WASHINGTON >> U.S. home sales rebounded in December after new regulations had delayed the completion of purchases in November. And total sales in 2015 were the most in nine years.
The National Association of Realtors said Friday that sales of existing homes climbed 14.7 percent last month to a seasonally adjusted annual rate of 5.46 million. Sales had previously plummeted as the industry adapted to new mortgage disclosure rules — a temporary downturn before delayed sales were finalized in December.
Last month’s rebound concluded a year that produced the highest annual sales total since 2006.
GE defies slowdown; earnings up 22%
Depressed oil prices, financial market Worries and sluggish global growth threaten the industrial sector. But General Electric, the nation’s largest industrial company, seems to be weathering the challenges so far. The company Friday reported solid fourth-quarter profit and delivered a cautiously optimistic outlook for 2016.
The company reported that its net profit increased 22 percent, to $6.28 billion, in its fourth quarter. GE’s earnings from continuing operations — mainly industrial businesses now — rose 27 percent, to 52 cents a share. That was slightly above the average estimate of securities analysts of 49 cents a share, compiled by Thomson Reuters.
Revenue for the quarter rose 1 percent to $33.89 billion, below the analysts’ forecast of $35.96 billion.
United pilots approve 2-year extension
CHICAGO >> United Airlines pilots have ratified a contract extension that includes pay raises and gives the company more certainty about labor costs.
The Air Line Pilots Association said Friday that 79 percent of pilots who voted agreed to add two years to their contract, making it run through January 2019.
United has about 12,000 pilots.
Details of the extension aren’t being released, but the union says it puts the pilots’ compensation at the top of the industry. United says it will create stability for the airline and the pilots. United struggled to combine workforces after its 2010 merger with Continental. New management that took over last September has vowed to improve labor relations.
Takata air bags linked to 10th death
WASHINGTON >> A Ford pickup driver killed last month in South Carolina is the ninth person to die in the U.S. and the 10th worldwide because of defective Takata air-bag inflators that explode, firing off shrapnel-like shards, government safety officials said Friday, as they announced a new expansion of the largest auto safety recall in history.
Based on the South Carolina accident and tests of a different kind of Takata inflator, about 5 million additional vehicles with potentially defective air bags are being recalled, but that number could change because there may be some overlap with previous recalls, said Gordon Trowbridge, a National Highway Traffic Safety Administration spokesman.
U.S. rental prices slowed in December
WASHINGTON >> Home rental price growth turned tame in December — a sign that a burst of new apartment construction last year may be relieving cost pressures.
Real estate data firm Zillow said Friday that median rent rose a seasonally adjusted 3.3 percent from a year ago. The median rent nationwide has held steady at $1,381 a month since August, after having previously surged dramatically above the pace of wage growth.
In several major markets, median rents barely budged over the past year. Rents edged up just 0.4 percent in Chicago, 1.8 percent in Philadelphia, and 1.6 percent in St. Louis. Even hot markets such as Denver; Portland, Ore.; and San Jose, Calif., have retreated from annual gains that just two months ago were in the double digits.
On the Move
Hawaii Pacific University has hired Bert Shimabukuro as their new human resources director for faculty relations, academics and research staff. He will provide specialized services to the university’s academic leadership, which includes reappointments, recruitment and faculty relations. He will also be responsible for the Faculty Actions Office. Shimabukuro was previously the director of human resources at Wahiawa General Hospital and a human resource manager for Hyatt Place Waikiki Beach.
Berkshire Hathaway HomeServices Hawaii Realty has announced that Sherri Kandell and Caroline Faringer have joined its realty company. Kandell and Faringer previously worked for Coldwell Banker Pacific Properties.
Hawaii Electric Light Co. has awarded a $5,000 grant to Ku‘ikahi Mediation Center in order to support its East Hawaii Peer Mediation Elementary School Pilot Project. The program brings prevention skills and conflict resolution to students, which helps to develop peacemakers in East Hawaii schools.
