 pending murder cases in Linn, Johnson counties - The Gazette

Jerry Burns of Manchester, accused in a cold case murder, is led Feb. 24 into a Scott County courtroom during his first-degree murder trial. A jury found him guilty in the December 1979 stabbing death of Michelle Martinko in Cedar Rapids. It was the last local murder case to go to a jury before the pandemic struck Iowa and restrictions were enacted. (The Gazette)

The coronavirus has delayed so many things, from entertainment to traveling to see loved ones, but some things can’t easily be put on hold — like justice.

Yet in the face of a health pandemic, state and federal courts across the country last year had no choice but to cease in-person hearings, and instead allow those only by phone and video. Some states, including Iowa, closed courthouses to the public and suspended jury trials. Some criminal cases went unresolved longer in an effort to stop the spread of the disease.

The Iowa Supreme Court put all jury trials on hold at two different times — March 14 through Sept. 19 in 2020 and then again Nov. 10, 2020, through Feb. 1 — which is unprecedented.

The result is a huge backlog of cases from the last two years that local prosecutors say will take years to get through the court system, which has never been a fast process to begin with.

“Jury trials being suspended has been the most challenging issue all over the country,” Linn County Attorney Jerry Vander Sanden said. “It’s nobody’s fault. I’ve been here over 38 year and there’s never been a situation like this. It has put a strain on everyone.”

The delays seemed to have an especially big impact because there were more fatal incidents last year than in years past, Johnson County Attorney Janet Lyness said. Last year, Linn and Johnson counties had about 15.

A few months ago, The Gazette started tracking the backlog of murder trials, which included first- and second-degree murder, vehicular homicide and manslaughter cases, in Linn and Johnson counties — the biggest caseloads in the 6th Judicial District, which also includes Benton, Iowa, Jones and Tama counties.

At that time, there were about 26 such cases. As of November, 21 are still pending. The others have been resolved in plea agreements. In a few cases, there is more than one defendant charged, resulting in separate trials.

As of late Nov., Linn County still has 14 of the cases and Johnson County has seven. Two of those were from 2019.

Those numbers don’t include thousands of other felony and misdemeanor cases also backed up because of the pandemic. The lesser charges typically can be resolved in plea agreements. If the cases do go to trial, they typically have less evidence and fewer witnesses and therefore take less time — one to three days.

Murder cases take the longest to get trial because of the number of motions filed, waits for testing of evidence and taking depositions. Sometimes, law enforcement is asked to go back and review something. The trials themselves can take five to 10 days or longer.

Some examples of murder cases recently resolved:

  • Jermaine Walker, charged in Linn County with first-degree murder in the fatal shooting of Wayne Jones in 2019, pleaded in October to voluntary manslaughter and other charges and faces up to 30 years.
  • Milton McAbee, 21, pleaded to voluntary manslaughter and intimidation with a dangerous weapon in the Johnson County fatal shooting of Gregory Jackson on Christmas 2019. He was sentenced to up to 20 years in prison.
  • Elijah McAbee, 20, pleaded to carrying weapons, assault while displaying a dangerous weapon and assault causing bodily injury in Jackson’s death. He caused injury to a man with Jackson that night. He was sentenced to up to two years.
  • Christian Emedi, 18, originally charged with first-degree murder, pleaded a few weeks ago to second-degree murder in the Linn County fatal shooting of Malik Sheets, 20, during a party on June 18, 2020. Emedi, who was 17 at the time, was sentenced to 50 years but according to a plea will serve only 15 years because of his age.
  • Marshawn Jeffries, 18, originally charged with first-degree murder and obstruction of prosecution in Sheets’ death, also pleaded just last week to a new charge of intimidation with a weapon and the original obstruction charge.

First Assistant Linn County Attorney Nick Maybanks said one positive aspect of a delay in a case where there are unresolved questions or where witnesses aren’t cooperative — as was true in the Sheets murder — is it sometimes helps if there’s more time to encourage someone to come forward with the truth. In situations like this, some may not because of fear or intimidation.

Initially, witnesses told investigators and prosecutors that Jeffries also shot Sheets but that turned out to be false, Maybanks said. Jeffries threatened to fire shots at the party but didn’t. Some of the witnesses and Jeffries were not being truthful during the investigation and just recently came forward with more information, he said.

Looking back on 2020, Maybanks said he was relieved to get the cold murder case against Jerry Burns to a courtroom before jury trials were suspended. Burns was convicted of killing 18-year-old Michelle Martinko, who was found stabbed to death in her parents’ Buick on Dec. 19, 1979, outside the Westdale Mall.

The trial was in February 2020, as the world was hearing about the novel coronavirus. In March 2020, when the disease was verified in Iowa, the courts, along with many businesses and schools, started having emergency health restrictions.

“Then we suspended trials in March,” Maybanks said. “That trial was the last without restrictions. The courtroom was packed with people and we didn’t even think about it.”

Lyness said everything with the case load changed after that, including resolving cases. There were probably more plea deals made last year than in previous years, at least in lesser felony cases, as a result of the pandemic. In Johnson County, defense attorneys and prosecutors worked to find common ground or compromise, if possible, she said.

Even with pleas, Vander Sanden said it seemed like a vicious cycle because some cases couldn’t move forward or jury trials were reset until after the holds were lifted.

When jury trials started again, it was a different environment. Instead of having two or more jury trials at once, they were limited to one misdemeanor and one felony trial per week to provide social distancing, said Kellee Cortez, 6th Judicial District Court administrator. In the past, it was not unusual to have two felony trials and a civil trial going on at once. That has slowly evolved, and now there can be more than one of each per week.

Earlier this year, the trials took longer because jury selection had to accommodate social distancing in the courtroom. Judges would bring in smaller groups at a time, instead of having the entire jury pool in the courtroom together to listen to attorney questions.

“It was a delicate balance to prioritize the cases that needed to be tried because of speedy trial rights, defendants in custody, or if a judge said a trial needed to be back on the schedule,” Cortez said. “We appreciate everyone’s patience.”

Comments: (319) 398-8318; trish.mehaffey@thegazette.com

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Pandemic impact: 21 pending murder cases in Linn, Johnson counties - The Gazette
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Cryptocurrency exchange Coinstore enters India despite pending curbs on trade - CNN

(CNN)Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies.

Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion, its management said.
"With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market," Charles Tan, head of marketing at Coinstore told Reuters.
Asked why Coinstore was launching India despite the pending clampdown on cryptocurrencies, Tan said: "There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies."
The New Delhi government is planning to discourage trading in cryptocurrencies by imposing hefty capital gains and other taxes, two sources told Reuters earlier this month.
It has said that it will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda for the winter session that is set to start later this month.
Tan said Coinstore plans to recruit about 100 employees in India and spend $20 million for marketing, hiring and development of crypto-related products and services for the Indian market.
Coinstore is the second global exchange to enter India in recent months, following in the footsteps of CrossTower which launched its local unit in September.
The price of the world's biggest cryptocurrency, Bitcoin, has more than doubled since the start of this year, attracting hordes of Indian investors.
Industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.33 billion).

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Cryptocurrency exchange Coinstore enters India despite pending curbs on trade - CNN
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Sunday, November 28, 2021

Cryptocurrency exchange Coinstore enters India despite pending curbs on trade - Reuters

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su/File Photo

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MUMBAI, Nov 28 (Reuters) - Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies.

Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion, its management said.

"With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market," Charles Tan, head of marketing at Coinstore told Reuters.

Register now for FREE unlimited access to reuters.com

Asked why Coinstore was launching India despite the pending clampdown on cryptocurrencies, Tan said: "There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies."

The New Delhi government is planning to discourage trading in cryptocurrencies by imposing hefty capital gains and other taxes, two sources told Reuters earlier this month. read more

It has said that it will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda for the winter session that is set to start later this month. read more

Tan said Coinstore plans to recruit about 100 employees in India and spend $20 million for marketing, hiring and development of crypto-related products and services for the Indian market.

Coinstore is the second global exchange to enter India in recent months, following in the footsteps of CrossTower which launched its local unit in September.

The price of the world's biggest cryptocurrency, Bitcoin, has more than doubled since the start of this year, attracting hordes of Indian investors.

Industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.33 billion).

Coinstore also plans to expand into Japan, Korea, Indonesian and Vietnam, according to Tan.

($1 = 75.0400 Indian rupees)

Register now for FREE unlimited access to reuters.com

Reporting by Nupur Anand; Editng by Mark Heinrich

Our Standards: The Thomson Reuters Trust Principles.

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Cryptocurrency exchange Coinstore enters India despite pending curbs on trade - Reuters
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Saturday, November 27, 2021

911 Burgers and Dogs property sale pending - WESTERNMASSNEWS.com

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911 Burgers and Dogs property sale pending  WESTERNMASSNEWS.com
911 Burgers and Dogs property sale pending - WESTERNMASSNEWS.com
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Decision pending on whether Little Rock police chief, attorney will have to pay opponents' $48000 legal bill - Arkansas Online

A decision remains pending in federal court as to whether Little Rock Police Chief Keith Humphrey and his attorney Michael Laux will face sanctions and be ordered to pay approximately $48,000 in legal fees incurred by a police union because of a now-dismissed lawsuit the chief filed against his opponents.

Humphrey filed the original complaint, which was later amended, on Sept. 30, 2020, after the chief had weathered a series of legal complaints filed by colleagues in the Police Department who primarily claimed retaliation related to the aftermath of a 2019 police shooting.

In the countersuit filed in U.S. District Court for the Eastern District of Arkansas, Humphrey claimed that leaders of the largest local police union -- the Little Rock Fraternal Order of Police, Lodge No. 17 -- along with many others had conspired to oust him from his job.

U.S. District Judge James M. Moody Jr. in September granted motions to dismiss the lawsuit.

Part of the judge's stated rationale was that the chief's claim of free-speech retaliation did not apply because Humphrey was a public employee when he made statements expressing his policing philosophy prior to starting as chief in Little Rock.

After the judge's ruling, Laux suggested that the claims could be refiled because the complaint was dismissed without prejudice.

When reached via email this week, Debby Linton Ferguson, an attorney representing the police union and its leaders, said she could not tell when the judge might rule on the pending motions for sanctions and attorney's fees.

"As I'm sure you've seen, COVID has caused a lot of delay in the court system," Ferguson wrote. "Unfortunately, I don't know when to expect the Court to rule."

In late August, attorneys for the police union filed a motion for sanctions, arguing that Humphrey and his attorney advanced claims that were made for an improper purpose, unwarranted by existing law and lacked evidentiary support in violation of Rule 11 of the Federal Rules of Civil Procedure.

Targeting the chief's amended complaint for an alleged failure to properly cite existing law, attorneys for the police union in a supporting brief wrote that on at least nine occasions, Humphrey "makes a vague attempt at arguing his claims are warranted by existing law without citing any statute, case law, or other authority."

Claims grounded in the law governing equal protection and civil rights conspiracy were unfounded because they each must be filed against a state actor, which the union and its leaders are not, the brief said.

Statements by Humphrey as to his policing philosophy were not protected speech under the First Amendment because they were made in his capacity as chief of police, the brief said, despite the claim that Humphrey made the statements when he was a private citizen before his hire date with Little Rock.

Attorneys later wrote that the complaint appeared to be an attempt to retaliate against the union and its members for their advocacy work on behalf of officers, arguing that the judge should conclude it "is simply an attempt to harass and intimidate the [union]."

The brief asked for sanctions against Humphrey and Laux in an amount to be determined by the court, and for the costs and fees incurred by the union and its leadership defending against the lawsuit.

In late September, after the lawsuit had been dismissed, Moody in an order filed Sept. 29 denied a motion from Laux for leave to file a declaration in response to the pending motion for sanctions, writing that the plaintiff had missed an earlier deadline to file the response.

In a motion for attorney's fees filed the same day, attorneys for the Fraternal Order of Police requested that Humphrey and Laux be ordered to pay just more than $48,000, or another appropriate amount, to cover their legal expenses.

In a reply to the motion, Humphrey's lawyer wrote that it could be established that Humphrey was not employed in his previous job as chief of the Police Department in Norman, Okla., at the time he gave a post-resignation speech in which he discussed his policing philosophy.

Laux included a declaration signed by Humphrey in which the chief said his last day as a Norman employee was April 3, 2019, and a farewell speech in which he discussed his policing philosophy took place two days later when he did not have his firearm and was not wearing his badge.

The firearm was given back to him April 5 as a gift after it was engraved by colleagues, the declaration said.

Additionally, Laux argued that union leaders were engaged in joint activity with the state, making the complaint reasonable even if the court were to hold the union and its members were not state actors proper.

The intention with the argument was "not to relitigate prior rulings but, rather, to evidence his good faith in bringing his non-frivolous lawsuit," the response filed by Laux said.

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Decision pending on whether Little Rock police chief, attorney will have to pay opponents' $48000 legal bill - Arkansas Online
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Friday, November 26, 2021

Pending free agent JC Jackson shares his thoughts on the Patriots - 98.5 The Sports Hub

Week 12 last season, the Patriots were under .500 and many fans were already thinking ahead to the offseason. That’s not the case this year. With the team squarely in attention, there hasn’t been much talk about what kind of changes we’ll see this spring.

That being said, there are some big names that could move this offseason – none bigger than cornerback J.C. Jackson. After being tendered as an RFA last year, Jackson is set to become an unrestricted free agent in March. On Friday, Jackson was asked about his thoughts on his future, and if he’d be open to remaining in New England.

“I love playing for the New England Patriots – playing under Coach Belichick,” he told reporters. “I have grown as a football player since I’ve been here. I would say I’ve learned the game. I love it here, man. This is a place that brought me in gave me a chance from Day 1. I would love to be a New England Patriot for a long time.”

With a potentially market-setting deal facing him if and when he does hit the market, Jackson is doing is best to not think ahead. “I just don’t know. Like, there’s nothing I can really do but just keep doing what I’m doing. Whatever happens, happens,” he said. “I try not to think about that right now. My main focus this week is Tennessee, and that’s it. The contract – everything else is going to take care of itself.”

“I’m a football player, I’m not an agent,” he continued. “So when it comes to negotiating contracts I’ll leave that up to my agent. I’ll let them deal with that stuff and I’ll just focus on football. That’s how I look at it. That’s how I control the situation.”

So far this season, Jackson has six interceptions and a league-high 14 pass breakups. He’s had 23 interceptions in his three-plus years with the Patriots, with a career high of nine in 2020.

MORE: The Titans will be shorthanded on Sunday

Alex Barth is a writer and digital producer for 985TheSportsHub.com. Any opinions expressed do not necessarily reflect those of 98.5 The Sports Hub, Beasley Media Group, or any subsidiaries. Thoughts? Comments? Questions? Looking for a podcast guest? Let him know on Twitter @RealAlexBarth or via email at abarth@985TheSportsHub.com.

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Pending free agent JC Jackson shares his thoughts on the Patriots - 98.5 The Sports Hub
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2024 NFL Free Agency: 6 pending free agents on defense who deserve to get paid | NFL News, Rankings and Statistics - Pro Football Focus

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