Strong Homebuyer Demand Fuels Robust Opening Sales of “The 2010 New Home Collection”

The Irvine Company announced that the grand opening of “The 2010 New Home Collection” resulted in an astounding 70 home sales — the largest number of new home sales on The Irvine Ranch since 2006. More than 10,000 visitors toured the highly anticipated 2010 New Home Collection – a series of 25 consumer-inspired floorplans by many of California’s most-respected homebuilders – located throughout eight neighborhoods in the acclaimed... 

The Melbourne Convention Centre earn a ‘6-Star, Green-Star’

In the highly competitive Business Events market, hundreds of cities around the world are vying to attract global attention and a larger slice of the meetings market. Melbourne, one of the World’s Most Livable Cities – according to The Economist – has found a way to not only be noticed, but to set a global benchmark. Responding to the international call for sustainability, the Australian city has opened the ‘greenest’ convention center in... 

Existing-Home Sales Soften on Economic Volatility

Existing-home sales declined on the heels of a strong gain in September as uncertainty and economic concerns increased in October, according to the National Association of Realtors®. Existing-home sales — including single-family, townhomes, condominiums and co-ops — fell 3.1 percent to a seasonally adjusted annual rate(1) of 4.98 million units in October from a downwardly revised pace of 5.14 million in September, and are 1.6 percent... 

K-State Economist’s Research Suggests Low-Income, Vulnerable Homeowners Need Support After Purchase to Avoid Foreclosure or Having to Sell Their Home

Programs that help low-income and minority individuals and families purchase a home may be doing more harm than good, according to a Kansas State University economist. When vulnerable homeowners don’t get support after they purchase a home — maybe one they really couldn’t afford in the first place — they’re more likely to return to renting, said Tracy Turner, K-State assistant professor of economics. She and Marc Smith,... 

Metrostudy: Housing Starts at the Local Level

The drop in national housing starts reported today by the U.S. Department of Commerce indicates that home production is down 65.7 percent from the recent peak. The latest research from Metrostudy, a national housing market research company, indicates significant differences in the trends across local markets. Metrostudy collects data on a much more detailed basis than the Commerce Department does, rolling up from a 100 percent count of activity in... 

Home Prices Rise in Some Metros, Buyers More Active in Other Areas

Four out of five metropolitan areas recorded lower home prices in the third quarter from a year earlier, while existing-home sales fell in 32 states from the second quarter, according to the latest quarterly survey by the National Association of Realtors®. In the third quarter, 28 out of 152 metropolitan statistical areas(1) showed increases in median existing single-family home prices from the same quarter in 2007; four were unchanged and 120 metros... 

EDR Data Indicates Commercial Real Estate Will Continue to Struggle

The commercial real estate industry is suffering continued declines in activity across the nation, according to Environmental Data Resources (EDR) trend data published today. EDR’s ScoreKeeper State of the Market Report reported a 17% decline in the number of environmental site assessments conducted across the U.S. in the third quarter of 2008 compared to the same period last year. Because Phase I environmental site assessments (ESAs) are a standard... 

Canadians confront housing market with caution and confidence

Residential mortgage consumers remain remarkably positive as they weather the financial storm, according to a report released today by the Canadian Association of Accredited Mortgage Professionals (CAAMP). Attitudes towards local conditions have shifted only slightly with 38 per cent of Canadians believing now is a good time to purchase and 32 per cent believing it is a bad time. Mortgage arrears remain low and steady at .28 per cent and an overwhelming... 

USC/UCLA Study Shows Sizeable Drop in Consumer Spending is Tied to Drop in Home Values

Research by noted real estate economists at both the University of Southern California Lusk Center for Real Estate and the University of California Los Angeles Ziman Center for Real Estate suggests sizeable risks to the U.S. economy from decreased consumer spending caused by a retrenchment in house values. The three-year study, to be published in Regional Science and Urban Economics early next year, closely analyzed the spending habits of homeowners... 

Home Foreclosure – What Will It Do to Your Tax Bill?

In a July 8, 2008 speech on the U.S. housing market, Treasury Secretary Henry M. Paulson, Jr. reported that 1.5 million foreclosures were started in 2007, and some economists estimate that about 2.5 million foreclosures will be started in 2008. By comparison, there were only 800,000 foreclosures in 2004. Those who happen to be among the unlucky ones, are living in a world of hurt and don’t need to be facing giant tax bills on top of losing...