This document summarizes a presentation by Lawrence Yun, Chief Economist of the National Association of Realtors, on the housing market and economic outlook. It includes charts and data on existing home sales, mortgage rates, housing starts, home prices, jobs, unemployment and other economic indicators. The presentation analyzes improving and worsening factors for the housing market and concludes that while the economic recovery is continuing, growth is slower than desired.
Housing and Economic Outlook: Residential Forum, NAR Midyear MeetingNar Res
The document summarizes Lawrence Yun's presentation on the housing and economic outlook at a midyear meeting on May 17, 2012. It includes the following key points:
1. Existing home sales have been flat for the past 4 years between 4-5 million units annually. Second home and investment property sales have recovered while owner-occupied sales are falling.
2. Pending home sales contracts point to the strongest second quarter for home sales in 5 years, driven by high affordability, job growth, and rising stock and rental markets satisfying pent-up household formation.
3. Improving factors for higher home sales in 2012 include high affordability levels, stock market recovery, rising rents, and demand from young adults
Real Estate and Economic Outlook, by Dr. Lawrence YunNar Res
This document summarizes a presentation by Lawrence Yun, Chief Economist at the National Association of Realtors, on the real estate and economic outlook.
The key points are:
1. Existing home sales are recovering at the best pace in 5 years but are only up 8% year-to-date.
2. Factors slowing the housing recovery include the lingering effects of the credit bubble and declining mobility rates.
3. Inventory remains very low while investors and frustrated homebuyers remain active in the market.
4. Several local housing statistics for New Orleans are presented showing year-over-year improvements.
5. Various charts and data are presented on housing starts,
Commercial Real Estate and Economic OutlookNar Res
This document discusses the current state of the U.S. economy and commercial real estate market based on a presentation given by Lawrence Yun of the National Association of Realtors. Some key points made are:
- The U.S. economy has now seen 11 straight quarters of GDP growth and has added over 4 million jobs since the recession, though consumer confidence remains subpar.
- Commercial real estate investment and construction have remained tepid compared to previous recoveries, with construction put in place well below pre-recession levels.
- Overall the recovery has been supported by rising personal income, consumer spending, and stock market gains, but government spending has declined from stimulus programs.
- The housing market has improved significantly since 2011 due to high affordability, job growth, and low interest rates. Existing home sales are projected to increase in 2012 and 2013.
- Housing inventory remains tight, supporting further home price increases. However, foreclosures could increase in judicial states with slow housing processes.
- Multifamily construction has increased while single-family starts are still recovering from the housing bust. Overall construction is expected to rise to meet demand.
The document summarizes the state of the US real estate market and economy in 2012. It finds that:
1) Existing home sales have been flat for 4 years since the housing crash but are starting to recover.
2) Homeownership rates are at a 15-year low but have stabilized.
3) Pending home sales and first quarter sales in 2012 were the strongest in 5 years, pointing to a strong housing market recovery.
4) Several factors like job growth, rising stock markets, and improved affordability will support higher home sales in 2012.
- Inflation is expected to rise to 4-6% by 2015, above the Fed's target rate of 2%, due to rising rents and homeowner costs. However, inflation will likely not reach double digits as in the 1970s.
- Home prices are forecast to increase by 15% cumulatively over the next three years as demand increases and supply remains tight.
- The federal budget deficit will contribute to higher borrowing costs and potentially higher inflation if not addressed.
BRAR-The Economy and Housing Market - Nov 3kfisher181
The document discusses recent economic performance and outlooks for the U.S. economy, including trends in GDP, employment, manufacturing and housing from 2007-2014. It analyzes indicators such as initial jobless claims, unemployment rates, consumer prices and leading economic indices. Overall, the data shows the economy recovering from the recent recession but growth remaining modest with unemployment still elevated.
Housing and Economic Outlook: Residential Forum, NAR Midyear MeetingNar Res
The document summarizes Lawrence Yun's presentation on the housing and economic outlook at a midyear meeting on May 17, 2012. It includes the following key points:
1. Existing home sales have been flat for the past 4 years between 4-5 million units annually. Second home and investment property sales have recovered while owner-occupied sales are falling.
2. Pending home sales contracts point to the strongest second quarter for home sales in 5 years, driven by high affordability, job growth, and rising stock and rental markets satisfying pent-up household formation.
3. Improving factors for higher home sales in 2012 include high affordability levels, stock market recovery, rising rents, and demand from young adults
Real Estate and Economic Outlook, by Dr. Lawrence YunNar Res
This document summarizes a presentation by Lawrence Yun, Chief Economist at the National Association of Realtors, on the real estate and economic outlook.
The key points are:
1. Existing home sales are recovering at the best pace in 5 years but are only up 8% year-to-date.
2. Factors slowing the housing recovery include the lingering effects of the credit bubble and declining mobility rates.
3. Inventory remains very low while investors and frustrated homebuyers remain active in the market.
4. Several local housing statistics for New Orleans are presented showing year-over-year improvements.
5. Various charts and data are presented on housing starts,
Commercial Real Estate and Economic OutlookNar Res
This document discusses the current state of the U.S. economy and commercial real estate market based on a presentation given by Lawrence Yun of the National Association of Realtors. Some key points made are:
- The U.S. economy has now seen 11 straight quarters of GDP growth and has added over 4 million jobs since the recession, though consumer confidence remains subpar.
- Commercial real estate investment and construction have remained tepid compared to previous recoveries, with construction put in place well below pre-recession levels.
- Overall the recovery has been supported by rising personal income, consumer spending, and stock market gains, but government spending has declined from stimulus programs.
- The housing market has improved significantly since 2011 due to high affordability, job growth, and low interest rates. Existing home sales are projected to increase in 2012 and 2013.
- Housing inventory remains tight, supporting further home price increases. However, foreclosures could increase in judicial states with slow housing processes.
- Multifamily construction has increased while single-family starts are still recovering from the housing bust. Overall construction is expected to rise to meet demand.
The document summarizes the state of the US real estate market and economy in 2012. It finds that:
1) Existing home sales have been flat for 4 years since the housing crash but are starting to recover.
2) Homeownership rates are at a 15-year low but have stabilized.
3) Pending home sales and first quarter sales in 2012 were the strongest in 5 years, pointing to a strong housing market recovery.
4) Several factors like job growth, rising stock markets, and improved affordability will support higher home sales in 2012.
- Inflation is expected to rise to 4-6% by 2015, above the Fed's target rate of 2%, due to rising rents and homeowner costs. However, inflation will likely not reach double digits as in the 1970s.
- Home prices are forecast to increase by 15% cumulatively over the next three years as demand increases and supply remains tight.
- The federal budget deficit will contribute to higher borrowing costs and potentially higher inflation if not addressed.
BRAR-The Economy and Housing Market - Nov 3kfisher181
The document discusses recent economic performance and outlooks for the U.S. economy, including trends in GDP, employment, manufacturing and housing from 2007-2014. It analyzes indicators such as initial jobless claims, unemployment rates, consumer prices and leading economic indices. Overall, the data shows the economy recovering from the recent recession but growth remaining modest with unemployment still elevated.
Residential Economic Issues and Trends Forum: November 2014Nar Res
This document contains a presentation by Lawrence Yun, Chief Economist at the National Association of REALTORS, on real estate trends and the outlook for the housing market. It includes various charts and data on topics like home sales, prices, construction, mortgage rates, household formation, the homeownership rate, and the economic recovery. The presentation finds that while the housing market has improved in recent years, a full recovery will require stronger job and income growth to help boost homebuyer demand and housing affordability, especially for first-time buyers and younger generations.
This document provides an overview and forecast of the 2012 California housing market from the Chief Economist at Leslie Appleton-Young. It summarizes that the US and California economies faced challenges in 2011 including oil price spikes, sovereign debt crisis, and political changes that contributed to stock market volatility and consumer spending weakness. Unemployment remains high in California and the US. Job growth was flat in August and California job growth is faltering, with the largest job losses in construction and financial activities. The forecast anticipates continued challenges for the 2012 California housing market.
International economics relations and thailand economic strategy updated 18...ชำนิ รักษายศ
The document discusses several topics related to globalization and international trade including:
1) It outlines key factors driving globalization such as advances in technology and policies promoting trade liberalization and integration.
2) Trade growth has contributed to rising living standards as measured by increases in per capita GDP over time.
3) Countries experience gains from trade through improved productivity, technology transfers, and economies of scale, while foreign direct investment benefits both home and host countries.
The annual real estate report for 2012 shows that the real estate market recovery is gaining momentum nationally and locally after bottoming out in 2010-2011. The Allen Tate Company led home sales and listings in the Charlotte region in 2012, with a 10% increase in closed sales over competitors. Looking ahead, new construction is expected to double in 2013, and interest rates are projected to gradually rise as the economy improves.
CAR Chief Economist Leslie Appleton Young provides an economic update to the Murrieta Temecula Group and the Southwest Riverside County Association of Realtors
The document summarizes home price data from various sources for December 2011. It finds that monthly home price declines in October were small except for non-distressed existing homes which saw small gains. Year-over-year declines were also small across measures. Distressed sales made up around 30% of existing home sales. Low inventories, declining delinquency rates, and stable buyer traffic should support prices going forward despite challenges from client pricing expectations. Affordability remains high and improving employment could boost home sales and prices in 2012.
Home prices showed a slight decline in January according to most measures, with the exception of CoreLogic's distressed-excluded measure which increased slightly. Early February data showed year-over-year price increases for the first time since November 2010 according to existing home sales. Distressed sales, which hold back price increases, comprised 34% of sales in a recent survey, down from nearly 40% a year ago. Low inventories, declining delinquency rates, and strong demand are expected to continue supporting home prices.
Home prices rose slightly in November according to some measures but declined according to others. Distressed home sales made up 32% of total sales in November, down from 40% a year ago. Most forecasts predict stable or increasing home prices in coming months, supported by low inventories and affordable prices, though limited new construction could constrain buyer options.
Ronan Lyons, EU Conference Galway March 2012 - Ireland's property market, pas...Ronan Lyons
Presentation outlining the past, present and future of Ireland's property market, including an analysis of the Irish real estate bubble and how far prices must fall from the peak.
The document summarizes Cabot Money Management's annual investment conference and luncheon. It includes presentations on Cabot's performance in 2012 by asset class, country, and sector. It also discusses trends in the US and global stock and bond markets over recent years. Additional sections provide summaries of Cabot's strategies and outlook, as well as an overview of the company's operations and initiatives.
The document summarizes recent U.S. economic and real estate trends and outlook based on a presentation given on October 27, 2011. It finds that while the job market and GDP growth are improving year-over-year, unemployment has likely peaked but under-employment will remain elevated through the end of the year. Additionally, it notes that uncertainty is keeping businesses from hiring more aggressively despite private sector job growth, and that without action in Washington D.C. the odds of a double-dip recession are shortening.
The summary provides an overview of the key points from the Greensboro Housing Report for Q1 2010:
1) Existing home sales in Greensboro totaled 677 in Q1 2010, down 1.6% from Q4 2009 but up 27.2% from Q1 2009, with the average home price at $170,447, down 2.3% from last quarter.
2) Housing inventory increased 23.8% from last quarter and was up 10.3% from a year ago, resulting in a 5.9 months' supply of homes, well above the 3.3 months' supply in Q4 2009.
3) The neighborhoods with the most home sales were zip codes 27
This document provides an economic outlook and update from Bruce Yandle. It includes GDP growth forecasts for 2013-2014 from various forecasters ranging from 0.5-2.4%. Charts show historical data on retail sales, housing starts, auto sales, employment and other economic indicators. The document discusses regulatory costs and how incentives change when regulation becomes endogenous, with entrepreneurs focusing more on lobbying than innovation.
With all of the negative economic news you may not realize that the American economy continues to generate wealth and profits. The following slideshow takes a look at why this surplus is not being invested to stimulate demand or create jobs.
The Indian economy has grown significantly over the past few decades. Population has grown from 685 million in the 1980s to over 1 billion currently, while poverty levels have fallen from 44.5% to 25% in the latest figures. Economic liberalization began in 1991 and India has slowly integrated with global markets, with GDP growth averaging over 6.5% annually since the 1990s. Key challenges for India include reducing poverty further, accelerating economic reforms, and improving infrastructure.
The document discusses challenges facing efforts to reduce economic disparities between regions in England. It notes that while the goal is to narrow gaps in growth rates, economic performance has always varied between cities and little progress has been made. Barriers include a lack of consensus around the role of core cities, artificial administrative boundaries, and departments prioritizing different approaches. Resolving tensions between priorities of growth places versus places in need remains difficult politically.
Objective Capital's Americas' Resources Investment Congress 2011
Ironmongers' Hall, City of London
1 February 2011
Speaker: Chris Watling, Longview Economics
The document provides information on listing requirements and the market for initial public offerings (IPOs) on the Singapore Exchange (SGX). It notes that the SGX has 458 listed companies from over 20 countries. Manufacturing makes up 38% of listed companies, followed by commerce at 14%. Foreign listings on the SGX have been increasing, including from Hong Kong, the Philippines, and the US. The SGX provides an Asian market for companies to list with flexible rules on accounting standards, currency, and domicile. It also details measures taken to increase participation such as links to other exchanges and reducing brokerage rates.
Lecture 4 - Macroeconomic analysis of technological changeUNU.MERIT
This document discusses macroeconomic analysis of technological change and its impact on production functions and employment. It covers several key topics:
1) Characteristics of production functions including returns to scale, decreasing marginal returns, and how technology may influence assumptions about these characteristics.
2) Different forms of production functions including Cobb-Douglas and CES functions, and how they model substitutability and elasticity of substitution between factors.
3) How technological change can be labor-saving, capital-saving, or neutral and influence the bias of technological progress over time.
4) Endogenous technological change models and the relationship between R&D investment, productivity growth, and economic growth.
5) De
Dr. Lawrence Yun, chief economist and senior vice president of research for the National Association of REALTORS presentation at the Charleston Trident Association of REALTORS 2012 Midyear Residential Real Estate Market Update. Dr. Yun shares national and local (Charleston, SC) data recapping market activity through July 2012 and offers a forecast for the remainder of 2012 and beyond.
Slide oresentation by National Association of REALTORS Chief Economist Dr. Lawrence Yun to members and friends of the St. Charles County Association of REALTORS
Residential Economic Issues and Trends Forum: November 2014Nar Res
This document contains a presentation by Lawrence Yun, Chief Economist at the National Association of REALTORS, on real estate trends and the outlook for the housing market. It includes various charts and data on topics like home sales, prices, construction, mortgage rates, household formation, the homeownership rate, and the economic recovery. The presentation finds that while the housing market has improved in recent years, a full recovery will require stronger job and income growth to help boost homebuyer demand and housing affordability, especially for first-time buyers and younger generations.
This document provides an overview and forecast of the 2012 California housing market from the Chief Economist at Leslie Appleton-Young. It summarizes that the US and California economies faced challenges in 2011 including oil price spikes, sovereign debt crisis, and political changes that contributed to stock market volatility and consumer spending weakness. Unemployment remains high in California and the US. Job growth was flat in August and California job growth is faltering, with the largest job losses in construction and financial activities. The forecast anticipates continued challenges for the 2012 California housing market.
International economics relations and thailand economic strategy updated 18...ชำนิ รักษายศ
The document discusses several topics related to globalization and international trade including:
1) It outlines key factors driving globalization such as advances in technology and policies promoting trade liberalization and integration.
2) Trade growth has contributed to rising living standards as measured by increases in per capita GDP over time.
3) Countries experience gains from trade through improved productivity, technology transfers, and economies of scale, while foreign direct investment benefits both home and host countries.
The annual real estate report for 2012 shows that the real estate market recovery is gaining momentum nationally and locally after bottoming out in 2010-2011. The Allen Tate Company led home sales and listings in the Charlotte region in 2012, with a 10% increase in closed sales over competitors. Looking ahead, new construction is expected to double in 2013, and interest rates are projected to gradually rise as the economy improves.
CAR Chief Economist Leslie Appleton Young provides an economic update to the Murrieta Temecula Group and the Southwest Riverside County Association of Realtors
The document summarizes home price data from various sources for December 2011. It finds that monthly home price declines in October were small except for non-distressed existing homes which saw small gains. Year-over-year declines were also small across measures. Distressed sales made up around 30% of existing home sales. Low inventories, declining delinquency rates, and stable buyer traffic should support prices going forward despite challenges from client pricing expectations. Affordability remains high and improving employment could boost home sales and prices in 2012.
Home prices showed a slight decline in January according to most measures, with the exception of CoreLogic's distressed-excluded measure which increased slightly. Early February data showed year-over-year price increases for the first time since November 2010 according to existing home sales. Distressed sales, which hold back price increases, comprised 34% of sales in a recent survey, down from nearly 40% a year ago. Low inventories, declining delinquency rates, and strong demand are expected to continue supporting home prices.
Home prices rose slightly in November according to some measures but declined according to others. Distressed home sales made up 32% of total sales in November, down from 40% a year ago. Most forecasts predict stable or increasing home prices in coming months, supported by low inventories and affordable prices, though limited new construction could constrain buyer options.
Ronan Lyons, EU Conference Galway March 2012 - Ireland's property market, pas...Ronan Lyons
Presentation outlining the past, present and future of Ireland's property market, including an analysis of the Irish real estate bubble and how far prices must fall from the peak.
The document summarizes Cabot Money Management's annual investment conference and luncheon. It includes presentations on Cabot's performance in 2012 by asset class, country, and sector. It also discusses trends in the US and global stock and bond markets over recent years. Additional sections provide summaries of Cabot's strategies and outlook, as well as an overview of the company's operations and initiatives.
The document summarizes recent U.S. economic and real estate trends and outlook based on a presentation given on October 27, 2011. It finds that while the job market and GDP growth are improving year-over-year, unemployment has likely peaked but under-employment will remain elevated through the end of the year. Additionally, it notes that uncertainty is keeping businesses from hiring more aggressively despite private sector job growth, and that without action in Washington D.C. the odds of a double-dip recession are shortening.
The summary provides an overview of the key points from the Greensboro Housing Report for Q1 2010:
1) Existing home sales in Greensboro totaled 677 in Q1 2010, down 1.6% from Q4 2009 but up 27.2% from Q1 2009, with the average home price at $170,447, down 2.3% from last quarter.
2) Housing inventory increased 23.8% from last quarter and was up 10.3% from a year ago, resulting in a 5.9 months' supply of homes, well above the 3.3 months' supply in Q4 2009.
3) The neighborhoods with the most home sales were zip codes 27
This document provides an economic outlook and update from Bruce Yandle. It includes GDP growth forecasts for 2013-2014 from various forecasters ranging from 0.5-2.4%. Charts show historical data on retail sales, housing starts, auto sales, employment and other economic indicators. The document discusses regulatory costs and how incentives change when regulation becomes endogenous, with entrepreneurs focusing more on lobbying than innovation.
With all of the negative economic news you may not realize that the American economy continues to generate wealth and profits. The following slideshow takes a look at why this surplus is not being invested to stimulate demand or create jobs.
The Indian economy has grown significantly over the past few decades. Population has grown from 685 million in the 1980s to over 1 billion currently, while poverty levels have fallen from 44.5% to 25% in the latest figures. Economic liberalization began in 1991 and India has slowly integrated with global markets, with GDP growth averaging over 6.5% annually since the 1990s. Key challenges for India include reducing poverty further, accelerating economic reforms, and improving infrastructure.
The document discusses challenges facing efforts to reduce economic disparities between regions in England. It notes that while the goal is to narrow gaps in growth rates, economic performance has always varied between cities and little progress has been made. Barriers include a lack of consensus around the role of core cities, artificial administrative boundaries, and departments prioritizing different approaches. Resolving tensions between priorities of growth places versus places in need remains difficult politically.
Objective Capital's Americas' Resources Investment Congress 2011
Ironmongers' Hall, City of London
1 February 2011
Speaker: Chris Watling, Longview Economics
The document provides information on listing requirements and the market for initial public offerings (IPOs) on the Singapore Exchange (SGX). It notes that the SGX has 458 listed companies from over 20 countries. Manufacturing makes up 38% of listed companies, followed by commerce at 14%. Foreign listings on the SGX have been increasing, including from Hong Kong, the Philippines, and the US. The SGX provides an Asian market for companies to list with flexible rules on accounting standards, currency, and domicile. It also details measures taken to increase participation such as links to other exchanges and reducing brokerage rates.
Lecture 4 - Macroeconomic analysis of technological changeUNU.MERIT
This document discusses macroeconomic analysis of technological change and its impact on production functions and employment. It covers several key topics:
1) Characteristics of production functions including returns to scale, decreasing marginal returns, and how technology may influence assumptions about these characteristics.
2) Different forms of production functions including Cobb-Douglas and CES functions, and how they model substitutability and elasticity of substitution between factors.
3) How technological change can be labor-saving, capital-saving, or neutral and influence the bias of technological progress over time.
4) Endogenous technological change models and the relationship between R&D investment, productivity growth, and economic growth.
5) De
Dr. Lawrence Yun, chief economist and senior vice president of research for the National Association of REALTORS presentation at the Charleston Trident Association of REALTORS 2012 Midyear Residential Real Estate Market Update. Dr. Yun shares national and local (Charleston, SC) data recapping market activity through July 2012 and offers a forecast for the remainder of 2012 and beyond.
Slide oresentation by National Association of REALTORS Chief Economist Dr. Lawrence Yun to members and friends of the St. Charles County Association of REALTORS
The document provides an economic outlook and real estate market analysis from Lawrence Yun, Chief Economist at the National Association of REALTORS. It summarizes housing market trends showing increases in home sales, prices, and construction over the past two years in the US overall and specifically in St. Louis and St. Charles counties. It also discusses factors that could impact the housing recovery in 2014 such as rising mortgage rates, tight inventory, and policy changes.
Commercial Real Estate and Economic OutlookNar Res
The document summarizes trends in the US commercial real estate market. It shows that while sales of large, expensive properties are slowly recovering, apartment investment has seen a fast comeback. Office and retail property investment are also increasing gradually. Commercial property prices have been rising overall with apartments gaining the strongest. Vacancy rates are falling across major property types and rents are rising, with apartment rents increasing the most. The economy is expected to continue modest growth, supporting further recovery in the commercial real estate market.
- Inflation is expected to rise to 4-6% by 2015, above the Fed's target rate of 2%, due to higher rents, wages, and government spending contributing to rising prices.
- Home prices are forecasted to increase 5-7% in 2013 with cumulative growth of 15% over the next 3 years, supported by increasing demand and decreasing supply.
- The federal budget deficit is large and continuing, which will require higher borrowing costs and could further fuel inflation if not addressed.
- Lawrence Yun, Chief Economist for the National Association of Realtors, presented on the recovery of the housing market to normalcy.
- Consumer confidence had reached awful lows but was improving, though unemployment remained high. Housing starts, sales and prices were stabilizing after the crisis and bust.
- Inventories remained high but were decreasing as demand increased. Distressed loans were declining. The credit bubble that caused the crisis was now dead.
- Economists expected a gradual increase in home prices over the next few years as the market recovered further toward normal levels and demand continued to outpace shrinking supply.
Dr. Lawrence Yun - Real Estate Outlook - Global 2018Paul Costello
The document summarizes the outlook for the US real estate market according to Lawrence Yun, Chief Economist at the National Association of REALTORS. It notes that while the domestic economy remains strong with job and wage growth, the housing market is slowing due to low inventory, weakening affordability, and diminished optimism among buyers and sellers. It also discusses trends in home prices, sales, construction, and mortgage rates, as well as the outlook for commercial real estate.
Economic and Real Estate Market Update from National Association of REALTORSBrian Block
Lawrence Yun, Chief Economist for the National Association of REALTORS gave this presentation at the REALTORS Mid-Year Meeting in Washington D.C. It provides and outlook for the economy and the real estate market.
The document provides an economic and housing market outlook presentation by Lawrence Yun, Chief Economist for the National Association of Realtors. It summarizes recent trends in pending home sales, first-time buyers, distressed home sales, and home prices. It then discusses the impact of the homebuyer tax credit and forecasts job growth, household formation, and mortgage rates will impact the housing market recovery in 2010. Risks to the recovery include a future housing shortage and lingering effects of past lending mistakes.
Dr Yun, NAR's cheif economist was in town last week and gave an excellent presentation about the Albuquerque real estate market and how it compared to other markets and the nation. See his slideshow here
The presentation explains how the food and global financial crises impacted Pakistan's socio-economy. A detailed impact assessment is followed by the policy response taken in the various spheres of the economy.
Lawrence yun dbor power point presentation oct 27 2016Dottie Herman
The document is a presentation by Lawrence Yun, Chief Economist at the National Association of REALTORS, given in Darien, CT on October 27, 2016. It includes an economic and real estate outlook with numerous charts and graphs showing trends over time related to topics such as lifetime wealth, GDP, unemployment, home prices, home sales, and more on both national and state/local levels. The presentation analyzes economic and housing market conditions and trends.
Economic and Housing Market Trends and OutlookNar Res
This document summarizes an economic and housing market presentation given by Lawrence Yun, Chief Economist of the National Association of Realtors, and Mike McGrew, 2014 NAR Treasurer. It includes graphs and charts showing trends in home sales, prices, inventory levels, mortgage rates, unemployment, and other economic indicators. The presentation forecasts modest economic growth in coming years, with home prices expected to rise 6-11% annually through 2014, supporting a continued multiyear housing market recovery.
The document provides an overview of trends in the US economy as depicted in various charts and graphs. It shows that the US economy is experiencing stable GDP growth, normalization of interest rates, growth in housing and mortgage lending, stable core inflation, expanding employment, and ongoing correction in the oil industry. Various charts track metrics like GDP growth, corporate profits, interest rates, housing starts, consumer debt levels, inflation rates, and industrial production over time.
Economic and Real Estate Outlook Silicon Valley (October 2015)Susan Rits
Insights from yesterday's presentation at Silicon Valley Association of REALTORS® by Lawrence Yun, Ph.D., National Association of Realtors Chief Economist.
Residential Economic Issues & Trends Forum 2013Nar Res
This document summarizes Lawrence Yun's presentation at the 2013 NAR Annual Conference on the housing market and economic outlook. Yun discusses recent trends in existing home sales, median home prices, household income, housing affordability, mortgage rates, refinances, all-cash buyers, housing inventory levels, and forecasts that:
1) Home prices will continue rising 15% cumulatively over the next 3 years, though the rate of growth depends on increases in housing starts.
2) Inflation will rise to 4-6% by 2015, higher than the Fed's 2% target rate.
3) Mortgage rates will rise to 5% in the next year, further impacting affordability.
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
At Geomatrix, we Pride Ourselves on our Commitment to Superior Craftsmanship and client satisfaction. Our team Consists of Highly Qualified specialists including Architects, Engineers, project Managers, and skilled labourers who work seamlessly together to achieve ourclients' Objectives. Geomatrix is recognized as the Best Construction Company in Haldwani, Dedicated to bringing visions to life with unparalleled Expertise and Professionalism.
For more information visit:
https://geomatrix.co.in/
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
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The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
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KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
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If you're Planning to Build a House in Haldwani, Understanding the House Construction Cost in Haldwani is crucial. It's important to grasp the direct and indirect cost factors entailed in the Construction process before Initiating any work. This Understanding is pivotal for Efficient Budget allocation, allowing you to plan your finances more Effectively. Construction expenses can vary Significantly, Influenced by Diverse Elements such as site Location, raw material prices, Labour charges, and various other variables. Here at Geomatrix, we pride Ourselves on offering competitive rates for house construction in Haldwani, ensuring affordability without Compromising on quality and providing the best options within your budget. For a precise evaluation of the cost involved in constructing your dream home, consult our team of architects and construction experts.
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1. Housing Market and
Economic Outlook
Lawrence Yun, Ph.D.
Chief Economist
NATIONAL ASSOCIATION OF REALTORS®
Presentation at Charlotte Regional REALTOR® Association
Charlotte, NC
November 1, 2011
6. Consumer Confidence in the Tanks
160
140
120
100
80
60
40
20
0
2000 - 2001 - 2002 - 2003 - 2004 - 2005 - 2006 - 2007 - 2008 - 2009 - 2010 - 2011 -
Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan
8. 0
50
100
150
200
250
300
1990 - Jan
1991 - Jan
1992 - Jan
1993 - Jan
1994 - Jan
1995 - Jan
1996 - Jan
1997 - Jan
1998 - Jan
1999 - Jan
2000 - Jan
2001 - Jan
2002 - Jan
2003 - Jan
2004 - Jan
2005 - Jan
2006 - Jan
2007 - Jan
2008 - Jan
2009 - Jan
2010 - Jan
Case-Shiller Index: Charlotte and Miami
2011 - Jan
9. Charlotte Region Activity
• September 2011 YTD … up 1.1%
• September 2010 YTD … up 4.0% (with tax credit)
• Inventory … down 20%
• Closed average price … down 6.5%
• Listed average price … up 5%
• Case-Shiller price index … bottomed ??? … up 2 out of the
past 3 months
Source: CRRA 10K reports
10. U.S. Housing Starts… Very Low and
much below Long-term Average
2500
Housing Starts in thousands
2000
Long-term Average;
1500 Long-term Requirement
1000
500
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
- Jan - Jan - Jan - Jan - Jan - Jan - Jan - Jan - Jan - Jan - Jan - Jan
11. 0
100
200
300
400
500
600
700
2000 - Feb
2000 - Aug
2001 - Feb
2001 - Aug
In thousands
2002 - Feb
2002 - Aug
2003 - Feb
2003 - Aug
2004 - Feb
2004 - Aug
2005 - Feb
2005 - Aug
2006 - Feb
2006 - Aug
(40 year lows)
2007 - Feb
2007 - Aug
2008 - Feb
2008 - Aug
2009 - Feb
2009 - Aug
Newly Built Home Inventory
2010 - Feb
2010 - Aug
2011 - Feb
2011 - Aug
13. Improving Factors for Higher Home Sales
• Improving Factors
– Job Creation (though slowly)
– Stock market recovery from 2008
– Rising rents and larger pool of qualified renters
– Buyers want distressed properties … at deep discounts
– International buyers cashing in on the weakened dollar
– Smart money chasing real estate
• Potential Huge Positive … Lending opens up
• Potential Huge Negative … Washington policy change
14. 124000
126000
128000
130000
132000
134000
136000
138000
140000
2000 - Jan
2000 - Jul
2001 - Jan In thousands
2001 - Jul
In thousands
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
(1.3 million in the past 12 months)
2008 - Jul
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
2011 - Jan
6.5 million
Total U.S. Payroll Jobs – Modest Recovery
2011 - Jul
below prior peak
15. 300
310
320
330
340
350
360
370
380
390
400
2000 - Jan
2000 - Jul
2001 - Jan In thousands
2001 - Jul
In thousands
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
2009 - Jan
North Dakota Jobs - Booming
2009 - Jul
2010 - Jan
2010 - Jul
2011 - Jan
16. 8500
9000
9500
10000
10500
11000
2000 - Jan
2000 - Jul
2001 - Jan In thousands
2001 - Jul
In thousands
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
Texas Payroll Jobs – Fully Recovered
2011 - Jan
17. 3500
3700
3900
4100
4300
4500
4700
4900
2000 - Jan
2000 - Jul
In thousands
2001 - Jan
In thousands
2001 - Jul
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
Michigan Payroll Jobs –
2009 - Jan
Ongoing Structural Changes
2009 - Jul
2010 - Jan
2010 - Jul
2011 - Jan
18. 3500
3600
3700
3800
3900
4000
4100
4200
4300
2000 - Jan
2000 - Jul
2001 - Jan
thousands
2001 - Jul
InInthousands
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
2009 - Jan
2009 - Jul
2010 - Jan
NC Jobs – Recovery Starting
2010 - Jul
2011 - Jan
2011 - Jul
19. 400
450
500
550
600
650
700
750
800
850
900
1990 - Jan
1991 - Jan
1992 - Jan In thousands
1993 - Jan
In thousands
1994 - Jan
1995 - Jan
1996 - Jan
1997 - Jan
1998 - Jan
1999 - Jan
2000 - Jan
2001 - Jan
2002 - Jan
2003 - Jan
2004 - Jan
2005 - Jan
2006 - Jan
2007 - Jan
2008 - Jan
2009 - Jan
2010 - Jan
Charlotte Long-Term Job Growth
2011 - Jan
20. 0
100
200
300
400
500
600
700
2000 - Jan
2000 - Jul
2001 - Jan In thousands
2001 - Jul
In thousands
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
Not Going under 400,000
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
Weekly Fresh Unemployment Claims …
2011 - Jan
2011 - Jul
23. 0
1
2
3
4
5
-1
6 %
2000 - Jan
2000 - Jul
2001 - Jan
2001 - Jul
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
(3-month moving avg., annualized rate)
CPI Apartment Rent
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
2011 - Jan
2011 - Jul
24. Home Price vs Rent
(index = 100 in 1980)
rent price
450.0
400.0
350.0
300.0
250.0
200.0
150.0
100.0
50.0
0.0
1980 - 1984 - 1988 - 1992 - 1996 - 2000 - 2004 - 2008 -
Jan Jan Jan Jan Jan Jan Jan Jan
25. Serious Delinquent Mortgages …
Mostly those who took out loans in bubble years
(90+ days late or in foreclosure process)
12.0 In millions
10.0
8.0
6.0
4.0
2.0
0.0
2000 - Q1
2000 - Q3
2001 - Q1
2001 - Q3
2002 - Q1
2002 - Q3
2003 - Q1
2003 - Q3
2004 - Q1
2004 - Q3
2005 - Q1
2005 - Q3
2006 - Q1
2006 - Q3
2007 - Q1
2007 - Q3
2008 - Q1
2008 - Q3
2009 - Q1
2009 - Q3
2010 - Q1
2010 - Q3
2011 - Q1
U.S. NC
In 2010, there were 1.5 million distressed sales … need to wait 2.7 years
26. Distress Sales: 30% to 40% of Transactions
Will Remain Significant for Next 2 years
55%
50%
45%
40%
35%
30%
25%
20%
2008 - 2009 - 2009 - 2009 - 2009 - 2010 - 2010 - 2010 - 2010 - 2011 - 2011 -
Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr
27. Very Low Default among Recent Homebuyers
Fannie and Freddie Backed Mortgage Loan Performance
Fannie Mae Cumulative Freddie Mac Cumulative
Vintage Default Rate Vintage Default Rate
after 18 months after 18 months
2002 3.1% 2002 2.7%
2003 2.5% 2003 1.2%
2004 4.6% 2004 2.0%
2005 4.8% 2005 1.8%
2006 11.6% 2006 6.0%
2007 28.7% 2007 22.3%
2008 12.6% 2008 13.7%
2009 1.2% 2009 1.1%
Source: Federal Housing Finance Agency
28. Smart Money Buying?
• All-cash record high at 30% to 35% of all sales
– Investors want quick deals
– Investors cannot get mortgage
– Some do not want to bother with appraisals
– Financial asset recovery helping with cash
– Hedge against future inflation … alternative to
expensive gold
– Hedge against future housing shortage?
– Empty nesters downsizing and using leftover cash for
kids’ home?
29. 0
5
10
15
20
-20
-15
-10
-5
1969 - Jan
1971 - Jan
1973 - Jan
1975 - Jan
1977 - Jan
1979 - Jan
1981 - Jan
1983 - Jan
1985 - Jan
1987 - Jan
1989 - Jan
1991 - Jan
1993 - Jan
1995 - Jan
1997 - Jan
1999 - Jan
2001 - Jan
(single-family home price in blue vs CPI in red)
2003 - Jan
Real Estate as Inflation Hedge?
Good inflation hedge in the past before the housing bubble/bust
2005 - Jan
2007 - Jan
2009 - Jan
2011 - Jan
30. 0
1
2
3
4
5
6
-2
-1
2000 - Jan
2000 - Jul
2001 - Jan
2001 - Jul
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
(% change from one year ago)
• Workers Wage to rise by 1.7% in 2011
2008 - Jul
CPI Inflation Rising
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
• Social Security COLA forecast to rise 3.5% in 2012
2011 - Jan
2011 - Jul
31. Broad Inflationary Pressure
Indicator % change from one year ago
Consumer Price Index 3.8%
Producer Price Index (Finished Product) 6.5%
Producer Price Index (Intermediate Product) 7.5%
Producer Price Index (Crude Product) 24.2%
Dow Jones Commodity Spot Price Index 28.3%
Gold Price Off Record High Price … but very
high
35. Washington Policy Change?
• QRM and 20% downpayment requirement ???
– Affordability (staying within budget) more important than down
payment
– No taxpayer bailout for FHA and VA program
• Limit mortgage interest deduction for high income and
second homes ???
– Crush the working class in resort areas (Yacht Tax Impact)
– Cascading impact to middle class homes and hurts confidence to
buy a home
• Lower conforming loan limit ???
• Fannie and Freddie model was flawed (private
profit/taxpayer loss) and need a fundamental restructuring
… not total privatization
– Jumbo interest rates on all loans?
– Non-existent loans in times of crisis?
36. National Museum of American History
• 4 million no-down-payment VA mortgages for World War II veterans
• Fueled an unprecedented growth of America’s middle class
37. Real Estate Baseline Outlook
• Moderate GDP Expansion 1.5% to 2.5% in the next 2 years
• 1.0 to 1.5 million annual job additions yearly in the next 2 years
• Mortgage Rates rising to 4.3% by year-end 2011 and 5.0% in 2012
• Not that important compared to underwriting standards
• Home sales – no reason to go lower … slight increases next 2 years
• Home values – steady and slow growth in the national price in the
next 2 years … critical source of small business start-up funds
• Commercial : net absorption rising, vacancy rates falling, cap rates
falling
38. Presidential Quotes
• Franklin Delano Roosevelt:
“A nation of homeowners is unconquerable.”
• Ronald Reagan
“We will preserve the part of the American dream
which the mortgage-interest deduction symbolizes."
39. For More Information
– Daily Data and Analysis on Latest Trends
– http://www.facebook.com/narresearchgroup
– Twitter @NAR_Research