Property

Distancing himself from Republicans on housing issues, President Obama pitched a $5-billion to $10-billion plan to help a key segment of struggling homeowners — those still making monthly payments, but on underwater mortgages. Obama proposed Wednesday to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages. He argued that those homeowners — and the country — couldn't afford to let the housing market bottom out, as many Republicans, including presidential candidate Mitt Romney, have advocated.

Even as a tentative housing recovery in the Southland appears underway, a big stumbling block remains: the vast number of underwater homeowners. Nearly 1 in 3 homeowners with a mortgage in Los Angeles County owes more on the loan than the property is worth, according to fresh data from real estate website Zillow. In the hard-hit Inland Empire, that climbs to more than half of borrowers. In roughly 10% of Southern California cities, 1 of every 5 homeowners with a mortgage owes double the value of the house, according to the data, released Wednesday.

LONDON - The alarm over potential bank runs in Greece and Spain this week has highlighted an often-overlooked fact: Europe's debt crisis is also, in many ways, a major banking crisis. In capitals such as Athens, Madrid and Rome, large portions of the sovereign debt racked up by spendthrift governments are owed to the countries' own banks, locking governments and the banks in an embrace so tight that disaster for one would almost certainly spell doom for the other. International bailouts for Greece, Ireland and Portugal have helped to keep not just their governments but also their banks afloat, as well as financial institutions in other parts of Europe with large exposure to those nations' debts.

Chinese conglomerate Dalian Wanda Group's landmark deal to buy AMC Entertainment Inc. for $2.6 billion could be a catalyst for similar acquisitions of American theater chains and other U.S. entertainment properties, industry analysts said. The deal announced Sunday — which pairs China's biggest theater operator with the second-largest chain in the U.S. — marks the largest investment to date by a Chinese company in the U.S. entertainment industry. Most of the deal making has been Hollywood companies striking business deals in China.

The biggest home in Los Angeles County is ready for a new nickname: The 56,500-square-foot Manor, dubbed Candyland after owner Candy Spelling, has been sold to another wealthy socialite, British heiress Petra Ecclestone, in an all-cash deal for $85 million. As steep as that price is, it's not a record or even close to what Spelling was asking. The priciest Southland home transaction was the 2000 sale of an 8-acre estate in Bel-Air to financial executive Gary Winnick in a deal that included the trade of other land, for a total value of about $94 million.

"Selling L.A. " reality show viewers may wonder if any of the featured homes actually sell. Although perhaps not in time for the closing credits, some houses under consideration for the show do find a buyer outside the roving eye of the camera. One home that agent Rebekah Schwartz was promoting to HGTV for its 15 minutes of fame was the Marina del Rey pad that former Laker Lamar Odom rented a few years back. Listed at $1.995 million in January, it closed early this month at $1.825 million.

If you give millions of seriously underwater homeowners a new equity position in their properties by reducing their principal mortgage debt, will they keep paying on their loans and avoid foreclosure? Call it a pipe dream or a significant model for other lenders and investors, but one company says it has found an important combination: Modify underwater borrowers' loans so that their payments are reduced to a manageable amount and cut their principal debt over time, but make the deal dependent on their scrupulous on-time monthly payments of the new amount plus sharing of a portion of any future profit they make on the house sale.

As warehouses go, there are few like Skechers USA Inc.'s new 1.82-million-square-foot distribution center. This warehouse is so big that it takes half a minute to drive from one end to the other at 60 miles per hour. The setup is so advanced that human hands will hardly touch the cargo as it is unpacked, categorized, stacked and prepared for delivery. The building is so green that it uses prevailing winds for ventilation instead of air conditioning. For its new North American operations warehouse, the nation's No. 2 footwear company chose the Inland Empire's Moreno Valley.

If you buy something from online auctioneer Property Room, you don't have to wonder if it was stolen. That's because it probably was. Property Room, started by a former police detective, gets its items from law enforcement property rooms nationwide. Most of its inventory of jewelry, bicycles, computers, furniture, tools, car stereos, cameras, sports equipment, portable music players and things that could best be categorized under miscellaneous -- or bizarre -- was seized from crooks.

Architect David Denton spends much of his time on a lush tropical island, where he experiments with cutting-edge building designs and creates spaces for artists to showcase their work. Never mind that the island only exists in the virtual-reality world of Second Life, a popular online venue where people interact via digital avatars. Denton, 62, said he purchased the island for about $700 — real money, not virtual cash — from its former owner, and considers it his property.

"Selling L.A. " reality show viewers may wonder if any of the featured homes actually sell. Although perhaps not in time for the closing credits, some houses under consideration for the show do find a buyer outside the roving eye of the camera. One home that agent Rebekah Schwartz was promoting to HGTV for its 15 minutes of fame was the Marina del Rey pad that former Laker Lamar Odom rented a few years back. Listed at $1.995 million in January, it closed early this month at $1.825 million.

A Los Angeles City Council committee came up with a plan Tuesday to avoid laying off more than 200 city workers at least until Jan. 1, thanks in part to a last-minute discovery of new tax revenues. By realizing an additional $5.8 million in higher than expected property taxes and trimming money from city departments and contracts with outside consultants, the council's Budget and Finance Committee was able to put on hold a plan by Mayor Antonio Villaraigosa to eliminate 669 positions, 209 of which are currently filled.

Among all the special places inside his sprawling 10,700-square-foot mountaintop home, Daniel Coletti savors the vibe inside the living room most. It's a luxury dreamscape distinguished by mammoth walls of glass and Idaho-hewn stone. At night, he gazes out past the blue waters of an indoor-outdoor infinity pool and onto a vast citywide vista capped by the shimmering lights of the Strip. "It's like looking at a fire," his wife, Natalie, said. "You can't turn your eyes from it. " The property has another unique feature: Offered at $13.9 million, it's the most expensive residential listing in Las Vegas.

People who live along the shimmering coastline of Southern California have found many creative ways over the years to discourage the public from using the parts of the beach they would prefer to consider their own. They have put up gates that block public access and have taken down signs that say "public welcome. " The latest gambit, by residents in Newport Beach, involves planting lawns and hedges, installing sprinkler systems and fire pits, and plopping down furniture and ornaments that spill over from their property onto the public beach.

The congregation was quiet — teary-eyed but smiling — as Bill Coburn, in a eulogy to his wife of 62 years, spoke of the passions of his beloved Marian. Travel. Walt Disney's Dopey. Elephants, both real and miniature. Reruns of "The Golden Girls. " Her church. And roses. Marian Stanton Coburn loved roses so much she planted 65 rosebushes in the North Hollywood home where she had lived since 1930. On a chilly, sunny Saturday last month, Bill Coburn managed a small smile as, true to her wishes, his wife's ashes were buried beneath roses in a memorial garden outside St. David's Anglican Church.

Los Angeles County prosecutors are examining large property tax breaks extended to the owners of the Old Spaghetti Factory, the now-closed Hollywood landmark, as part of their influence-peddling investigation of Assessor John Noguez. Prosecutors are also looking at more than a hundred Westside properties whose owners got secret, improper tax reductions from a former assessor's office employee who said he broke the rules hoping to generate contributions to Noguez's campaign account.

Where to check To find out if your home is in a 100-year-storm flood plain and subject to the insurance mandate, go to: msc.fema.gov

If money and property confiscated from drug dealers were to go into the general fund and not directly to enforcement coffers, perhaps even enforcement agencies would acknowledge the dismal failure of the current "war" on drugs. WILLIAM H. McCORMICK Garden Grove

As the Dodgers celebrated their first home game under new ownership Monday, the widow of perhaps the most memorable player in franchise history said she was "thrilled" the Frank McCourt era had ended. Rachel Robinson, the widow of Jackie Robinson, joined Hall of Famer Don Newcombe and new Dodgers part owner Magic Johnson for the ceremonial first pitch. Johnson later yelled to the crowd, "It's time for Dodger baseball!" Rachel Robinson turns 90 in July. She lives in New York and oversees the Jackie Robinson Foundation, which is expected to form a partnership with the new Dodgers ownership.

WASHINGTON - Concerned about possible cyber spying, U.S. national security officials are debating whether to take the unprecedented step of recommending that a Chinese government-owned mobile phone giant be denied a license to offer international service to American customers. China Mobile, the world's largest mobile provider, applied in October for a license from the Federal Communications Commission to provide service between China and the United States and to build facilities on American soil.