www.mercurynews.com/real-estate-news/ci_15744365 -> www.mercurynews.com/real-estate-news/ci_15744365?nclick_check=1
biggest housing price gains in the second quarter, the National Association of Realtors reported today. The median house price in the beautiful San Jose-Sunnyvale-Santa Clara metro area jumped 26 percent year over year to $630,000. In the San Francisco-Oakland-Fremont area, the median price climbed 25 percent to $591,200. In 2007, for example, the median house price was $836,800 in the San Jose area (Santa Clara and San Benito counties) and $804,800 in the San Francisco area (which includes San Francisco, its relatively expensive suburbs in Marin and San Mateo counties, and more affordable -- at least by Bay Area standards -- communities in Alameda and Contra Costa counties). The Realtors' group said a surge in sales was driven by federal tax credits of as much as $8,000 for homebuyers, who had to enter deals by April 30 to qualify for the incentive. In addition, the Advertisement rise in prices reflected a change in the mix of transactions. "The recorded home prices in many markets were significantly depressed last year because of a large percentage of distressed homes sold at discount," Lawrence Yun, the group's chief economist, said in a statement today. "Now as more normal, non-distressed home sales are occurring, the median price in many areas is showing higher values." Overall, 100 of 155 metro areas in the report had gains in the median house price.
More real estate headlines average change was an increase of 15 percent to $174,200. Distress sales accounted for 32 percent of transactions, down from 36 percent in the second quarter of 2009. Now that federal tax credits are no longer available, the group expects a slowdown in sales that will be cushioned somewhat by low mortgage rates. Economists and other observers, though, say the weak job market also is hurting real estate sales. "Until the employment market stabilizes, we don't see stabilization in the housing market," Pete Flint, CEO of real estate website Trulia, told The Associated Press.
"This was yet another very strong quarter with a number of record financial results for Cisco, closing the fiscal year in a tremendous position of strength," CEO John Chambers said in a statement accompanying the results. "Whether the global economy continues to show mixed signals or not -- the strength of our financial model and profit generation serves us well," Chambers said. Cisco's earnings came in at 33 cents a share -- or 43 cents a share excluding certain costs. According to Bloomberg News, Cisco's adjusted earnings were slightly over Wall Street estimates, but revenue was slightly below forecasts. In after-hours trading, Cisco stock was down more than 5 percent from the closing price.
send offers by smartphone to shoppers at malls owned by Simon Property Group. An app downloaded to shoppers' iPhone or Android phones will detect a signal from stores at a Simon mall. The stores will be able to send "kickbucks" to shoppers to redeem for deals. Shopkick also is working with retailers including Macy's and Best Buy. Google: The Mountain View Internet advertising juggernaut will sell spots on cable channels carried by satellite service DirecTV. According to a news release, Google will sell ads from DirecTV's inventory of spots on such channels as Bloomberg, Fox Business, G4 and TV Guide. Silicon Valley tech stocks Down: Apple, Google, Cisco Systems, Oracle, Intel, Hewlett-Packard, VMware, Gilead Sciences, eBay, Yahoo and nearly all Silicon Valley tech stocks were lower today. Stocks with declines of 4 percent or more included: PMC-Sierra, SanDisk, Tesla Motors, Plantronics, NetLogic Microsystems, KLA-Tencor, Advanced Micro Devices, Tibco Software, SunPower, Agilent Technologies and Lam Research.
"In this environment of uncertainty, you're looking at increasing and decreasing risk," David Roda, CEO of Road Asset Management, told AP. Check in weekday afternoons for the 60-Second Business Break, a summary of news from Mercury News staff writers, The Associated Press, Bloomberg News and other wire services.
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