November 2011 U.S. Economic Fundamentals
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Florida Bound
Canadian buyers continue to snap up Florida real estate, according to a recent survey of foreign buyers produced by the National Association of Realtors on behalf of the Florida Realtors association. The survey tracked foreign buyers for a 12-month period from mid-2010 to mid-2011.
"For that period, one in four Florida homes was purchased by a foreigner, and the largest single country represented was Canada," says John Tuccillo, chief economist for Florida Realtors.
"Canadian sales represented 10% of all home sales in the state during that period."
Read the full article here.
Canadian buyers continue to snap up Florida real estate, according to a recent survey of foreign buyers produced by the National Association of Realtors on behalf of the Florida Realtors association. The survey tracked foreign buyers for a 12-month period from mid-2010 to mid-2011.
"For that period, one in four Florida homes was purchased by a foreigner, and the largest single country represented was Canada," says John Tuccillo, chief economist for Florida Realtors.
"Canadian sales represented 10% of all home sales in the state during that period."
Read the full article here.
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Advice for Buyers: Do your homework
Savvy Canadian homebuyers purchasing real estate in the weak U.S. market can find excellent value, say real estate experts, provided they perform due diligence.
"For Canadians, who represent the largest group of foreign buyers in Florida, it's like a time machine, with real estate prices back to 2001 levels," says Cameron Roach, author of Buy Florida, a guide for Canadian buyers looking south.
However, buyers need to study the market instead of jumping at low prices. "You might get excited to find a property selling at half its peak value, but what if surrounding properties have fallen by 60%?" he says. "Do your homework."
Read the full article here.
Savvy Canadian homebuyers purchasing real estate in the weak U.S. market can find excellent value, say real estate experts, provided they perform due diligence.
"For Canadians, who represent the largest group of foreign buyers in Florida, it's like a time machine, with real estate prices back to 2001 levels," says Cameron Roach, author of Buy Florida, a guide for Canadian buyers looking south.
However, buyers need to study the market instead of jumping at low prices. "You might get excited to find a property selling at half its peak value, but what if surrounding properties have fallen by 60%?" he says. "Do your homework."
Read the full article here.
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Las Vegas worth the gamble
This is a good time for Canadians to gamble on real estate in Las Vegas, say realtors on both sides of the border.
Housing prices in the city are down almost 60% compared with their high point in August, 2006, but rents remain relatively steady - a good scenario for investors.
"Where in Canada can you currently buy a $50,000 property that you can turn around and rent for US$1,000 a month?" says real estate broker Steve Martel of Martels Real Estate Inc. in Ottawa, who specializes in the U.S. realty market. "Those numbers are true for anywhere in the U.S. right now but they are particularly accurate for Las Vegas."
Read the full article here.
This is a good time for Canadians to gamble on real estate in Las Vegas, say realtors on both sides of the border.
Housing prices in the city are down almost 60% compared with their high point in August, 2006, but rents remain relatively steady - a good scenario for investors.
"Where in Canada can you currently buy a $50,000 property that you can turn around and rent for US$1,000 a month?" says real estate broker Steve Martel of Martels Real Estate Inc. in Ottawa, who specializes in the U.S. realty market. "Those numbers are true for anywhere in the U.S. right now but they are particularly accurate for Las Vegas."
Read the full article here.
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Climate control, Canadian style
Three things drew Ken Brown to Phoenix when he decided to leave Toronto in 1991: The climate, the cost of living and the conveniences of a large metropolitan area.
"I wanted to move some place where I could have a swimming pool and Arizona is absolutely gorgeous," says Mr. Brown, who owns a promotional company, K.W.B. International.
"Plus, the quality of life here is just better than it was in so many of the other cities I considered. There are incredible restaurants, great resorts, wonderful museums in Phoenix, and it's all still really affordable."
Read the full article here.
Three things drew Ken Brown to Phoenix when he decided to leave Toronto in 1991: The climate, the cost of living and the conveniences of a large metropolitan area.
"I wanted to move some place where I could have a swimming pool and Arizona is absolutely gorgeous," says Mr. Brown, who owns a promotional company, K.W.B. International.
"Plus, the quality of life here is just better than it was in so many of the other cities I considered. There are incredible restaurants, great resorts, wonderful museums in Phoenix, and it's all still really affordable."
Read the full article here.
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Home prices heading for triple-dip
NEW YORK (CNNMoney) -- The besieged housing market has even further to fall before home prices really hit rock bottom.
According to Fiserv (FISVhttp://http://money.cnn.com/quote/quote.html?symb=FISV&source=story_quote_link), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.
Several factors will be working against the housing market in the upcoming months, including an increase in foreclosure activity and sustained high unemployment, explained David Stiff, Fiserv's chief economist.
Read the full article here.
NEW YORK (CNNMoney) -- The besieged housing market has even further to fall before home prices really hit rock bottom.
According to Fiserv (FISVhttp://http://money.cnn.com/quote/quote.html?symb=FISV&source=story_quote_link), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.
Several factors will be working against the housing market in the upcoming months, including an increase in foreclosure activity and sustained high unemployment, explained David Stiff, Fiserv's chief economist.
Read the full article here.
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Apartment values rise, as do rents
Strong growth of rents and occupancy levels of rental apartments have pushed some building values to record levels as Americans shift away from home ownership.
While concerns about the economy are cooling the market for most other types of commercial real estate, apartment rents and occupancies continue to be boosted by demand from millions of people who are victims of foreclosure or are unwilling or unable to buy their own homes.
At the end of the third quarter, 5.6% of the nation's apartments were vacant, down from 5.9% in the second quarter, and the lowest level since 2006, according to Reis Inc., a real-estate data service.
Read the full article here.
Strong growth of rents and occupancy levels of rental apartments have pushed some building values to record levels as Americans shift away from home ownership.
While concerns about the economy are cooling the market for most other types of commercial real estate, apartment rents and occupancies continue to be boosted by demand from millions of people who are victims of foreclosure or are unwilling or unable to buy their own homes.
At the end of the third quarter, 5.6% of the nation's apartments were vacant, down from 5.9% in the second quarter, and the lowest level since 2006, according to Reis Inc., a real-estate data service.
Read the full article here.
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Will champagne and bikin-clad waitresses lure high-end investors to the U.S. housing market?
As the housing market in the United States continues to crash and burn thanks to bad loans, real estate agents in Los Angeles, California ` one of the epicentres of the housing crash ` are trying just about everything to attract investors to purchase luxury homes.
Agents with listings for high end homes are using everything from promises of Botox treatments to free drinks and bikini-clad waitresses to get investors to open houses, according to Paul Habibi, a professor of real estate at UCLA`s School of Management.
`Once we got into this housing mess we`ve had a lot of brokers and agents decide to revert to tactics they wouldn`t have to use in a healthy market,` said Habibi in an interview with the Star.
Read the full article here.
As the housing market in the United States continues to crash and burn thanks to bad loans, real estate agents in Los Angeles, California ` one of the epicentres of the housing crash ` are trying just about everything to attract investors to purchase luxury homes.
Agents with listings for high end homes are using everything from promises of Botox treatments to free drinks and bikini-clad waitresses to get investors to open houses, according to Paul Habibi, a professor of real estate at UCLA`s School of Management.
`Once we got into this housing mess we`ve had a lot of brokers and agents decide to revert to tactics they wouldn`t have to use in a healthy market,` said Habibi in an interview with the Star.
Read the full article here.
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Unemployment rate fell in half of U.S. states last month, an improvement in August
WASHINGTON - Unemployment rates fell in half of U.S. states last month, a sign that September's pickup in hiring was felt around the country.
The Labor Department said Friday that unemployment rates dropped in 25 states, rose in 14 and stayed the same in 11. That's an improvement from August, when unemployment rose in 26 states.
Nevada reported the highest unemployment rate for the 16th straight month. It stayed at 13.4 per cent for the second consecutive month. California was next. The rate there fell from 12.1 in August to 11.9 per cent. Michigan had the third-highest rate, at 11.1 per cent.
North Dakota had the lowest unemployment rate, staying at 3.5 per cent for the second straight month. Nebraska had the second lowest rate; it fell from 4.3 per cent in August to 4.2 per cent.
Read the full article here.
WASHINGTON - Unemployment rates fell in half of U.S. states last month, a sign that September's pickup in hiring was felt around the country.
The Labor Department said Friday that unemployment rates dropped in 25 states, rose in 14 and stayed the same in 11. That's an improvement from August, when unemployment rose in 26 states.
Nevada reported the highest unemployment rate for the 16th straight month. It stayed at 13.4 per cent for the second consecutive month. California was next. The rate there fell from 12.1 in August to 11.9 per cent. Michigan had the third-highest rate, at 11.1 per cent.
North Dakota had the lowest unemployment rate, staying at 3.5 per cent for the second straight month. Nebraska had the second lowest rate; it fell from 4.3 per cent in August to 4.2 per cent.
Read the full article here.
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U.S. private sector adds jobs, layoffs slow in October
NEW YORK (Reuters) - U.S. private employers added more jobs than expected last month, while planned layoffs dropped sharply, underscoring the view the economy is on a path of slow growth.
The ADP National Employment Report showed on Wednesday the economy's private sector added 110,000 jobs in October, topping economists' expectations for a gain of 101,000 jobs. ADP also increased September's job additions, to a gain of 116,000 from the previously reported 91,000.
The report is jointly developed with Macroeconomic Advisers LLC.
While the data was encouraging, economists said it pointed to a sluggish recovery in the labor market rather than robust growth.
Read the full article here.
NEW YORK (Reuters) - U.S. private employers added more jobs than expected last month, while planned layoffs dropped sharply, underscoring the view the economy is on a path of slow growth.
The ADP National Employment Report showed on Wednesday the economy's private sector added 110,000 jobs in October, topping economists' expectations for a gain of 101,000 jobs. ADP also increased September's job additions, to a gain of 116,000 from the previously reported 91,000.
The report is jointly developed with Macroeconomic Advisers LLC.
While the data was encouraging, economists said it pointed to a sluggish recovery in the labor market rather than robust growth.
Read the full article here.
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Utah part of three-state population boom corridor
SALT LAKE CITY--(BUSINESS WIRE)-- While much of the nation is trying to figure out how to recover from an economic downturn--and at the same time work into the equation that workers are fleeing their states--Utah, Nevada and Arizona have the opposite population trend to consider. In fact, these three states are in a new growth corridor, according to a study of census data by the Bureau of Economic and Business Research (BEBR), an applied research center in the David Eccles School of Business at the University of Utah.
Read the full article here.
SALT LAKE CITY--(BUSINESS WIRE)-- While much of the nation is trying to figure out how to recover from an economic downturn--and at the same time work into the equation that workers are fleeing their states--Utah, Nevada and Arizona have the opposite population trend to consider. In fact, these three states are in a new growth corridor, according to a study of census data by the Bureau of Economic and Business Research (BEBR), an applied research center in the David Eccles School of Business at the University of Utah.
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America's new financial values
MONEY Magazine) -- After three years of belt-tightening, Tom Van De Water, 41, a customer information systems manager in Stratham, N.H., has finally loosened the family budget. This year he and his wife, Alyson, 41, celebrated their 10th anniversary in St. Lucia, and she bought him a pricey watch for his birthday.
Are these signs of a return to the free-spending good old days, when the couple wouldn't have hesitated to buy the best stuff and top off one of their frequent dinners out with an expensive bottle of wine? Not by a long shot.
Today the couple, who have three children (ages 8, 7 and 18 months), carefully plan outings. "We treat each time as special," Van De Water says.
Read the full article here.
MONEY Magazine) -- After three years of belt-tightening, Tom Van De Water, 41, a customer information systems manager in Stratham, N.H., has finally loosened the family budget. This year he and his wife, Alyson, 41, celebrated their 10th anniversary in St. Lucia, and she bought him a pricey watch for his birthday.
Are these signs of a return to the free-spending good old days, when the couple wouldn't have hesitated to buy the best stuff and top off one of their frequent dinners out with an expensive bottle of wine? Not by a long shot.
Today the couple, who have three children (ages 8, 7 and 18 months), carefully plan outings. "We treat each time as special," Van De Water says.
Read the full article here.
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Unemployment falls in 75% of U.S. cities
WASHINGTON ` Unemployment rates fell in about three-quarters of large U.S. cities in September, a sign that the nation's modest job gains that month occurred across most of the country.
The Labor Department said Wednesday that unemployment rates fell in 280 large metro areas from August to September. They rose in 61 and were unchanged in 31. That's the largest number of cities to see a decline since April.
Nationwide, employers added a net 103,000 jobs in September. And the unemployment rate was 9.1 percent for the third straight month. The job gains were only about enough to keep up with population growth. The economy needs to generate at least twice September's total to reduce the unemployment rate.
Read the full article here.
WASHINGTON ` Unemployment rates fell in about three-quarters of large U.S. cities in September, a sign that the nation's modest job gains that month occurred across most of the country.
The Labor Department said Wednesday that unemployment rates fell in 280 large metro areas from August to September. They rose in 61 and were unchanged in 31. That's the largest number of cities to see a decline since April.
Nationwide, employers added a net 103,000 jobs in September. And the unemployment rate was 9.1 percent for the third straight month. The job gains were only about enough to keep up with population growth. The economy needs to generate at least twice September's total to reduce the unemployment rate.
Read the full article here.
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Signs of stabilization in the U.S. job market
U.S. companies added more jobs in October while planned layoffs fell to the lowest level in four months.
The private sector added 110,000 jobs or well above most economists` forecasts and the total for September was revised upward to 116,000 from 91,000, according to payroll processor ADP.
Read the full article here.
U.S. companies added more jobs in October while planned layoffs fell to the lowest level in four months.
The private sector added 110,000 jobs or well above most economists` forecasts and the total for September was revised upward to 116,000 from 91,000, according to payroll processor ADP.
Read the full article here.
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U.S. private sector adds 110,000 jobs in October
NEW YORK (Reuters) - U.S. private employers added 110,000 jobs in October, beating economists' expectations, a report by a payrolls processor showed on Wednesday.
COMMENTS:
DAVID RESLER, CHIEF ECONOMIST, NOMURA SECURITIES, NEW YORK
"The headline number was a smaller gain than we expected, we had it at 135,000, but combine that with the upward revision the last month and it wasn't too far off what our guess was.
"More importantly, it portrays a job market that's improved a bit since earlier in the summer. But we're still not generating the kind of job growth that's going to be enough to bring down the unemployment rate quickly.
Read the full article here.
NEW YORK (Reuters) - U.S. private employers added 110,000 jobs in October, beating economists' expectations, a report by a payrolls processor showed on Wednesday.
COMMENTS:
DAVID RESLER, CHIEF ECONOMIST, NOMURA SECURITIES, NEW YORK
"The headline number was a smaller gain than we expected, we had it at 135,000, but combine that with the upward revision the last month and it wasn't too far off what our guess was.
"More importantly, it portrays a job market that's improved a bit since earlier in the summer. But we're still not generating the kind of job growth that's going to be enough to bring down the unemployment rate quickly.
Read the full article here.
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U.S. poverty hits record high
WASHINGTON ` The number of poor Americans hit a record 49 million in 2010, or 16%, according to new data released on Monday that showed poverty rates for the elderly, Asians and Hispanics higher than previously known.
The figures were calculated by the Census Bureau under a broad new measure intended to supplement the official standard with a fuller picture of poverty in the United States. Results contrast with official poverty data, released in September, that put the number of poor Americans at 46.2 million.
The biggest rise occurred among people aged 65 and older who are being driven into poverty by out-of-pocket medical expenses, including premiums and co-pays from the federal government`s Medicare program for the elderly.
REad the full article here.
WASHINGTON ` The number of poor Americans hit a record 49 million in 2010, or 16%, according to new data released on Monday that showed poverty rates for the elderly, Asians and Hispanics higher than previously known.
The figures were calculated by the Census Bureau under a broad new measure intended to supplement the official standard with a fuller picture of poverty in the United States. Results contrast with official poverty data, released in September, that put the number of poor Americans at 46.2 million.
The biggest rise occurred among people aged 65 and older who are being driven into poverty by out-of-pocket medical expenses, including premiums and co-pays from the federal government`s Medicare program for the elderly.
REad the full article here.
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A shocking 52% of unemployed Americans have exhausted their benefits
WASHINGTON (AP) ` The jobs crisis has left so many people out of work for so long that most of America's unemployed are no longer receiving unemployment benefits.
Early last year, 75 percent were receiving checks. The figure is now 48 percent ` a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America's 14 million unemployed have had no job for a year or more.
Congress is expected to decide by year's end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.
Read the full article here.
WASHINGTON (AP) ` The jobs crisis has left so many people out of work for so long that most of America's unemployed are no longer receiving unemployment benefits.
Early last year, 75 percent were receiving checks. The figure is now 48 percent ` a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America's 14 million unemployed have had no job for a year or more.
Congress is expected to decide by year's end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.
Read the full article here.
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Real estate prices continue to slide in September
U.S. single-family home prices declined on both a monthly and annual basis in September -- the second straight month that property data firm CoreLogic reported a decline in both measures.
CoreLogic's price index fell 4.1 percent year over year and dropped 1.1 percent on a month-to-month basis in September, according to a company report released today. That follows a 4.4 percent annual decline and a revised 0.3 percent monthly decline in August.
Read the full article here.
U.S. single-family home prices declined on both a monthly and annual basis in September -- the second straight month that property data firm CoreLogic reported a decline in both measures.
CoreLogic's price index fell 4.1 percent year over year and dropped 1.1 percent on a month-to-month basis in September, according to a company report released today. That follows a 4.4 percent annual decline and a revised 0.3 percent monthly decline in August.
Read the full article here.
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Economy picks up, but hiring outlook stays cloudy
WASHINGTON - Companies are more productive, fewer people are seeking unemployment benefits and service companies are adding jobs.
Ideally, those trends could signal stronger growth, followed by more hiring. Yet until consumers consistently spend more, businesses are unlikely to hire enough to drive down unemployment.
But more consumers need jobs and raises to keep spending enough to help the economy grow. The paradox has kept the economy from thriving more than two years after the recession officially ended.
It's also why economists think the unemployment rate stayed at 9.1 percent for a fourth straight month in October. The government will issue the October jobs report Friday.
Read the full article here.
WASHINGTON - Companies are more productive, fewer people are seeking unemployment benefits and service companies are adding jobs.
Ideally, those trends could signal stronger growth, followed by more hiring. Yet until consumers consistently spend more, businesses are unlikely to hire enough to drive down unemployment.
But more consumers need jobs and raises to keep spending enough to help the economy grow. The paradox has kept the economy from thriving more than two years after the recession officially ended.
It's also why economists think the unemployment rate stayed at 9.1 percent for a fourth straight month in October. The government will issue the October jobs report Friday.
Read the full article here.
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Fewer Americans seek unemployment benefits, a hopeful sign for a struggling job market
WASHINGTON - Fewer Americans applied for unemployment benefits last week, a hopeful sign that the job market might be picking up.
The Labor Department says weekly applications dropped 9,000 to a seasonally adjusted 397,000, the lowest level in five weeks. It's only the third time since April that applications have fallen below 400,000.
The four-week average, a less volatile measure, fell to 404,500, the fifth drop in the past six weeks. The declines indicate companies are laying off fewer workers.
Read the full article here.
WASHINGTON - Fewer Americans applied for unemployment benefits last week, a hopeful sign that the job market might be picking up.
The Labor Department says weekly applications dropped 9,000 to a seasonally adjusted 397,000, the lowest level in five weeks. It's only the third time since April that applications have fallen below 400,000.
The four-week average, a less volatile measure, fell to 404,500, the fifth drop in the past six weeks. The declines indicate companies are laying off fewer workers.
Read the full article here.