Bargains disappearing for distressed properties, Zillow says

Bargains on bank-owned homes are quickly vanishing in the country's most competitive markets.

Since the start of the mortgage meltdown, repossessed homes have been considered the discount aisles of real estate. Now competition among investors and first-time home buyers for affordable digs is making those distressed properties less affordable, a new analysis by Zillow.com shows.

"They will get somewhat of a deal, depending on the market," Zillow chief economist Stan Humphries said. "But, just generally, you are going to get less of a deal today than you would have gotten in late 2009 or early 2010."

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The shrinking discounts underscore how real estate has recovered this year as low interest rates and high affordability have sucked buyers back into the market. The number of for-sale homes has also fallen to levels not seen since the housing boom as foreclosures ease and homeowners — many who still owe more on their properties than they are worth — hold off on listing their houses for sale.

Zillow looked at sale prices of bank-owned homes and used a model to determine what that property would have brought if it had not been sold by a bank. In Las Vegas and Phoenix, for instance, a foreclosed home in September sold for the same price as a regular property.

Discounts were also marginal on bank-owned homes in the Inland Empire and the Sacramento region, 1.8% and 0.7%, respectively, according to the analysis. Both of these areas have grown increasingly competitive after being savaged by the housing bust. In the Los Angeles area, the foreclosure discount was 4.2% in September, Zillow said.

Certain Midwest and East Coast cities appeared to have the biggest foreclosure discounts. The Pittsburgh area had a discount of 27.4%, with Cleveland at 25.8%, Cincinnati 20.2% and Baltimore 20%.

Analysts figured the national foreclosure discount at just 7.7%. That's a big difference from the dog days of the housing bust, when people snapping up foreclosures could expect a discount of 23.7%, Zillow said.

Home shoppers looking for dime-store values now face a frustrating hunt. Gary K. Kruger, a real estate agent in Hemet, has seen buyers consistently bid on homes above the asking price and still struggle to make deals. One of his clients, a first-time buyer looking for a home in Vista, has bid on three properties — one a regular sale, one a bank-owned home and one a short sale — and lost each time.

Properties that are good for rentals or first-time buyers, along with properties priced in the lower-end of the move-up market, are "very, very hot," Kruger said.

"I have not had a successful person purchase a foreclosed home that was not an investor for months," he said. "Things are selling so quickly."

The story is similar in the Las Vegas region, said Keith Lynam, a real estate agent and chairman of the Nevada Assn. of Realtors' legislative committee. The number of foreclosed homes on the market in the Las Vegas area has dwindled to less than 300, compared with about 7,000 at its peak, Lynam said.

One of his clients, a potential buyer with a sizable down payment, has made half a dozen unsuccessful offers in the last six months.

"There is just zero inventory," Lynam said.

Experts are also revisiting the notion that foreclosed homes really drag down property values. A working paper by the Federal Reserve Bank of Atlanta published in August found that although the homes of troubled borrowers did drag down values of surrounding homes, the effects were small.

That paper also found that the worst declines occurred before the home was repossessed, indicating that the declines stemmed from people abandoning their homes or letting them fall into disrepair.

Sean O'Toole, a real estate investor and founder of the website ForeclosureRadar.com, agreed with the Zillow analysis. Previous studies failed to take into account the nature of most foreclosures and their geography, he said. Typically, and particularly during the last five years, foreclosures have been concentrated in more traditionally affordable areas. So comparing the median home price of all foreclosed homes during the bust with the median home price of non-foreclosed homes results in an apple-to-oranges comparison, he said.

"The results that Zillow got make perfect sense to me, because there is actually more demand for REO and foreclosures, because people believe they are a deal," O'Toole said, using shorthand for the term "real estate owned," which is how banks refer to the properties on their books. "There is more demand for those."

Michael Novak-Smith, a real estate agent in the Riverside area who specializes in listing foreclosures for banks, said the market has reached a frenzy few would have expected so soon after the bust. One bank-owned home he listed about two weeks ago in Fontana for $145,000 attracted 157 offers. The seller took an all-cash offer.

"That is really telling, because a lot of these buyers think they'll just go out and get a repo," Novak-Smith said. "But buyers need to come in strong with their best offers, because you will get beat right out. An entry-level house with 157 offers? That's just mind-boggling to me."

alejandro.lazo@latimes.com

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FEMA Chief Tours Damaged NYU Langone Medical Center

The federal government’s emergency management chief trudged through darkened subterranean hallways covered with silt and muddy water Friday, as he toured one of New York City’s top academic medical centers in the aftermath of Hurricane Sandy. The basement of the complex, NYU Langone Medical Center in Manhattan, smelled like the hold of a ship — a mixture of diesel oil and water.

“You’re going to deal with the FUD — fear, uncertainty and doubt,” W. Craig Fugate, administrator of the Federal Emergency Management Agency, told NYU Langone officials afterward, as they retreated to a conference room to catalog the losses. “Don’t look at this. Think about what’s next.”

NYU Langone, with its combination of clinical, research and academic facilities, may have been the New York City hospital that was most devastated by Hurricane Sandy. What’s next is a spectacularly expensive cleanup.

Dr. Robert I. Grossman, dean and chief executive of NYU Langone, looking pale and weary — as if he were, indeed, struggling to hold back the FUD — estimated that the storm could cost the hospital $700 million to $1 billion. His estimate included cleanup, rebuilding, lost revenue, interrupted research projects and the cost of paying employees not to work.

As the hurricane raged, the East River filled the basement of the medical center, at 32nd Street and First Avenue, knocked out emergency power and necessitated the evacuation of more than 300 patients over 13 hours in raging wind, rain and darkness. It disrupted medical school classes and shut down high-level research projects operating with federal grants.

Mr. Fugate arrived to inspect the damage and help plot the institution’s recovery, the advance guard of what aides said would be a hospital task force. He was brought in by Senator Charles E. Schumer of New York, who kept saying that there was nothing like seeing the damage firsthand to understand how profound it really was.

“What was that movie — ‘Contagion?’ ” Mr. Schumer said, marveling at the hellish scene.

NYU Langone’s patients, a major source of revenue, have been scattered to other hospitals, creating a risk that they may never return. Dr. Grossman said he was counting on those patients’ loyalty.

John Sexton, president of New York University, which includes NYU Langone, and who also met with Mr. Fugate, raised fears that researchers might be lured away to other institutions because their grants were ticking away on deadline or because they must publish or perish. Outside the hospital, tanks of liquid nitrogen testified to the efforts to keep research materials from spoiling.

In inky blackness, the group stood at the brink of the animal section of the Smilow Research Center, where rodents for experiments had been kept, but they did not go inside. On Nov. 3, a memo sent to NYU Langone researchers said the animal section, or vivarium, was “completely unrecoverable.”

Dr. Grossman said that scientists had managed to save some rodents by raising their cages to higher ground.

A modernized lecture hall with raked seats used by medical students had been filled “like a bathtub,” he said, though it was dry on Friday. The library, he said, “is basically gone.”

Four magnetic resonance scanners, a linear accelerator and gamma knife surgery equipment, kept in the basement, were now worthless. Dr. Grossman said that in the future, he wanted to move such equipment, which is very heavy, to higher floors.

Electronic medical records were protected by a server in New Jersey, he said.

Richard Cohen, vice president for facilities operations, took the group past piles of sandbags and a welded steel door that had been blown out by the force of the flood. “That door was put in around 1959 to 1960, when doors were really doors,” Mr. Cohen said. “And this thing is completely torsionally twisted. I’ve never seen anything like that.”

Walking to the back of the hospital, Mr. Cohen used a loading dock as a measuring stick to estimate that the surge had risen to 14 ½ feet. “We were prepared for 12 feet, no problem,” Dr. Grossman said.

Dr. Grossman said it would take a couple of more weeks of assessing the damage to determine when the hospital could reopen. Outpatient business is already returning. Research and some inpatient services will come next.

Mr. Fugate said his agency would help cover the uninsured losses, and urged NYU Langone officials to move ahead.

At this point, Dr. Grossman said, he could only theorize as to why the generators had shut down. All but one generator is on a high floor, but the fuel tanks are in the basement. The flood, he said, was registered by the liquid sensors on the tanks, which then did what they were supposed to do in the event, for instance, of an oil leak. They shut down the fuel to the generators.

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Hot Property: Traditional style resonates with singer Adam Levine

Although a traditional-style estate may not seem to blend with Adam Levine's pop rock persona, the Maroon 5 frontman and coach on "The Voice" has bought one in the Beverly Crest area for $4.83 million.

The single-level ranch house, white with long black shutters and built in 1940, is set on a secluded 3.6 acres at the end of a long brick driveway in a gated community. The main home and guesthouse have a combined six bedrooms, seven bathrooms and 6,539 square feet of living space. There is a swimming pool and a tennis court.

Levine, 33, is the lead singer and guitarist for the Grammy-winning band. He has worked with Kanye West, Natasha Bedingfield and 50 Cent, among others. The singer-songwriter has been a coach on "The Voice" since 2011.

Josh Flagg of Rodeo Realty was the listing agent. Julie Jones of Sotheby's International Realty's Sunset office represented Levine.

This is it: MJ lease house sells

The Holmby Hills mansion where Michael Jackson lived at the time of his death in 2009 has sold for $18.1 million. The estate, recently priced at $23.9 million, had been for sale for as much as $38.5 million before the pop star took up residency.

Although purchased in the name of a trust, the buyer has been reported by several media outlets to be Steven Mayer, a senior managing director for Cerberus Capital Management. The sellers are Roxanne Guez and her husband, Hubert, chief executive of clothing manufacturer Ed Hardy.

The French chateau, designed by Richard Landry and built in 2002, features a theater, a wine cellar with a tasting room, an elevator and a gym with a spa. There is a guesthouse with stained-glass doors near the swimming pool for a total of seven bedrooms, 13 bathrooms and nearly 17,200 square feet of living space.

Jackson was leasing the 1.2-acre estate for $100,000 a month when he died after receiving the anesthetic propofol for insomnia. His doctor, Conrad Murray, was found guilty of involuntary manslaughter last year and sentenced to four years in prison.

The 50-year-old was preparing for his "This Is It" concert tour during his time living at the mansion.

Mauricio Umansky of the Agency in Beverly Hills handled both sides of the transaction.

Former Disney estate comes to a crossing

Investor and pro soccer team owner Gabriel Brener has put his estate in Holmby Hills up for sale at $90 million.

The 35,000-square-foot manse, built in 2001, sits on a 3.6-acre site that once contained motion picture giant Walt Disney's personal residence.

The three-level mansion features a two-story oval foyer, statuary, a wine cellar, a movie room, three bars, a library, a gym, eight bedrooms, 17 bathrooms and two safe rooms. Staff quarters are accessible from a service entrance at the garage. There is a swimming pool with a pool house, a tennis court and a putting green.

Brener, who owns the Houston Dynamos, heads Azteca Acquisition Corp.

In the early 1950s, Disney tinkered in a barn on the property, building a 1/8 scale train he named the Carolwood Pacific Railroad and giving the neighbors rides, according to Los Angeles Times archives. The barn was later dismantled and sits in Griffith Park.

Jay Harris and Mauricio Umansky of the Agency in Beverly Hills are the listing agents.

Compound comes with muse quarters

The former live-work compound of artist Sam Francis is on the market in Santa Monica at $18.75 million.

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L.A. housing authority rife with fiscal mismanagement, audit finds

Los Angeles' housing authority, which runs on about $1 billion a year in taxpayer funds, is plagued by bad financial management that causes "questionable practices and poor decisions," according to an audit released Thursday by City Controller Wendy Greuel.

Greuel launched the audit last year amid an outcry over hefty taxpayer-funded restaurant tabs for agency officials and a $1-million-plus payout for the authority's fired executive director. The agency is responsible for sheltering about 75,000 of the city's neediest households.

A previous audit found instances of questionable spending by some agency officials, including double and triple billing for some travel and meal expenses. This audit, which looked at the agency's fiscal operations, did not uncover wrongdoing. But it did find that despite the authority's hefty budget and history of scandal going back decades, agency officials have done little to make sure money is properly managed.

Financial oversight was so lax, the audit found, that the agency's board of commissioners did not receive any financial statements or budget status reports during much of 2011 or the early part of 2012, except for one oral report last spring and one annual financial report that was presented nine months after the year had ended. A proposed budget presented to the board for 2012 was not balanced and contained contradictory statements.

"All of this suggests an agency that is out of control," said Greuel, a candidate for mayor. "The city cannot afford to continue spending its housing dollars irresponsibly."

One tenant advocate, Larry Gross, executive director of the L.A. Coalition for Economic Survival, said the lack of financial information given to the board and public was baffling.

"Whoever was on that board was clearly asleep at the wheel," he said. Many of the board members have been replaced in recent years.

Housing authority officials said they agreed with many of the audit's conclusions and will use the findings to guide reforms. Under recently hired Chief Executive Doug Guthrie, officials said they have already instituted a number of new practices, including financial training for all board members, stepped up financial reporting to the board and public, and the arrival of a new chief financial officer with expanded powers.

"We asked for this audit, we paid for the audit and we worked closely with the city controller's office" as the audit was underway, Guthrie said. "There's a lot of good stuff in the audit that helps us."

Mayor Antonio Villaraigosa released a statement expressing support for Guthrie, who was hired last spring after the previous executive director, Rudolf Montiel, was fired and then paid $1.2 million to settle allegations that he was let go in retaliation for reporting improper spending by board members. Montiel had earlier drawn the ire of city leaders when his agency tried to evict nine tenants who protested the agency's policies outside his home.

"The housing authority has worked diligently to win back the trust of the people," Villaraigosa said.

But some City Council members expressed anger at the latest audit findings.

"There's a lot of problems over there, and obviously, the problems haven't gone away," said Councilman Dennis Zine, a candidate for controller. "Maybe it's time for the grand jury to investigate."

Zine also said he would like the City Council to have more authority over the agency. Under a hybrid governing structure, the mayor appoints the authority's seven board members, but the council lacks the ability to review spending decisions, a power it has over many other city departments.

The audit also found that the agency's list of assets contained at least $100 million worth of property that had been disposed of or no longer had much value, such as refrigerators and stoves that had been purchased in the 1970s. No inventory of its fixed assets had been performed in at least seven years.

In addition, the agency did not always follow its own rules when it came to awarding contracts to vendors, in one case allowing someone to sit on a bid selection panel after he had declared a conflict of interest.

jessica.garrison@latimes.com

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US video game sales drop 25 percent in October

NEW YORK (AP) — A research firm says U.S. retail sales of new video game hardware, software and accessories fell 25 percent in October.

The drop marks the 11th straight month of declining sales for physical game products. Many gamers are waiting for big holiday releases such as Activision Blizzard Inc.‘s “Call of Duty: Black Ops II.”

The NPD Group said Thursday that sales fell to $ 755.5 million from $ 1 billion a year earlier.

Sales of video games themselves, excluding PC titles, fell 25 percent to $ 432.6 million. Sales of hardware such as Microsoft’s Xbox 360 fell 37 percent to $ 187.3 million. Sales of accessories, meanwhile, grew 5 percent to $ 135.6 million.

NPD estimates that retail sales account for about half of all video game spending. The rest is downloads, apps and the like.

Gaming News Headlines – Yahoo! News

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Roger Waters plays with band of wounded veterans

NEW YORK (AP) — Roger Waters honored wounded veterans in New York by performing with them at the annual Stand Up for Heroes benefit, Thursday night.

The founding member of Pink Floyd took to the stage of the Beacon Theater with 14 wounded soldiers he met recently at the Walter Reed Army Medical Center in Washington, D.C. He rehearsed with them at the hospital, and for the past few days in New York.

The event benefited the Bob Woodruff Foundation, which helps returning veterans and their families, and featured Waters, Bruce Springsteen, Ricky Gervais, Robin Williams, and others.

Before the show, Waters chatted with veterans and called the experience "fantastic." He says he's "looking forward to pulling for the rest of these guys with their comrades" during the healing process.

He says that he shares "enormous empathy with the men."

"I lost my grandfather in 1916 and my father in 1944, so I've been around the sense of loss and what loss from war can do to people," Waters said.

"I never talk about the politics because it's not relevant to me. I'm not interested in it," he said. "What I am interested in is the burdens these guys bear and would never question motive or even dream of talking about any of the politics."

He added: "If any of us have a responsibility in our lives it is to tear down the walls of indifference and miscommunication between ourselves and our fellow men."

Waters said he rehearsed with many of the soldiers at the hospital in between their medical procedures. Before the show, he walked the red carpet with Staff Sgt. Robert Henline, who was not in the band. In 2007, Henline was the sole survivor of a roadside bombing north of Baghdad. As a result, he suffered burns over 38 percent of his body and his head was burned to the skull.

Henline, who fought for his life after the attack, has endured more than 40 surgeries.

Still, he maintains a sense of humor. On the open red carpet on a chilly night, Waters pushed closer to Henline for warmth.

"Get next to the burn guy. I'm good. I'm heated up," Henline joked.

No surprise. The retired soldier says he's been doing stand-up comedy for the past year and a half.

Waters performed three songs with the veterans, including the Pink Floyd classic, "Wish You Were Here."

Waters said he didn't think there would be a reunion with his former band.

"I think David (Gilmour) is retired by and large. I shouldn't speak for him. But that's the impression I get."

Waters then added: "Hey whatever. All good things come to an end."

While his mammoth tour of "The Wall" ended this summer, Waters promised the theatrical version would hit the Broadway stage in the near future.

The Bob Woodruff Foundation has supported more than 1 million veterans, service members, and their families since it began in 2008.

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John Carucci covers entertainment for The Associated Press. Follow him at —http://www.twitter.com/jcarucci_ap

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Recipes for Health: Sweet Potato and Apple Kugel — Recipes for Health

Andrew Scrivani for The New York Times

I’ve looked at a number of sweet potato kugel recipes, and experimented with this one a few times until I was satisfied with it. The trick is to bake the kugel long enough so that the sweet potato softens properly without the top drying out and browning too much. I cover the kugel during the first 45 minutes of baking to prevent this. After you uncover it, it’s important to baste the top every 5 to 10 minutes with melted butter.

 

4 eggs

Salt to taste

2 large sweet potatoes (1 3/4 to 2 pounds total), peeled and grated

2 slightly tart apples, like Gala or Braeburn, peeled, cored and grated

1 tablespoon fresh lime juice

1 tablespoon mild honey or agave nectar

3 to 4 tablespoons melted unsalted butter, as needed

 

1. Heat the oven to 375 degrees. Butter a 2-quart baking dish.

2. In a large mixing bowl, beat the eggs with salt to taste (I suggest about 1/2 teaspoon). Add the grated sweet potatoes and the apples. Pour the lime juice over the grated apples and sweet potatoes, then stir everything together. Combine the honey and 2 tablespoons of the melted butter and stir together, then toss with the sweet potato mixture and combine well.

3. Transfer the mixture to the prepared baking dish. Cover the dish tightly with foil and place in the oven. Bake 45 minutes. Remove the foil and brush the top of the kugel with melted butter. Return to the oven and bake for another 15 to 20 minutes or longer, brushing every 5 minutes with butter. The kugel is ready when the edges are browned, the top is browned in spots and the mixture is set. Remove from the heat and allow to cool for 10 to 15 minutes before serving.

Yield: 8 servings.

Advance preparation: You can make this a day ahead and reheat in a medium oven.

Nutritional information per serving (6 servings): 187 calories; 7 grams fat; 4 grams saturated fat; 1 gram polyunsaturated fat; 2 grams monounsaturated fat; 104 milligrams cholesterol; 28 grams carbohydrates; 4 grams dietary fiber; 91 milligrams sodium (does not include salt to taste); 5 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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Hybrid social networks help users connect online, meet up offline

Not too long ago, friending someone involved more than just clicking a button on Facebook.

So in a retro twist to social networking, a wave of Web start-ups are encouraging users to get off their couches, away from their smartphones and tablets, and back into the real world.

"We have an internal tagline: Use the Internet to get off the Internet," said Kathryn Fink, community manager at Meetup, an online-to-offline start-up with 11 million members.

Hybrid social networks are connecting strangers with similar interests online, then directing them to meet in person for dinners, bar-hopping, bowling or biking excursions. Unlike dating or networking sites, these start-ups are focused simply on helping users make new friends and hang out face to face. If a hookup or job interview results — well, that's just an added bonus.

On the sites, users create a free profile of themselves with basic information and a photo, and search for get-togethers that interest them. Before meeting face to face, people can post questions, offer parking or traffic tips and suggest topics to talk about. Events that cost money are usually paid for in advance online.

Quiz: How much do you know about California's economy?

The sites are doing especially well among twenty- and thirtysomethings in big cities, where finding new people to hang out with can be challenging.

"When you're in college, friends are basically thrown at you," said Greg Self, 22, an assistant at a film production company. "You get off the bus, you step on campus, and everyone is in the same situation as you and it's super easy."

But that wasn't the case after Self moved to L.A. from Virginia earlier this year. He searched online for ways to meet new people and came across Grubwithus, a Venice start-up that enables users to create and attend group meals.

Grubwithus meals are hosted at restaurants and typically bring together six to 10 people who have never met each other. Everyone pays in advance for their meal on the Grubwithus site — the start-up generally takes a 20% to 30% cut of each transaction — so there's no mulling over the menu or bickering over the tab.

In L.A., there have been Grubwithus meals geared toward traveling enthusiasts, vegans, Clippers fans and music aficionados. A recent dinner at the Venice Ale House was devoted to people who love beer and the television show "Arrested Development."

Grubwithus has tripled its user base since the beginning of the year, with meal reservations growing 15% month over month; the company has more than 80,000 subscribers. It launched out of start-up accelerator program Y Combinator and has raised $7.6 million in financing from investors including Ashton Kutcher and venture capital firm Andreessen Horowitz.

Since February, Self has attended nine Grubwithus meals and said he has made a handful of friends from the dinners.

"It's definitely added to my experience in this city," he said, though he added that some "can be hit or miss."

"I've been to ones before where you're sitting in between two people who are not really talking at all, or are not very interesting," he said. "And you're like, well, at least the food's good."

Grubwithus Chief Executive Eddy Lu said users like such online-offline sites because they provide a safe way for people to meet — members identify themselves through their profiles and get the chance to communicate with one another online before meeting at a business or other public place. That way, he said, intentions are clear from the start.

"If you talk to a girl at a bar, she thinks you're hitting on her; if you talk to a guy at a bar, he thinks you're hitting on him. It doesn't work," said Lu, who co-founded Grubwithus after graduating from UC Berkeley and having trouble finding new buddies when he moved to Chicago.

What seemed to work best, he realized, was house parties where people got to know friends of friends over a casual dinner. He set out to re-create that experience at restaurants, with the focus on fostering "low-pressure hangouts."

The hybrid social networks aren't just for the friendless. Many members of Meetup, an online community for groups to organize in-person outings, are using the site to supplement their core social circles, Fink said. In Southern California, Meetup has groups dedicated to art and museum enthusiasts, runners, Korean moms and young L.A. Eastsiders, among others.

"You might have a fantastic social circle with friends and family and co-workers, but if they're not into hiking and you love it, what do you do?" Fink said.

Still, some of the start-ups have been slow to get off the ground.

After receiving $5 million in funding in the spring, Lifecrowd, an experience marketplace for in-person group activities such as kickball and kayaking, went offline a few weeks ago. Chief Executive Bong Koh declined to comment on the start-up's progress; on its website, the Los Angeles company promises to "be back soon with an even better Lifecrowd."

Venture capitalist Mark Suster of L.A.'s GRP Partners says investing in start-ups that bridge the gap between online and offline social interactions has become a smart move instead of "putting all your eggs in the online-only basket."

"Pure online friends aren't the same as the people you've met in your personal life," said Suster, who backs Grubwithus.

Another rising tech start-up is Grouper, which connects two groups of friends for face-to-face hangouts after pairing them online. Users apply for membership and are matched with someone else on the site. Each person then invites two other friends to join in for drinks; after prepaying online for the first round of drinks, the group of six meets at a bar chosen by Grouper. The setup takes away some of the awkwardness of meeting someone new alone, said Michael Waxman, Grouper's co-founder and chief executive.

Launched in New York last year, Grouper expanded to L.A. in September.

"In a lot of ways, we're the anti-Facebook," Waxman said. "One of the original things that played into the genesis of Grouper was the idea that social software didn't make a lot of sense. There's this underlying paradox: Facebook, Twitter, social products — you usually use them by yourself by the glow of your computer screen."

andrea.chang@latimes.com

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Blue reign in Sacramento: Democrats dominate California voting

SACRAMENTO — Gov. Jerry Brown and his fellow Democrats are on the cusp of a coveted supermajority in both the Assembly and Senate, giving them the rare power to raise taxes without any Republican support.

No single party has held such a supermajority in Sacramento since 1933.

To cement the dual two-thirds majorities when the Legislature gets down to business next year, Democrats must hold onto one of two Senate seats to be vacated and a few Assembly seats won in tight races. The Senate seats will be filled in special elections expected in March.

The supermajorities would mark a dramatic shift in Sacramento's balance of power, where GOP legislators have aggressively used their ability to block state budget plans and prevent revenue increases to scale back the scope of state government.

Coupled with the approval of Brown's tax plan, Proposition 30, the Democrats now have not only the power but also the money to break free of the deficit that has paralyzed state government for years.

The pressure on Democrats to restore funding for the many services slashed to balance the budget in recent years will be intense.

Already, activists are pressing lawmakers to pump new money into such programs as college scholarships, dental care for the needy and, of course, public schools.

But the first move Brown and legislative leaders made Wednesday was to reassure voters that they would show restraint.

They promised there would be no frenzy of tax hikes.

"Voters have trusted the elected representatives, maybe even trusted me to some extent, and now we've got to meet that trust," Brown said at a Wednesday news conference in the Capitol. "We've got to make sure over the next few years that we pay our bills, we invest in the right programs, but we don't go on any spending binges."

Still, lawmakers can appear to hold the line on revenue generation without actually doing so.

Supermajorities allow lawmakers to impose new fees to pay for infrastructure and other programs that are not technically defined as taxes.

And the same Democrats who are talking tough about fiscal responsibility this week have for years been touting the programs they want to restore or start once the opportunity is there. In addition to raising revenue, they would also be empowered to bring constitutional changes and other measures to voters without any GOP signoff — and to override gubernatorial vetoes.

Given a supermajority, "We're going to use it," Senate President Darrell Steinberg (D-Sacramento) said Wednesday.

"It will be an awesome responsibility," Steinberg said. "But it's very exciting.''

Steinberg briefed the media on his desire to overhaul the tax code.

The result, he acknowledged, could be more money for the state budget.

Assembly Speaker John A. Pérez (D-Los Angeles), who vowed there would be no additional tax increases next year, laid out goals that could trigger more government spending, such as helping students pay for college.

The success Tuesday of Brown's Proposition 30, which raises billions of dollars through temporary income-tax increases on high earners and a quarter-cent surcharge on sales, gives lawmakers breathing room they have not had in years.

With one election, a deficit that has rendered Sacramento dysfunctional and threatened to ravage public schools has been largely wiped out.

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Siemens to sharpen its game with 6 billion euros of savings

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Rihanna a rock star on Victoria's Secret catwalk

NEW YORK (AP) — Rihanna rocked the lingerie look at Wednesday night's Victoria's Secret fashion show in New York, providing the highlight of the live-music soundtrack and holding her own on the catwalk with some of the world's top models.

And those models even had props, including Adriana Lima's ringmaster wand, Doutzen Kroes' body cage and several pairs of the oversized wings that the retailer has made its signature. It would be a close contest who got the biggest wings: Toni Garrn's giant poppy pair or Miranda Kerr's swan-style feathered pouf. Only Lily Aldridge could boast star-spangled wings that shot out silver sparkles.

Alessandra Ambrosio's orchid-petal wings might have lacked a little grandeur, but she made up for it with a $2.5 million jeweled "floral fantasy bra."

Still, wearing a sheer pink mini that gave glimpses of her bra, Rihanna sang "Fresh Out the Runway" at the end of the corset-and-garter parade and she was the one to grab the audience's biggest applause.

The fashion show has become a pre-holiday season tradition for the retailer. CBS will turn it into a one-hour special, which also had performances from Justin Bieber and Bruno Mars, to be shown on Dec. 4.

This year's event had a slight twist. It started with an announcer noting that Victoria's Secret and CBS had each made a donation to relief efforts for Superstorm Sandy, and a thank you to the National Guard members who are based out of the Lexington Avenue Armory that has for years been home to the show.

Mostly, though, models are encouraged to smile, ham it up and show off the extra time at the gym that most admit to in the weeks beforehand. "It's highly televised, and you take that into consideration," said model Joan Smalls ahead of the show. "This is kind of not the same as other runways. You have to prepare your body: No. 1 is the wings are heavy, and No. 2 is you have to be comfortable with your body because the camera will pick up on it if you're not comfortable and confident."

There's an emphasis on glitz, skin and dramatic production here, not wearable undergarment trends for typical Victoria's Secret shoppers. It was divided into six sections: Circus, complete with acrobats, contortionists and a sword eater; Dangerous Liaisons; Pink Is Us; Silver Screen Angels; Angels in Bloom; and Calendar Girls, which allowed Bruno Mars to serenade a model for each month of the year.

For his first song, "Beauty and the Beat," Bieber, wearing low-slung white pants and a white leather studded vest, sat alone with his guitarist in the mellowest part of the show. For "As Long As You Love Me," however, he brought in backup dancers and interacted with the models while moving around a giant makeshift pinball machine.

"It's like a dream come true," said Bieber on the pink carpet before the show. "I would rather be here than anywhere in the world."

___

AP reporter John Carucci contributed to this report.

___

Samantha Critchell tweets fashion at http://www.twitter.com/AP_Fashion

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Recipes for Health: Cabbage, Onion and Millet Kugel — Recipes for Health

Andrew Scrivani for The New York Times

Light, nutty millet combines beautifully with the sweet, tender cabbage and onions in this kugel. I wouldn’t hesitate to serve this as a main dish.

 

1/2 medium head cabbage (1 1/2 pounds), cored and cut in thin strips

Salt to taste

2 tablespoons extra virgin olive oil

1 medium onion, finely chopped

1/4 cup chopped fresh dill

Freshly ground pepper

1 cup low-fat cottage cheese

2 eggs

2 cups cooked millet

 

1. Preheat the oven to 375 degrees. Oil a 2-quart baking dish. Toss the cabbage with salt to taste and let it sit for 10 minutes.

2. Meanwhile, heat 1 tablespoon of the oil over medium heat in a large, heavy skillet and add the onion. Cook, stirring, until it begins to soften, about 3 minutes, then add a generous pinch of salt and turn the heat to medium-low. Cook, stirring often, until the onion is soft and beginning to color, about 10 minutes. Add the cabbage, turn the heat to medium, and cook, stirring often, until the cabbage is quite tender and fragrant, 10 to 15 minutes. Stir in the dill, taste and adjust salt, and add pepper to taste. Transfer to a large bowl.

3. In a food processor fitted with the steel blade, purée the cottage cheese until smooth. Add the eggs and process until the mixture is smooth. Add salt (I suggest about 1/2 teaspoon) and pepper and mix together. Scrape into the bowl with the cabbage. Add the millet and stir everything together. Scrape into the oiled baking dish. Drizzle the remaining oil over the top and place in the oven.

4. Bake for about 40 minutes, until the sides are nicely browned and the top is beginning to color. Remove from the oven and allow to cool for at least 15 minutes before serving. Serve warm or at room temperature, cut into squares or wedges.

Yield: 6 servings.

Advance preparation: The cooked millet will keep in the refrigerator for 3 to 4 days and freezes well. The kugel will keep for 3 days in the refrigerator. Reheat in a medium oven.

Nutritional information per serving (6 servings): 195 calories; 7 grams fat; 1 gram saturated fat; 1 gram polyunsaturated fat; 4 grams monounsaturated fat; 64 milligrams cholesterol; 23 grams carbohydrates; 4 grams dietary fiber; 148 milligrams sodium (does not include salt to taste); 10 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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Activision Blizzard's third-quarter profit beats forecasts

Bloomberg News

November 8, 2012

Activision Blizzard Inc., the largest U.S. video-game maker, posted third-quarter profit that beat analysts' estimates on gains from its "Skylanders" and "Diablo" titles.

Net income rose 53% to $226 million, or 20 cents a share, from $148 million, or 13 cents, a year earlier, the Santa Monica company said Wednesday. Excluding items, profit of 15 cents beat the 8-cent average of 24 analyst estimates compiled by Bloomberg.

Its "World of Warcraft: Mists of Pandaria" game helped the company gain about 1 million online subscribers in the quarter, and its "Skylanders Spyro's Adventures" generated the most revenue of any console game, including accessories such as action figures, the company said.

"In a very challenging environment, we executed very, very well," Chief Executive Bobby Kotick said in an interview.

Third-quarter sales, excluding changes in deferred revenue, rose 20% to $751 million and beat the $710.2-million average estimate.

The company projected fourth-quarter sales, excluding changes in deferred revenue, to reach $2.41 billion, exceeding analysts' estimates of $2.34 billion, and profit of 70 cents a share, compared with estimates of 67 cents.

Activision is scheduled to release a new game in the "Call of Duty" series Tuesday.

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