Americans are becoming increasingly house poor. Homeowners spent more of their incomes on housing costs last year than at the start of the decade, according to data released Tuesday by the Census Bureau. Nationwide, homeowners spent nearly 21 percent of their incomes on housing costs last year, up from just under 19 percent in 1999. In Washington state, residents had a median monthly mortgage of $1,454, meaning half spent more and half spent less. That amounted to 16 percent of median income.
Local tech firms lauded for growth
Five Snohomish County technology and biotech firms show up on the 2006 edition of Deloitte’s Fast 50 list for the Pacific Northwest. Seattle Genetics of Bothell ranks No. 2 on the list, thanks to revenue growth of 3,461 percent over the past five years. Mila Inc., an Internet-based wholesale mortgage firm in Mountlake Terrace, ranked No. 7 for posting revenue growth of 1,063 percent. SonoSite, Nastech Pharmaceutical and Diagnostic Ultrasound also made the list at Nos. 19, 21 and 39, respectively.
U.S. automakers make less per car
U.S. automakers have a $2,400 per-vehicle profit disadvantage to foreign competitors, due to flawed pricing strategies, a lack of common platforms and vehicle architectures, and labor issues, according to a report released Monday.
Cascade shares reach new high
Shares of Cascade Financial Corp., parent company of Cascade Bank in Everett, reached an all-time high for the second trading day in a row. The bank’s stock was up 25 cents Monday to close at $16.64 a share. At that level, the financial company’s market value is more than $200 million.
Amazon.com drops search features
Amazon.com Inc.’s A9 search engine has dropped some of its most widely touted features, including the ability to remember everything a user has ever searched for and a service that showed detailed, street-level images of major cities. Spokesman Drew Herdener said the company is “shifting its priorities to areas where it can provide the greatest benefit for customers.”
Google opens new home in New York
It’s so big, you won’t even need Google Maps to find it. Internet search engine Google Inc. has a new home in New York: a 300,000-square-foot, three-floor office that covers a Manhattan city block. The company welcomed its 500-plus local employees to the office Monday.
T-bill rates mixed in Monday auction
The Treasury Department auctioned three-month bills at a discount rate of 4.765 percent, down from 4.77 percent last week. Six-month bills were auctioned at a rate of 4.825 percent, up from 4.81 percent. The rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,879.55, while a six-month bill sold for $9,756.07. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, fell to 4.9 percent last week from 4.97 percent.
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