NEW YORK – June 23, 2011 – Despite a skittish U.S. economy, most commercial real estate investors remain upbeat and cautiously optimistic about the industry’s future, with very few being dissuaded from eagerly acquiring assets and seeking opportunities across all commercial real estate sectors. In fact, many investors are aggressively pursuing deals as they continue to see signs that the industry’s overall fundamentals are stabilizing and even improving in certain sectors and regions, according to the second quarter 2011 findings of the just released PricewaterhouseCoopers (PwC) Real Estate Investor Survey.
According to the report, rental rates remain below peak levels for most property types and regions, although there is a sense among surveyed investors that they have stabilized. This quarter, the average market rent change rate assumption reported by survey investors increased in 25 of the report’s 31 markets, further demonstrating investors’ sense that an ongoing, albeit slow, recovery is occurring.
“The trajectory of the commercial real estate industry’s recovery is largely dependent on the health of the U.S. economy,” said Mitch Roschelle, partner, PricewaterhouseCoopers. “The ability of the economy to add jobs instills optimism in both businesses and consumers. Despite recent disappointing labor reports and falling home prices, commercial real estate investors continue to look to the positive aspects of the industry as they remain cautiously optimistic that the recovery path will continue. The significant lack of new supply over the past several years serves as the catalyst of the ongoing recovery. As tenant demand continues to grow, positive absorption has begun to drive rents up. The prospects of rent growth have driven much of the aggressive bidding by investors in certain top-performing markets.”
“In addition to improving fundamentals, the volatility of the stock market, weakening currencies, and the low fixed income coupons have fueled a rotation into hard assets such as precious metals, commodities and commercial real estate,” Roschelle added. Most institutional investors, particularly pension funds, are targeting top-performing assets in strong markets with some surveyed participants indicating that they’re concentrating on opportunistic plays.
Moreover, there are a growing number of distressed assets that are trading as bank regulators put more pressure on lenders to deal with nonperforming loans - yet another sign that the U.S. commercial real estate industry is on the mend.
Office sector leads quarterly overall cap rate decline
The average overall capitalization (cap) rate, the initial return anticipated on an acquisition and a reflection of an investment’s anticipated ownership risk, decreased in 27 of the 31 surveyed markets, increased in three, and held steady in one during the second quarter 2011. The steepest declines occurred for the national central business district (CBD) and national suburban office markets, as well as the Dallas office market, where the average declined 51 basis points.
While the apartment sector has led the industry’s recovery and has experienced continued cap rate compression over the past 18 months, the office sector was slow to rebound due to a sluggish labor market. However, as employment has improved and business profits have risen, the sector has gained traction and, as a result, more investors are focused on acquiring office buildings, causing overall cap rates to decline - especially for core assets in top markets. Over the next six months, the PwC survey found that participants expect overall cap rates to either hold steady or decline due to strong buyer interest, low interest rates, and a positive economic outlook.
Investors are back on track with pre-recession growth expectations for the national Central Business District (CBD) market, according to the survey. The national CBD office market, which was at -2 percent in fourth quarter 2009, is now at 1.39 percent.
“Surveyed investors are treading carefully as they realize that troubles could arise if interest rates rapidly increase at the same time and a large pool of commercial maturities peaks over the next two years,” stated Susan Smith, editor-in-chief of PwC’s quarterly survey. “If those factors play out, overall cap rates would likely rise and negatively impact property values. Luckily, though, most of the participants have told us that they maintain an optimistic outlook for now, even if cautiously so.”
Anticipated performance
The PwC Real Estate Barometer in the survey tracks the anticipated performances of the four main property sectors (office, retail, industrial, and multifamily) from 2011 to 2014. According to the barometer, 62.4 percent of the U.S. office stock will be in recovery mode by year-end 2011; in 2012, this percentage will decline a bit as a greater portion of stock enters the expansion phase. For the U.S. retail sector, the majority will be in recession through year-end 2012. Although the amount of stock in recession will decline greatly by year-end 2013, a significant recovery is not expected until year-end 2014.
The U.S. industrial market has been helped out by improvements in manufacturing, capital goods shipments, and business and consumer spending. Overall vacancy is declining in the sector and a recovery is underway for many cities. As a result, the portion of U.S. industrial stock in recovery is expected to surge over the next 15 months.
The barometer shows that the best-performing sector in the industry is the U.S. multifamily market, which is dominated by the recovery phase of the real estate cycle and is segueing more and more into the expansion phase annually through 2014. In fact, not one of the 81 multifamily metro areas included in the barometer will be in recession over the next four years.
Copyright © 2011 PricewaterhouseCoopers
Friday, June 24, 2011
Wednesday, June 22, 2011
Tampa Bay home sales rise slightly in May while prices tick down.
By Mark Puente, Times Staff Writer
Though May's sales topped April's, the median price fell in the Tampa Bay area.
Existing homes sales continue to be a roller coaster in Tampa Bay.
Sales of previously occupied homes rose 6 percent, from 2,590 in April to 2,749 in May, but the median price dipped from $121,400 to $120,200. Compared with May 2010, existing sales were down 6 percent and the median price declined 11 percent.
Sales typically climb in the first half of the year. Existing sales in March skyrocketed to the highest levels in five years, raising hope that the housing market was healing from the wounds left by a faltering economy and a deluge of foreclosures. But sales in April and May don't even come close to March figures.
"It's really difficult to predict anymore," said Nick Fraser, owner of Remax All Star in Madeira Beach. "Market trends don't seem to be trends anymore."
Andrew Duncan of Keller Williams Realty in South Tampa expected the sales figures to remain steady after peaking in March. As long as the values don't drop further, he believes the market is stabilizing. The median price has risen from $110,000 in January.
"I see these as positive, but it's not like there's all sunshine and rainbows out there," he said.
Statewide, sales were nearly flat, from 17,192 in April to 17,228 in May. But the median price climbed from $131,700 to $135,500. Compared with May 2010, sales are up 3 percent as the median price dropped 5 percent, according to Florida Realtors.
Nationally, existing home sales in the country in May fell 3.8 percent to the lowest levels in six months, according to the National Association of Realtors. The national median existing home price for all housing types was $166,500 in May, down 4.6 percent from May 2010.
Lawrence Yun, NAR's chief economist, blamed the lending community for the drop in sales and said home sales were being held back by overly restrictive loan underwriting standards. He also attributed fewer closings in May to rising gasoline prices and severe weather. He expects sales to rise in the second half of 2011.
Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459.
Sales of previously occupied homes rose 6 percent, from 2,590 in April to 2,749 in May, but the median price dipped from $121,400 to $120,200. Compared with May 2010, existing sales were down 6 percent and the median price declined 11 percent.
Sales typically climb in the first half of the year. Existing sales in March skyrocketed to the highest levels in five years, raising hope that the housing market was healing from the wounds left by a faltering economy and a deluge of foreclosures. But sales in April and May don't even come close to March figures.
"It's really difficult to predict anymore," said Nick Fraser, owner of Remax All Star in Madeira Beach. "Market trends don't seem to be trends anymore."
Andrew Duncan of Keller Williams Realty in South Tampa expected the sales figures to remain steady after peaking in March. As long as the values don't drop further, he believes the market is stabilizing. The median price has risen from $110,000 in January.
"I see these as positive, but it's not like there's all sunshine and rainbows out there," he said.
Statewide, sales were nearly flat, from 17,192 in April to 17,228 in May. But the median price climbed from $131,700 to $135,500. Compared with May 2010, sales are up 3 percent as the median price dropped 5 percent, according to Florida Realtors.
Nationally, existing home sales in the country in May fell 3.8 percent to the lowest levels in six months, according to the National Association of Realtors. The national median existing home price for all housing types was $166,500 in May, down 4.6 percent from May 2010.
Lawrence Yun, NAR's chief economist, blamed the lending community for the drop in sales and said home sales were being held back by overly restrictive loan underwriting standards. He also attributed fewer closings in May to rising gasoline prices and severe weather. He expects sales to rise in the second half of 2011.
Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459.
Monday, June 20, 2011
Top picks for international buyers
NEW YORK – June 17, 2011 – International buyers are taking advantage of real estate bargains in the United States. Last year, international buyers reportedly spent $41 billion on purchasing homes in the U.S.
So which cities do they most have their eye on?
Ten out of the 24 most popular American cities for international buyers are in Florida, according to Trulia. Last year, Europeans, Canadians and Brazilians reportedly spent about $13 billion on homes in Florida alone.
Here are the most popular Florida cities for international buyers, according to Trulia, in order of demand:
1. Cape Coral, Fla.
2. Miami
3. Fort Lauderdale, Fla.
4. Naples, Fla.
5. Fort Myers, Fla.
6. Miami Beach, Fla.
7. Kissimmee, Fla.
8. Orlando, Fla.
9. Jacksonville, Fla.
10. Tampa, Fla.
© 2011 Florida Realtors®
So which cities do they most have their eye on?
Ten out of the 24 most popular American cities for international buyers are in Florida, according to Trulia. Last year, Europeans, Canadians and Brazilians reportedly spent about $13 billion on homes in Florida alone.
Here are the most popular Florida cities for international buyers, according to Trulia, in order of demand:
1. Cape Coral, Fla.
2. Miami
3. Fort Lauderdale, Fla.
4. Naples, Fla.
5. Fort Myers, Fla.
6. Miami Beach, Fla.
7. Kissimmee, Fla.
8. Orlando, Fla.
9. Jacksonville, Fla.
10. Tampa, Fla.
© 2011 Florida Realtors®
Friday, June 17, 2011
Lenders Repossessed Fewer Homes in May 2011
LOS ANGELES (AP) – June 16, 2011 – The number of U.S. homeowners who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006, the result of a slowing housing market and lingering delays in banks’ foreclosure process.
Mortgage lenders, many of which are still working through foreclosure documentation problems that surfaced last fall, also took back fewer properties in May, the second monthly decline in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
The delays continue to push the 2 million U.S. homes already on banks’ books or in some stage of foreclosure further into limbo and put banks on track to repossess about 200,000 fewer homes this year than in 2010, the firm said.
“The problem with that, even though it sounds better, is that all of those foreclosure auctions we should have seen this year roll into next year, and that means it’s going to take that much longer for the housing market to recover,” said Rick Sharga, a senior vice president at RealtyTrac.
The pace of homes entering the foreclosure process and those ending up as bank-owned properties began slowing sharply last fall, when allegations surfaced that many banks relied on erroneous documents when they foreclosed on thousands of homes.
Since then, banks, federal regulators and state attorneys general have been reviewing how foreclosures were carried out the past two years. That has prompted lenders to resubmit paperwork on foreclosures and, in states where courts play a role in the process, caused a logjam of foreclosure cases.
Lenders also have put off on taking action against delinquent borrowers as U.S. home sales have slowed this year.
In many cases, banks are only going forward with the foreclosure process as quickly as they can sell the properties they already have on the market, Sharga said.
Banks have almost 900,000 properties already on their books, so if the ones on the market aren’t selling, there’s little incentive for them to take back more homes that will end up sitting vacant.
Combined with the 1.1 million homes in some stage of foreclosure, the properties represent more than three years of housing inventory at the current sales pace – and that’s if no other homes go into foreclosure.
The backlog spells further declines in home values, as homes in foreclosure sell at a 20 percent discount on average, and those discounts erode prices throughout a neighborhood.
One bright spot is that the number of home loans that are at least 90 days late has fallen five quarters in a row and are at the lowest level since the start of 2009, according to the Mortgage Bankers Association.
That’s partly because loans made in the aftermath of the credit crisis, when lenders tightened underwriting standards, are not becoming delinquent as often as riskier loans made between 2005 and 2007. That means fewer of those loans are likely to go into foreclosure.
In all, 214,927 properties received a notice of default, scheduled home auction or home repossession in May, down 2 percent from April and down 33 percent from May last year, RealtyTrac said.
That represents one in every 605 U.S. households. The notices can lead up to a home eventually being lost to foreclosure.
The number of homes receiving an initial notice of default fell to 58,797, the lowest level since December 2006. The notices fell 7 percent from April and 39 percent from a year earlier, the firm said.
Underscoring the scope of the foreclosure delays, initial notices of default, which mark the start of the foreclosure process, have posted annual declines the past 16 months, even though there are some 4 million U.S. homeowners who are at least three months behind on their mortgage. Ordinarily, most of them would already be in foreclosure.
The pace of bank repossessions slowed in May to 66,879 properties, down 4 percent from April and down 29 percent from May 2010, the firm said. In the past eight months, bank repossessions have posted three annual increases and been down the other five.
Still, lenders did take back more homes last month in several states, including Georgia, New York, Virginia, New Jersey and Michigan.
Going by the pace of home repossessions so far this year, Sharga estimates banks will take back 800,000 homes this year, down from more than 1 million last year.
Despite the drop in foreclosure activity last month, several states continue to have outsized foreclosure rates.
Nevada led the nation, with one in every 103 households receiving a foreclosure notice in May. Bank repossessions fell 21 percent from April, but initial notices of default rose 8 percent.
Rounding out the top 10 states with the highest foreclosure rate in May are Arizona, California, Michigan, Utah, Georgia, Idaho, Florida, Illinois and Colorado.
Copyright © 2011 The Associated Press, Alex Veiga, AP real estate writer.
Mortgage lenders, many of which are still working through foreclosure documentation problems that surfaced last fall, also took back fewer properties in May, the second monthly decline in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
The delays continue to push the 2 million U.S. homes already on banks’ books or in some stage of foreclosure further into limbo and put banks on track to repossess about 200,000 fewer homes this year than in 2010, the firm said.
“The problem with that, even though it sounds better, is that all of those foreclosure auctions we should have seen this year roll into next year, and that means it’s going to take that much longer for the housing market to recover,” said Rick Sharga, a senior vice president at RealtyTrac.
The pace of homes entering the foreclosure process and those ending up as bank-owned properties began slowing sharply last fall, when allegations surfaced that many banks relied on erroneous documents when they foreclosed on thousands of homes.
Since then, banks, federal regulators and state attorneys general have been reviewing how foreclosures were carried out the past two years. That has prompted lenders to resubmit paperwork on foreclosures and, in states where courts play a role in the process, caused a logjam of foreclosure cases.
Lenders also have put off on taking action against delinquent borrowers as U.S. home sales have slowed this year.
In many cases, banks are only going forward with the foreclosure process as quickly as they can sell the properties they already have on the market, Sharga said.
Banks have almost 900,000 properties already on their books, so if the ones on the market aren’t selling, there’s little incentive for them to take back more homes that will end up sitting vacant.
Combined with the 1.1 million homes in some stage of foreclosure, the properties represent more than three years of housing inventory at the current sales pace – and that’s if no other homes go into foreclosure.
The backlog spells further declines in home values, as homes in foreclosure sell at a 20 percent discount on average, and those discounts erode prices throughout a neighborhood.
One bright spot is that the number of home loans that are at least 90 days late has fallen five quarters in a row and are at the lowest level since the start of 2009, according to the Mortgage Bankers Association.
That’s partly because loans made in the aftermath of the credit crisis, when lenders tightened underwriting standards, are not becoming delinquent as often as riskier loans made between 2005 and 2007. That means fewer of those loans are likely to go into foreclosure.
In all, 214,927 properties received a notice of default, scheduled home auction or home repossession in May, down 2 percent from April and down 33 percent from May last year, RealtyTrac said.
That represents one in every 605 U.S. households. The notices can lead up to a home eventually being lost to foreclosure.
The number of homes receiving an initial notice of default fell to 58,797, the lowest level since December 2006. The notices fell 7 percent from April and 39 percent from a year earlier, the firm said.
Underscoring the scope of the foreclosure delays, initial notices of default, which mark the start of the foreclosure process, have posted annual declines the past 16 months, even though there are some 4 million U.S. homeowners who are at least three months behind on their mortgage. Ordinarily, most of them would already be in foreclosure.
The pace of bank repossessions slowed in May to 66,879 properties, down 4 percent from April and down 29 percent from May 2010, the firm said. In the past eight months, bank repossessions have posted three annual increases and been down the other five.
Still, lenders did take back more homes last month in several states, including Georgia, New York, Virginia, New Jersey and Michigan.
Going by the pace of home repossessions so far this year, Sharga estimates banks will take back 800,000 homes this year, down from more than 1 million last year.
Despite the drop in foreclosure activity last month, several states continue to have outsized foreclosure rates.
Nevada led the nation, with one in every 103 households receiving a foreclosure notice in May. Bank repossessions fell 21 percent from April, but initial notices of default rose 8 percent.
Rounding out the top 10 states with the highest foreclosure rate in May are Arizona, California, Michigan, Utah, Georgia, Idaho, Florida, Illinois and Colorado.
Copyright © 2011 The Associated Press, Alex Veiga, AP real estate writer.
Thursday, June 16, 2011
Bank Directed Short Sales to Expedite the Process
Banks giving agents short sale leads?
FORT WORTH, Texas – June 15, 2011 – Banks are becoming more open to providing real estate professionals with “warm leads” – the names of homeowners willing to consider a short sale – in order to boost the number of successful workouts, according to a panel at HousingWire’s REO Expo in Fort Worth, Texas.
This is a “completely new phenomenon,” Marie Chung, director of REO and short sale services at Modern Realty, told conference attendees of this “top down” approach to short sales.
What’s changing: Instead of real estate brokers having to cold call defaulting borrowers to offer their short sale services, more banks and mortgage servicers are becoming more open to giving brokers information of borrowers willing to participate in a short sale. The lenders contact the borrowers first and then pass on information of those willing to cooperate in a short sale to real estate professionals, the panel said.
“Our short sale closings increased about 20 percent,” Jaysen Greenleaf, director of client relations and business development at Phoenix Asset Management, told conference attendees about the change to banks giving them leads.
Source: “Short Sales Trending to ‘Top Down’ Approach,” HousingWire (June 13, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
This is a “completely new phenomenon,” Marie Chung, director of REO and short sale services at Modern Realty, told conference attendees of this “top down” approach to short sales.
What’s changing: Instead of real estate brokers having to cold call defaulting borrowers to offer their short sale services, more banks and mortgage servicers are becoming more open to giving brokers information of borrowers willing to participate in a short sale. The lenders contact the borrowers first and then pass on information of those willing to cooperate in a short sale to real estate professionals, the panel said.
“Our short sale closings increased about 20 percent,” Jaysen Greenleaf, director of client relations and business development at Phoenix Asset Management, told conference attendees about the change to banks giving them leads.
Source: “Short Sales Trending to ‘Top Down’ Approach,” HousingWire (June 13, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
Tuesday, June 14, 2011
A new global survey finds buyers poised to buy, but market instability and personal finances holds them back.
RICHMOND, Va. – June 13, 2011 – A new global survey suggests that homebuyers around the world are poised to buy a home, but property market instability and worries about their personal finances holds them back.
The International Mortgage Trends Report, commissioned by Genworth Financial and conducted by independent research firm RFI, is a new global survey of current and aspiring homebuyers aimed at gaining local insight into key world markets. RFI interviewed more than 9,000 respondents across five continents in eight countries: Australia, Canada, India, Ireland, Italy, Mexico, the United Kingdom and the United States.
“We hope the findings in this report help to encourage a deeper understanding of the challenges that are likely to shape business strategies in the near to medium term, as well as … help identify future opportunities for business growth,” says Kevin D. Schneider, president of U.S. mortgage insurance for Genworth Financial.
Consumer confidence is one of the most important factors influencing a decision to buy a home. Survey responses indicated that concerns about the rising cost of living, property market instability and the impact of government-led austerity measures have eroded homebuyer confidence in some countries, and have led consumers to adopt a wait-and-see attitude. Survey respondents in the United Kingdom, for example, say they will not actively enter the housing market this year.
Some other key findings:
• Consumers in many countries are more concerned about personal finances than their nation’s economies. While countries with somewhat less developed economies tend to be more optimistic about their respective nation’s finances than countries with more established economies, those concerns were secondary to survey respondents’ fears about their own financial affairs.
• Comfort with indebtedness colors how households around the world view their financial situation, as well as their approach to buying a home. Borrowers in India and Mexico stay out of debt by accumulating savings while living with parents and grandparents. People surveyed in those countries tend to be more concerned about housing affordability. Survey respondents in the U.S., U.K., Ireland, Canada and Australia are more apt to be comfortable with higher levels of debt. Respondents from those nations are less concerned with housing affordability than the impact of rising utility costs and gasoline prices.
• Despite worries over personal finances, survey respondents in many countries saw clear opportunities in the property market for those who could afford to buy.
• There was widespread support of mortgage insurance for all types of property buyers including investors and repeat homebuyers. Consumers around the world appear to have an increased awareness and understanding of the value mortgage insurance provides in helping them purchase a home sooner with a lower downpayment.
Key country findings
Canada: Canadian borrowers are generally comfortable with high levels of debt, and nearly half of all Canadian respondents were positive about the outlook for their economy and housing market.
India: Indian homebuyers are generally upbeat about the economy and their personal finances and believe a combination of mortgage insurance and product innovation could help new property buyers get into the market sooner.
Italy: Homebuyer confidence in Italy remains weak; just over half of survey respondents were worried about their national economy. Concerns about personal finances have prompted two thirds of those who would ideally like to buy property now to conclude they are not in the financial position to do so.
Australia: Indebtedness is rising in Australia and with it, increasing concerns about personal finances and housing affordability. Despite that, the vast majority of Australian homeowners had no trouble meeting their mortgage payments in the last year and nearly half overpay their mortgage.
Mexico: Worries about future unemployment and personal security have contributed to Mexican survey respondents’ less positive attitude toward their property market. A housing shortage in Mexico is also having a negative impact on affordability.
United Kingdom: U.K. respondents are more optimistic on average about the property market, but worries about their national economy and personal finances will likely keep homebuyers from entering the property market this year.
United States: Nearly two-thirds of Americans surveyed believe now is a good time to buy a home and think mortgage insurance is a good way to help them to do it. However, that optimism is tempered by concerns about how the U.S. economy will perform in the next year and the impact of falling home prices on Americans’ personal finances.
Due to affordability issues – high home prices, higher costs of living or fear of rising interest rates – the average age of first-time homebuyers has risen in all countries except India over the last 40 years. The average age at which a person in the U.S. was able to purchase a first home rose from 27.3 in the 1970s to 31.6 in the 2000s.
© 2011 Florida Realtors®
The International Mortgage Trends Report, commissioned by Genworth Financial and conducted by independent research firm RFI, is a new global survey of current and aspiring homebuyers aimed at gaining local insight into key world markets. RFI interviewed more than 9,000 respondents across five continents in eight countries: Australia, Canada, India, Ireland, Italy, Mexico, the United Kingdom and the United States.
“We hope the findings in this report help to encourage a deeper understanding of the challenges that are likely to shape business strategies in the near to medium term, as well as … help identify future opportunities for business growth,” says Kevin D. Schneider, president of U.S. mortgage insurance for Genworth Financial.
Consumer confidence is one of the most important factors influencing a decision to buy a home. Survey responses indicated that concerns about the rising cost of living, property market instability and the impact of government-led austerity measures have eroded homebuyer confidence in some countries, and have led consumers to adopt a wait-and-see attitude. Survey respondents in the United Kingdom, for example, say they will not actively enter the housing market this year.
Some other key findings:
• Consumers in many countries are more concerned about personal finances than their nation’s economies. While countries with somewhat less developed economies tend to be more optimistic about their respective nation’s finances than countries with more established economies, those concerns were secondary to survey respondents’ fears about their own financial affairs.
• Comfort with indebtedness colors how households around the world view their financial situation, as well as their approach to buying a home. Borrowers in India and Mexico stay out of debt by accumulating savings while living with parents and grandparents. People surveyed in those countries tend to be more concerned about housing affordability. Survey respondents in the U.S., U.K., Ireland, Canada and Australia are more apt to be comfortable with higher levels of debt. Respondents from those nations are less concerned with housing affordability than the impact of rising utility costs and gasoline prices.
• Despite worries over personal finances, survey respondents in many countries saw clear opportunities in the property market for those who could afford to buy.
• There was widespread support of mortgage insurance for all types of property buyers including investors and repeat homebuyers. Consumers around the world appear to have an increased awareness and understanding of the value mortgage insurance provides in helping them purchase a home sooner with a lower downpayment.
Key country findings
Canada: Canadian borrowers are generally comfortable with high levels of debt, and nearly half of all Canadian respondents were positive about the outlook for their economy and housing market.
India: Indian homebuyers are generally upbeat about the economy and their personal finances and believe a combination of mortgage insurance and product innovation could help new property buyers get into the market sooner.
Italy: Homebuyer confidence in Italy remains weak; just over half of survey respondents were worried about their national economy. Concerns about personal finances have prompted two thirds of those who would ideally like to buy property now to conclude they are not in the financial position to do so.
Australia: Indebtedness is rising in Australia and with it, increasing concerns about personal finances and housing affordability. Despite that, the vast majority of Australian homeowners had no trouble meeting their mortgage payments in the last year and nearly half overpay their mortgage.
Mexico: Worries about future unemployment and personal security have contributed to Mexican survey respondents’ less positive attitude toward their property market. A housing shortage in Mexico is also having a negative impact on affordability.
United Kingdom: U.K. respondents are more optimistic on average about the property market, but worries about their national economy and personal finances will likely keep homebuyers from entering the property market this year.
United States: Nearly two-thirds of Americans surveyed believe now is a good time to buy a home and think mortgage insurance is a good way to help them to do it. However, that optimism is tempered by concerns about how the U.S. economy will perform in the next year and the impact of falling home prices on Americans’ personal finances.
Due to affordability issues – high home prices, higher costs of living or fear of rising interest rates – the average age of first-time homebuyers has risen in all countries except India over the last 40 years. The average age at which a person in the U.S. was able to purchase a first home rose from 27.3 in the 1970s to 31.6 in the 2000s.
© 2011 Florida Realtors®
Monday, June 13, 2011
RE/MAX Charitable partner telethon raises over $3.4M for the children
28th ANNUAL ALL CHILDRENS HOSPITAL TELETHON RAISES $3,443,318 FOR KIDS CARE
(June 12, 2011) St. Petersburg, FL – The 2011 All Children's Hospital Telethon today recorded another resounding success in difficult economic times, raising a grand total of $3,443,318 for the region's referral center for specialized pediatric care.
This year's Telethon theme, "Celebrate the Miracles," focused on the amazingly strongchildren and their families who count on All Children's expertise. Stories of youngsters from throughout west central Florida who have benefited from All Children's care were the highlight of the 28th annual fundraiser.
In its 85-year history, All Children's Hospital has grown to become a regional referral center for the highest level of pediatric specialty care and one of the top children's hospitals in the nation. The Hospital's mission also includes a strong commitment to teaching and research, with even greater potential for growth now that All Children's has become the first US hospital outside the Baltimore/Washington D.C. area to achieve membership in Johns Hopkins Medicine. All Children's regional reach has spurred the creation of outreach facilities in seven west central Florida counties. Community support made such growth possible. Today's amazing toteboard total pushes the cumulative total of 28-years of Telethon donations to more than $77-million. And as always, every dollar raised stays right here locally to further All Children's programs and services.
In addition to a taped broadcast on WXCW in the Ft. Myers/Naples area. the annual Telethon was broadcast live from All Children's Education and Conference Center on WFLA-TV News Channel 8 from 7 AM to 6:30 PM on Sunday, June 12th. This marks the first time WFLA's Telethon broadcast was conducted on a single day. The formerly 22-hour broadcast was scaled back as a result of the shrinking number of hours that affiliates like WFLA may pre-empt network programming for special local events in any given calendar year. It also occurred later in the calendar year than ever before - a one-week delay to accommodate a long-standing Telethon conflict with NBC's network coverage of French Open Tennis that occurs each year on the weekend after Memorial Day.
In its 85-year history, All Children's Hospital has grown to become a regional referral center for the highest level of pediatric specialty care and one of the top children's hospitals in the nation. The Hospital's mission also includes a strong commitment to teaching and research, with even greater potential for growth now that All Children's has become the first US hospital outside the Baltimore/Washington D.C. area to achieve membership in Johns Hopkins Medicine. All Children's regional reach has spurred the creation of outreach facilities in seven west central Florida counties. Community support made such growth possible. Today's amazing toteboard total pushes the cumulative total of 28-years of Telethon donations to more than $77-million. And as always, every dollar raised stays right here locally to further All Children's programs and services.
In addition to a taped broadcast on WXCW in the Ft. Myers/Naples area. the annual Telethon was broadcast live from All Children's Education and Conference Center on WFLA-TV News Channel 8 from 7 AM to 6:30 PM on Sunday, June 12th. This marks the first time WFLA's Telethon broadcast was conducted on a single day. The formerly 22-hour broadcast was scaled back as a result of the shrinking number of hours that affiliates like WFLA may pre-empt network programming for special local events in any given calendar year. It also occurred later in the calendar year than ever before - a one-week delay to accommodate a long-standing Telethon conflict with NBC's network coverage of French Open Tennis that occurs each year on the weekend after Memorial Day.
In addition to the Telethon, other special events benefiting All Children's Hospital were celebrated as part of the broadcast. Money raised from the individual events was included in this year's $3,443,318 total.
Bill Edwards Presents - A Taste of Pinellas raised more than $287,038 for the hospital over the course of three days in May. Now in its 25th year, the annual food festival generated record dollars/crowds. A stellar line-up of headline music acts including Josh Turner, Chris Isaak, Buddy Guy, Bonnie Raitt, Colbie Caillat andThird Eye Blind drew record crowds to Vinoy Park on the downtown St. Petersburg waterfront, thanks to sponsorships by Bill Edwards Presents, Inc., Bright House Networks and XL411.
All Children's Annual VIP Auction, held in April at the Hilton St. Petersburg Carillon Park, added another $130,000 to the Telethon total.
All funds raised through Telethon events go directly to All Children's Hospital in St. Petersburg, FL. The All Children's Hospital Telethon is part of Children's Miracle Network Hospitals, an alliance of premier hospitals for children. CMNH is a non-profit organization dedicated to helping kids by raising funds for 170 children's hospitals across North America through partnerships with their local TV stations.
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