October 2012 U.S. Economic Fundamentals
- Thread starter Ally
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U.S. home prices jumped in August by the most in 6 years as housing market steadily recovers
WASHINGTON - A measure of U.S. home prices jumped 4.6 per cent in August compared with a year ago, the largest year-over-year increase in more than six years.
CoreLogic, a private real estate data provider, also said Tuesday that prices rose 0.3 per cent in August from July, the sixth straight monthly gain.
Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable.
Other measures of home prices have also increased. The Standard & Poor's/Case Shiller index rose in July compared with a year ago, the second straight yearly increase after two years of declines. And an index compiled by a federal housing regulator has also reported annual increases.
Read the full article here.
WASHINGTON - A measure of U.S. home prices jumped 4.6 per cent in August compared with a year ago, the largest year-over-year increase in more than six years.
CoreLogic, a private real estate data provider, also said Tuesday that prices rose 0.3 per cent in August from July, the sixth straight monthly gain.
Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable.
Other measures of home prices have also increased. The Standard & Poor's/Case Shiller index rose in July compared with a year ago, the second straight yearly increase after two years of declines. And an index compiled by a federal housing regulator has also reported annual increases.
Read the full article here.
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Buying U.S. property? 5 options for reducing taxes
If you're going to buy real estate, be sure to complete proper due diligence. Consider speaking to your potential neighbours about the area first. My uncle did this very thing when he was looking to purchase a home in upscale West Vancouver a few years ago.
He learned that the neighbourhood had been experiencing many thefts over a three-year period. He decided to move into the neighbourhood anyway because only petty things were taken: things like garbage cans, lawn ornaments, and doormats (one family reported having each of their 14 replacement doormats stolen as well). It turns out the thieves were a sixtysomething neighbour and his son.
Read the full article here.
If you're going to buy real estate, be sure to complete proper due diligence. Consider speaking to your potential neighbours about the area first. My uncle did this very thing when he was looking to purchase a home in upscale West Vancouver a few years ago.
He learned that the neighbourhood had been experiencing many thefts over a three-year period. He decided to move into the neighbourhood anyway because only petty things were taken: things like garbage cans, lawn ornaments, and doormats (one family reported having each of their 14 replacement doormats stolen as well). It turns out the thieves were a sixtysomething neighbour and his son.
Read the full article here.
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When Canadian snowbirds attack
Last year, Edmonton investor Jeff Lastiwka was on the hunt for bargain basement development properties in the scorched real estate landscape of California`s Palm Desert when his brother-in-law, a real estate agent in Scottsdale, pitched him on buying 100 houses to flip in Arizona.
At the time, Lastiwka, who runs JayCap Financial, a private commercial lending firm in Alberta, balked at the idea. But after watching property values in Phoenix soar over the past year, Lastiwka headed back to the Scottsdale area this spring armed with $10 million to spend on foreclosed properties. He left disappointed, finding much of the market for distressed homes in Phoenix had already been picked over and snapped up by either investors or local real estate agents. `I kick myself about it now because the properties I was looking at a year and a half ago have doubled in value,` he says.
Phoenix was the epicentre of America`s subprime real estate bust, with property values plunging more than 50 per cent during the depths of the recession. Then came the Canadians, enticed by year-round sun and the prospect of brand new bungalows with backyard pools that could be had for less than the average Canadian household income`about $60,000 at the bottom of the market.
Read the full article here.
Last year, Edmonton investor Jeff Lastiwka was on the hunt for bargain basement development properties in the scorched real estate landscape of California`s Palm Desert when his brother-in-law, a real estate agent in Scottsdale, pitched him on buying 100 houses to flip in Arizona.
At the time, Lastiwka, who runs JayCap Financial, a private commercial lending firm in Alberta, balked at the idea. But after watching property values in Phoenix soar over the past year, Lastiwka headed back to the Scottsdale area this spring armed with $10 million to spend on foreclosed properties. He left disappointed, finding much of the market for distressed homes in Phoenix had already been picked over and snapped up by either investors or local real estate agents. `I kick myself about it now because the properties I was looking at a year and a half ago have doubled in value,` he says.
Phoenix was the epicentre of America`s subprime real estate bust, with property values plunging more than 50 per cent during the depths of the recession. Then came the Canadians, enticed by year-round sun and the prospect of brand new bungalows with backyard pools that could be had for less than the average Canadian household income`about $60,000 at the bottom of the market.
Read the full article here.
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Job surge suggests U.S. economic recovery underway
Canada's domestic economy turned in one of the strongest job creation months of the year in September, adding an eye-popping 52,100 new jobs that was five times more than economists expected.
But it was the labour data south of the border that drew the superlatives from economists and markets ` which if true, suggest the U.S. recovery is finally underway.
The U.S. labour department said Friday morning that 114,000 new jobs were created in September, but more importantly revised upwards its data for July and August ` adding 86,000 jobs to those two months. For the three months, job creation averaged 146,000 and took the unemployment rate to 7.8 per cent, the lowest in four years.
Read the full article here.
Canada's domestic economy turned in one of the strongest job creation months of the year in September, adding an eye-popping 52,100 new jobs that was five times more than economists expected.
But it was the labour data south of the border that drew the superlatives from economists and markets ` which if true, suggest the U.S. recovery is finally underway.
The U.S. labour department said Friday morning that 114,000 new jobs were created in September, but more importantly revised upwards its data for July and August ` adding 86,000 jobs to those two months. For the three months, job creation averaged 146,000 and took the unemployment rate to 7.8 per cent, the lowest in four years.
Read the full article here.
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U.S. jobless rates tumble to almost 4-year low
WASHINGTON ` The U.S. unemployment rate dropped to a near four-year low of 7.8% in September, a potential boost to President Barack Obama`s re-election bid.
The Labor Department said on Friday the unemployment rate, a key focus in the race for the White House, dropped by 0.3 percentage point to its lowest point since January 2009.
A survey of households from which the jobless rate is derived showed 873,000 job gains last month, the most since June 1983. The drop in unemployment came even as Americans come back into the labor force to resume the hunt for work. The workforce had shrank in the prior two months.
Read the full article here.
WASHINGTON ` The U.S. unemployment rate dropped to a near four-year low of 7.8% in September, a potential boost to President Barack Obama`s re-election bid.
The Labor Department said on Friday the unemployment rate, a key focus in the race for the White House, dropped by 0.3 percentage point to its lowest point since January 2009.
A survey of households from which the jobless rate is derived showed 873,000 job gains last month, the most since June 1983. The drop in unemployment came even as Americans come back into the labor force to resume the hunt for work. The workforce had shrank in the prior two months.
Read the full article here.
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Here's what the jobs report looks like...unskewed
As @dukestjournal notes on Twitter, if you UNSKEW* today's jobs data (as is the hot trend these days) you actually see an addition of 574K new jobs.
By Unskewed, we're talking about non-seasonally adjusted data.
That's far above the official, seasonally adjusted 114K new jobs reported by the BLS.
Read the full article here.
As @dukestjournal notes on Twitter, if you UNSKEW* today's jobs data (as is the hot trend these days) you actually see an addition of 574K new jobs.
By Unskewed, we're talking about non-seasonally adjusted data.
That's far above the official, seasonally adjusted 114K new jobs reported by the BLS.
Read the full article here.
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Shadow inventory continues to decline in July 2012
NOTE TO MEDIA: Beginning with this Shadow Inventory Report, the methodology used to estimate CoreLogic shadow inventory data has been enhanced. Specifically, CoreLogic adjusted the roll rate approach by incorporating cure rates to more accurately capture increasing foreclosure timelines. As a result of this methodology revision, previous CoreLogic shadow inventory measurements have been updated and can be found at http://www.corelogic.com/downloadable-docs/shadow-inventory-methodology.pdf. Please refer to the extended methodology section of this report for more detail.
Read the full article here.
NOTE TO MEDIA: Beginning with this Shadow Inventory Report, the methodology used to estimate CoreLogic shadow inventory data has been enhanced. Specifically, CoreLogic adjusted the roll rate approach by incorporating cure rates to more accurately capture increasing foreclosure timelines. As a result of this methodology revision, previous CoreLogic shadow inventory measurements have been updated and can be found at http://www.corelogic.com/downloadable-docs/shadow-inventory-methodology.pdf. Please refer to the extended methodology section of this report for more detail.
Read the full article here.
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Red-hot Palm Springs real estate snapped up by Canadian snowbirds at record pace
Brad Schmett, Broker Associate with Luxury Homes by Keller Williams and real estate expert, has announced today that savvy, investment-minded Canadian snowbirds are buying red-hot Palm Springs real estate at a record pace. Incredibly low prices on residential real estate plus advantageous economic factors on both sides of the border has combined to make now the most opportune time for Canadians buying homes in Palm Springs, CA and the surrounding desert cities.
Brad Schmett, an expert in Palm Springs real estate, devotes a considerable portion of his time helping Canadian home buyers maximize their real estate investment. Through his many years in the real estate industry, Schmett has earned a reputation for providing the highest level of service to his clients. Recently, to better assist his Canadian clientele and help them prepare for the real estate purchase process, Schmett released his online Palm Springs Home Buyer`s Guide for Canadians.
According to Schmett, `November 1 marks the launch of our annual `season` here in Palm Springs and we`re already seeing many more Canadians arrive, to buy vacation properties and second homes, than what we`re accustomed to seeing at the start of our season.`
A strong Canadian dollar coupled with a weak Southern California real estate market
Read the full article here.
Brad Schmett, Broker Associate with Luxury Homes by Keller Williams and real estate expert, has announced today that savvy, investment-minded Canadian snowbirds are buying red-hot Palm Springs real estate at a record pace. Incredibly low prices on residential real estate plus advantageous economic factors on both sides of the border has combined to make now the most opportune time for Canadians buying homes in Palm Springs, CA and the surrounding desert cities.
Brad Schmett, an expert in Palm Springs real estate, devotes a considerable portion of his time helping Canadian home buyers maximize their real estate investment. Through his many years in the real estate industry, Schmett has earned a reputation for providing the highest level of service to his clients. Recently, to better assist his Canadian clientele and help them prepare for the real estate purchase process, Schmett released his online Palm Springs Home Buyer`s Guide for Canadians.
According to Schmett, `November 1 marks the launch of our annual `season` here in Palm Springs and we`re already seeing many more Canadians arrive, to buy vacation properties and second homes, than what we`re accustomed to seeing at the start of our season.`
A strong Canadian dollar coupled with a weak Southern California real estate market
Read the full article here.
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Residential delinquencies jump; most housing markets worse off
LPS (Lender Processing Services Inc.) reported on Monday that the U.S. mortgage delinquency rate rose to 7.4 percent in September from 6.87 percent in August, a month-over-month spike of 7.72 percent. Compared with the same month last year, however, delinquencies were dow 4.19 percent. LPS calculates the rate based on loans more than 30 days past due, but not yet in foreclosure.
All together, there are about 3.7 million mortgages nationwide that are 30-plus days delinquent without being in foreclosure, calculates LPS. Of those, 1.53 million are 90 days or more over due, but without being in foreclosure yet. Some 1.94 million properties have been foreclosed, but aren`t formally on the market.
Read the full article here.
LPS (Lender Processing Services Inc.) reported on Monday that the U.S. mortgage delinquency rate rose to 7.4 percent in September from 6.87 percent in August, a month-over-month spike of 7.72 percent. Compared with the same month last year, however, delinquencies were dow 4.19 percent. LPS calculates the rate based on loans more than 30 days past due, but not yet in foreclosure.
All together, there are about 3.7 million mortgages nationwide that are 30-plus days delinquent without being in foreclosure, calculates LPS. Of those, 1.53 million are 90 days or more over due, but without being in foreclosure yet. Some 1.94 million properties have been foreclosed, but aren`t formally on the market.
Read the full article here.
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For older workers, here is where the jobs will be
Growing numbers of older adults are finding a nice surprise in the workplace: a "Welcome" sign.
The number of workers age 55 and up grew by 3.5 million from September
2009 to September 2012. That represents the lion's share of the gain of
4.2 million for all workers 16 and older, according to the Bureau of
Labor Statistics. Two factors help explain the trend.
Read the full article here.
Growing numbers of older adults are finding a nice surprise in the workplace: a "Welcome" sign.
The number of workers age 55 and up grew by 3.5 million from September
2009 to September 2012. That represents the lion's share of the gain of
4.2 million for all workers 16 and older, according to the Bureau of
Labor Statistics. Two factors help explain the trend.
Read the full article here.
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3 major positive signs for the housing market
As we all probably remember in vivid detail, the housing market was
the instigator of a crisis that spiraled out of control, and whose
lingering effects have held back the U.S. economy for years.
But housing now finally appears to be helping the economy, rather than
slowing it down. And a few major indicators suggest it may have finally
turned the corner.
Read the full article here.
As we all probably remember in vivid detail, the housing market was
the instigator of a crisis that spiraled out of control, and whose
lingering effects have held back the U.S. economy for years.
But housing now finally appears to be helping the economy, rather than
slowing it down. And a few major indicators suggest it may have finally
turned the corner.
Read the full article here.
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Multigenerational households on the rise
More than 4.3 million, or 5.6 percent, of the 76 million family
households in the U.S. today are multigenerational households, or
families living together that include a grandparent, parent and children
as well as other family members, according to a study by the U.S.
Census Bureau's American Community Survey.
Read the full article here.
More than 4.3 million, or 5.6 percent, of the 76 million family
households in the U.S. today are multigenerational households, or
families living together that include a grandparent, parent and children
as well as other family members, according to a study by the U.S.
Census Bureau's American Community Survey.
Read the full article here.
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Home prices in 20 U.S. cities rise by most in two years: Economy
Residential real-estate prices increased in the year ended August by the most in two years, a sign housing will continue to boost U.S. economic growth.
The S&P/Case-Shiller index of property values in 20 cities rose 2 percent from August 2011, the biggest year-to-year gain since July 2010, after climbing 1.2 percent the prior month, the group said today in New York. The median forecast of 25 economists in a Bloomberg survey projected a 1.9 percent gain.
Read the full article here.
Residential real-estate prices increased in the year ended August by the most in two years, a sign housing will continue to boost U.S. economic growth.
The S&P/Case-Shiller index of property values in 20 cities rose 2 percent from August 2011, the biggest year-to-year gain since July 2010, after climbing 1.2 percent the prior month, the group said today in New York. The median forecast of 25 economists in a Bloomberg survey projected a 1.9 percent gain.
Read the full article here.
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Canadian who forecast slump makes bold bet on the U.S.
Reputations in economics are made on bold predictions. Peter Hall, the chief economist at Canada`s export financing agency, is seeking to make his name by betting on an unreliable source of economic growth ` the United States.
Read the full article here.
Reputations in economics are made on bold predictions. Peter Hall, the chief economist at Canada`s export financing agency, is seeking to make his name by betting on an unreliable source of economic growth ` the United States.
Read the full article here.