Thunder strike down "crumbling" Lakers

LOS ANGELES (Reuters) - With Kevin Durant in cruise control, the Oklahoma City Thunder overpowered the injury-hit Los Angeles Lakers in a 116-101 win on Friday, inflicting a rare sixth straight defeat on the home team.
Sharp-shooting forward Durant scored a season-high 42 points and guard Russell Westbrook weighed in with 27 and 10 assists as the Thunder drew level with the Los Angeles Clippers at the top of the Western Conference.
Bench player Kevin Martin added 15 points on six-of-12 shooting and Oklahoma outshot Los Angeles by 51 percent to 40 from the field at a sellout Staples Center while improving their record this season to 28-8.
"He's a special player," Martin told reporters about Durant, the three-time reigning NBA scoring champion. "He's the heart of our team and we just like to follow his lead.
"He brought a lot of intensity and you see your superstar bring intensity like that, everybody else better bring it also."
Kobe Bryant led the way with 28 points for the Lakers, who slipped to 15-21 after playing their third consecutive game without injured big men Dwight Howard and Pau Gasol.
Howard, a three-time defensive player of the year, is out after re-aggravating a right shoulder injury while fellow All-Star Gasol is sidelined due to concussion.
"We have to put things in proper perspective," Thunder head coach Scott Brooks said after his team had out-rebounded the Lakers 53-46.
"They have some of their best players not playing tonight and they're short-handed. They're going to be a different team once they get everybody back.
"But we played well. Kevin had a hot hand and they missed some shots. When we defend and rebound, we're a pretty good team on the offensive end."
SETTING THE TONE
With Durant swiftly setting the tone, Oklahoma raced ahead 25-14, but Los Angeles closed the opening quarter on an unanswered 11-point run to tie the score at 25-25.
The Lakers twice took narrow leads before the Thunder relentlessly seized control and, with Durant and Martin each burying two three-pointers, stormed ahead 64-48 by halftime.
Durant continued to put on a show in the third quarter, draining a mix of three-pointers, jump shots and one extravagant slum dunk as Oklahoma stretched their lead to 93-73.
Though Durant slowed in the final quarter, Westbrook caught fire and added a further 10 points to keep the Lakers at bay.
"We played hard the whole game, they were just better," said Lakers head coach Mike D'Antoni. "Kevin Durant was just unstoppable. They were just longer, faster, better team-wise and we crumbled away. Second quarter really hurt us."
The Lakers lost six straight games for the first time since March 2007 and will aim to return to winnings ways when they host the struggling Cleveland Cavaliers (9-29) on Sunday.
"We put ourselves in this ditch and we are the only ones that can get us out," said D'Antoni. "Hopefully we can get some guys back and start our season on Sunday."
Antawn Jamison added 19 points and 10 rebounds for the Lakers off the bench but veteran point guard Steve Nash had a quiet game with seven points and seven assists in 30 minutes.
"I think we showed some fight but we were just a little over-matched," Nash said. "They're bigger than us at almost every position. Kevin got hot and we couldn't contain him in the second quarter."
(Editing by Alastair Himmer)

Read More..

Hill injury adds to mounting Lakers woes

LOS ANGELES (Reuters) - As if a sixth defeat on the bounce was not bad enough, the injury-hit Los Angeles Lakers faced further gloom on Friday with the news that back-up forward Jordan Hill will likely miss the rest of the season.
Hill, the most impressive bench player for the Lakers in a surprisingly below-par campaign, sat out the 116-101 loss to the Oklahoma City Thunder with a left hip injury.
The six-foot 10-inch forward, who is averaging 6.7 points and 5.7 rebounds, had an arthrogram test earlier on Friday which revealed loose fragments along with a possible labral tear.
He has been advised to have season-ending surgery, although is expected to seek a second opinion before scheduling surgery.
Hill's absence further depletes a Lakers line-up already missing their top two big men -- Dwight Howard and Pau Gasol.
Center Howard, a three-time defensive player of the year, is out indefinitely after aggravating a right shoulder injury while Spanish forward Gasol is sidelined with concussion.
Their absence comes as the Lakers desperately try to climb out of a 15-21 hole, having started the season with heightened NBA title hopes after acquiring All-Stars Howard and Steve Nash during the off-season.
"We just have to have guys step up and play well," Lakers shooting guard Kobe Bryant told reporters after scoring 28 points in a losing effort against Oklahoma.
"You just have to step in and contribute. I'm more disappointed for Jordan. He's really worked hard. He played well for us last year, and he's been playing well for us this year."
Asked if the Lakers could reignite their fading playoff hopes after falling to 10-9 on their home court, Bryant replied: "Yes, I absolutely do. I'm just very frustrated and upset about what we're going through right now and how we are playing.
"We're going to have to make some big adjustments if we want to be successful. But yes, I do."
While the return of veteran point guard Nash from a leg fracture for the last 10 games certainly gave the team a much needed lift, the Lakers' ageing line-up has not been helped by a spate of injuries this season and three different head coaches.
Five-time NBA champion Bryant has been their only consistent player and Los Angeles have gone 10-16 since head coach Mike D'Antoni took over from interim coach Bernie Bickerstaff.
"It has got to turn around," 'D'Antoni said of his team's poor season. "We have to make a stand and do it.
"I am an optimist and I think it can happen. We are going to get some guys back but we can play well enough."

Read More..

Lakers star Kobe Bryant and wife reconcile, won't divorce

LOS ANGELES (Reuters) - Los Angeles Lakers star Kobe Bryant and his wife, Vanessa, have reconciled and are no longer planning to divorce, the couple said in separate posts on social media sites.
Bryant, widely considered one of the greatest players ever in the National Basketball Association, and his wife filed for divorce in December 2011 after 10 years of marriage.
But they had been seen out together in recent weeks, leading to speculation about a possible reunion. They have two daughters, aged 10 and 6.
"I am happy to say that Vanessa and I are moving on with our lives together as a family," Bryant wrote on Facebook on Friday.
Vanessa Bryant posted a statement on her Instagram page that read: "We are pleased to announce that we have reconciled. Our divorce action will be dismissed."
In 2003, Bryant was accused of sexual assault by an employee at a Colorado hotel. He denied the allegations, and charges were dropped after the woman refused to testify.
Vanessa Bryant, who married the Lakers star in April 2001, stayed with her husband during that scandal.

Read More..

Iran confiscates over a ton of narcotics a day

TEHRAN, Iran (AP) — Iran's media are reporting that police confiscate over a ton of narcotics a day from smugglers.
Gen. Ali Moayedi, head of Iran's anti-narcotics police, is quoted by newspapers Sunday as saying that some 30 drug smugglers and addicts are identified and arrested every hour in Iran. He said over 200,000 were detained in the past nine months alone.
Iran lies on a major drug route between Afghanistan and Europe, as well as the Persian Gulf states.
Moayedi said that over 1,286 kg (2,835 pounds) are confiscated each day. This represents about a fifth of the total drugs that officials have previously said enter Iran --- of the rest, nearly 700 tons are consumed inside Iran and the remaining 1,300 tons are transited to Europe.

Read More..

Influential Israeli rabbi released from hospital

JERUSALEM (AP) — An Israeli religious party says its powerful spiritual leader has been released from hospital after a minor stroke, easing concerns his health could affect the party's fortunes ahead of Jan. 22 elections.
Yakov Betzalel, who is spokesman for the ultra-Orthodox Shas party, said Rabbi Ovadia Yosef, 92, was at home with his family and would resume his daily routine later Sunday.
Yosef was taken to hospital on Saturday after collapsing during morning prayers.
The Baghdad-born religious scholar commands supreme influence in his party, which holds 10 of parliament's 120 seats and represents Jews of Middle Eastern descent.
Outside his party, the rabbi, with his trademark turban, gold-embroidered robes and dark glasses, has been a controversial figure, making incendiary comments on Palestinians, secular Jews, Holocaust survivors and gays.

Read More..

Syrian army advances in strategic Damascus suburb

DAMASCUS, Syria (AP) — Syrian troops advanced in a strategic suburb of Damascus and bombarded other areas around the capital Saturday in a push to secure President Bashar Assad's seat of power as rebels make gains in the north.
A government official said regime forces had taken much of Daraya, an area on the edge of a major military air base just south of the capital, after nearly two months of heavy fighting that anti-regime activists say has killed dozens of people and uprooted tens of thousands more from their homes.
The announcement came a day after rebels and Islamic militants seeking to topple Assad took full control of the northwestern Taftanaz air base in a significant blow to the military. The back-to-back declarations highlight the see-saw nature of the conflict in Syria, where one side's victories in one area are often followed by reverses in another.
In other violence, athletic champion Hisham Raqsha was shot to death in Damascus while on his way back home, according to the Observatory and state-run news agency SANA. SANA said Raqsha was the coach of Syria's walking team. His age and other details were not available.
Syrian troops have been battling since November to regain Daraya from the hands of anti-government fighters. The suburb is flanked by the key districts of Mazzeh, which is home to the military air base of the same name, and Kfar Sousseh, which holds the government headquarters, the General Security intelligence agency head office and the Interior Ministry.
It also is less than 10 kilometers (six miles) from the People's Palace — one of three palaces in the capital used by Assad.
The government official told The Associated Press in Damascus that the army still faced "small pockets" of resistance but he expected the area to be cleared in a few days. The official spoke on condition of anonymity in line with regulations.
Rami Abdul-Rahman, who heads the Britain-based Syrian Observatory for Human Rights, acknowledged "the army has entered most of Daraya's neighborhoods." He added the number of casualties on both sides was high after weeks of fighting.
"Daraya is very important for the regime because the Mazzeh airport is a main artery for it," Abdul-Rahman said.
Daraya, which had a population of about 200,000 before the fighting, has been a stronghold of support for the rebels fighting the government since the start of the uprising in March 2011, posing a particularly grave threat to the capital.
In August, troops backed by tanks stormed the town after several days of siege, with hundreds reportedly killed. Most residents have fled to safer areas since the latest offensive began, leaving only about 10,000 civilians who are facing electricity cuts and dwindling food, fuel and medical supplies. A heavy snow storm last week only worsened the suffering of those left behind.
The Local Council opposition group says more than 1,300 people have been killed in Daraya since the uprising began. The council says 1,000 of its residents are in Assad's jails. Claims by both sides are impossible to verify because of restrictions on reporting in the country.
Today, those entering Daraya have to pass through government checkpoints at its gates or sneak through the fields escorted by rebels. Young men with automatic rifles and black headbands with Islamic writings manned checkpoints inside the suburb, which is controlled by members of the Furqan Bridage and other battalions known as Dayara Martyrs, Ababil and Houran.
A visit to the area earlier this week showed the desperate circumstances facing the residents under siege.
Earlier this week, one man who stood in front of his destroyed apartment said he had taken his family to Damascus for safety and returned to get some belongings. "As you can see, my home is totally destroyed. May God help me," the man said.
Inside a makeshift hospital, a medical student who identified himself only as Samih was trying to remove shrapnel from the shoulder of a rebel on a stretcher. "I haven't slept for two days," Samih said, also complaining about lack medical supplies.
Syria's pro-government media had reported that thousands of rebel fighters from the extremist Jabhat al-Nusra group have holed up in Daraya in preparation to storm Damascus.
Jabhat al-Nusra, which has been branded a terrorist organization by the U.S. and which Washington claims is affiliated with al-Qaida, has been among the most effective fighting forces on the rebel side. Syrian official statements regularly play up the role of Islamist extremists in the civil war and refer to the rebels as terrorists.
Syrian TV reported Saturday afternoon that Syrian troops are "chasing the remnants of armed terrorists groups in Daraya, killing a number of snipers."
The Observatory said other Damascus suburbs also were being shelled on Saturday and a car bomb exploded in the suburb of Sbaineh, causing heavy damage. It was not clear if the blast caused casualties, it said.
An amateur video posted online by activists showed several heavy damaged buildings by the blast. The video appeared genuine and corresponded to other AP reporting on the events depicted.
The group also said Syrian warplanes attacked eastern suburbs of Damascus including Mleiha, as well as the rebel-held town of Rastan near the central city of Homs.
More than 60,000 people have been killed since the 22-month conflict started.
Rebels maintained control of the Taftanaz field in Idlib province on Saturday and intensified their assault on the Mannagh air base and the international airport of the city of Aleppo, which includes a military base, activists said.
Syrian TV reported Saturday that the army repelled attackers targeting Aleppo's Kishek airport and inflicted casualties. It gave no further details. The Observatory reported Saturday that warplanes carried out air raids around the Aleppo airport.
On the diplomatic front, Russia, one of Assad's last remaining allies, said Saturday it is still strongly against any foreign interference in Syria's affairs.
"As before, we strongly believe that all the issues concerning Syria's future must be decided by the Syrians themselves, without outside interference or the imposition of ready-made recipes for development," the Russian Foreign Ministry said in a statement.

Read More..

Ex-baseball star Lenny Dykstra sentenced in bankruptcy fraud case

LOS ANGELES (Reuters) - Lenny Dykstra, the 1980s World Series hero who pleaded guilty earlier this year to bankruptcy fraud, was sentenced on Monday to six months in federal prison and ordered to perform 500 hours of community service.
The 49-year-old former ballplayer - who is already serving time in state prison for grand theft auto, lewd conduct and assault with a deadly weapon - was also ordered to pay $200,000 in restitution.
In the federal case, Dykstra pleaded guilty in July to bankruptcy fraud and other charges.
According to the written plea agreement, he admitted defrauding his creditors by declaring bankruptcy in 2009, then stealing or destroying furnishings, baseball memorabilia and other property from his $18.5 million mansion.
He also admitted giving false or misleading testimony about the property he removed from the Los Angeles-area home, which he had purchased from hockey great Wayne Gretzky, according to the court documents.
Dykstra, nicknamed "Nails" during his playing days, spent 11 years in the major leagues, mostly as an outfielder for the Mets and Philadelphia Phillies.
He is perhaps best remembered by Mets fans for the 1986 season, when he struck a walk-off game-winning home run in Game 3 of the National League Championship Series.
And in Game 3 of the World Series, he hit a key lead-off home run, sparking a comeback by the Mets from a 2-0 series deficit to win the championship over the Boston Red Sox.
But in recent years Dykstra has become embroiled in a series of criminal cases.
In March of this year, he was sentenced to three years in state prison after pleading no contest to grand theft auto in what Los Angeles County prosecutors said was a scheme to lease cars using phony business and credit information.
And in April, the former athlete was sentenced to 270 days in jail and 36 months probation after pleading no contest to lewd conduct and assault with a deadly weapon.
Those charges stemmed from accusations that Dykstra exposed himself to women who answered his Craigslist ad for an assistant and housekeeper. One of the women told authorities the former athlete held a knife and forced her to massage him.
A no contest plea is the legal equivalent to pleading guilty under California law.

Read More..

Giants agree deal to keep playoff hero Scutaro

(Reuters) - National League Championship Series MVP Marco Scutaro has agreed a $20 million three-year deal to stay with the San Francisco Giants, the World Series winners said on Tuesday.
The 37-year-old second baseman was acquired by San Francisco in a mid-season trade with Colorado and he paid great dividends down the stretch as the Giants claimed their second World Series in three years.
Scutaro batted .362 with 44 RBIs in his 61 regular season games with the Giants, then he raised his game when it mattered most during the post-season.
Scutaro is the third free agent retained by San Francisco as they keep their championship core intact.
The team also agreed to contracts with pitcher Jeremy Affeldt and outfielder Angel Pagan.

Read More..

Reds land Korean Choo in trade with Indians, D-Backs

(Reuters) - The Cincinnati Reds acquired South Korean outfielder Choo Shin-soo from the Cleveland Indians on Tuesday in a three-team trade that involved nine players.
The 30-year-old Choo, entering the final year of his contract, declined to sign an extension with the Indians and will now give the Reds a potential lead-off hitter who batted .283 with 16 home runs last season.
"He fills the one big void that we had and that was a lead-off hitter and someone with the ability to get on base," Reds General Manager Walt Jocketty told MLB.com.
The Reds also picked up infielder Jason Donald and $3.5 million from Cleveland.
In exchange, the Indians receive outfielder Drew Stubbs and 21-year-old pitching prospect Trevor Bauer from the Reds along with pitchers Matt Albers and Bryan Shaw from the Arizona Diamondbacks.
The Diamondbacks get shortstop Didi Gregorius from Cincinnati along with pitcher Tony Sipp and infielder Lars Anderson from the Indians.

Read More..

Star stock analyst Mahaney to lead Internet coverage at RBC

SAN FRANCISCO (Reuters) - Mark Mahaney, a top-rated Internet stock analyst who was fired from Citigroup in October after one of his staffers improperly shared research with a news website, has been hired by RBC Capital Markets.
Mahaney will oversee coverage of the Internet sector for RBC, the firm announced on Monday. RBC did not state which companies Mahaney will cover. He will be based in San Francisco.
Rated the top Internet analyst for the past five consecutive years by Institutional Investor, Mahaney is among the most well-known and respected analysts covering the online industry.
His research notes of companies including Google Inc, Amazon.com Inc and Facebook Inc, were considered must-reads among many investors, who praised his stock picks and his perspective on the fast-moving Web business.
One such report, which was being prepared ahead of the high-profile initial public offering of Facebook last year, led to Mahaney's exit from Citigroup, although Mahaney was only indirectly involved in the incident.
Mahaney failed to supervise a junior analyst who improperly shared Facebook research with the TechCrunch news website, according to a settlement that Citigroup struck with Massachusetts regulators in October.
Citigroup paid a $2 million fine to Massachusetts regulators to settle charges that the bank improperly disclosed research on Facebook ahead of its $16 billion IPO earlier in May. Last year, Reuters reported that Facebook had pre-briefed analysts for its underwriters ahead of its IPO, advising them to reduce their profit and revenue forecasts.
The settlement agreement also outlined an incident in which Mahaney failed to get approval before responding to a journalist's questions about Google - and told a Citigroup compliance staffer that the conversation had not occurred - even after being warned about unauthorized conversations with the media.
RBC said in a statement that Mahaney is "a well-known asset in the investing community and is widely-regarded as one of the most influential research analysts covering the Internet, as confirmed by our extensive due diligence." The firm declined to comment further.

Read More..

Lawyers in Ohio football rape case want trial moved

(Reuters) - Attorneys for two Ohio teenage football players accused of raping a 16-year-old student have asked that the trial be moved because potential witnesses are afraid to come forward in defense of the boys, one of the lawyers said on Monday.
Walter Madison, the attorney for one of the accused rapists, Ma'lik Richmon, said social media efforts to bring the alleged rape into the national spotlight have led to an atmosphere of intimidation and coercion.
"This has a chilling effect on witnesses who could come forward to be part of this process so my client can get a fair and full proceeding," he told Reuters. "So, we're left without the opportunity to make our case. That's pretty serious."
Richmond and Trenton Mays, both 16 and members of the Steubenville High School football team, are charged with raping a 16-year-old fellow student at a party last August.
The two students are set to be tried as juveniles in February in Steubenville, a city of 19,000 about 40 miles west of Pittsburgh.
Madison said his client's mother has had to change her cell phone number multiple times due to threats and harassment.
Last week, the online activist group Anonymous made public a picture allegedly of the rape victim, being carried by her wrists and ankles by two young men, and of a video that showed several other young men joking about an alleged assault.
Madison said that Richmond is not seen in the video.
A county sheriff under fire for how he has handled the high school rape investigation faced down a crowd of protestors on Saturday and said no new charges will be brought against anyone involved in the case.
Activists say there had been a cover-up by local officials to protect the integrity of the high school's football program.
Meanwhile, a petition to the White House calling for the two rape suspects to be tried as adults reached 25,000 signatures Monday, the threshold required to receive a response from the Obama Administration.
Moving the case to the adult court system would allow for a jury trial and a more severe penalty, the petition says.
"This is a serious offense and this needs to be an example for everyone that this type of behavior should not, and will not be tolerated in our society," it says.
The petition, created December 25, more than doubled its number of supporters overnight. It had 11,000 signatures on Sunday.
It was submitted to the White House through its online petition website, We The People. Now that it has the required 25,000 signatures, the Obama Administration will give an official statement at some point in the future. The petition has no legal impact.

Read More..

Audit of Canada native band casts cloud on protest movement

OTTAWA (Reuters) - A Canadian native band that successfully pressured the prime minister to hold a special meeting on aboriginal grievances cannot account for millions of dollars in federal funding, according to an audit that critics say was leaked to discredit a growing protest movement.
Angry native activists, fed up with poor living conditions they blame on decades of neglect from Ottawa, have blockaded rail lines and threatened to close Canada's borders with the United States in a campaign they call Idle No More.
Attawapiskat Chief Theresa Spence has been on a hunger strike for almost a month near Parliament Hill in Ottawa to demand better treatment for natives.
But the August 2012 report from accounting firm Deloitte said Spence's Attawapiskat First Nation in northern Ontario had shown "no evidence of due diligence" in accounting for how it spent federal money intended to improve housing and health. The audit was leaked to some media organizations over the weekend, and released on Monday.
A spokesman for Spence said she would address the audit on Friday when she and other aboriginal leaders will discuss social and economic issues with Conservative Prime Minister Stephen Harper. The leak was designed to discredit Spence, he added.
"They're trying to undermine the process here, the movement of the people. The people are speaking out," Danny Metatawabin told reporters.
Successive Canadian governments have for decades struggled to improve the life of natives, who want more federal money and a greater say over what happens to resources on their land.
Ottawa spends around C$11 billion ($11.1 billion) a year on an aboriginal population of 1.2 million, yet living conditions for many are poor, particularly for those on reserves with high rates of poverty, addiction, joblessness and suicide.
Critics say bands do not have to show enough evidence of how they spend the money they receive, and some groups insist on living in remote regions with few jobs or prospects.
Deloitte, which surveyed the Attawapiskat First Nation's expenditures from April 1, 2005 to Nov 30, 2011, said a probe of 505 transactions showed 81 percent of files did not have adequate supporting documents and more than 60 percent did not document the reason for payment. The band received C$109 million in federal funding over the period.
"We were unable to determine if the funds were spent for their intended purpose. There is no evidence of due diligence in the use of public funds," Deloitte said in a letter to Spence, recommending better financial controls.
"The independent audit ... speaks for itself, and we accept its conclusions and recommendations," said Jan O'Driscoll, a spokesman for federal Aboriginal Affairs Minister John Duncan.
Ontario Finance Minister Dwight Duncan, a Liberal, accused the federal government of trying to discredit aboriginal leaders. "Tough love the rallying cry of the cowards who 'leak' these 'audits'. Too much tough, not enough love, for our aboriginal brothers and sisters," he said on Twitter.
As part of the Idle No More campaign, protesters blocked a Canadian National Railway Co line in Sarnia, Ontario, in late December and early January. CN went to court to obtain an injunction on December 21, but local police did not enforce it until January 2.
The judge in the case, Justice David Brown, expressed his frustration at the failure of the police to act, saying "local police agencies cannot ignore judicial orders under the guise of contemplating how best to use their tactical discretion."
Brown granted CN another injunction on January 5 to clear a separate group of protesters blocking the main rail line from Toronto to Montreal.
Sarnia police were not immediately available for comment. A CN spokesman declined to say how much money the blockades had cost the company.
($1=$0.99 Canadian)

Read More..

US pending home sales jump to nearly a 6-year high

WASHINGTON (AP) — An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.
The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index rose 5.2 percent to 104.8 in October. Excluding a few months when the index spiked because of a homebuyer tax credit, that is the highest level since March 2007.
The increase points to healthy sales increases of previously occupied homes in the months ahead. There's generally a one- to two-month lag between a signed contract and a completed sale.
The rise in sales adds to evidence of a steady housing recovery. Builders are more confident in sales and are starting construction on more homes. Home prices are rising on a consistent basis, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they gain confidence that they can sell at a good price.
The report is "another indicator suggesting that the recovery in housing has broadened and has sustained momentum," Michael Gapen, an economist at Barclays Capital, said in a note to clients.
Signed contracts jumped 15.6 percent in the Midwest and rose 5.5 percent in the South. But they fell 1.1 percent in the West and dipped 0.1 percent in the Northeast.
Superstorm Sandy lowered pending sales in the Northeast, the Realtors' group said. The West was hurt by low inventories of available homes.
Mortgage rates remained near record lows this week. The average rate on the 30-year loan was 3.32 percent, mortgage buyer Freddie Mac said, just above 3.31 percent last week, which was the lowest on records dating to 1971.
A big reason for the rebound in housing is that the excess supply of homes that built up before the housing crisis has finally thinned out. The number of previously occupied homes available for sale has fallen to a 10-year low. The inventory of new homes is also near the lowest level since 1963.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
Those trends are also pushing up home sales and construction. Sales of previously occupied homes are near five-year highs, excluding temporary spikes in 2009 and 2010 when a homebuyer tax credit boosted purchases.
Builders, meanwhile, are more optimistic that the recovery will endure. A measure of their confidence rose to the highest level in six and a half years this month. And builders broke ground on new homes and apartments at the fastest pace in more than four years last month.

Read More..

US home sales jump to highest level in 3 years

WASHINGTON (AP) — U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates.
The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76 million in October.
Previously occupied home sales are on track for their best year in five years. November's sales were the highest since November 2009, when a federal tax credit that was soon to expire spurred sales. Excluding that month, last month's sales were the highest since July 2007.
Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.
Job growth and low home-loan rates have helped drive purchases. Prices are also rising, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they feel confident they can sell at a good price.
In addition, the excess supply of homes that built up during the housing bubble has finally thinned out. The number of previously occupied homes available for sale fell to a 10-year low in October. The supply of new homes is also near its lowest level since 1963.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
These trends have supported a steady recovery in housing. Builder confidence rose in December for a seventh straight month to the highest level in more than 6½ years, according to a survey released Tuesday by the National Association of Home Builders/Wells Fargo.
The pace of home construction slipped in November, but it was still nearly 22 percent higher than a year earlier. Builders are on track this year to start work on the most homes in four years.
Economists note that the increase in building should lead to more construction jobs, though it hasn't yet done so. That could mean more construction hiring is coming.

Read More..

US home sales surge to highest level in 3 years

WASHINGTON (AP) — U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates. The report was the latest sign of a sustained recovery in the housing market.
The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76 million in October.
Previously occupied home sales are on track for their best year in five years. November's sales were the highest since November 2009, when a federal tax credit that was soon to expire spurred sales. Excluding that month, last month's sales were the highest since July 2007.
Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.
"The report is encouraging, and the positive momentum established in the housing market during 2012 appears likely to continue into 2013," Michael Gapen, an economist at Barclays Capital, said in an email.
Superstorm Sandy delayed some sales in the Northeast, the Realtors' group said. Those delayed purchases will likely close in the coming months, though the increase will be modest, the group said.
Even so, sales rose 6.9 percent in the Northeast last month compared with October. Sales increased 7.2 percent in the Midwest, 7.9 percent in the South and 0.8 percent in the West.
Job growth and low home-loan rates have helped drive purchases. Prices are also rising, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they feel confident they can sell at a good price.
In addition, the excess supply of homes that built up during the housing bubble has finally thinned out. The number of previously occupied homes available for sale fell to nearly an 11-year low in November. The supply of new homes is also near its lowest level since 1963.
At the current sales pace, it would take 4.8 months to exhaust the supply of homes for sale. That's the shortest such span since September 2005.
At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.
As low supply and rising demand push up prices, builders will likely be encouraged to start work on more homes in coming months, economists said.
"That's a good reason to feel optimistic about housing next year," said Patrick Newport, an economist at IHS Global Insight. "We just don't have enough homes right now, and we need to start building."
Builder confidence rose in December for a seventh straight month to the highest level in more than 6½ years, according to a survey released Tuesday by the National Association of Home Builders/Wells Fargo.
The pace of home construction slipped in November, but it was still nearly 22 percent higher than a year earlier. Builders are on track this year to start work on the most homes in four years.
Economists note that the increase in building should lead to more construction jobs, though it hasn't yet done so. That could mean more construction hiring is coming.

Read More..

RG3 to have surgery on torn right knee ligament

WASHINGTON (AP) — Robert Griffin III is having surgery Wednesday on a torn ligament in his right knee — and to see if there's a second ligament that also needs to be repaired.
Baylor coach Art Briles confirmed to USA Today and The Associated Press on Tuesday night that the Washington Redskins rookie has a torn lateral collateral ligament. He said the surgery also will determine whether Griffin has damaged the ACL in that knee.
A person close to Griffin, speaking on condition of anonymity because the Redskins have not made an announcement, also confirmed the details surrounding Griffin's injury to the AP.
A torn LCL requires a rehabilitation period of several months, possibly extending into training camp and the start of next season. A torn ACL is a more severe injury, typically requiring nine to 12 months of recovery, although Minnesota Vikings running back Adrian Peterson make a remarkable return this season some eight months after tearing an ACL — and nearly broke the NFL's single-season rushing record.
Griffin tore his ACL in the same knee while playing for Baylor in the third game of the 2009 season and missed the rest of the year. He was injured on the opening drive against Northwestern State but kept playing until halftime.
Griffin came back to win the Heisman Trophy two years later, and Briles predicted a similar recovery this time.
"RG3 will be good as new, though. I know that!" Briles said in a text message to the AP.
Griffin sprained the LCL last month against the Baltimore Ravens and missed one game. He returned wearing a bulky black brace for subsequent games and reinjured the knee at least twice in Sunday's playoff loss to the Seattle Seahawks, prompting a national debate over whether coach Mike Shanahan endangered his franchise player's career by not taking him out sooner.
The Redskins said an MRI taken after the game was inconclusive, so Griffin flew to Florida on Tuesday for a more detailed examination conducted by orthopedist James Andrews. Andrews will perform the surgery Wednesday.
Griffin, the No. 2 overall pick, was one of several rookie quarterbacks to make an instant impact on the league this season. He set the NFL record for best season passer rating by a rookie QB and led the Redskins to their first NFC East title in 13 years.
But Griffin also had to leave three games early due to injuries — two because of his knee and one because of a concussion — and missed a fourth altogether because of the knee. Shanahan repeatedly said Griffin had clearance from doctors to return to play, but the coach also said he trusted Griffin's own word when deciding that the rookie should continue during Sunday's game — even though Griffin was clearly struggling after reinjuring the knee in the first quarter.
Griffin remained in the game until the fourth quarter, when he hurt the knee again while fielding a bad shotgun snap.

Read More..

Cowboys defensive coordinator Ryan not returning

ARLINGTON, Texas (AP) — Dallas defensive coordinator Rob Ryan was fired Tuesday after his injury-depleted unit struggled in a pair of season-ending losses that kept the Cowboys out of the playoffs for a third straight year.
Ryan was let go a day after running backs coach Skip Peete was fired, and less than a week after Cowboys owner Jerry Jones said things were going to get "uncomfortable" at team headquarters in nearby Irving.
"At this time, the decision has been made to move forward in a different direction philosophically on defense," Cowboys coach Jason Garrett said in a statement. "I have an immense amount of respect for Rob as a person and as a football coach."
Ryan spent two seasons with the Cowboys after he was fired two years into the same job in Cleveland. He didn't hide his displeasure over being let go by the Browns before the Cowboys played them this season. He struck a different tone Tuesday.
"I enjoyed my time here," Ryan told The Dallas Morning News. "I have no hard feelings. But it doesn't matter if I coach here or not. I will find another spot."
The Cowboys finished with four defensive starters on injured reserve, including both Sean Lee and Bruce Carter at inside linebacker — a critical position for Ryan's 3-4 scheme. A fifth starter, nose tackle Jay Ratliff, missed all but six games with ankle and groin injuries. Nickel cornerback Orlando Scandrick was sidelined the last five games with a wrist injury.
Several Dallas players reacted with surprise on Twitter.
"It was a privilege to play under Coach Rob Ryan! One of the greatest," defensive end Jason Hatcher wrote. "Sad day. I'm hurting right now."
The Cowboys finished 14th in total defense this season under Ryan, the twin brother of New York Jets coach Rex Ryan, but couldn't stop the New Orleans passing game or the Washington rushing attack when they still controlled their playoff fate in the last two weeks of the regular season.
Drew Brees threw for 446 yards and three touchdowns in a 34-31 overtime win for New Orleans. Dallas still had playoff hopes in the finale against Washington, but rookie Alfred Morris rushed for 200 yards despite quarterback Robert Griffin being limited by a right knee injury in the Redskins' 28-18 win.
The Cowboys were 19th in total defense in Ryan's first year but had one of the worst pass defenses in team history.
Following consecutive 8-8 seasons, Dallas is 128-128 since the start of 1997 season. The Cowboys have just one playoff win in that span.

Read More..

Timberwolves overcome lost Love to clip Hawks

(Reuters) - The Minnesota Timberwolves coped with the absence of head coach Rick Adelman and All Star forward Kevin Love to beat Atlanta 108-103 on Tuesday, ending a near seven-year winless run against the Hawks.
Timberwolves coach Adelman missed the game for personal reasons, while Love is out indefinitely after reinjuring his right hand last week, but the home team still had enough beat the Hawks for the first time since April 2006.
Nikola Pekovic scored 25 points and had 18 rebounds, Andrei Kirilenko added 21 for Minnesota (16-15), who had lost 11 straight to the Hawks before Tuesday's game.
"We were really motivated," Pekovic told reporters. "I think everyone wants to step up and show more."
Minnesota led 100-89 with four minutes remaining but Atlanta managed to cut the deficit to one in the final minute. Minnesota's Dante Cunningham made a crucial jump shot with 15 seconds left and the Timberwolves added free throws to put the game away.
Minnesota's Ricky Rubio returned from a four-game absence with back spasms and had eight assists in just 19 minutes of action.
Josh Smith and Louis Williams each scored 21 for the Hawks (20-13), who have lost three straight.
"If this doesn't change there's going to have to be some changes, that's plain and simple," said Hawks coach Larry Drew.
"(To) come out and not be energized to play, that's totally unacceptable."
Atlanta fell behind early, trailing by as much as 17 in the second, but they sprang to life late in the fourth, with Kyle Korver making two straight three-pointers. Al Horford had 19 and 11 rebounds in the defeat.

Read More..

FedEx: cost plan can counter sluggish growth

NEW YORK (AP) — FedEx is more pessimistic about the U.S. economy than it was three months ago, but more assured of its own ability to grow earnings.
The world's second-largest package delivery company lowered its economic forecast for the U.S., saying that there remains a lot of uncertainty for the company and the country.
Its forecast for the current quarter, which incorporates the critical holiday season, falls short of Wall Street expectations.
But FedEx maintained its forecast for the full fiscal year ending in May, counting on a massive cost reduction plan and a slightly more optimistic view of growth overseas. Shares rose 2.6 percent in afternoon trading.
FedEx Corp. posted earnings of $438 million, or $1.39 per share for the quarter that ending in November, compared with $497 million, or $1.57 per share, a year ago. That was below the $1.41 per share that Wall Street was expecting, according to a poll of analysts by FactSet.
Revenue rose to $11.1 billion from $10.6 billion previously, as the company scaled back its operation to better match demand and some of its raised rates. Analysts forecast revenue of $10.84 billion.
Growth in the company's freight and ground operations boosted results, but FedEx reported "persistent weakness" in its core express network. Operating income in that segment fell 33 percent. FedEx and its larger rival UPS Inc. have both seen consumers and businesses opt for slower shipping options to cut costs.
FedEx said on Wednesday that it expects earnings will be between $1.25 and $1.45 per share in the third quarter. Analysts that follow the company were predicting per-share earnings of $1.45.
The company, based in Memphis, Tenn., also said it expects to earn between $6.20 and $6.60 per share for the year ending in May, excluding any charges from the company's buyout plan. Wall Street is looking for $6.34.
Earlier this month FedEx said it will offer some employees up to two years pay to leave, starting next year. The voluntary program is part of an effort to cut annual costs by $1.7 billion within three years. The plan also includes cutting aircraft and underused assets.

Read More..

FedEx says it can grow by cutting costs

NEW YORK (AP) — FedEx may be pessimistic about the U.S. economy, but it's confident about growing its earnings.
The world's second-largest package delivery company, a bellwether for economic health because of the vast number and kinds of shipments it handles, lowered its economic forecast for the U.S., saying there remains a lot of uncertainty for the country.
FedEx maintained its earnings forecast for the full fiscal year ending in May, counting on a massive cost reduction plan and a slightly more optimistic view of growth overseas. Shares rose 84 cents to close at $93.20 Wednesday, even though its forecast for the current quarter, which includes the critical holiday season, falls short of Wall Street expectations.
FedEx Corp. posted earnings of $438 million, or $1.39 per share for the quarter that ended in November, compared with $497 million, or $1.57 per share, a year ago. Superstorm Sandy shaved 11 cents per share off of earnings in this year's quarter, as shipping volumes fell and costs rose.
Revenue rose to $11.1 billion from $10.6 billion a year ago, as the company scaled back its operation to better match demand and some of its raised rates.
Wall Street expected $1.41 per share in the recent quarter on revenue of $10.84 billion, according to FactSet.
Growth in the company's freight and ground operations boosted results, but FedEx reported "persistent weakness" in its core express network. Operating income in that segment fell 33 percent. FedEx and its larger rival UPS Inc. have seen consumers and businesses opt for slower shipping options to cut costs. As a result, FedEx is offering buyouts and shedding aircraft and other assets to reduce its costs and adjust to the new normal.
Earlier this month FedEx said it will offer some employees up to two years pay to leave, starting next year. The voluntary program is part of an effort to cut annual costs by $1.7 billion within three years.
FedEx said on Wednesday that it expects earnings of $1.25 to $1.45 per share in the third quarter. Analysts predicted per-share earnings of $1.45.
The company, based in Memphis, Tenn., also estimated $6.20 and $6.60 per share for the year ending in May, excluding charges from the company's buyout plan. Wall Street is looking for $6.34 per share.

Read More..