Existing-Home Sales Continue Surge While First-Time Buyer Sales Fall

first_img Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Existing-Home Sales Continue Surge While First-Time Buyer Sales Fall  Print This Post Existing-Home Sales Continue Surge While First-Time Buyer Sales Fall Sign up for DS News Daily Existing-home sales rose higher in July, while low inventory levels and rising prices are the largest factors lowering sales to first-time buyers to their lowest share since January, according to a report from the National Association of Realtors (NAR) released Thursday.Total existing-home sales rose 2.0 percent to a seasonally adjusted annual rate of 5.59 million in July from a downwardly-revised 5.48 million in June. July sales were at the highest pace since 5.79 million in February 2007. Existing sales have now increased year-over-year for 10 consecutive months and are 10.3 percent above the pace a year ago at 5.07 million.The report also found that single-family home sales increased 2.7 percent to a seasonally adjusted annual rate of 4.96 million in July to their highest level since 5.08 million in February 2007. Single-family sales were 4.83 million in June, and are now 11.0 percent above the 4.47 million pace a year ago.Source: NAHBMany economists believe that the growth in existing-home sales can be mostly attributed to growth in the employment sector.“In some markets, this boost has been led by job growth –a key sign that the recovery is on track,” said Selma Hepp, Trulia’s chief economist. “As millennial employment improves, young adults will continue to move out of their parents’ homes and form their own households, first as renters and then as homeowners.”Lawrence Yun, NAR chief economist, added, “The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now. As a result, current homeowners are using their increasing housing equity towards the down payment on their next purchase.”According to the NAR, the median existing-home price for all housing types in July was $234,000, which is 5.6 percent above July 2014. This in increase marks the 41st consecutive month of year-over-year gains. The median existing single-family home price was $235,500 in July, up 5.8 percent from July 2014.”Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand,” Yun said. “Realtors in some markets reported slower foot traffic in July in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains.”“The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now.” —Lawrence Yun, NAR chief economistNAR reported that total housing inventory declined 0.4 percent to 2.24 million existing homes available for sale at the end of July. This total is now 4.7 percent lower than a year ago when inventory levels reached 2.35 million.“Tight inventory across the country continues to put pressure on home prices,” Hepp said. “As more potential buyers are being pushed out of the market, home sellers may be reluctant to sell if there is a perception that they might not be able to find another home to buy–thus perpetuating the problem.”Another decline was recorded in the percent share of first-time buyers in July for the second consecutive month. First-time buyers in July lowered to 28 percent from 30 percent in June, the lowest share since January of this year which was 28 percent.”The fact that first-time buyers represented a lower share of the market compared to a year ago even though sales are considerably higher is indicative of the challenges many young adults continue to face,” Yun said. “Rising rents and flat wage growth make it difficult for many to save for a down payment, and the dearth of supply in affordable price ranges is limiting their options.”Lisa Edwards, director of business strategy with Forsalebyowner.com, told DS News that she believes that challenges will always persist with first-time homebuyers. She also added that market conditions like “faster wage growth, continued relaxed lending standards, and interest rates hovering around 4 percent” will be needed to reach first-time buyers.Click here to view the complete NAR report.  The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Housing Markets are Strongest Where Values Exceed Pre-Crisis Levels Next: FDIC Suit Claims BNY Mellon Breached Trustee Duties for $2 Billion Worth of RMBS Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Xhevrije West in Daily Dose, Featured, Market Studies, News Tagged with: Existing Home Sales First-Time Homebuyers Housing Inventory Housing Market National Association of Realtorscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles August 20, 2015 1,430 Views Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Existing Home Sales First-Time Homebuyers Housing Inventory Housing Market National Association of Realtors 2015-08-20 Brian Honea Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Security forces in Argentina help people survive historic heat wave

first_img Argentinian security forces recently helped millions of civilians cope with the country’s worst heat wave in a century. The high temperatures killed at least eight people and left thousands of people without electricity. The heat wave lasted from Dec. 11 2013 through Jan. 2, 2014. The National Meteorological Service (SMN) reported that the temperature in some areas reached 50 degrees Celsius (120 degrees Fahrenheit). Unbearable heat The heat made life miserable, Argentinians said. High demand for air conditioning overwhelmed the power grid in some regions, where power was knocked out. Some regions were without electricity for three weeks. “It was an oven. We were worse off than in the Middle Ages,” said Néstor Nini, 54, a resident of Buenos Aires. “It was utter helplessness being in a country that has everything and not have basic services – electricity and water – to move forward. Almost three weeks without electricity and extreme temperatures was overwhelming. The mood of the people was not the best; in some cases we had to seek help from the authorities, in other cases, from neighbors or friends.” Security forces respond About 800,000 people in Buenos Aires lost power during the heat wave. That meant they were without air conditioning and power to run their refrigerators. More than 20,000 security agents mobilized to help hundreds of thousands of people throughout the country who were without water, food, and electricity, authorities said. “Some 24,000 personnel from the National Gendarmerie, Coast Guard, Federal Police (PFA), and Airport Security (PSA) Police launched a special operation to assist the most vulnerable to the power outages and intense heat wave in the province of Buenos Aires and other cities in the north of the country,” according to a statement issued on Dec. 28, 2013, by Security Minister María Cecilia Rodríguez and Security Secretary, Sergio Berni. The two officials issued the statement from the headquarters of the PFA. Soldiers with the Army Engineer Brigade repaired hundreds of power transformers and wires which were burned out by record electricity consumption, Berni said. The security forces were sent where the need was greatest, authorities said. “We are assigning security forces to these situations and responding to all areas of need, focusing on helping the most vulnerable populations,” Rodríguez said when she announced the efforts of security agents to help civilians survive the heat wave. Armed Forces collaborate with civilian security agents The Buenos Aires and Metropolitan Police forces joined efforts with the Armed Forces and National Police in helping people affected by the heat wave, the Defense Ministry said in a written report. For example, in Buenos Aires, Army soldiers set up health posts and handed out containers of water to thousands of hot and thirsty people, authorities said. The soldiers distributed more than 10,700 liters of drinking water in sachets were distributed, according to the website of the Presidency of the Republic of Argentina. In the capital city, physicians from the Naval Hospital and Central Military Hospital treated dozens of people for heatstroke, sunstroke, and dehydration. Seven of the eight people who died because of the heat wave expired in the province of Santiago del Estero, where temperatures reached 50 degrees Celsius (120 degrees Fahrenheit). Dead fish and a blow to the economy High temperatures depleted oxygen levels in the Ciudad Universitaria Ecological Reserve of Santa Fe, about 400 kilometers north of Buenos Aires, authorities said. Hundreds of fish died because they lacked oxygen, according to published reports. Most of the dead fish were catfish and shad. With tens of thousands of businesses lacking electricity for weeks, the heat wave also slowed economic activity in the capital city and the urban belt known as Gran Buenos Aires. The Federation of Chambers and Commerce of Argentina (Fedecamaras) estimated that the outages caused around 50,000 businesses in Buenos Aires to lose about US$76 million. The heat wave in Argentina was the longest on record since officials began taking meteorological measurements in 1906. The warmest December was in 1994, when meteorologists recorded an average temperature of 25 degrees Celsius (77 degrees Fahrenheit), according to SMN. The heat wave was caused by “the domain of high pressure in medium and upper levels of the atmosphere that prevent the advance of colder air masses from the south, the SMN explained. The heat wave reached at least 52 cities across the country. The provinces that recorded the highest temperatures included Buenos Aires, Córdoba, Santa Fe, Entre Ríos, La Pampa, Mendoza, Neuquén, and Río Negro. A quick response: security analyst Argentina’s security forces provided quick and efficient assistance to millions of civilians who were struggling to survive the heat wave, said Yadira Gálvez, a security analyst with the National Autonomous University of Mexico (UNAM). “The Armed Forces, National Police, and various security forces of Argentina responded quickly to assist the population affected by the heat wave after the weather emergency was decreed,” Gálvez, said. Argentina’s Armed Forces are trained responding to natural disasters and cooperating with civil authorities to assist the civilian population, Gálvez said. Security forces must remain vigilant Another heat wave could strike Argentina during the first part of 2014, according to Enzo Campetella, a meteorologist for Tiempo Patagónico, a website devoted to weather news. “The temperatures in the northern Patagonia region of Argentina, and in some parts of the central regions of la Araucanía and Bío Bío in Chile, may break historical records for the month of January,” Campetella said. By Dialogo January 22, 2014last_img read more

Florida TaxWatch Recommendations on Key Revision 7 Funding Issues

first_img F lorida TaxWatch Recommendations on Key Revision 7 Funding Issues Florida TaxWatch Recommendations on Key Revision 7 Funding Issues March 1, 2004 Regular Newslast_img

FDIC breach exposes bank customer data

first_img 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The FDIC detected and quickly moved to mitigate a breach of 44,000 customer records after an employee leaving the agency inadvertently downloaded the data to a removable media device Feb. 26.Within three days of the breach, an agency data loss prevention tool detected the download. The employee returned the device with the data the next day.The employee, who worked in the FDIC’s resolution and receivership group, signed an affidavit confirming she did not in any way use or share the information, which contained names, addresses and loan numbers of customers affected by bank closures. continue reading »last_img

5 reasons you’re in debt

first_img1. You justify your purchasesDon’t try to rationalize those unnecessary purchases. On some level, we are all guilty of this. Between “I deserve this” and “I need this,” we’re constantly making excuses for spending money. This doesn’t mean you can’t treat yourself, but do it affordably and make sure you budget for it.2. You refuse to address your debtThe first stage of grief is denial and dealing with debt can look very similar. Do not ignore your debt. As difficult as it is, you need to face your debt head on. Understand what you owe and create a plan of attack so you don’t have to experience the four remaining stages.3. You are an impulse spenderWith next day shipping and one-click shopping this has never been a more prevalent issue for consumers. These purchases are beyond even trying to justify, even if that Ewok dog costume is on sale and its adorable. That impulse is what is hurting your wallet. Try holding off on some purchases unless you’ve given them some thought. By all means that Ewok costume may be a need for you, but sometimes spending some time thinking about a purchase will help you remember that you don’t even own a dog.4. You assume you are going to make more laterA great example of this is taking on student loans. Most students don’t have a choice if they want to go to college, and are now graduating with debt upward of $40,000 in hopes that they can land a job that will pay them enough to pay it back. In other cases, people are making purchases because they think they will be up for a promotion or have a raise around the corner. Even if all of these things do come to fruition you will still be paying more in interest than you would if you’d just wait.5. You often dip into savings for expensesJ.P. Morgan has a famous quote where he said, “if you have to ask how much it is, you can’t afford it.” When you look at a price tag and immediately start thinking about how to move money around, take a step back. Once that money goes into your savings, it should disappear from your thoughts. The only time you should ever spend money from savings is when something happens that makes it necessary to use your emergency fund. 53SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Tyler Atwell Web: www.cuinsight.com Detailslast_img read more

Levittown Man Guilty In Landlord’s Attempted Murder

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A Levittown man was found guilty Thursday of trying to kill his landlord last year amid a fit of rage that led to a two-hour-long standoff with Nassau County police. Rohan Kahn faces a maximum sentence of 25 years in prison. The Nassau County jury found Kahn guilty of attempted murder, reckless endangerment, assault, and criminal possession of a weapon. Following the jury’s guilty verdict, acting Nassau County District Attorney Madeline Singas acknowledged the efforts of officers who were able to contain Kahn’s “outburst of outrageous violence,” according to a statement released by her office. Prosecutors said Kahn was home during the afternoon of Feb. 11, 2014, when he got into a heated argument with his then-51-year-old landlord. The spat turned violent with Kahn pulling the landlord inside the house and assaulting him. As the landlord tried to run away, Singas said, Kahn fired at least five shots from a rifle in the man’s direction, striking the victim’s car and causing shattered glass to injure his face. A 54-year-old woman was also injured by shattered glass when Kahn fired at her car as the landlord sought safety inside it, prosecutors said. The shooting caused officials to place the Island Trees School District on lockdown. When police arrived, Kahn barricaded himself inside his home, prosecutors said. Hostage negotiators arrived on the scene, as did Nassau police’s Bureau of Special Operations, the K-9 unit and aviation. Kahn surrendered two hours later. Kahn is scheduled to be sentenced on Sept. 4.last_img read more

Work has begun on the new Valamar Collection Marea Suites, which receives 5 * level facilities

first_imgValamar has started work on the new Valamar Collection Marea Suites 5 * hotel in the Borik area of ​​Poreč, which will welcome the 2019 season with 5 * level facilities. Valamar thus continues to develop the Borik zone through accommodation and the offer of more added value, and with this investment it plans to create 100 new jobs. The future Valamar Collection Marea Suites 5 * is designed for families with children and this investment will expand the offer of family vacations in Porec where guests will be able to enjoy V level services, luxury suites with sea views, more than 200 m2 attractive swimming pools, beaches, restaurants, sports facilities and Maro offer for children of all ages.Construction works have begun with the preparation of the construction site and the demolition of existing buildings, and part of the promenade along the beach will be fenced off from November 1, followed by construction and additional arrangement of the beach. Valamar points out that special care will be paid to arranging horticulture and planting new trees, plants and ornamental plants that are indigenous to the Istrian climate.The works have started according to plan, Valamar points out and emphasizes that they once again thank their fellow citizens for their understanding due to the limited access to this part of the promenade during the works during this autumn and winter. “Since 2017, HRK 4,6 million has already been invested in the beach in front of Valamar Pinia, in the arrangement of a sandy beach for families with small children, additional stairs to the sea, reconstruction of the protective embankment along the breakwater (schoolchildren), public lighting and showers, locker rooms , umbrellas, deck chairs and other equipment. Almost one million kuna was invested in Trattoria La Pentol in Borik, while 2,4 million kuna was invested in arranging the beach in front of the Pical hotel”They pointed out from Valamar. In 2019, Valamar Riviera continues with a strong investment cycle In 2019, Valamar Riviera continues with a strong investment cycle in the amount of HRK 752 million, which is a continuation of the company’s investment strategy in repositioning its portfolio towards high value-added offers and services.One of the major investments this year is certainly the repositioning of the current Istra Sunny Camping 2 * in Funtana in Poreč. This camp is entering the second phase of the investment to become a 5 * camping resort next season called Istra Premium Camping Resort and with the ambition to become one of the better camps in Europe.last_img read more