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CONSTRUCTION EMPLOYMENT INCREASES IN 149 OUT OF 337 METRO AREAS BETWEEN JUNE 2010 &...

August 2, 2011 - (RealEstateRama) -- Construction employment increased in 149 out of 337 metropolitan areas between June 2010 and June 2011, declined in 141 and stayed level in 47, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials noted that the local employment data posted slightly stronger gains largely because of growing private sector demand for construction.

Resurgent Hiring in Industrial Trades a Bright Spot, Though Elevated Vacancy Weighs on Rents,...

Improvements in blue-collar industries account for a significant share of Phoenix economic growth in 2011, despite choppy early year hiring. Total metro employment grew by 0.9%, or 14,900 positions. Manual-trade payrolls, in contrast, expanded by a healthy-1.1% year to date with the addition of 3,800 workers. The Valley’s manufacturing sector notched the most hires, adding 2,500 employees and offsetting the combined loss of 700 construction and transportation and utilities personnel through the second quarter. Moreover, major expansions by companies such as Federal Express, First Solar and Easy Energy Systems Inc. will boost the economy and leasing in the near term. Through the extended outlook, sales tax legislation may push more companies like Amazon to relocate from California to Arizona, further supporting industrial space demand. Although international and domestic concerns could dampen growth in the second half, the economic recovery is expected to gain momentum. Metr owide staffing levels will increase by a projected 39,000 positions, or 2.3%, in 2011, while blue-collar industries will add 12,500 workers, a 3.7% increase. National payrolls will rise by 1.65 million positions, or 1.3%

Federal Proposal Could Raise Refinance Costs for Nearly 25 Million Homeowners

WASHINGTON, D.C. - July 29, 2011 - (RealEstateRama) -- Nearly 25 million homeowners across the country would face more expensive mortgages if a proposal by federal regulators goes unchanged. A proposal released by six federal agencies to implement credit risk retention provisions included in the Dodd–Frank Wall Street Reform and Consumer Protection Act would require homeowners to have at least 25 percent equity in their homes in order to qualify for a lower-rate "Qualified Residential Mortgage" (QRM) for refinancing. An analysis of the CoreLogic data shows 24.8 million U.S. homeowners – more than half of all U.S. homeowners with a mortgage - have less than 25 percent equity in their homes.Homeowners looking to refinance but fail to qualify for a QRM will be subject to additional costs associated with lenders' risk retention requirements included in the Dodd-Frank bill. According to the National Association of REALTORS®, consumers in a non-QRM loan could pay between 0.80 and 1.85 percentage points more in interest rate, simply because they could not meet the down payment or equity requirements.

Office-Using Employment Gains, Reliance on Concessions to Nudge Down Phoenix Vacancy in Second Half

Phoenix, AX - July 29, 2011 - (RealEstateRama) -- Although office net absorption in Phoenix remains negative year to date, the local economic recovery gained traction in the second quarter. Businesses added 14,900 positions locally, a 0.9% staffing boost, in the past six months, compared to a nationwide increase of 757,000 jobs, or 0.6%. Improvements have been greatest in the Valley’s healthcare and leisure and hospitality sectors, with white-collar industries dampening overall growth through the first quarter of 2011. Nevertheless, Phoenix white-collar employers rebounded in the most recent quarter. Local office-using employment sectors augmented payrolls by an estimated 2,800 workers, a 0.7% quarterly gain, mirroring the healthy white-collar improvements that have been recorded nationally. Recent hiring announcements from companies including Safelite, Humana, Yelp and Easy Energy Systems Inc. support projections for a sturdy, albeit late, white-collar recovery through year end, helping to stabilize space demand. U.S. emp loyment will increase by a projected 1.65 million jobs in 2011, including to 39,000 positions in Phoenix, a 2.3% marketwide gain. Local white-collar sectors are anticipated to hire 5,600 workers, growth of 1.3%.

84 Percent of U.S. Metros Post Lower Foreclosure Activity in First Half of 2011

IRVINE, CA - July 28, 2011 - (RealEstateRama) -- RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Midyear 2011 Metropolitan Foreclosure Market Report, which shows that foreclosure activity decreased on a year-over-year basis in 178 out of the nation’s 211 metropolitan areas with a population of 200,000 or more. The report also shows that all top 10 metro areas with the highest foreclosure rates in the first half of the year posted decreasing foreclosure activity compared to the first half of 2010.

Remodeling Activity Slows Under Economic Uncertainty

WASHINGTON, D.C. - July 28, 2011 - (RealEstateRama) -- The remodeling market slipped under pressure from a sluggish economy according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI), which dipped during the second quarter to 43.9 from the first quarter result of 46.5. An RMI below 50 indicates that more remodelers report market activity is lower compared to the prior quarter than report it is higher.The overall RMI combines ratings of current remodeling activity with indicators of future activity, like calls for bids. Current market conditions for the second quarter of 2011 fell to 44.8 from 46.1 in the first quarter. Future market indications dropped to 43.0 from 46.8 in the previous quarter.

Federal Housing Finance Agency Reports Mortgage Interest Rates

Washington, DC - July 27, 2011 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.62 percent based on loans closed in June. This is a decrease of 0.12 percent from the previous month.

Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. - July 27, 2011 - (RealEstateRama) -- Mortgage applications decreased 5.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 22, 2011.

Centerpoint Energy and U.S. Deputy Secretary of Energy Daniel Poneman Announce Results of Pilot...

Houston, TX - July 26, 2011 - (RealEstateRama) -- CenterPoint Energy, Inc.'s (NYSE:CNP) electric transmission and distribution subsidiary, CenterPoint Energy Houston Electric, LLC and U.S. Deputy Secretary of Energy Daniel B. Poneman today released survey results from a 500 participant smart meter In-Home Display pilot program begun last fall. Based on surveys, 71 percent of customers reported that they have changed their electricity consumption behavior as a result of the energy use data they accessed on their in-home displays.

New-Home Sales Remain Relatively Flat in Jun

WASHINGTON, D.C. - July 26, 2011 - (RealEstateRama) -- Sales of newly built, single-family homes declined 1 percent to a seasonally adjusted annual rate of 312,000 units in June, according to figures released today by the U.S. Commerce Department today."Today's report shows that new-home sales remain in a holding pattern at relatively low levels," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "This reflects what we are hearing from builders in the field, who continue to see uncertainty in the marketplace and are reacting accordingly by keeping inventories at a record low. With inventories at razor-thin margins, any uptick in demand will generate increased building activity in the months ahead."

CONSTRUCTION EMPLOYMENT DECLINES IN 26 STATES AND D.C. BETWEEN JUNE 2010 & 2011, AS...

WASHINGTON, D.C. - July 25, 2011 - (RealEstateRama) -- Construction employment declined in 26 states and D.C. between June 2010 and 2011 and dropped in 22 states and D.C. between May and June, according to an analysis by the Associated General Contractors of America of state employment data released by the Labor Department. The construction industry continues to suffer from a difficult combination of weak private sector demand and declining public sector investments in construction.

California pending home sales rise in June, distressed properties remain flat C.A.R. reports

LOS ANGELES, CA - July 21, 2011 - (RealEstateRama) -- California pending home sales rose for the second consecutive month in June, while the share of distressed property sales was unchanged, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Golden State Mortgage Defaults Drop to Four-Year Low

La Jolla, CA. - July 19, 2011 - (RealEstateRama) -- The number of California homes that went into foreclosure fell to a four-year low last quarter, the result of a more stable housing market as well as policy changes in the mortgage servicing industry, a real estate information service reported.

Housing Production Regains Some Strength in June

WASHINGTON, D.C. - July 19, 2011 - (RealEstateRama) -- Nationwide housing starts rose 14.6 percent to a seasonally adjusted annual rate of 629,000 units in June, according to figures released by the U.S. Commerce Department today. This was the best pace of housing production since the beginning of the year, and was attributable to significant gains registered in both the single-family and multifamily segments as well as every region of the country."Today's numbers are an encouraging sign that builders are responding to improving consumer interest in new homes and apartments by gradually replenishing their extremely thin inventories in places where demand is evident," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "That said, the lack of access to construction credit remains an impediment to starting new projects and getting building crews back to work in markets that are improving."

South Carolina REALTORS® release June market numbers

COLUMBIA, S.C. - July 15, 2011 - (RealEstateRama) -- South Carolina REALTORS® (SCR) today released its June 2011 Market Reports. The rate of inventory absorption in the state of South Carolina slowed as Months Supply of Inventory was up 2.6 percent to...

South Carolina REALTORS® release June market numbers

COLUMBIA, S.C. - July 15, 2011 - (RealEstateRama) -- South Carolina REALTORS® (SCR) today released its June 2011 Market Reports. The rate of inventory absorption in the state of South Carolina slowed as Months Supply of Inventory was up 2.6 percent to...

South Carolina REALTORS® release June market numbers

COLUMBIA, S.C. - July 15, 2011 - (RealEstateRama) -- South Carolina REALTORS® (SCR) today released its June 2011 Market Reports. The rate of inventory absorption in the state of South Carolina slowed as Months Supply of Inventory was up 2.6 percent to...

South Carolina REALTORS® release June market numbers

COLUMBIA, S.C. - July 15, 2011 - (RealEstateRama) -- South Carolina REALTORS® (SCR) today released its June 2011 Market Reports. The rate of inventory absorption in the state of South Carolina slowed as Months Supply of Inventory was up 2.6 percent to...

South Carolina REALTORS® release June market numbers

COLUMBIA, S.C. - July 15, 2011 - (RealEstateRama) -- South Carolina REALTORS® (SCR) today released its June 2011 Market Reports. The rate of inventory absorption in the state of South Carolina slowed as Months Supply of Inventory was up 2.6 percent to...

South Carolina REALTORS® release June market numbers

COLUMBIA, S.C. - July 15, 2011 - (RealEstateRama) -- South Carolina REALTORS® (SCR) today released its June 2011 Market Reports. The rate of inventory absorption in the state of South Carolina slowed as Months Supply of Inventory was up 2.6 percent to...

Business Real Estate Press Releases

Support Ukrainian Refugees

GFP Real Estate and Its Tenants Raise More Than $200,000 to...

GFP Real Estate is pleased to announce that its "Support Ukraine in Crisis" campaign raised more than $200,000 to support humanitarian relief efforts on the ground in Ukraine.

Recent Gov & Nonprofit Real Estate Press Releases