Canada – Home price gains cooling but still hit record

September 14, 2012

Canadian home prices rose to another record high in July but moderating gains provided more evidence that the real estate market is cooling, according to a national benchmark index.

The Teranet-National Bank home price index showed that overall prices rose by 0.7 per cent last month — cooling from the 1.0 per cent monthly gains seen in each of the previous two months.

The index hit a new high for the third consecutive month.

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US – Top 10 States and Large Metro Job Growth Rank

September 14, 2012

Here are the top 10 large metro areas for non-farm job growth from July 2011 to July 2012:

  1. San Francisco – up 3.5 percent
  2. Houston – up 3.2 percent
  3. Denver – up 3 percent
  4. Phoenix – up 2.9 percent
  5. Seattle – up 2.9 percent
  6. San Diego – up 2.9 percent
  7. Cincinnati – up 2.8 percent
  8. Riverside, Calif. – up 2.3 percent
  9. Portland, Ore. – up 2.2 percent
  10. Boston – up 2.2 percent

Here are the top 10 states for nonfarm job growth from July 2011 to July 2012:

  1. North Dakota – up 6.9 percent
  2. California – up 2.6 percent
  3. Oklahoma – up 2.5 percent
  4. Arizona – up 2.4 percent
  5. Indiana – up 2.2 percent
  6. Minnesota – up 2.1 percent
  7. Texas – up 2.1 percent
  8. Louisiana – up 2.1 percent
  9. Kentucky – up 2.1 percent
  10. Utah – up 2 percent

Research professor Lee McPheters of ASU’s W.P. Carey School of Business analyzed data from the U.S. Bureau of Labor Statistics for the report. McPheters noted that Houston’s health care job growth of 6.5 percent over the year was a major driver for the city’s overall growth.

Houston remains a leader in job growth led by health care hiring, new research from Arizona State University shows.  Meanwhile, Texas’ job growth rate was 2.1 percent, ranking it No. 7. Only 12 states had job growth at or above 2 percent.

Nationally, the job growth rate was 1.4 percent, translating to an addition of 1.83 million jobs.

Source: Business Journal

US – Top Job Growth Cities – San Fransico, Houston, Denver and San Diego

September 14, 2012

The study by W.P. Carey School of Business at Arizona State University is based on the latest figures from the U.S. Bureau of Labor Statistics and ranks America’s Finest Cities for non-agricultural job growth from the period between July 2011 to July 2012.

The top city on the list is San Francisco with a 3.5 percent growth, followed by Houston and Denver. The study says San Diego’s job growth is up 2.9 percent. San Diego earned the fourth spot on the list in a three-way tie with Seattle and Phoenix, also up 2.9 percent.

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Vancouver Price Remain High while Home Sales Slow

September 14, 2012

“We’ve seen a slowdown in the market in terms of the number of transactions, but there’s relative price stability,” Real Estate Board of Greater Vancouver president Eugen Klein said.  Detached housing prices were relatively flat in August compared with a year ago, while the condo market has declined by one per cent, and townhomes down almost two per cent.

“You’re starting to see very slight changes in price. Three months ago we were at an 18- to 19-per-cent sales-to-listing ratio, now we’re at nine. You would tend to expect that prices would fluctuate more, but we’re not seeing that in the marketplace,” Klein said.

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US – Most Expensive and Cheapest Cities to Live in

September 14, 2012

Least Expensive

1. Harlingen, Texas
2. Wichita Falls, Texas
3. McAllen, Texas
4. Muskogee, Okla.
5. Norman, Okla.
6. Fayetteville, Ark.
7. Memphis, Tenn.
8. Ardmore, Okla.
9. Springfield, Ill.
10. San Marcos, Texas
Most Expensive

1. Manhattan, N.Y.
2. Brooklyn, N.Y.
3. Honolulu, Hawaii
4. San Francisco, Calif.
5. San Jose, Calif.
6. Queens, N.Y.
7. Stamford, Conn.
8. Washington, D.C.
9. Framingham-Natick, Mass.
10. Orange County, Calif.

While everything may be bigger in Texas, that doesn’t mean it has to be more expensive. According to Community of Economic Research’s recent Cost of Living Index survey, if you are looking to live on the cheap, look to the Midwest. The survey shows that the cheapest and most expensive cities to live in, based on factors such as housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services, are very regionally specific. If you want to be close to the coast, you’ll have to pay for it. Here are the cheapest, and most expensive areas to live in:

Source: MFE

US – Phoenix-Mesa Gateway more rapid job growth than rest of the country

September 14, 2012

PHOENIX –  Jobs may be coming to the Mesa-Phoenix-Scottsdale area in the next three months at a rate faster than the rest of the country, according to a survey of companies by ManpowerGroup.

The companies that said they plan to hire cross several sectors, he said, from business to financial to health care.  Mesa Mayor Scott Smith said the report is “not surprising” given that the Valley “got hit from the housing bust and the economic bust after that.”

The mayor pointed to the growth around Phoenix-Mesa Gateway Airport, as well as the four colleges and universities opening in downtown Mesa. Able Engineering will bring 400 jobs to the Gateway area next year. Crescent Crown Distributing opened in Mesa this year with plans for several hundred jobs.  Mitel, a global communications network company, will bring 300 jobs to the Riverview area when it opens a few months from now, Mesa City Manager Chris Brady said.

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US – Houston’s job growth driving rental rates

September 14, 2012

Houston’s residential rents increased 11.2 percent year-over-year, the largest increase of any other major metro in the United States, which likely was due to the city’s rapid job growth.

John Fenoglio, executive vice president at CBRE Group Inc. Houston office said job expansion and the fact people are holding off buying homes recently have both greatly affected rental demand.

“Job growth is truly the key,” Fenoglio said.

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US – Unemployment down to 8.1%, but jobs number disappoints

September 14, 2012

The financial markets end the week on mildly optimistic news with the unemployment rate edging down to 8.1% and the nation adding 96,000 jobs in August, the Labor Department said Friday.

Capital Economics called the jobs gain lackluster. “The modest 96,000 increase in US non-farm payrolls in August only increases the probability that the Fed will launch QE3 next week and it isn’t going to help President Obama’s re-election chances either,” said chief U.S. economist Paul Ashworth.

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US – Home prices up 4% in 2012 (LPS reports)

September 14, 2012

Home prices increased 4% from the start of the year but remained little changed from one year ago, according to Lender Processing Services data.

The average national home value was $203,000 in June, up 0.7% from the previous month and less than a percentage point from the same month one year prior.  Prices remain 23.5% below the peak of the housing market in 2006, but are nearly level with pre-bubble values measured in 2003, according to past LPS data.

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US – Residential Homes Selling Faster (NAR)

September 14, 2012

NAR’s new measure reveals a longer selling time than historic findings, which measured only nondistressed homes so comparing the new numbers to past years isn’t a true comparison. NAR now figures in short sales, which generally take three months or longer to sell. 

Factoring out short sales, the median time on market for traditional sellers is about six to seven weeks, NAR said. That compares to 10 weeks in 2009, considered the peak list time for nondistressed buyers since the economic downturn. The median price fell 12.9% that year, which was the biggest annual decline on record.

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