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CSHomePrice_Rele~.pdf

Some stuff:

• Today's Case-Shiller index (which sadly does not include Bako in its survey) shows housing prices down again in July 16.3 percent. This is probably the most respected home price index around.

The release, with a sad nosedive chart, is attached as a PDF if you click on the blue box. True data geeks can download Excel files and other stuff here.

• Bloomberg says a slump is in our future with or without the bailout.

• Was yesterday's stock market crash a Wall Street temper tantrum? Are y'all still for or against the bailout?

-- Gretchen Wenner, staff writer

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Bailout proponents keep saying the "frozen" credit market means us Joe and Jane Sixpacks can't get car loans or mortgages.

(The bailout just failed, for now, but who knows what the future holds).

I'm skeptical. Every time I talk to local bankers (community banks, who fund mostly biz loans) and credit unions (who do lots of car and home loans), they say they're in decent shape and continue to make loans, etc.

We have yet to hear from a single business owner who has crashed and burned because of a frozen credit line. The slow economy, maybe, but not specifically frozen credit.

Has anyone out there gotten a loan lately or been denied a loan? Let's hear stories from the street..

-- Gretchen Wenner, staff writer

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Our latest map for homes that sold in Bakersfield from Aug. 4 to 10 is ready for a peek. There’s no need to grab a map to figure out where to find Autumn Street and Equinox Avenue. We’ve done the work for you.

We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.

Highlights for Aug. 4 to 10:

• 82 homes are new on the map.

• Priciest? One sold for $917,500 in the 93311 ZIP code. (It was 4,924 square feet.)

• Cheapest? Two sold for $42,000 in the 93305 and 93308 ZIP codes. (They were 2,008 and 522 square feet.)

What do you think of the prices?

Think it''s the right time to buy? Reporter Jenny Shearer has gathered tips for people who think it is. Read her full report.

— Christine Peterson

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Do you know what the woman to the left accomplished?

Read about Jean M. Pledger, who was installed as president of California Women Lawyers, the statewide bar association for women focused on advancing women in the legal profession, and several other people in this week's People in Business column.

Then submit your achievement for next week's listing.

People in Business announces new hires, promotions, awards, professional achievements and other business “people news” in Kern County. Submissions can be mailed to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m.

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WaMuFactSheet.pdf

JPMorganWaMu.pdf

FDIC Takeover.pdf

Welcome WaMu.pdf

Questions about Washington Mutual's failure?

For now, I've attached documents from bank regulators so you can read for yourself what they say.

The blue boxes to the left have these items:

• The Fact Sheet gives details about the thrift.

• JPMorgan's application approval to buy assets

• The FDIC's grounds for seizing WaMu

Customer info is here (WaMu's Web site now has this message: WaMu Customers, Welcome to JPMorgan Chase!) I've also attached the pages as a PDF if you prefer.

I'll be heading out to local branches to get reactions from customers. As always we'd love to hear your thoughts here on the blog...

-- Gretchen Wenner, staff writer

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What's your favorite fair ride in terms of bang for the buck?

I timed a bunch of rides Wednesday night but found time-per-ticket comparisons didn't mean much.

Is the two-second drop of Super Shot better than four minutes of nausea-inducing trauma on the Zipper?

The two young gentlemen in the photo, Dylan Bass and Daniel Peer (who were exceptionally well-spoken and polite, I'd like to add) are posing in front of one of Dylan's favorite rides, Sky Diver. It's an iPhone shot so forgive the blurriness.

Let's hear your ride opinions...

-- Gretchen Wenner, staff writer

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The Californian would like to hear from readers dealing with foreclosure. How are you coping?

We’d also like to talk to regular folks selling non-distressed homes — how it is going for you out there? Is it hard or easy to sell an existing home in good shape when the market is swamped with foreclosures?

If you’re interested in being interviewed, send an e-mail to reporters Gretchen Wenner, gwenner@bakersfield.com or Jenny Shearer, jshearer@bakersfield.com. Or call 395-7368 or 395-7234.

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We reported today that a Las Vegas-based company filed an option to buy the Stockdale Tower building.

It turns out the site is also listed for sale by CB Richard Ellis with a $45 million price tag.

I'm not sure how things will work if someone other than the guy with dibs on it wants to take it home.

The building last sold in 2002 for about $5.8 million, county records show, to current owner Terry Moreland's company Stockdale Tower LLC.

Before that, it had foreclosed in 1997 with $30.5 million worth of  loans outstanding. The Teachers Insurance & Annuity Association repossessed it before transferrring it to a parent organization, the Savannah Teachers Properties Inc., which sold it to Moreland's LLC.

-- Gretchen Wenner, staff writer

Driving around northeast Bakersfield, I'd noticed a restaurant was going in near the corner of Columbus and Haley streets. So I made a few calls.

Farmer Boys has opened another Bakersfield restaurant at 2617 Haley St., in the same shopping area as Lowe’s.

It joins the location already in operation at 5544 California Ave., near Stockdale Highway.

Among the offerings are freshly-prepared hamburgers, sandwiches, salads and other items.

Another restaurant is under construction at Gosford and Pacheco roads, said Mike Ledbetter, a partner in a group that owns the rights to develop the restaurants in Bakersfield. That one is slated to open late this year.

Farmer Boys also plans to open a northwest location in 2009.

— Christine Peterson
 

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Here's a "raw report" press release from the Greater Bakersfield Chamber of Commerce:

Commemorating 10 years of entertainment, Rabobank Arena Theater & Convention Center hosts the Business After Five Chamber Mixer on Tuesday, September 23, 5:30-7:30 p.m.
 
Join the festivities at 1001 Truxtun Ave. and enjoy an evening of networking, food, fun and much more! Admission is $5 for Chamber members, $10 for nonmembers, offering a terrific opportunity to expand your business and information base. We look forward to seeing you tomorrow.

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Just this weekend a reporter and I were talking about the state of the economy and that dreaded "R" word — recession. Then talk turned to the possibility of the "D" word — depression. It's scary to go there, indeed.

Which brings me to the economic report that landed in my e-mail box just a bit ago, which says California is in a "mild recession."

It's from the Business Forecasting Center at the Eberhardt School of Business at University of the Pacific.

Here are the highlights of a press release from the center:

"As in the two previous quarters, the forecast maintains that the state entered a mild recession in late 2007. The shallow but long downturn will extend into the spring of 2009 as the United States (U.S.) and much of the world joins the state in recession."

It continues, "Director of the Center Jeff Michael commented, 'California is now entering the second half of the recession where the housing meltdown spreads to other areas.  Mortgage-based financial losses are tightening credit conditions across the economy, slowing growth, and extending job losses despite the relief from falling oil prices.'"

I called Dr. Michael to see if he breaks out Bakersfield as one of the 11 metro areas studied; he said he stops at Fresno. But still interesting.

Is this a recession — or something worse?

— Christine Peterson

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BAD WORD ALERT!

A citizens' Web site is amassing personal junk submited by y'all for Henry Paulson Jr (Treasury secretary) for the Bailout:

"We figured that instead of protesting this plan, we'd give regular Americans the same opportunity to sell their bad assets to the government."

Submit your own crap or browse the 'pile here:

Buy My (expletive omitted)Pile dot com

Someone just proffered the Byzantine Empire, circa  1045, for a cool $8 mill...

-- Gretchen Wenner, staff writer

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Here are a few localized residential real estate surveys for July by First American CoreLogic, a national company that tracks the industry.

1. Foreclosure activity (up)

We already know foreclosures are up in Kern from tracking filings at the Recorder's Office. First American has data we don't: A ratio of delinquencies compared to active mortgages.

• July's ratio: 9.36 percent of active mortgages were 90 or more days delinquent. A year ago July, the ratio was 3.31 percent.

Here is a map broken out by ZIP code.

2. Prices (down)

First American's Home Price Index, which tracks movement in repeat home sales, showed a 25.42 percent drop in July compared to the previous year. (Yikes!!) The company pegged Bakersfield's median — stats include all of Kern County — at $205,000.

Nationally, the index showed a 7.7 percent decline.

A map of Southern California shows the whole area in the reddest red on First American's charts.

3. Volume (up)

Sales volume increased in Kern compared with a 23 percent decrease nationwide.

(Distressed properties are making up the majority of sales in the metro area, local appraiser Gary Crabtree's reports have found.)

First American's report counted 749 sales county-wide in July. Of those, 134 were new homes.

Last year, 655 homes sold in July.

This chart shows sales volume for Kern.

-- Gretchen Wenner, staff writer

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Our latest maps of homes that sold in Bakersfield from July 28 to Aug. 3 are ready to see.

Because the sales for that week include days from two months, you’ll find updates to both the July map and the August map.

We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.

Highlights for July 28 to Aug. 3:

• 83 homes have been added to the July map: 25 to the August map.

• Priciest? One sold for $560,000 in the 93312 ZIP code. (It was 3,427 square feet.)

• Cheapest? One sold for $45,000 in the 93305 ZIP code. (It was 1,092 square feet.)

Time to buy?

— Christine Peterson

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Do you know what Derek Sprague, the man on the left, accomplished?

Read about his achievements and those of others in Kern County in the latest People in Business column.

Then submit your announcement for next week's list.

People in Business announces new hires, promotions, awards, professional achievements and other business “people news” in Kern County. Submissions can be mailed to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m.

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Today I found out $3.69 is really $3.79.

$3.69 was the advertised price on the big overhead sign (the one you see from the road as you're driving by to check prices) at my usual gas station. (Chevron on California Avenue across from Barnes & Noble.)

As I was filling up I noticed the pump price was 10 cents a gallon higher.

Eventually I spotted the smaller sign at the base of the big one...the lower price was only for cash or a Chevron credit card. 

My debit card use was adding 10 cents a gallon...egad...

Heck. I have cash. I just hate waiting in line and going back for change.

I assume other dealers will do this too, if they already haven't.

In my opinion it's a lame trend. No likey.

Is this widespread now? I only gas up once a week or so so am usually behind the curve.

-- Gretchen Wenner, staff writer

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The New York Sun has an excellent piece about the financial mess; here's the start:

"The Securities and Exchange Commission can blame itself for the current crisis. That is the allegation being made by a former SEC official, Lee Pickard, who says a rule change in 2004 led to the failure of Lehman Brothers, Bear Stearns, and Merrill Lynch.

"The SEC allowed five firms — the three that have collapsed plus Goldman Sachs and Morgan Stanley — to more than double the leverage they were allowed to keep on their balance sheets and remove discounts that had been applied to the assets they had been required to keep to protect them from defaults."

Rowdy financial blog The Big Picture linked to the story today, providing the usual lively commentary.

-- Gretchen Wenner, staff writer

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In case you need a quick (and fun) layman's interpretation of recent bailouts and non-bailouts, financial adviser Barry Ritholtz came up with this for the Daily Show (which didn't use it):

From The Big Picture blog:

I got called yesterday from the producers of The Daily Show, who asked for an explanation of this understandable to the "lay person."

Here is what I said to them:

• Lehman Brothers was like the little kid pulling the tail of a dog. You know the kid is going to get hurt eventually, and so no one is surprised when the dog turns around and bites the kid. But the kid only hurts himself, so no one really cares that much.

• Bear Stearns is the little pyro -- the kid who was always playing with matches. He could harm not only himself, but burns his own house down, and indeed, he could have burnt down the entire neighborhood. The Fed stepped in not to protect him, but the rest of the block.

• AIG is the kid who accidentally stumbled into a bio-tech warfare lab . . . finds all these unlabeled vials, and heads out to the playground with a handful of them jammed into his pockets.

 

Alas, my second shot at The Daily Show, thwarted.

----

You can find comments or make your own at Ritholtz' blog.

-- Gretchen Wenner, staff writer

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Scared by the thought of comng up with enough money to send the kids to college? Check out this press release:

Free College Funding Workshop

One financial goal that most parents share is a college education for their children. With college costs increasing at a faster rate than general inflation, saving for college can be a daunting task, which is why Kern Schools Federal Credit Union will be conducting a complimentary College Funding workshop Saturday, September 20 from 10:30am – 12:00pm at their administration building located at 9500 Ming Ave., West of the Marketplace.

Parents will learn how to pay for the cost of today’s college education, compare colleges and universities, prepare for SAT testing, and how to find scholarships to help in the pursuit of higher education. 

Staff will be available to answer questions and there will be handouts to assist with future questions.  Consumers can sign-up for this free workshop by calling 833-7097 or go online at www.ksfcu.org.
 

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This "raw report" just in from the California Lottery:

$245,771 Bakersfield Lottery Ticket Finds Its Way Through the Mail
 
SACRAMENTO – Almost three weeks ago the California Lottery reported that a quarter of a million dollar MEGA Millions® winning ticket was floating around town.  Apparently it wasn’t floating around at all or in the usual secret places ticket holders check. It was on its way, along well traveled postal routes, from Bakersfield to California Lottery Headquarters in Sacramento.
 
“Players have two options when claiming prizes of $600 or more,” clarified Director Joan Borucki. “We suggest players sign tickets immediately after purchase and make a photocopy for their records. After obtaining a claim form from a local retailer or downloading one from our Web site, they then have the option of mailing both the claim form and ticket or visiting one of our strategically located nine district offices throughout the state. With larger prizes, we tend to see winners coming into our district offices.”
 
The winner who opted to mail in his almost $250,000 ticket and who prefers to remain anonymous, spoke by phone with California Lottery officials. He expressed his sense of gratefulness saying, “You know, I just feel so blessed, like God blessed me.” But when asked why he mailed his ticket his only reply was, “I thought that’s the way you do it.”
 
He went on to say that the money couldn’t have come at a better time for him and his family. When prodded about what he would do with his money, he started to laugh saying that he and his wife, “are just real ecstatic.”  And then, shifting attention in an attempt to bring significance to what he was about to say, he explained, “It’s for my son.”
 
More than 95 cents of every Lottery dollar is returned to the community in the form of contributions to education, prizes and retail commissions. The California Lottery contributes at least 34 cents of every dollar that players spend on Lottery products to public education and returns more than 50 percent of sales to players in the form of prizes. Since its inception in 1985, the Lottery has contributed more than $20 billion to California schools out of total sales of nearly $55 billion. Retailers benefit too, earning $3.5 billion in compensation since 1985.

Each year, the Greater Bakersfield Chamber of Commerce selects people in the business community for its leadership development program. Here's a press release report from the chamber on this year's participants:

Selected through an intensive screening and interview process that took place in July, the following individuals, representing the diversity of Bakersfield’s business community, have been selected to participate in the Greater Bakersfield Chamber of Commerce 2009 Leadership Bakersfield adult program:

Allan Abney, Bakersfield Police Department; Arlana Absher, BARC-Bakersfield Association for Retarded Citizens; Jason Acres, RiverLakes Community Church; Jessica Allegranza, Rabobank, N.A.; Lou Chizlett, Bright House Networks; Rene Chow, Bakersfield Police Department; Nicolette Cross, O’Dell Cross, A Professional Corporation; Dustin Dodgin, Klein, DeNatale, Goldner et al; Rob Duchow, The Gas Company; Christabel Edwards, Frito-Lay, Inc.; Nick Gomez, San Joaquin Valley College; Everett Gray, DreamMaker Bath & Kitchen; Scott Gray, Business Initiatives; Jeanell Guenther, San Joaquin Community Hospital; Leah Headrick, Processes Unlimited International, Inc.; Sam Itani, San Joaquin Community Hospital; Alice Juarez, Wells Fargo Bank; Darryl Manning, Chevron North America Exploration and Production; Josh Martinez, Bakersfield Machine Company; Kirsten Myers, Goodwill Industries of South Central California; Christina Ozaeta, Aera Energy LLC; Tom Pasek, In Balance, Incorporated; Frank Ramirez, University of California Merced; Patti Reed, Kern Schools Federal Credit Union; Joshua Schroeder, Chevron North America Exploration and Production; Sheri Seal-Bailey, San Joaquin Community Hospital; Darrell Stapley, Hall Ambulance Service, Inc.; and Jeremy Zoch, Mercy Hospitals of Bakersfield.

Participants have the opportunity to focus on the economic, social and political life in Bakersfield; learn about a wide range of community processes, needs and issues; gain new perspectives and enhanced awareness; and serve in community leadership positions.

This year’s kick-off banquet for the class is set for Thursday, September 18, starting at 6 p.m. at the Four Points Hotel by Sheraton. The first class session focusing on leadership begins Friday, September 19 at CSUB.

If you follow business, you've heard the news by now:

• Lehman Brothers had filed for bankruptcy.

• Merrill Lynch will be sold to Bank of America.

Take your pick of literally hundreds of news stories on the topic.

The Wall Street Journal offered this quote that seems to summarize the situation well:

"Monday will be a day of reckoning for the financial markets," said Carlos Mendez, senior marketing manager of ICP Capital, a boutique investment firm in New York. On Sunday, he said, "it was like a fire alam went off and people ran in all directions."

What do you think? Should the Federal Reserve be more involved, or less? What does this all really mean? How much trouble is the American financial system in?

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Our latest map for homes that sold in Bakersfield from July 20 to 27 is ready for a peek. There’s no need to grab a map to figure out where to find Dolores and Claire streets. We’ve done the work for you.

We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.

Highlights for July 20 to 27:

• 104 homes are new on the map.

• Priciest? One sold for $860,000 in the 93312 ZIP code. (It was 4,526 square feet.)

• Cheapest? One sold for $53,000 in the 93304 ZIP code. (It was 936 square feet.)

What do you think of the prices?

— Christine Peterson

Here's an announcement for a local business group that we're hearing about for the first time ....

Market Place "Connection" is a men's and women's faith-based business networking group.

It meets at 11:30 am. Oct. 1 at Hodel's, and lunch is provided for $13.

This month's guest speaker is Sheryl Giesbrecht, an author, speaker, radio personality and business leader. She is also the public director of local Christian Radio KAXL. 88:3

Contact Dixie McAlister at 589-3969 for more information about the group.

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Reporter James Burger talked to Les Clark of the Independent Oil Producers' Agency today about Ike. Here's what he found:

Les Clark of the Independent Oil Producers’ Agency said Hurricane Ike will have some impact on the local oil market, but it is hard to predict exactly what it will be.

“We’re so close with supply and demand it’s going to have some impact,” he said.

The significance of production slowdowns in the Gulf of Mexico will likely be tied to how much damage Ike does to production and refining infrastructure in Texas, Clark said.

If Ike blows through with little damage, impacts on the national and world market will likely be less than if the hurricane does major damage to refineries and oil pipelines.

But the local impacts of Ike go beyond oil prices, Clark said.

“We’re concerned about mainly the safety (of people in the Gulf). Oil guys stick together,” he said. “I could walk into the Petroleum Club today and find half-a-dozen people who have family or sons or daughters down there.”

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Do you know what the woman to the left accomplished?

Read about Denise Denton and other professionals in the community in this week's People in Business column.

Then send your announcement for next week's list.

People in Business announces new hires, promotions, awards, professional achievements and other business “people news” in Kern County. Submissions can be mailed to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m.

Here's a "raw report" from the Greater Bakersfield Chamber of Commerce:

    Exhibitor booths for Business & Technology Expo are filling quickly and now is the time to reserve your space. Through September 12, you can still catch a great booth at the member price of $345. (If you are a member, of course! They have rates for non-members too. Either way, early bird registration is due Friday.) After the 12th, member booth price is $395. Access the online Expo application or call Jean at 661-327-4421.
 
   And remember to sign up for the FREE Exhibitor Orientation and Trade Show Marketing Workshop for Expo exhibitors and potential exhibitors taking place on Thursday, Sept. 18, 7:45-9 a.m. at the Chamber. Email info@bakersfieldchamber.org to RSVP.
        & nbsp; 
    Business & Technology Expo 2008 is presented by the Greater Bakersfield Chamber of Commerce and sponsored by ARAMARK, Bright House Networks Business Solutions, Carney’s Business Technology Center, Kern Business/The Bakersfield Californian, San Joaquin Bank, San Joaquin Community Hospital, Small Business Development Center and Stria (formerly Paperless Solutions). 
        & nbsp; 

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SavingsCease.pdf

HoldingCoCease.pdf

Here's the Office of Thrift Supervisions cease and desist orders, released last Friday (Sept. 5), against Downey Savings and Loan of Newport Beach.

One is for the bank, the other for its holding company.

The bank PDF is about 13 pages; the other 10.

More after lunch...thought I'd put these up for document-geeks like me.

Downey opened some supermarket locations here a few years back; I'll check up on what's around these days.

 -- Gretchen Wenner, staff writer

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Do you know what Adam Alvidrez, the man on the left, accomplished?

Take a look at the most recent People in Business column to find out the business achievements of Alvidrez and several other men and women in local business.

Then send your information for the next list!

People in Business announces new hires, promotions, awards, professional achievements and other business “people news” in Kern County. Submissions can be mailed to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m.

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Our latest map for homes that sold in Bakersfield from July 14 to 20 is ready for a peek. There’s no need to grab a map to figure out where to find Cypress or Flower streets. We’ve done the work for you.

We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.

Highlights for July 14 to 20:

• 125 homes are new on the map.

• Priciest? One sold for $926,000 in the 93311 ZIP code. (It was 4,291 square feet.)

• Cheapest? One sold for $35,000 in the 93307 ZIP code. (It was 693 square feet.)

A fellow staffer noticed something interesting on the maps. There are more and more black dots (signifying homes that sold for $150,000 or less)  on the maps as the months go by. (See past months' maps here.)  And more of the black dots are "migrating" in a westerly direction.

— Christine Peterson

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While trying to nail down rumors (RUMORS, not yet facts!) that the last McAllister Ranch employees were laid off this week, we came across an unexpected sheep colony on the golf course.

Are they squatters? Who knows...

[UPDATE: They're not only legal, they're paying rent! The sheep owners called Friday night...we never did hear from SunCal.]

I'm posting more photos from the foray here. For captions click on the "larger view" link.

(P.S. For techie types, I'm trying my first post using Google's new Chrome browser. It's working!)

-- Gretchen Wenner, staff writer

Here's a "raw report" press release from the Greater Bakersfield Chamber of Commerce:

Chamber seminar spotlights multiple generations in the workforce
 
There are four distinct generations -- the Veterans, the Boomers, the Xers, and the Yers -- crossing paths at work and sometimes colliding. Featured speaker Robin Paggi, KDG HR Solutions, will provide a description of each generation, reasons for potential conflict and practical tips for working together when the Greater Bakersfield Chamber of Commerce presents a luncheon seminar focusing on Four Generations at Work: Potential Problems and Practical Solutions on Sept. 9, 11:30 a.m. to 1 p.m. at the Chamber office, 1725 Eye Street.

Cost is $20 per Chamber member and $40 per nonmember and includes a boxed lunch. Call 661-327-4421 for information or reservations.

•••

So that's the official announcement of the event. But there just HAVE to be some good stories of generational gaps at work. Anyone?

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platinumcoast-fi~.pdf

Mostly this is an entertainment post...as entertaining as legal documents can be.

It's also a bit sad.

I've attached an 18-page PDF (click the blue box to the left) of the state's accusation against a now-shuttered mortgage lender.

I came across this while researching who loaned a local resident $182,000 in 2006 against this since-foreclosed home in east Bakersfield. (After foreclosing, it recently sold for $70,000.)

Turns out former staffers of Quick Loan Funding Inc. of Costa Mesa liked Vegas. A lot.

Nazih Daniel Sadek, chief financial officer, paid out $1 million from the company's trust account to Wynn Las Vegas. Another $20k to Bellagio.

Employee Miguel Angel Vazquez, meanwhile, just paid himself some spare thousands now and then.

The state shut them down last month after they failed to follow through with monitoring requirements.

 -- Gretchen Wenner, staff writer

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Here's a "raw report" press release sent today by the California Lottery:

Bakersfield MEGA Millions® Ticket Worth $245,771 Still Unclaimed
 
SACRAMENTO – California Lottery officials remain anxious for the winner – or winners – of a ticket worth $245,771 to come forward to claim the winning prize from last week.
 
The MEGA Millions ticket was purchased in Bakersfield at a Circle K located at 5634 Stine Road. The winning ticket for the August 26 draw matched the first five numbers – 6, 16, 24, 34 and 36 – and missed only the Mega number of 30. Lottery officials say that most tickets are claimed within the first few days after a draw.  Less than 2 percent of prizes go unclaimed.
 
The California Lottery recommends winners to sign the back of their tickets, keep tickets in a safe place and contact Lottery officials or visit your local Lottery District Office (http://www.calottery.com/Ab...) as soon as possible. Winners have 180 days from the date of the draw to claim prizes.
 
For the fiscal year 2006-2007, more than $29 million in prizes went unclaimed.  Players can always check past winning numbers by visiting the Lottery’s Web site at www.calottery.com, select the game played and click on the link to “Winning Numbers.”
 
More than 95 cents of every Lottery dollar is returned to the community in the form of contributions to education, prizes and retail commissions. The California Lottery contributes at least 34 cents of every dollar that players spend on Lottery products to public education and returns more than 50 percent of sales to players in the form of prizes. Since its inception in 1985, the Lottery has contributed more than $20 billion to California schools out of total sales of nearly $55 billion. Retailers benefit too, earning $3.5 billion in compensation since 1985.

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Here's a "raw report" press release from the Kern Economic Development Corp:

KERN EDC’S WEBSITE HAS A WHOLE NEW LOOK!
WWW.KEDC.COM <http://www.kedc.com/>
 
Kern EDC has overhauled our website and it is looking great! We’ve still got all the local information and statistics you need, but we have added a few new features to make it even easier to navigate. The new site should be an even better tool in recruiting out-of-town and out-of-state companies to Kern County. It illustrates our community’s business opportunities and quality of life. We invite you to visit the brand new website at the same address you have come to know: www.kedc.com. We hope you love our new look and, as always, please give us a call if you have any questions.

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Our latest map for homes that sold in Bakersfield from July 7 to 13 is ready for you to see. There’s no need to grab a map to figure out where to find Duck Pond Lane or Twelve Oak Court. We’ve done the work for you. 

We regularly publish single-family home sale transactions that occurred between individuals as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by Jenny Shearer.

Highlights for July 7 to 13:

• 95 homes are new on the map.

• Priciest? One sold for $950,000 in the 93311 ZIP code. (It was 4,611 square feet.)

• Cheapest? One sold for $38,000 in the 93308 ZIP code. (It was 947 square feet.)

— Christine Peterson