as seen in the The Housing Bubble Blog
More & More - This Feels Like a Correction - Aug 20, 2007
CNN Money reports on New York. “What could the collapse in the subprime mortgage market possibly have to do with whether Dr. Jeffrey and Madeline Stier get full price for their four-bedroom house in the wealthy New York City suburb of Larchmont? It’s clear that what’s happening in the subprime market…has for now prompted many high-end homebuyers to either trim their offers or stop shopping altogether. ‘It’s the hysteria on Wall Street,’ Jeffrey Stier says. ‘It’s frightening people.’”
The Times Herald Record from New York. “The subprime market crunch has hit home in the mid-Hudson Valley. Empty homes formerly occupied by subprime buyers already dot our region. Know this: The impact of living with a subprime mortgage is here and it’s real.”
The New York Times on Connecticut. “Three years ago, Martin and Jennifer Cossette bought into the dream of homeownership,— the quintessentially American ideal of personal striving and family stability celebrated by politicians, promoted by Madison Avenue and financed by Wall Street.”
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Wednesday, August 22, 2007
California's foreclosures top nation
As seen in the Silicon Valley / San Jose Business Journal
- 2:25 PM PDT Tuesday, August 21, 2007
California reported 39,013 foreclosure filings in July, the most of any state for the seventh month in a row and up 289 percent from the same period last year, according to a report released Tuesday.
Irvine-based RealtyTrac, an online marketplace for foreclosure properties, said that while 43 states experienced year-over-year increases in foreclosure activity, just five states -- California, Florida, Michigan, Ohio and Georgia -- accounted for more than half of the nation's total foreclosure filings.
Six California metropolitan areas reported foreclosure rates among the top 10 in July: Stockton at No. 2, Merced at No. 3, Modesto at No. 4, Vallejo-Fairfield at No. 5, Riverside-San Bernardino at No. 8, and Sacramento at No. 9.
Other states with foreclosure filing totals among the nation's 10 highest in July were Georgia, Texas, Colorado, Arizona, Illinois and Nevada.
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- 2:25 PM PDT Tuesday, August 21, 2007
California reported 39,013 foreclosure filings in July, the most of any state for the seventh month in a row and up 289 percent from the same period last year, according to a report released Tuesday.
Irvine-based RealtyTrac, an online marketplace for foreclosure properties, said that while 43 states experienced year-over-year increases in foreclosure activity, just five states -- California, Florida, Michigan, Ohio and Georgia -- accounted for more than half of the nation's total foreclosure filings.
Six California metropolitan areas reported foreclosure rates among the top 10 in July: Stockton at No. 2, Merced at No. 3, Modesto at No. 4, Vallejo-Fairfield at No. 5, Riverside-San Bernardino at No. 8, and Sacramento at No. 9.
Other states with foreclosure filing totals among the nation's 10 highest in July were Georgia, Texas, Colorado, Arizona, Illinois and Nevada.
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Fremont's Lam Research plans Livermore campus
As seen in the Silicon Valley / San Jose Business Journal
- 12:33 PM PDT Wednesday, August 22, 2007
Lam Research Corp. is planning to move about 375 workers to Livermore in the next few months.
Lam Research Corp. is planning to move about 375 workers to Livermore in the next few months.
The Fremont-based chip equipment maker (NASDAQ:LRCX) said it intends to establish a "new primary manufacturing" operation and "volume production activities" .
Rob White, Livermore's economic development director, told the Contra Costa Times that Lam Research plans to have 350 to 400 employees at the site within a few months.
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Friday, August 17, 2007
Cepheid signs deal for up to $200M in anthrax tests
As seen in the Silicon Valley / San Jose Business Journal
- 9:20 AM PDT Thursday, August 16, 2007
" Molecular diagnostics company Cepheid Corp. said Thursday it entered a five-year agreement for up to $200 million in anthrax test cartridges for the U.S. Postal Service.
Sunnyvale-based Cepheid (NASDAQ:CPHD) said the cartridges are used in biohazard detection systems and installed at mail processing centers nationwide.
Cepheid said its system rapidly analyzes air samples taken from the mail sorting systems in order to detect any potential trace levels of DNA from anthrax spores as mail travels through the mail processing equipment. "
- 9:20 AM PDT Thursday, August 16, 2007
" Molecular diagnostics company Cepheid Corp. said Thursday it entered a five-year agreement for up to $200 million in anthrax test cartridges for the U.S. Postal Service.
Sunnyvale-based Cepheid (NASDAQ:CPHD) said the cartridges are used in biohazard detection systems and installed at mail processing centers nationwide.
Cepheid said its system rapidly analyzes air samples taken from the mail sorting systems in order to detect any potential trace levels of DNA from anthrax spores as mail travels through the mail processing equipment. "
Thursday, August 16, 2007
Oil, gas firm scores $1 billion
Aug 16, 2007
A private Denver oil and gas company landed $1 billion in equity financing from Wall Street on Wednesday, reinforcing the status of the Rocky Mountains as a top gas-producing region of the nation.
Antero Resources Corp. received the massive equity infusion from private firms Warburg Pincus, Yorktown Energy Partners VII LP and Lehman Brothers Merchant Banking Group.
Led by local oil and gas veterans Paul Rady and Glen Warren, Antero will use the money to drill 50 wells a year in each of the two areas where it has operations - the Piceance Basin in Colorado and the Arkoma Basin in Oklahoma.
Lender's shares plummet - Countrywide Financial Corp.
CHART ( CFC ) Countrywide Financial Corp " Countrywide Financial Corp., , the biggest U.S. mortgage lender, fell 13 percent, the most since the 1987 stock market crash, after Merrill Lynch & Co. raised the possibility of bankruptcy.
"Effective insolvency" would result if creditors force Countrywide to sell assets at depressed prices or investors lose confidence in its ability to raise cash, Kenneth Bruce, a Merrill analyst in San Francisco, said in a research note Wednesday.
Shareholders shouldn't "understate the importance of liquidity," Bruce wrote.
Countrywide's shares have lost almost half their value this year on concern a credit crunch in the mortgage industry will erode profit.
Bankers have curtailed lending to mortgage providers and demanded more collateral, forcing more than 70 companies to seek buyers or shut down since the start of last year.
Last week, Countrywide said it had access to about $187 billion in credit. Chief Executive Officer Angelo Mozilo assured investors that the company has enough cash to cope with the market turmoil, and said it may even benefit as competitors are forced out of business. "
San Jose OKs $825M airport bonds
As seen in the Silicon Valley / San Jose Business Journal
- 8:21 AM PDT Wednesday, August 15, 2007
" The San Jose City Council on Tuesday unanimously authorized Mineta San Jose International Airport to issue $825 million in general airport revenue bonds to continue funding of the airport's capital improvement program over the next three years.
Proceeds of the Series A & B bonds will finance a portion of the first phase of the airport's terminal area improvement program, which is estimated to cost about $1.3 billion and will be completed in 2010.
"Having a world-class, modern airport is critical to Silicon Valley's economy. With this funding, we can build an airport for the future and provide better service for our residents and businesses," said San Jose Mayor Chuck Reed. ""
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