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County Planning On Buying, Flipping Out Former San Jose Hospital Site

November 11, 2009

Tweet The Business Journal is reporting that Santa Clara County is stepping up to acquire the 13-acre former hospital site on Santa Clara Street in Downtown San Jose. The county plans on opening a 30,000 square foot clinic on the site, land banking the balance, and then flipping it out to a developer when the […]

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Manhattan Rents Decline 6-9% Year-Over-Year

November 11, 2009

Tweet Weakness in the job market continued to put pressure on apartment rents in Manhattan, driving them down 6 (3 bedroom)-9% (studio) year-over-year. Manhattan apartment rents fell as much as 9 percent in October from a year earlier as unemployment cut demand and landlords lowered rates, according to Citi- Habitats Inc. Average rents dropped for […]

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Applied Materials May Cut Up To 15% of Workforce

November 11, 2009

Tweet Three analysts are expecting Applied Materials (AMAT: 19.57 +1.66%) to make further cuts to its headcount, cuts which could amount to 15% of the company’s 12,600 or so employees. The Santa Clara company manufactures equipment for the production of semiconductors, an industry that is suffering from sharp declines in CapEx spending. The company also […]

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Weakness In Apartments; San Jose Rent Falls Most

November 10, 2009

Tweet With unemployment at record numbers, it is no mystery that rents and vacancy rates would weaken in apartments. Especially hit hard are high priced areas such as San Jose, New York, and San Francisco, places where tenants typically leave if they remain jobless. What is also fueling the decline in vacancy rates is the┬áhome […]

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US Unemployment Breaches 10%

November 6, 2009

Tweet Unemployment rate numbers were released, and we’re officially in double-digit territory nationwide, 10.2% to be exact. The last time we were over 10% was in 1983.

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Dr. Doom on CNBC: Carry Trade, Asset Bubbles, and Housing

November 5, 2009

Tweet Nouriel Roubini on CNBC as a follow up to his article on FT discussing the carry trade. Housing down another 10% through next year, commercial real estate even worse. Recovery will be U shaped rather than V-shaped. CapEX is unlikely given current capacity utilization are so low. Asset bubbles out of hand in Asia. […]

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PIMCO: House Prices Yet To Bottom

November 4, 2009

Tweet PIMCO’s head of mortgage bonds believes prices are going to continue to fall, particularly on the high end. As FHA loans tighten, and foreclosures begin to increase again, home prices will likely resume their fall which will continue to put pressure on household spending. The article also brings to light a statistic that the […]

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Nokia Siemens Laying off 4,500 to 5,700

November 3, 2009

Tweet Nokia Siemens Networks, a 50-50 JV of Nokia and Siemens announced that it will be looking to cut costs and as part of that effort will look to lay off up to 5,700 employees globally out of its 64,800 person workforce.. The company has a presence locally in Mountain View. [via PR]

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MIT TBI Shows 4.4% Quarterly Jump

November 3, 2009

Tweet The MIT Center for Real Estate Transaction-Based Index (TBI) numbers released for the third quarter has reversed course and shown a 4.4% jump from the previous quarter. The 4.4 percent increase in the transactions-based index (TBI) for the third quarter is the first positive price change in the index in over a year, and […]

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Johnson & Johnson to Cut 8500 Globally

November 3, 2009

Tweet Johnson & Johnson (JNJ: 99.814 -0.41%) announced that it will be cutting about 7%, or about 8500 of its global workforce. The company has tentacles everywhere, so the cuts most likely won’t hit one market particularly hard, but nonetheless underscores some of the weakness in the sector. Two weeks ago, Pfizer announced that it […]

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