Home sales in May with owners recorded their biggest monthly increase in nearly three years in the U.S., providing hope that the sector is beginning to regain lost momentum last year.
houses statements unidosLa National Association of Realtors reported Monday that sales rose 4.9% last month to an annual rate of 4.89 million homes. The increase was the fastest since August 2011, but sales are still 5% below the May 2013 rate.
Sales have been inhibited by the increase last year interest rates on mortgages historically low levels and various other factors, including low supply and lending requirements.
The average price of a home sold in May was $ 213,400, up 5.1% from a year ago.
After reaching a recent peak of 5.33 million sales in mid-year annual rate, sales began to drop. Potential buyers have been dealing with a limited supply of housing, more expensive homes and tighter restrictions on lending, resulting in the property boom of the last decade that ended in millions of foreclosures.
Five years after the start of the recovery from a deep recession caused in part by the housing slump, home sales have not returned to their historical averages. Demand remains strong for the most expensive faces, but not for housing low and medium price.
Huwebes, Hunyo 26, 2014
Lunes, Hunyo 23, 2014
Real estate market in Miami-Dade advances its recovery
The tax basis of properties of the Miami-Dade County increased 6.5 percent compared to last year, the biggest gain since the historic collapse of the housing market that greatly damaged the economy of the region and forced the local governments to tighten their belts to survive.
"The center and oceanfront homes go ahead. These areas are stronger than the western suburbs and the south end of the county, "said Lazaro Solis, property appraiser of Miami-Dade. "Apparently we have a very strong market for real estate. We have taken a drastic turn up in poor areas, although there are still things to improve. "
For some municipalities, the largest growth than expected means at least a relief when balancing the budgets for fiscal years beginning on or after 1st. October. But for others, especially Miami-Dade County, which has a budget gap of about $ 200 million coming until next fiscal year, a larger taxable income will not solve the problems.
Among the municipalities that enjoy robust earnings are Miami Beach (9.4%), Surfside (17.6%) and Sunny Isles Beach (11%). Which had weaker results were Florida City (down 1.3%), Opa-locka (down 1.5%) and Medley (down 2.6%).
"For the most affluent neighborhoods are doing better than those who are not wealthy," Solis said. Liberty City and north-central area of the county, for example, are moving more work to recover from the sharp drop in values that took place between 2008 and 2011.
The growth in property values in Miami-Dade, a county that comprises more than one million properties, reached $ 209,937,000,000 until the 1st. January, a little less than $ 210,000 million.
In addition to the real estate sector, the growth reflects changes in tangible personal property. FPL's investments in Turkey Point nuclear facility, for example, they added about $ 500 million in taxable income, Solis said.
Preliminary values of property taxes are used by cities and counties to tax when making their budgets for 2014-15 and send rates property tax, the tax paid per $ 1,000 of taxable value.
"We look forward to the commissioners several options for them to enfrentrar some needs of the community," said Jimmy Morales, manager of Miami Beach. "It gives us some flexibility as we approach the new year."
Miami Beach could devote part of the increase to the ambitious projects undertaken to mitigate floods and problems regarding sea level rise, Morales said. In February, the city decided to use estimates of high tides at the time of building projects in the city to install new pumping out water from the streets, all at a cost of approximately $ 400 million. Moreover, growth could allow Miami Beach cutting taxes, building on increases during the worst of the economic crisis.
Elected officials, Morales said, can decide whether to "use the money to make some improvements or return it to the taxpayers.''
The preliminary report of the property appraiser, which will be adjusted and finished 1st. July also emphasizes the irregular has been the recovery of real estate industry in South Florida.
"The neighborhoods in the coastal area ... continue to show a strong real estate market with high growth. Some parts of the county that were hit hardest by the recession, Hialeah, Homestead and El Portal, have experienced the most substantial growth in 2014. However, Opa-locka, Florida City and Medley still not fully recovered and property values continue to fall, "Solis said in the statement.
For this year, the value of the properties of Hialeah recovered by 4.7%, which means a big change compared to 2013, when property values fell 3.5%.
For Miami-Dade, Friday's report was a pleasant surprise, but not something that will radically change the landscape. Economic experts forecast an increase of 4 percent rather than the 6.5 percent gain. The Budget Office of Miami-Dade said he has not yet determined how the new estimates could impact the earnings forecasts, although a quick glance at the numbers suggest that earnings could be around $ 20 million.
In a statement, Mayor Carlos Gimenez warned that healthy earnings outlook will not stop him demanding further concessions to the unions, including the proposed 10 percent reductions and benefits. The "net improvement is still not enough to avoid significant reductions in the operating budget of the county," Gimenez said. "Moreover, growth is not so great that it can overcome the increasingly high personal costs of collective agreements."
Alberto Carvalho, superintendent of Miami-Dade schools, said the increase in property values makes it highly unlikely that the school district's tax rate has to be increased, but warned that the growth of home values not fallen from heaven means money for the school system. By complicated formula of local / state funding for schools every year is the state that determines how much local taxpayers expected to contribute. In fact it is the state Floridian, who at first instance set tax rates to district property which then appear in the account property taxes.
Despite significant gains in property values in some areas, homeowners exemptions from property taxes will see their value increases up to 1.5% this year, based on the amendment to the Florida Save Our Homes (Saving our homes). The amendment increases the limit on the value of the exemption to the property to 3 percent or the consumer price index, either to be lower. For homes that do not have property exemption, increases in values are limited to 10 percent a year under the laws of Florida.
This makes it the third straight year in which the property values rise after four consecutive years of declines during the devastating housing crisis that plunged into a swamp to the economy of the region and forced governments to make controversial and painful cuts budget.
"The center and oceanfront homes go ahead. These areas are stronger than the western suburbs and the south end of the county, "said Lazaro Solis, property appraiser of Miami-Dade. "Apparently we have a very strong market for real estate. We have taken a drastic turn up in poor areas, although there are still things to improve. "
For some municipalities, the largest growth than expected means at least a relief when balancing the budgets for fiscal years beginning on or after 1st. October. But for others, especially Miami-Dade County, which has a budget gap of about $ 200 million coming until next fiscal year, a larger taxable income will not solve the problems.
Among the municipalities that enjoy robust earnings are Miami Beach (9.4%), Surfside (17.6%) and Sunny Isles Beach (11%). Which had weaker results were Florida City (down 1.3%), Opa-locka (down 1.5%) and Medley (down 2.6%).
"For the most affluent neighborhoods are doing better than those who are not wealthy," Solis said. Liberty City and north-central area of the county, for example, are moving more work to recover from the sharp drop in values that took place between 2008 and 2011.
The growth in property values in Miami-Dade, a county that comprises more than one million properties, reached $ 209,937,000,000 until the 1st. January, a little less than $ 210,000 million.
In addition to the real estate sector, the growth reflects changes in tangible personal property. FPL's investments in Turkey Point nuclear facility, for example, they added about $ 500 million in taxable income, Solis said.
Preliminary values of property taxes are used by cities and counties to tax when making their budgets for 2014-15 and send rates property tax, the tax paid per $ 1,000 of taxable value.
"We look forward to the commissioners several options for them to enfrentrar some needs of the community," said Jimmy Morales, manager of Miami Beach. "It gives us some flexibility as we approach the new year."
Miami Beach could devote part of the increase to the ambitious projects undertaken to mitigate floods and problems regarding sea level rise, Morales said. In February, the city decided to use estimates of high tides at the time of building projects in the city to install new pumping out water from the streets, all at a cost of approximately $ 400 million. Moreover, growth could allow Miami Beach cutting taxes, building on increases during the worst of the economic crisis.
Elected officials, Morales said, can decide whether to "use the money to make some improvements or return it to the taxpayers.''
The preliminary report of the property appraiser, which will be adjusted and finished 1st. July also emphasizes the irregular has been the recovery of real estate industry in South Florida.
"The neighborhoods in the coastal area ... continue to show a strong real estate market with high growth. Some parts of the county that were hit hardest by the recession, Hialeah, Homestead and El Portal, have experienced the most substantial growth in 2014. However, Opa-locka, Florida City and Medley still not fully recovered and property values continue to fall, "Solis said in the statement.
For this year, the value of the properties of Hialeah recovered by 4.7%, which means a big change compared to 2013, when property values fell 3.5%.
For Miami-Dade, Friday's report was a pleasant surprise, but not something that will radically change the landscape. Economic experts forecast an increase of 4 percent rather than the 6.5 percent gain. The Budget Office of Miami-Dade said he has not yet determined how the new estimates could impact the earnings forecasts, although a quick glance at the numbers suggest that earnings could be around $ 20 million.
In a statement, Mayor Carlos Gimenez warned that healthy earnings outlook will not stop him demanding further concessions to the unions, including the proposed 10 percent reductions and benefits. The "net improvement is still not enough to avoid significant reductions in the operating budget of the county," Gimenez said. "Moreover, growth is not so great that it can overcome the increasingly high personal costs of collective agreements."
Alberto Carvalho, superintendent of Miami-Dade schools, said the increase in property values makes it highly unlikely that the school district's tax rate has to be increased, but warned that the growth of home values not fallen from heaven means money for the school system. By complicated formula of local / state funding for schools every year is the state that determines how much local taxpayers expected to contribute. In fact it is the state Floridian, who at first instance set tax rates to district property which then appear in the account property taxes.
Despite significant gains in property values in some areas, homeowners exemptions from property taxes will see their value increases up to 1.5% this year, based on the amendment to the Florida Save Our Homes (Saving our homes). The amendment increases the limit on the value of the exemption to the property to 3 percent or the consumer price index, either to be lower. For homes that do not have property exemption, increases in values are limited to 10 percent a year under the laws of Florida.
This makes it the third straight year in which the property values rise after four consecutive years of declines during the devastating housing crisis that plunged into a swamp to the economy of the region and forced governments to make controversial and painful cuts budget.
Biyernes, Hunyo 20, 2014
It will nurture growth in U.S. real estate: BBVA
The positive trends in the residential and non-residential property sector will continue to drive growth across the United States in the first half of the year, according to a study by BBVA Research.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports surpass much of the country in the first half of 2014, "said BBVA analysis area.
The analysis concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Financial Group also notes that low inventories and increased confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the U.S. and highly qualified support income growth, in real terms, have been stagnant since 2000.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports surpass much of the country in the first half of 2014, "said BBVA analysis area.
The analysis concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Financial Group also notes that low inventories and increased confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the U.S. and highly qualified support income growth, in real terms, have been stagnant since 2000.
Lunes, Hunyo 16, 2014
Government options to help rental housing
The Federal Government, through the site http://blog.gobiernousa.gov, announced financial assistance programs for rental housing.
The amount of financial assistance that the applicant receives varies according to your monthly income, family size and requirements of the state where the property is located. Usually, the government pays the largest share of the rent and the beneficiary is responsible for paying the rest.
To apply to be part of this program must be a U.S. citizen, permanent resident or meet certain immigration requirements. To submit an application and other information about registration requirements, it is best to contact the local office of the Public Housing Agency.
The applicant will receive a voucher when your request is approved. Then you need to find a home that suits your needs and who is entered under this program. Depending on the number of applications received, it may be on a waiting list.
The amount of financial assistance that the applicant receives varies according to your monthly income, family size and requirements of the state where the property is located. Usually, the government pays the largest share of the rent and the beneficiary is responsible for paying the rest.
To apply to be part of this program must be a U.S. citizen, permanent resident or meet certain immigration requirements. To submit an application and other information about registration requirements, it is best to contact the local office of the Public Housing Agency.
The applicant will receive a voucher when your request is approved. Then you need to find a home that suits your needs and who is entered under this program. Depending on the number of applications received, it may be on a waiting list.
Biyernes, Hunyo 13, 2014
Pending sales of existing homes rise modestly in US
Contracts to buy U.S. homes rose modestly used in April, a sign of stabilization in the housing market that had been affected by a rise in mortgage rates and the harsh winter.
The National Association of Realtors (NAR, for its acronym in English) reported that its index of pending home sales, based on contracts signed last table, rose 0.4 percent to 97.8.
Analysts had expected a 1.0 percent advance.
The National Association of Realtors (NAR, for its acronym in English) reported that its index of pending home sales, based on contracts signed last table, rose 0.4 percent to 97.8.
Analysts had expected a 1.0 percent advance.
Mag-subscribe sa:
Mga Post (Atom)