December 2012 U.S. Economic Fundamentals
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Housing market uptrend expected through 2014
ORLANDO (November 9, 2012) - The housing market recovery should continue through the coming years, assuming there are no further limitations on the availability of mortgage credit or a "fiscal cliff," according to forecast presentations at a residential forum here at the 2012 Realtors[sup]Â Conference and Expo.
Lawrence Yun , chief economist of the National Association of RealtorsÂ[/sup], said the housing market clearly turned around in 2012. "Existing-home sales, new-home sales and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years, and all of the major home price measures are showing sustained increases," he said.
Read the full article here.
ORLANDO (November 9, 2012) - The housing market recovery should continue through the coming years, assuming there are no further limitations on the availability of mortgage credit or a "fiscal cliff," according to forecast presentations at a residential forum here at the 2012 Realtors[sup]Â Conference and Expo.
Lawrence Yun , chief economist of the National Association of RealtorsÂ[/sup], said the housing market clearly turned around in 2012. "Existing-home sales, new-home sales and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years, and all of the major home price measures are showing sustained increases," he said.
Read the full article here.
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One state's job growth blows the rest of the country out of the water
This month, America celebrates (hurrah) five years since the onset of the Great Recession.
Earlier this week, the Bureau of Labour Statistics released the latest employment data for American metropolitan areas, and I thought I'd see where employment has managed to rise above the pre-recession peak. And where it hasn't
Read the full article here.
This month, America celebrates (hurrah) five years since the onset of the Great Recession.
Earlier this week, the Bureau of Labour Statistics released the latest employment data for American metropolitan areas, and I thought I'd see where employment has managed to rise above the pre-recession peak. And where it hasn't
Read the full article here.
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U.S. birth rate hits record low
The U.S. birth rate dropped to its lowest level in more than 90 years, led by a drop among immigrants, according to a report data released Thursday by the Pew Research Center.
In 2011, the overall birth rate was 63.2 per 1,000 women of childbearing age, the lowest since at least 1920, Pew reported, citing numbers from the National Center for Health Statistics. The birth rate reached 122.7 in 1957, the peak of the Baby Boom. After the mid-1970s, the birth rate stabilized at about 65 to 70 births per 1,000 women annually, until the beginning of the Great Recession.
Read the full article here.
The U.S. birth rate dropped to its lowest level in more than 90 years, led by a drop among immigrants, according to a report data released Thursday by the Pew Research Center.
In 2011, the overall birth rate was 63.2 per 1,000 women of childbearing age, the lowest since at least 1920, Pew reported, citing numbers from the National Center for Health Statistics. The birth rate reached 122.7 in 1957, the peak of the Baby Boom. After the mid-1970s, the birth rate stabilized at about 65 to 70 births per 1,000 women annually, until the beginning of the Great Recession.
Read the full article here.
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U.S. birthrate plummets to its lowest level since 1920
The U.S. birthrate plunged last year to a record low, with the decline being led by immigrant women hit hard by the recession, according to a study released Thursday by the Pew Research Center.
Read the full article here.
The U.S. birthrate plunged last year to a record low, with the decline being led by immigrant women hit hard by the recession, according to a study released Thursday by the Pew Research Center.
Read the full article here.
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Where Americans are moving
The red states may have lost the presidential election, but they are winning new residents, largely at the expense of their politically successful blue counterparts. For all the talk of how the Great Recession has driven people ` particularly the `footloose young` ` toward dense urban centers, Census data reveal that Americans are still drawn to the same sprawling Sun Belt regions as before.
An analysis of domestic migration for the nation`s 51 largest metropolitan statistical areas by demographer Wendell Cox shows that the 10 metropolises with the largest net gains from 2000 through 2009 are in the Sun Belt, led by Phoenix, and followed by Riverside-San Bernardino, Calif.; Atlanta; Dallas-Ft. Worth; and Las Vegas.
Read the full article here.
The red states may have lost the presidential election, but they are winning new residents, largely at the expense of their politically successful blue counterparts. For all the talk of how the Great Recession has driven people ` particularly the `footloose young` ` toward dense urban centers, Census data reveal that Americans are still drawn to the same sprawling Sun Belt regions as before.
An analysis of domestic migration for the nation`s 51 largest metropolitan statistical areas by demographer Wendell Cox shows that the 10 metropolises with the largest net gains from 2000 through 2009 are in the Sun Belt, led by Phoenix, and followed by Riverside-San Bernardino, Calif.; Atlanta; Dallas-Ft. Worth; and Las Vegas.
Read the full article here.
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Changing the geography of Asian America: To the south and the suburbs
`There`s nothing wrong with New York that a million Chinese couldn`t cure,` the urban geographer George Sternlieb once quipped. It may be an exaggeration, but rising Asian immigration has indeed been a boon to many communities and economies across the country.
Over the past 30 years the number of Asians in America has quadrupled to 18 million, or roughly 6% of the total U.S. population. But their economic impact is much greater. They are far more likely to be involved in technology jobs than other ethnic groups, constituting over 20% of employees in the nation`s leading technology companies, four times their share of the overall U.S. workforce. And then there`s the line of connections to the most dynamic economies on the globe: India, South Korea, Singapore and, of course, China.
Read the full article here.
`There`s nothing wrong with New York that a million Chinese couldn`t cure,` the urban geographer George Sternlieb once quipped. It may be an exaggeration, but rising Asian immigration has indeed been a boon to many communities and economies across the country.
Over the past 30 years the number of Asians in America has quadrupled to 18 million, or roughly 6% of the total U.S. population. But their economic impact is much greater. They are far more likely to be involved in technology jobs than other ethnic groups, constituting over 20% of employees in the nation`s leading technology companies, four times their share of the overall U.S. workforce. And then there`s the line of connections to the most dynamic economies on the globe: India, South Korea, Singapore and, of course, China.
Read the full article here.
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Is the housing recovery finally on a solid foundation
After three years of temporary upturns and recurrent declines, housing prices appear to have finally entered a sustainable recovery. Nationally, home prices are up in year-over-year terms as measured by several indexes. The price increases are observed in most states, and they are generally larger in states that have also had above-average employment growth. The unprecedented accumulations of distressed properties appear to have peaked, so their downward pressure on housing markets should decline in the coming months.
Four national indexes of home prices have all increased in their most recent releases relative to a year ago. The National Association of Realtors` median sales price for homes sold in August 2012 was 9.46 percent higher than the median in August 2011. CoreLogic`s house-price index was up 4.5 percent over the previous year in its August estimate. The Federal Housing Finance Agency`s (FHFA) house-price index (seasonally adjusted, purchases only) was up 3.71 percent over the 12 months through July 2012. Finally, the closely watched Case-Shiller Composite 20 index was also up 2 percent through August.
Read the full article here.
After three years of temporary upturns and recurrent declines, housing prices appear to have finally entered a sustainable recovery. Nationally, home prices are up in year-over-year terms as measured by several indexes. The price increases are observed in most states, and they are generally larger in states that have also had above-average employment growth. The unprecedented accumulations of distressed properties appear to have peaked, so their downward pressure on housing markets should decline in the coming months.
Four national indexes of home prices have all increased in their most recent releases relative to a year ago. The National Association of Realtors` median sales price for homes sold in August 2012 was 9.46 percent higher than the median in August 2011. CoreLogic`s house-price index was up 4.5 percent over the previous year in its August estimate. The Federal Housing Finance Agency`s (FHFA) house-price index (seasonally adjusted, purchases only) was up 3.71 percent over the 12 months through July 2012. Finally, the closely watched Case-Shiller Composite 20 index was also up 2 percent through August.
Read the full article here.
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U.S. tax policies to change financial picture for snowbirds
Several changes in U.S. tax law and policies will significantly impact the financial picture for Canadians and other snowbirds who own homes and other properties in the Coachella Valley.
`The biggest one that we have to keep an eye on right now is the estate tax on the value of U.S. assets,` said Michael W. Brooks, an attorney specializing in cross-border tax issues and transactions with the Palm Springs-based law firm Sanger & Manes. `And the biggest U.S. asset is typically a home.`
Read the full article here.
Several changes in U.S. tax law and policies will significantly impact the financial picture for Canadians and other snowbirds who own homes and other properties in the Coachella Valley.
`The biggest one that we have to keep an eye on right now is the estate tax on the value of U.S. assets,` said Michael W. Brooks, an attorney specializing in cross-border tax issues and transactions with the Palm Springs-based law firm Sanger & Manes. `And the biggest U.S. asset is typically a home.`
Read the full article here.
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Has the U.S. housing market finally bottomed?
Everyone interested in real estate is asking the same question: Is the bottom in, or is this just another `green shoots` recovery that will soon wilt?
Let`s start by reviewing the fundamental forces currently affecting real estate valuations.
Read the full article here.
Everyone interested in real estate is asking the same question: Is the bottom in, or is this just another `green shoots` recovery that will soon wilt?
Let`s start by reviewing the fundamental forces currently affecting real estate valuations.
Read the full article here.
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Arizona could hit full economic recovery in 3 years
We`re finally on the path to full economic recovery, and Arizona may get there in about three years. That`s the main message from experts who spoke Dec. 5 at the 49th Annual Economic Forecast Luncheon co-sponsored by ASU`s W. P. Carey School of Business and JPMorgan Chase.
About 1,000 people attended the event at the Phoenix Convention Center, where economists painted a generally brighter picture for 2013.
Read the full article here.
We`re finally on the path to full economic recovery, and Arizona may get there in about three years. That`s the main message from experts who spoke Dec. 5 at the 49th Annual Economic Forecast Luncheon co-sponsored by ASU`s W. P. Carey School of Business and JPMorgan Chase.
About 1,000 people attended the event at the Phoenix Convention Center, where economists painted a generally brighter picture for 2013.
Read the full article here.
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U.S. housing climbs as Canada loses altitude
Housing activity in the United States is gearing up while Canada`s residential real estate market appears to be in for a soft landing, Bank of Nova Scotia economist Adrienne Warren says in a new research note.
While average prices in the U.S. are still about 30 per cent lower than their 2005 peak, the long road to recovery has begun. Real home prices in the third quarter were 5 per cent higher than a year ago, an acceleration from the 3-per-cent advance in the prior quarter, Ms. Warren noted.
Read the full article here.
Housing activity in the United States is gearing up while Canada`s residential real estate market appears to be in for a soft landing, Bank of Nova Scotia economist Adrienne Warren says in a new research note.
While average prices in the U.S. are still about 30 per cent lower than their 2005 peak, the long road to recovery has begun. Real home prices in the third quarter were 5 per cent higher than a year ago, an acceleration from the 3-per-cent advance in the prior quarter, Ms. Warren noted.
Read the full article here.
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Rental income profit, demand remain strong for investors
Rental income on residential properties shot up 12% over last year during the month of September as rents continued to rise on new demand, CoreLogic ($27.53 0.08%) said in its latest December MarketPulse report.
The property analytics firm expressed a great deal of confidence on where the real estate economy for the past several months, but also noted a general sense of trepidation heading into the new year.
"Ongoing uncertainty in the overall business climate brings into question whether the economy can fire on all cylinders," wrote Anand Nallathambi, CEO and president of CoreLogic.
Read the full article here.
Rental income on residential properties shot up 12% over last year during the month of September as rents continued to rise on new demand, CoreLogic ($27.53 0.08%) said in its latest December MarketPulse report.
The property analytics firm expressed a great deal of confidence on where the real estate economy for the past several months, but also noted a general sense of trepidation heading into the new year.
"Ongoing uncertainty in the overall business climate brings into question whether the economy can fire on all cylinders," wrote Anand Nallathambi, CEO and president of CoreLogic.
Read the full article here.
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A giant statistical roundup of the income inequality crisis in 16 charts
Now we are engaged in a great tug-of-war over a few points in the top tax rate in Washington. But even if the White House pulls hardest, it won't amount to much of a victory for the long-suffering middle class. The sources of their income stagnation are too deep, too varied, and too long-term for Clinton-era tax rates to cure them.
"There is a huge amount of focus on progressive taxes in our policy world but progressive taxes are not much of a solution to this," said Lawrence Mishel, president of the left-leaning Economic Policy Institute. "We need to get unemployment down rapidly. We need to greatly change our labor standards. We need to raise the minimum wage."
Read the full article here.
Now we are engaged in a great tug-of-war over a few points in the top tax rate in Washington. But even if the White House pulls hardest, it won't amount to much of a victory for the long-suffering middle class. The sources of their income stagnation are too deep, too varied, and too long-term for Clinton-era tax rates to cure them.
"There is a huge amount of focus on progressive taxes in our policy world but progressive taxes are not much of a solution to this," said Lawrence Mishel, president of the left-leaning Economic Policy Institute. "We need to get unemployment down rapidly. We need to greatly change our labor standards. We need to raise the minimum wage."
Read the full article here.
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Best areas for homebuyers, sellers vary by region
As most housing markets continue to improve across the U.S., the relative position of buyers and sellers continues to vary considerably by geography. In some markets, buyers are finding themselves in strong bargaining positions relative to sellers, confidently paying less than the asking price on a home they had months to consider. In other markets, it`s the sellers ending their days not lamenting the one to come, selling their homes within days after bidding wars pad their pockets more than expected. With this variability in mind, we`ve developed an index to indicate the relative bargaining power of a buyer or seller within a given market, aiming to provide insight into the dynamics of this complex and shifting relationship.
Read the full article here.
As most housing markets continue to improve across the U.S., the relative position of buyers and sellers continues to vary considerably by geography. In some markets, buyers are finding themselves in strong bargaining positions relative to sellers, confidently paying less than the asking price on a home they had months to consider. In other markets, it`s the sellers ending their days not lamenting the one to come, selling their homes within days after bidding wars pad their pockets more than expected. With this variability in mind, we`ve developed an index to indicate the relative bargaining power of a buyer or seller within a given market, aiming to provide insight into the dynamics of this complex and shifting relationship.
Read the full article here.
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And now we have our first real drama of the fiscall cliff talks
President Barack Obama and House Speaker John Boehner made it clear Wednesday that talks have broken down over how to avoid the fiscal cliff, regressing to political posturing just when it seemed like a deal could be imminent.
The showdown centers around Boehner's decision to call a floor vote Thursday for his so-called "Plan B" bill, which would allow the Bush-era tax cuts to expire only for incomes over $1 million.
Read the full article here.
President Barack Obama and House Speaker John Boehner made it clear Wednesday that talks have broken down over how to avoid the fiscal cliff, regressing to political posturing just when it seemed like a deal could be imminent.
The showdown centers around Boehner's decision to call a floor vote Thursday for his so-called "Plan B" bill, which would allow the Bush-era tax cuts to expire only for incomes over $1 million.
Read the full article here.
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The fallacy of affordability
Affordability, per the National Association of Realtors, is measured by price, income and interest rates (debt servicing).
What does affordability have to do with house prices? I am not sure. Take a look at the following chart. Where is the correlation? Can you tell what home prices are doing in relationship to affordability?
Read the full article here.
Affordability, per the National Association of Realtors, is measured by price, income and interest rates (debt servicing).
What does affordability have to do with house prices? I am not sure. Take a look at the following chart. Where is the correlation? Can you tell what home prices are doing in relationship to affordability?
Read the full article here.
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Gateway Pacific Terminal in Whatcom, Washington
Gateway Pacific Terminal will be a multi-commodity, dry bulk cargo-handling facility on nearly 1,500 acres in Whatcom County, Washington, with development occurring on about one-quarter of the site. The shipping, stevedoring, and warehousing facility ` to be the largest on the West Coast of the U.S. ` is the latest innovation of
Gateway Pacific Terminal will provide a highly efficient portal for American producers to export dry bulk commodities such as grain, potash, and coal to Asian markets.
Located at Cherry Point, just 17 miles south of the Canadian border, the site`s naturally deep water will accommodate the most efficient ships without the need for dredging. SSA Marine is working with environmental agencies to tailor environmental safeguards for the marine habitat.
Read the full article here.
Gateway Pacific Terminal will be a multi-commodity, dry bulk cargo-handling facility on nearly 1,500 acres in Whatcom County, Washington, with development occurring on about one-quarter of the site. The shipping, stevedoring, and warehousing facility ` to be the largest on the West Coast of the U.S. ` is the latest innovation of
Gateway Pacific Terminal will provide a highly efficient portal for American producers to export dry bulk commodities such as grain, potash, and coal to Asian markets.
Located at Cherry Point, just 17 miles south of the Canadian border, the site`s naturally deep water will accommodate the most efficient ships without the need for dredging. SSA Marine is working with environmental agencies to tailor environmental safeguards for the marine habitat.
Read the full article here.