Posts Tagged ‘2007’
Experts Forecast 2007 U.S. Real Estate Market Trends
Modest median price gains in new and existing homes, a stable interest rate on the 30-year fixed mortgage, decreased housing starts and a stable unemployment rate are some of the features of the 2007 housing forecast provided by major trade group economists as reported by The Inman News.
NAR chief economist David Lereah anticipates new-home income to start from 1. 07 million units sold in 2006 to 975,000 units in 2007, which is an 8. 7% decline. He cites decreased new home construction as a massive contributing bourgeois to this change. The median new home price of $238,400 in 2006 is expected to increase by 1. 3 percent to $241,400 in 2007.
NAR also predicts that existing home income figures for 2006 to end around 6. 47 million units, which is an 8. 6% decline from 2005. The 2007 forecast for existing home income is 6. 43 million units. The median price of existing homes in 2006 was $223,700 and is expected to increase 1. 7% to $227,500 in 2007.
Doug Duncan, chief economist for the Mortgage Bankers Association predicts the interest rates on 30-year fixed mortgages to stay around 6. 5 percent, but mortgage originations to start 14% to $2. 1 trillion.
While Lereah predicts that the unemployment rate to stay at 4. 7 percent, Duncan takes it higher and believes it might reach 5. 2 percent by midyear 2007. However, he agrees with Lereah in predicting modest home price gains in new and existing homes for the coming year.
The housing forecast of The National Association of Home Builders (NAHB) is in line with NAR and the Mortgage Bankers Association. According to David Seiders, Chief Economist at NAHB, the year 2007 will see the housing market re-adjust itself once the housing demand stabilizes, leading to a healthy equilibrise between supply and demand.
Looking at the say level, the California Association of Realtors (CAR) projects that the median price of California homes will end 2006 around $560,700, and will decline in 2007 to $550,000 — a 1. 7% drop. The number of units sold in California will end 2006 around 481,200, and is projected to decrease 447,500 in 2007. CAR predicts that the unemployment rate will stay around 5. 1 percent, even though interest rates on the 30-year fixed mortgage might hover around 6. 7 percent in 2007.
The overall housing forecast for 2007 prefabricated by these four major real estate trade groups is not at all bad. Home buyers and investors planning to go ahead with their real estate activities can fare superior with the help of a good real estate agent.
San Diego Homes
Scripps Ranch Real Estate
Tierrasanta Homes
Worldwide Real Estate Prices Compared to Panama: 2007
Article by Smythe Bradley
Introduction – We are a Panama Law Firm not a real estate business. Our clients are frequently relocating to Panama and we assist in the real estate acquisition for them. We are often asked if the real estate bubble is going to bust in Panama or if the boom has just begun. Well we are not sure. We have done a few articles on the Panama real estate bubble breaking but now we are going to present neutral data in support of the Panama real estate boom just starting. It could be true and prices might continue to escalate.
Worldwide Residential Real Estate Prices by the Square Meter – These are current prices for some major cities in Europe. This will give you a appearance as to how the Panama market fits into the greater scheme of things. These prices are for serious executive homes in prime locations. A discussion will follow after the prices:
* London ? ,000 Sq. Meter to ,000 Sq. Meter * Paris – ,000 Sq. Meter * Amsterdam – ,000 Sq. Meter * Lichtenstein – ,000 Sq. Meter * Moscow – ,500 Sq. Meter * Rome – ,200 Sq. Meter * metropolis – ,000 Sq. Meter * Oslo – ,900 Sq. Meter * Dublin – ,800 Sq. Meter * Lithuania – ,150 Sq. Meter * Latvia (Riga) – ,100 Sq. Meter * Berlin – ,300 Sq. Meter * Warsaw – ,600 Sq. Meter * Slovakia – ,750 Sq. Meter * Seoul – ,825 Sq. Meter * Sydney – 50 Sq. meter * San Diego – 50 Sq. Meter to ,000 Sq. Meter * San Francisco – ,000 Sq. Meter to ,000 Sq. Meter * New York – ,000 to ,000 Sq. Meter * Miami Beach – 00 Sq. Meter to ,000 Sq. Meter * Toronto – ,000 Sq. Meter * Montreal – ,200 Sq. Meter * Vancouver – ,700 Sq. Meter
Panama Real Estate Comparison – In Panama City one can get an executive condo in a new high rise building for ,800 to ,500 per Sq. Meter and pay less in an older building. We are speaking about Condos with a swimming pool and recreation area, balcony, enclosed parking, round the clock security guards, multiple elevators, modern kitchens, city and or water views, beautiful lobbies with marble floors, walls and furniture, and so forth. In the outlaying areas single family homes and town homes can be purchased for a bit less with ,000 to 00 a Sq. Meter generally bringing in a home in a gated community with all the features of an executive home.
Discussion of Panama Relative Housing Prices – Panama is priced very low compared to the other markets around the world. The question is can Panama rate with the major cities like Paris, New York, San Francisco, Miami Beach, and London etc. This would be an indicator of the attractiveness of Panama relative to the real estate market prices. Below are some categories where we unilaterally decided to indicate how Panama stands, so this is just our opinion, nothing more.
* Entertainment – DEFICIENT. Panama lacks any serious theatre, opera, orchestra, ballet, museums, foreign film houses, major league baseball, football, basketball, and hockey. There is some soccer and boxing. Panama does have gambling and horse racing. The outlaying areas have no entertainment to talk of. * Crime – EXCELLENT. Most of these major cities have more violent crime in one day than Panama has in one year. Panama has crime but is very innocuous compared to these cities. * Traffic – DEFICIENT. Lots of congestion. Wild drivers who disobey traffic laws, stop signs and even red lights. No car country inspections. Taxi and bus drivers have decided they are the only ones on the road who matter. Outlaying areas have far less problems with the traffic than Panama City. As the new housing projects complete and the Canal expansion begins the traffic is expected to get worse. On Fridays closet to pay day the traffic barely moves from about 3PM until 8 PM. Most of the stores and restaurants have parking. Lately it is nearly impossible to get parking at the Allbrook Mall on weekends. * Restaurants – SUPERIOR. Panama is loaded with excellent restaurants at very low prices. Steak dinners for .00 or less are abundant. Food is great. * Shopping – VERY GOOD. You can get whatever you want in Panama City if you know where to find it. Lots of high-end stores are opening up in the malls. Lots of discounters popping up. * Cost of Living – EXCELLENT. Your biggest expense will be real estate. * Domestic Help – EXCELLENT. A live in Maid in Panama City is about 5 a month with benefits, plus room and board. Most of the condos and houses are built with a maid?s room and full bath. A driver runs about 5 a month. * Airport – GOOD. Lots of airlines going to many cities in Central America, South USA and USA. For Europe, India or Asia not so convenient. * Medical – VERY GOOD. There are major hospitals including a full John Hopkins Hospital. Most prescriptions can be obtained in the drug stores. There is an abundance of competent physicians in all specialties. You can even have a physician make a home call. Health care costs about 40% of what it does in USA. * Weather – VERY GOOD. Panama is a tropical climate. No shoveling snow. It does get hot and humid. Some locations have more moderate weather but they usually have high humidity. No hurricanes, not tornadoes, no earthquakes in Panama City, no volcanoes, no tsunamis. * Boating and Fishing – EXCELLENT. World-class sport fishing with 1200-pound Marlin and 400-pound Grouper. Abundant marinas. * Stable Government – VERY GOOD. Things are most stable. * Banking, Stock Market – EXCELLENT. Great banks and stockbrokers.
Conclusion – It appears likely that Panama could escalate in real estate prices to the ,000 a Sq. Meter market price. They are going to have to work on the culture and entertainment to draw in people accustomed to that housing price market. The traffic will need to be addressed and projects to improve congestion are already in the works. The downside of this theory is that there is not enough to draw people to Panama. Culture and entertainment is absent and it might take many years for this to improve. There are no major industries here such as: banking, insurance, advertising, stock market, general manufacturing, software, high tech manufacturing, entertainment, tourism and so forth. This eliminates massive groups of highly paid executives who need to pay high prices for housing to be close to their workplace. Retirees have needs that are evenhandedly easy and can be met in any many different places around the world and it remains to be seen how much the retiree will pay for real estate. Quite possibly Panama Real Estate Prices have not yet even come close to peaking. Time will tell.
About the Author
Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore banking in panama, panama visas and residency, as well as many other expat issues.
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Belluck & Fox Strongly Supports the U.S. Senates Unanimous Passage of the ‘Ban Asbestos in America Act of 2007′
Belluck & Fox Strongly Supports the U.S. Senates Unanimous Passage of the ‘Ban Asbestos in USA Act of 2007′
New York, NY (PRWEB) October 11, 2007
Belluck & Fox strongly supports the U.S. Senate’s unanimous passage of the “Ban Asbestos in USA Act of 2007.” For decades, corporations have sold asbestos without proper warnings. To this day, companies are still selling asbestos products, including roof cement acquirable at many hardware stores in the United States. Because huge business was unwilling to stop using asbestos, the United Says Government stepped in and voted to ban asbestos in the United States. A companion bill has been introduced in the Home of Representatives and we hope the Home moves quickly to pass its version of the bill.
Belluck & Fox applauds Senator Patty Murray for her determined efforts to ban asbestos. Sen. Murray first introduced this legislation six years ago and she has tirelessly pursued its passage ever since. We can only hope that once asbestos has been banned, the scourge of asbestos-related diseases, such as mesothelioma, will finally begin to decline.
A copy of this release can be found at http://www.belluckfox.com/recent-news/2007/10/belluck-fox-strongly-supports-us-senate.html
About Belluck & Fox:
Belluck & Fox, LLP is a nationally recognized law firm that represents individuals with asbestos and mesothelioma claims, as well as those hurt by medical malpractice, motorcycle crashes, lead paint and other serious accidents. We give clients and their families piece of mind by working to secure just compensation for their injuries. At Belluck & Fox, we wage professional and personalized representation. Over the past five years, the firm has won more than $ 175 million in compensation for our clients. Partner Jordan Fox has been titled to the Ideal Lawyers in USA and to Super Lawyers. On two separate occasions his verdicts were featured as the National Law Journal’s Largest Verdict of the Year. Partner Joseph W. Belluck is a Super Lawyer and has prosecuted numerous cases involving injuries from asbestos, defective medical products, tobacco and lead paint, including a current asbestos case that settled for over $ 12 million.
With offices in New York City, Albany, Woodstock and Rochester, no other law firm represents individuals in as many courthouses in New York State. We have represented clients in Buffalo, Rochester, Syracuse, Albany, Utica, Watertown, Rome, Ticonderoga, Seneca Falls, Niagara Falls, Troy, Corning, Elmira, Binghamton, Glens Falls, Poughkeepsie, Kingston, Waterloo, Ithaca, Jamestown, Olean, Plattsburgh, Massena, Schenectady and Oswego.
Belluck & Fox Website: http://www.belluckfox.com
Belluck & Fox’s Mesothelioma Website: http://www.mesotheliomahelp.net
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