Accessing Motorsports News Has Never Been This Easy ...

Most people take car racing to be one of those sports that has been on the back burner. This is however a huge misconception as car racing has become very popular among sports car enthusiasts all across the world. To make motorsport news accessible to fans all across the world there has been the spurt of sites that publish auto racing news. The sites act a great platform for motorsport related news that gets hardly any coverage in newspapers and magazines.

Most newspapers and magazines focus only on those sports that have a huge fan following and ignore sports like car racing that are not so familiar. Although it might be a preconceived notion that car racing has a much smaller fan following giving it a good amount of coverage is very important. Keeping this in mind, auto racing news sites have been launched to provide information to those looking to keep tab with events in the racing community. Ferrari racing, GTA racing, and Formula One are some of the major events that the sites cover. They also provide expert advice on varied auto issues through blog posts and video interviews.

Auto racing news sites act as great news disseminators for car racing fanatics. Car racing as a sporting event is followed by a number of people across the globe. After all who does not enjoy the thrill that comes with watching their favourite car or player behind the wheel win a trophy. Like most other sports, car racing is enjoyed by both men and women thus increasing the audience who watch and consume car racing news. Since the car racing world is constantly involved in racing tournaments across the globe there is always something captivating to catch up with on the news.

From blog posts remembering racing world?s veterans to reports about scores from different racing events held globally, these auto racing news sites have it all. They act as the perfect news source for those who like to be constantly updated regarding racing events, press meets and a number of other activities. Subscribing to these sites will help you keep constant tabs on the industry. The site can also be accessed via your computing device and your mobile, thus providing easy access on the go.

Car manufacturers from all across the globe constantly update their products with new innovations. Once the innovations are concrete and ready to be launched they look for online publications through which these site details can be made public. In the event of this, auto racing news sites form the prefect medium through which the launch of new cars, upgradations and other details can be made public. Since the online medium has more of an audience today there is a higher chance that the product will receive maximum coverage not only across avid fans but also laymen. Bookmark one of these sites on your mobile or your computer for all the latest news in the car racing world.

Mike Kraft is the author of this article on motorsports news.
Find more information, about car racing here

Source: http://articles-plus.com/accessing-motorsports-news-has-never-been-this-easy.html

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Berlusconi definitively convicted for first time

ROME (AP) ? Italy's three-time former Premier Silvio Berlusconi for the first time in two decades of criminal prosecutions related to his media empire was definitively convicted of tax fraud and sentenced to four years in prison Thursday by the nation's highest court.

The tensely awaited decision was described as a historical moment by opposition politicians and puts fresh pressure on Premier Enrico Letta's fragile coalition government. He needs the support of both Berlusconi supporters and his own center-left Democratic Party to push through reforms to get Italy out of recession, and the ruling is likely to have a destabilizing impact.

Judge Antonio Esposito, in reading the court's decision, declared Berlusconi's conviction and prison term were "irrevocable," though he ordered another court to review the length of a ban on public office.

Lower courts had put it at five years, but a state prosecutor recommended in its arguments this week that it be lowed to three, citing conflicts in the relevant sentencing laws.

How the government is affected by the ruling is likely to emerge in comings days. On the one side, Berlusconi supporters may withdraw support in protest, while center-left lawmakers may find it unpalatable to continue in a coalition with a party whose leader has been convicted of defrauding the state of tax income.

Beppe Grillo, the leader of the anti-establishment 5 Star Movement, declared on his blog: "Berlusconi is dead." He compared the conviction to the fall of the Berlin Wall in 1989 that helped bring down Soviet communism.

Berlusconi's exit from the political scene he has dominated for two decades is unlikely to be quiet. A Milan appeals court will now have to determine the length of a public office ban. And then, the Senate, where Berlusconi holds a seat, will have to debate and vote on revoking his seat as part of a process that can stretch for months, if not a year. If the Senate opposes it and refuses to formally revoke Berlusconi's seat, the high court could turn to the constitutional court in a bid to resolve the standoff.

Berlusconi is highly unlikely to actually go to prison. Three years will be shaved off as part of a general pardon for crimes committed before 2006 aimed at easing prison crowding, and it is unusual for defendants to serve sentences of just one year for a first offense, particularly at Berlusconi's age, 76. He would likely be given the choice to serve the remaining year under house confinement or opt for social services.

Berlusconi awaited the sentence at his residence in central Rome with his lawyers, deputy party leader Angelino Alfano and his eldest daughter, Marina, all of whom were seen entering the building in the hours leading up to the announcement. He issued no immediate reaction.

___

Barry contributed from Milan.

Source: http://news.yahoo.com/berlusconi-definitively-convicted-first-time-191451971.html

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Housing market heats up, but not at boiling point yet?

Economy

John W. Schoen CNBC

6 hours ago

Justin Sullivan / Getty Images

A sold sign is posted in front of a home for sale on July 2, 2013 in San Anselmo, Calif. California's housing market is heating up, as are markets in Las Vegas and Phoenix, a survey showed Tuesday.

If you tried to buy a home in Phoenix a year ago, you probably would have been able to land it for well under the asking price.

Those days are gone. In a city that was hit hard after the housing bubble burst in 2007, you?re more likely to encounter a bidding war for that split-level ranch on the cul-de-sac you had your eye on.

Prices have leapt 20 percent in the last year in Phoenix. Real estate agent Tucker Blaylock says they will keep rising as long as interest rates remain near historic lows, thanks to the Federal Reserve.

?You can borrow money so cheap it?s really pushing prices up,? he said. ?A year or two ago, a buyer could bid 20- or 30-thousand under the list price and have a shot at getting it. Now sellers want list, or in some cases they get multiple offers and it?ll go above list price.?

It's not just Phoenix. The list of the hottest markets reads like the housing boom of the mid-2000s. In the past 12 months home prices are up 19 percent in Las Vegas. California hot spots include San Francisco (up 25 percent), San Diego (up 17 percent) and Los Angeles (up 19 percent.)

Nationwide, that momentum is dragging potential buyers off the fence, which is in turn feeding the higher prices, the experts say. Despite rising mortgage rates, demand for homes is surging with little sign of the bubble bursting anytime soon.

The latest monthly data from the widely followed Case-Shiller index showed home prices in May jumped 12.2 percent in the past year -- the biggest yearly jump since March 2006 -- supporting economists' views that the housing sector is one of the brightest spots for the economy.

In a handful of metro areas, housing is looking downright ?bubbly,? according to Robert Shiller, co-founder of the index. ?The cities that bubbled in the past are bubbling again,? he told CNBC. ?To me, it?s seems partly psychological. They?ve seen it before and they?re ready for it again.?

But unlike the historic mid-2000s bubble, there are signs the latest price surge is more sustainable. One is that the mix of buyers is shifting from bottom-feeding investors to homeowners who plan to stay awhile. In Phoenix, ?hot money? investors are cooling to new purchases even as prices keep rising, said Blaylock.

?It scares the guys who have been flipping stuff in the 100-to 200-thousand-dollar range that now they?ll have to pay 350,? he said.

(Read more: Home prices make biggest yearly jump since 2006)

And unlike the last bubble, mortgage lenders are much choosier when reviewing loan applications than the days when just about anyone with a pulse was approved.

Prices are also rising because the supply of homes for sale is getting tighter. Banks have shed much of their backlog of foreclosed properties. A four-year drought in home building, which is now beginning to ease, cut deeply into the supply of new homes.

One negative is that increasing mortgage rates could throw cold water on some of the hot markets. The average fixed rate on a 30-year mortgage hit 4.31 percent last week, up nearly a full percentage point since January, according to Freddie Mac.

?Once you put a five in front of it, it?s a different ballgame,? said Blaylock. ?People have been so trained to this 3-5 (percent) range that five seems high.?

But so far, the home sales data indicate that home buyers are taking the relatively higher rates in stride, especially investors with a short-term horizon. New home sales rose 8.3 percent in July, as builders reported continued strong increases in foot traffic. That put the pace of June sales nearly 40 percent above the same month last year.

?Higher mortgage rates don?t appear to be denting new home sales,? said Paul Diggle, a housing economist with Capital Economics.

That may be in part because, despite the recent jump in prices and mortgage rates, homes are still more affordable than they?ve been in decades, based on an index calculated by the National Association of Realtors. The index, which combines the impact of changes in home prices, mortgage rates and household incomes, has fallen sharply this year but still stands well above levels that typically have dampened home sales in the past.

While housing remain affordable by historical standards, the current recovery has left a large segment of U.S. households behind, including the more than 7 million whose homes were seized in the wave of foreclosures that followed the frenzy of reckless mortgage lending in the middle of the last decade.

The home ownership rate, which surged to 69.2 percent in 2004, has fallen back to 65 percent as of the second quarter, according to the latest Census data released Tuesday. The rate, now back to levels last seen in 1995, is expected to continue falling as more families move through a large backlog of pending foreclosures.

Many of those families are expected to remain renters, which has driven strong demand for new multi-family housing and strong rent increases in many markets.

To be sure, a continued rise in mortgage rates will eventually slow the climb in home sales and prices. But in the short term, the strong home price momentum is feeding on itself as buyers sitting on the sidelines fear paying higher prices by waiting.

?At least for the short term (prices) will probably continue to go up,? said Shiller. ?For a flipper now who can get out in a year, it seems to me like a fairly safe bet.?

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Source: http://feeds.nbcnews.com/c/35002/f/663286/s/2f5a4848/sc/22/l/0L0Snbcnews0N0Cbusiness0Chousing0Emarket0Eheats0Enot0Eboiling0Epoint0Eyet0E6C10A796230A/story01.htm

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