Category: United States

Measure Of America Index 2008

19 July, 2008 | United States | No comments

A new report released by the American Human Development Project introduces the American Human Development Index, a single measure of well-being for all Americans based on indicators in three key areas: health, education and income.

“The “Measure of America” reveals huge gaps among some groups in our country to access opportunity and reach their potential,” said Sarah Burd-Sharps, co-author of the book. “Some Americans are living anywhere from 30 to 50 years behind others when it comes to issues we all care about: health, education and standard of living. For example … people in last-ranked Mississippi are living 30 years behind those in first-ranked Connecticut.”

Using U.S. government statistics on longevity, educational attainment and enrolment, and earnings, the report reveals where America is today and sets a benchmark against which we will be able to assess where we are tomorrow. The report identifies which parts of the country are moving forward and which are stalled or even falling behind.

The Report shows that although America is one of the richest nations in the world, it is woefully behind when it comes to providing opportunity and choices to all Americans to build a better life. The report further breaks down its findings into the USA’s 436 Congressional districts. The following are just a few of the many findings of the report:

  • In Texas’ 29th Congressional District, the percentage of the adult population with less than a high school degree is at about the level of the U.S. average in the early 1970s.
  • Among the nation’s 436 congressional districts, New York’s 14th District (in Manhattan) ranks first and California’s 20th District (around Fresno) ranks last; the average resident of New York’s 14th District earns more than three times as much as the average California’s 20th District resident.
  • Nationally, Asian males have the highest human development index score and African American males the lowest, with a staggering 50-year gap between the two groups.
  • Despite the fact that the United States spends roughly $5.2 billion every day on health care, more per capita than any other nation in the world, Americans live shorter lives than citizens of every Western European and Nordic country except for one.

    Obesity and the lack of health insurance for some 47 million Americans are the most significant factors in premature death.


USA: House Prices Still Falling

27 June, 2008 | United States | No comments

American existing-home sales increased in May with buyers responding to lower home prices, according to the National Association of Realtors.

Existing-home sales – including single-family, townhouses, condominiums and co-ops – increased 2.0 percent to a seasonally adjusted annual rate of 4.99 million units in May but are 15.9 percent below the 5.93 million-unit pace in May 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate, said buyers are seeing value in the current housing market. “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” he said. “Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth.”

The American median existing-home price for all housing types was $208,600 (£104,900) in May, down 6.3 percent from a year ago when the median was $222,700 (£112,100).

Lawrence Yun, NAR chief economist, said there’s still a lot of inventory in the market. “The large supply of homes on the market clearly favours buyers, and it should take several months to draw the inventory down,” he said. “Stabilisation in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets. Foreclosures and short sales appear to be a larger part of the market, particularly in California, and are creating a drag on current home prices.”

Total housing inventory at the end of May fell 1.4 percent to 4.49 million existing homes available for sale, which represents a 10.8-month supply at the current sales pace, down from a 11.2-month supply in April.

Although conditions remain mixed around the United States, unpublished snapshot data shows a number of areas are experiencing much higher sales activity than May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Florida; and Battle Creek, Michigan.

“Keep in mind that the volume of home sales is the primary driver of economic activity that is tied to housing,” Yun said. “It’d be premature to say the improvement marks a turnaround. The market is fragile, so a first-time home buyer tax credit and a permanent raise in loan limits would be important steps to get the housing engine humming.”

Single-family home sales rose 1.6 percent to a seasonally adjusted annual rate of 4.41 million in May from 4.34 million in April, but are 14.5 percent below the 5.16 million-unit pace in May 2007. The median existing single-family home price was $206,700 (£103,400) in May, which is 6.8 percent below a year ago.

Existing condominium and co-op sales increased 5.5 percent to a seasonally adjusted annual rate of 580,000 units in May from 550,000 in April, but are 24.6 percent lower than the 769,000-unit level a year ago. The median existing condo price was $223,400 (£112,400) in May, down 2.1 percent from May 2007.

Midwest
Existing-home sales in the Midwest rose 5.5 percent in May to a pace of 1.16 million but are 16.5 percent lower than a year ago. The median price in the Midwest was $165,300 (£83,100), which is 0.7 percent below May 2007.

Northeast
In the Northeast, existing-home sales rose 4.6 percent to an annual rate of 910,000 in May, but are 15.0 percent below May 2007. The median price in the Northeast was $278,000 (£139,800), down 2.4 percent from a year ago.

West
Existing-home sales in the West increased 2.0 percent to an annual pace of 1.02 million in May, but are 12.8 percent below a year ago. The median price in the West was $286,600 (£144,200), which is 16.0 percent lower than May 2007.

South
In the South, existing-home sales slipped 0.5 percent to an annual rate of 1.91 million in May, and are 17.0 percent below May 2007. The median price in the South was $175,000 (£88,000), down 4.3 percent from May 2007.


USA: May Wage Report

10 June, 2008 | United States | No comments

American real average weekly rose slightly by 0.3 percent from April 2008 to May 2008 to $604.58 after seasonal adjustment, according to data released by the U.S. Department of Labor. Over the past 12 months, weekly earnings rose by 3.2 percent.

In May, average hourly earnings edged up by 5 cents, or 0.3 percent, to $17.94, seasonally adjusted. This followed gains of 6 cents in March and 2 cents in April.

Data on American average weekly earnings are collected from the payroll reports of private non-farm establishments. Earnings of both full-time and part-time workers holding production or non-supervisory jobs are included.

May 2008 earnings not seasonally adjusted

Industry Average Weekly Earnings $ (£) 12 Month % change
Goods-producing 767.82 (391.59) 3.1
Natural resources and mining 946.25 (482.59) -1.0
Construction 832.60 (424.63) 1.6
Manufacturing 720.66 (367.51) 1.9
Private service-providing 566.08 (288.71) 3.4
Trade, transportation, and utilities 535.18 (272.94) 2.9
Wholesale trade 760.26 (387.71) 2.9
Retail trade 386.70 (197.22) 1.3
Transportation and
warehousing
667.21 (340.28) 3.8
Utilities 1222.30 (623.37) 3.8
Information 892.25 (455.05) 4.1
Financial activities 719.12 (366.75) 3.7
Professional and business services 726.28 (370.40) 4.9
Education and health services 604.83 (308.46) 4.0
Leisure and hospitality 271.91 (138.67) 3.2
Other services 485.98 (247.85) 1.9

exchange rate used $1.00 = £0.510


2008 In Demand Jobs Revealed

6 June, 2008 | Australia, Canada, New Zealand, Spain, United States | No comments

Manpower Inc. has released the results of its third annual talent shortage survey, revealing that 31 percent of employers across the globe are finding it more difficult to fill jobs. “This year, the most significant finding is that the percentage of employers in the Americas having trouble filling positions has dropped more than half compared to last year,” said Jeffrey A. Joerres, CEO of Manpower Inc. “This dramatic decrease is a reflection of the recent downturn in the U.S. economy. However, the talent crunch is still a very real concern.”

The top ten workers most in-demand by country are:

United States

  1. Engineers
  2. Machinists/Machine Operators
  3. Skilled Manual Trades (primarily welders or carpenters/joiners)
  4. Technicians
  5. Sales Representatives
  6. Accounting & Finance Staff
  7. Mechanics
  8. Labourers
  9. IT Staff
  10. Production Operators

The percentage of employers surveyed in the USA indicating that they are having difficulty filling positions was down from 41% in 2007 to 22% this year.

Canada

  1. Skilled Manual Trades (primarily carpenters/jointers, welders or electricians)
  2. Sales Representatives
  3. Engineers
  4. Accounting & Finance Staff
  5. Labourers
  6. Nurses
  7. Teachers
  8. Drivers
  9. Machinists/Machine Operators
  10. Secretaries, PAs, Administrative Assistants & Office Support Staff

The percentage of employers surveyed in Canada indicating that they are having difficulty filling positions was down from 36% in 2007 to 31% this year.

Australia

  1. Skilled Manual Trades (primarily electricians, carpenters/joiners, or welders)
  2. Engineers
  3. Sales Representatives
  4. Accounting & Finance Staff
  5. Drivers
  6. Technicians
  7. Labourers
  8. Secretaries, PAs, Administrative Assistants & Office Support Staff
  9. Mechanics
  10. Management/Executives

The percentage of employers surveyed in Australia indicating that they are having difficulty filling positions was down from 61% in 2007 to 52% this year

New Zealand

  1. Sales Representatives
  2. Skilled Manual Trades (primarily carpenters/joiners or electricians)
  3. Engineers
  4. Accounting & Finance Staff
  5. IT Staff
  6. Labourers
  7. Technicians
  8. Secretaries, PAs, Administrative Assistants & Office Support Staff
  9. Management/Executives
  10. Production Operators

The percentage of employers surveyed in New Zealand indicating that they are having difficulty filling positions was down from 62% in 2007 to 47% this year

Spain

  1. Technicians
  2. Skilled Manual Trades (primarily electricians, masons, welders or bricklayers)
  3. Management/Executives
  4. Accounting & Finance Staff
  5. Production Operators
  6. Labourers
  7. Drivers
  8. Secretaries, PAs, Administrative Assistants & Office Support Staff
  9. Mechanics
  10. Engineers

The percentage of employers surveyed in Spain indicating that they are having difficulty filling positions was down from 33% in 2007 to 27% this year


America: House Prices Fall Further

27 May, 2008 | United States | No comments

American existing house sales slowed in April, partly because restrictive lending practices hampered home buyers. At the same time, a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the market is better positioned for a turnaround, according to the National Association of Realtors.

Existing house sales – including single-family, townhomes, condominiums and co-ops – declined 1.0 percent to a seasonally adjusted annual rate of 4.89 million units in April, 17.5 percent below the 5.93 million-unit level in April 2007.

Lawrence Yun, NAR chief economist, said eliminating restrictive policies should be a big help to home buyers. “I would encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant,” he said. “Also, a recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York.”

The American median existing house price for all housing types was $202,300 (£102,400) in April, which is 8.0 percent below a year ago when the median was $219,900 (£111,300). Total housing inventory at the end of April rose 10.5 percent to 4.55 million existing houses available for sale, which represents an 11.2 month supply at the current sales pace, up from a 10.0 month supply in March.

Single-family house sales slipped 0.5 percent to a seasonally adjusted annual rate of 4.34 million in April from 4.36 million in March, and are 16.1 percent below the 5.17 million-unit level recorded one year ago. The median existing single-family house price was $200,700 (£101,600) in April, down 8.5 percent from April 2007.

Existing condominium and co-op sales fell 5.2 percent to a seasonally adjusted annual rate of 550,000 units in April from 580,000 in March, and are 27.9 percent below the 763,000-unit pace in April 2007. The median existing condo price was $214,900 (£108,700) in April, which is 3.7 percent below a year ago.

West
Regionally, existing house sales in the West rose 6.4 percent in April to a level of 1.00 million but are 15.3 percent below a year ago. The median price in the West was $285,700 (£144,700), which is 16.7 percent lower than April 2007.

South
In the South, existing house sales were unchanged from March at an annual rate of 1.92 million in April, but are 18.6 percent below April 2007. The median price in the South was $170,800 (£86,400), down 5.1 percent from a year ago.

Northeast
Existing house sales in the Northeast fell 4.4 percent to an annual pace of 870,000 in April, and are 14.7 percent below a year ago. The median price in the Northeast was $262,000 (£132,600), which is 7.7 percent below April 2007.

Midwest
In the Midwest, existing house sales were at an annual rate of 1.10 million in April, which is 6.0 below March and 19.7 percent lower than April 2007. The median price in the Midwest was $159,100 (£80,500), down 2.9 percent from April 2007.
exchange rate used $1.00 = £0.506


USA: Hispanic Population Exceeds 45 Million

9 May, 2008 | United States | No comments

american flagAmerica’s Hispanic population increased 1.4 million to reach 45.5 million on July 1, 2007, or 15.1 percent of the estimated total U.S. population of 301.6 million.

Estimates by race and age released today by the U.S. Census Bureau also show that the Hispanic population exceeded 500,000 in 16 states.

Hispanics remained the largest minority group, with blacks second at 40.7 million in 2007. The black population exceeded 500,000 in 20 states. Blacks were the largest minority group in 24 states, compared with 20 states in which Hispanics were the largest minority group

Blacks were followed by Asians, who totalled 15.2 million; American Indians and Alaska Natives, who totalled 4.5 million; and Native Hawaiians and Other Pacific Islanders, with 1 million. The population of whites totalled 199.1 million.

With a 3.3 percent increase between July 1, 2006, and July 1, 2007, Hispanics were the fastest-growing minority group. Asians were the second fastest-growing minority group, with a 2.9 percent population increase during the period. The white population grew by 0.3 percent during the one-year period.

Overall, America’s minority population reached 102.5 million in 2007 — 34 percent of the total. California had a minority population of 20.9 million — 20 percent of the nation’s total, Texas had a minority population of 12.5 million — 12 percent of the U.S. total.

Four states and the District of Columbia were “majority-minority” (i.e., more than 50 percent of their population is made up of people other than single-race non-Hispanic whites). Hawaii led the nation with a population that was 75 percent minority in 2007, followed by the District of Columbia (68 percent), New Mexico (58 percent), California (57 percent) and Texas (52 percent). Next in line, though not majority-minority, were Nevada, Maryland and Georgia, each with a minority population of 42 percent.

Details for the various groups:

Hispanics
California (13.2 million) had the largest Hispanic population of any state, followed by Texas (8.6 million) and Florida (3.8 million). Texas had the largest numerical increase between 2006 and 2007 (308,000), followed by California (268,000) and Florida (131,000). In New Mexico, Hispanics comprised the highest proportion of the total population (44 percent), with California and Texas (36 percent each) next in line.
The Hispanic population in 2007 had a median age of 27.6, compared with the population as a whole at 36.6. Almost 34 percent of the Hispanic population was younger than 18, compared with 25 percent of the total population.

Blacks
The black population increased by 1.3 percent, or 540,000, between 2006 and 2007. New York had the largest black population in 2007 (3.5 million), followed by Florida and Texas (3 million each). Georgia had the largest numerical increase between 2006 and 2007 (84,000), with Texas (62,000) and Florida (48,000) next. In the District of Columbia, the black population comprised the highest percentage (56 percent); Mississippi (38 percent) and Louisiana (32 percent) were next.
The black population in 2007 had a median age of 31.1, compared with the population as a whole at 36.6. About 31 percent of the black population was younger than 18, compared with 25 percent of the total population.

Asians
The Asian population rose by 2.9 percent, or 434,000, between 2006 and 2007. California (5 million) had the largest Asian population as well as the largest numerical increase during the 2006 to 2007 period (106,000). New York (1.4 million) and Texas (915,000) followed in population. Texas (44,000) and New York (33,000) followed in numerical increase. In Hawaii, Asians made up the highest proportion of the total population (55 percent), with California (14 percent), and New Jersey and Washington (8 percent each) next.
The single-race Asian population in 2007 had a median age of 35.4, compared with the population as a whole at 36.6.
Asians were the largest minority group in Hawaii and Vermont.

Whites
The non-Hispanic, single-race white population of 199.1 million represented 66 percent of the total population. California, New York and Texas had the largest population of this group (15.6 million, 11.6 million and 11.4 million, respectively), but Texas experienced the largest numerical increase (95,000), followed by North Carolina (92,000) and Georgia (57,000). Maine (96 percent) had the highest proportion of whites, followed by Vermont (95 percent) and West Virginia (94 percent).
The white population in 2007 was older than the population as a whole: The respective median ages were 40.8 and 36.6. About 21 percent of the population of this group was younger than 18, compared with 25 percent of the total population.


USA: Wages Fall In April

2 May, 2008 | United States | No comments

American real average weekly earnings fell by 0.2 percent from March 2008 to April 2008 to $602.56 after seasonal adjustment, according to data released by the U.S. Department of Labor. Over the past 12 months, weekly earnings rose by 3.4 percent.

In April, average hourly earnings edged up by 1 cent, or 0.1 percent, to $17.88, seasonally adjusted. This followed gains of 6 cents in February and in March.

Data on American average weekly earnings are collected from the payroll reports of private non-farm establishments. Earnings of both full-time and part-time workers holding production or non-supervisory jobs are included.

April 2008 earnings of production and non-supervisory workers
on private non-farm payrolls not seasonally adjusted

Industry Average Weekly Earnings $ (£) 12 Month % change
Goods-producing 761.20 (387.45) 2.3
Natural resources and mining 955.21 (486.20) 0.0
Construction 822.68 (418.74) 3.8
Manufacturing 717.26 (365.09) 1.7
Private service-providing 567.36 (288.79) 2.0
Trade, transportation, and utilities 533.61 (271.61) 1.5
Wholesale trade 764 (388.88) 1.3
Retail trade 385.51 (196.22) 0.0
Transportation and
warehousing
661.38 (336.64) 2.5
Utilities 1218.23 (620.08) 3.0
Information 890.16 (453.09) 0.7
Financial activities 719.71 (366.33) 0.0
Professional and business services 722.80 (367.91) 2.3
Education and health services 604.91 (307.91) 3.2
Leisure and hospitality 271.4 (138.14) 2.4
Other services 486.67 (247.72) 1.5

exchange rate used $1.00 = £0.509


USA: Home Sales Slip in March

23 April, 2008 | United States | No comments

American homeExisting-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to the National Association of Realtors. Existing-home sales – including single-family, townhouses, condominiums – were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.

Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”

The American median existing-home price for all housing types was $200,700 (£101,400) in March, down 7.7 percent from a year ago when the median was $217,400 (£109,800).

A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, North Carolina.

Total housing inventory rose 1.0 percent at the end of March percent to 4.06 million existing homes available for sale.

Regionally, existing-home sales in the Northeast rose 2.2 percent to an annual pace of 910,000 in March, but are 18.8 percent below March 2007. The median price in the Northeast was $284,300 (£143,600), up 4.6 percent from a year ago.

Existing-home sales in the West rose 2.2 percent in March to a level of 940,000 but are 22.3 percent below a year ago. The median price in the West was $285,100 (£144,000), which is 14.7 percent lower than March 2007.

In the South, existing-home sales fell 3.5 percent to an annual rate of 1.92 million in March and are 20.0 percent below March 2007. The median price in the South was $167,200 (£84,400), down 7.1 percent from a year ago.

Existing-home sales in the Midwest dropped 6.5 percent to an annual rate of 1.16 million in March, and are 15.9 percent below a year ago. The median price in the Midwest was $152,600 (£77,100), down 5.3 percent from March 2007.


USA: Visa Application Period Opens

1 April, 2008 | United States | No comments

ManhattanThe annual sweepstake for American visas for highly skilled temporary foreign workers begins on April 1st, the opening day for applications reports the New York Times.

The American authorities will accept petitions from employers for 65,000 temporary work visas, known as H-1Bs, that are available for the year that starts October 1st. Last year, the agency received enough petitions to cover the annual quota on the first day applications were accepted. About half of the total petitions filed were rejected because the supply of visas had run out.

Technology companies have urged Congress to raise the annual limit, saying they face damaging shortages of the computer engineers and software technicians that these visas attract.

But a number of lawmakers say foreign companies have used the program to import workers who compete against Americans and lower wage rates. They oppose increasing the number of H-1B visas without closing loopholes in the program.

Citizenship and Immigration Services has said that it will accept H-1B visa petitions over five business days, ending April 7. Last year the agency closed the application period after one day because the quota had already been surpassed. In mid-April, the agency will run a computerised lottery to choose about 65,000 petitions.

“We want to make sure everyone has the opportunity to get their petition in to make the process as fair as possible,” said Christopher S. Bentley, a spokesman for the immigration agency.

For the first time, the agency this year has explicitly prohibited companies from filing more than one petition for the same worker.


Unites States: Existing Home Sales Rise

25 March, 2008 | United States | No comments

HouseUnited States sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors.
Existing-home sales – including single-family, townhouses, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007.

Lawrence Yun, NAR chief economist, said the gain is encouraging. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilising,” he said.

The American median existing-home price for all housing types was $195,900 (£97,800) in February, down 8.2 percent from a year earlier when the median was $213,500 (£106,500).

Home prices within metropolitan areas were more telling. The most recent data shows roughly half of the metro areas in the U.S. with price increases, with healthy gains in markets such as Oklahoma City and Trenton, New Jersey. “In other areas such as Sacramento, a rapid price decline has induced buyers to come into the market and sales are now rising,” Yun said. “The relationship between home prices, interest rates and income has improved to the point where buyers are more serious about making offers.”

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, California, said that negotiation and knowledge are even more important in the current market. “Consumers need to be aware of local market conditions and comparable sales prices to have a clear picture of a home’s value,” he said.

Single-family home sales increased 2.8 percent to a seasonally adjusted annual rate of 4.47 million in February, 22.9 percent below 5.80 million-unit level a year ago. The median existing single-family home price was $193,900 (£96,800) in February, down 8.7 percent from February 2007.

Existing condominium and co-op sales rose 3.7 percent to a seasonally adjusted annual rate of 560,000 units in February, 29.7 percent below the 797,000-unit pace in February 2007. The median existing condo price was $211,700 (£105,600) in February, which is 4.9 percent lower than a year ago.

Regionally, existing-home sales in the Northeast jumped 11.3 percent to an annual pace of 890,000 in February, but are 26.4 percent below February 2007. The median price in the Northeast was $264,800 (£132,100), up 0.4 percent from a year ago.

Existing-home sales in the Midwest rose 2.5 percent in February to a level of 1.24 million but are 19.5 percent below a year ago. The median price in the Midwest was $143,900 (£71,800), which is 7.1 percent lower than February 2007.

In the South, existing-home sales increased 2.1 percent to an annual rate of 1.99 million in February but are 22.0 percent below February 2007. The median price in the South was $163,400 (£81,500), down 8.6 percent from a year ago.

Existing-home sales in the West slipped 1.1 percent to an annual rate of 920,000 in February, and are 29.2 percent below a year ago. The median price in the West was $290,400 (£144,900), down 13.4 percent from February 2007.


Orleans: Parish Top Population Growth Rate

23 March, 2008 | United States | No comments

american flag St. Bernard and Orleans, two Louisiana parishes hit hard by Hurricane Katrina in 2005, were America’s fastest-growing counties in 2007, according to population estimates released today by the U.S. Census Bureau. St. Bernard — America’s fastest-losing county from 2005 to 2006 — experienced a 42.9 percent population increase between July 1, 2006, and July 1, 2007, upping its population by almost 6,000. Orleans’ population rose by 13.8 percent, or nearly 29,000.

According to the estimates, all but one of America’s 10 fastest-growing counties were located in the South or West. Pinal, Arizona (near Phoenix) ranked third at 11.5 percent; Kendall, Ill. (in the Chicago area) fourth at 10.6 percent; Rockwall, Texas (in the Dallas area) fifth at 8.2 percent; Flagler, Florida (between Daytona Beach and Jacksonville) sixth at 7.2 percent; and Union, North Carolina (near Charlotte) seventh at 7.2 percent. Finishing the list were three Georgia counties: Forsyth (7.2 percent), Paulding (6.7 percent) and Jackson (6.7 percent). Forsyth and Paulding are in the Atlanta metro area, with Jackson bordering on Athens-Clarke County.

Maricopa County, Arizona, home of Phoenix, was the top numerical gainer, increasing by 102,000 people between 2006 and 2007. Among the 10 counties that added the largest number of residents between 2006 and 2007, half were in Texas (Harris, Tarrant, Bexar, Collin and Travis), two in North Carolina (Wake and Mecklenburg), and one each in California (Riverside) and Nevada (Clark).

Los Angeles, California remained the most populous county, with a July 1, 2007, population of 9.9 million, a decline of 2,000 residents from 2006.

Other highlights for 2006-2007:

Seventy of the 100 fastest-growing counties were in the South, with 22 in the West and eight in the Midwest.

Among the 100 fastest-growing counties, more than one-third were in either Georgia (18) or Texas (16).

Texas was home to 11 counties among the 25 with the highest numerical gains. Each of the top 25 was in the South or West.


USA: Average Weekly Earnings Rise in February

20 March, 2008 | United States | No comments

American real average weekly earnings rose by 0.3 percent from January 2008 to February 2008 to $599.86 after seasonal adjustment, according to data released by the U.S. Department of Labor. Over the past 12 months, both average hourly earnings and weekly earnings rose by 3.7 percent.

Data on American average weekly earnings are collected from the payroll reports of private non-farm establishments. Earnings of both full-time and part-time workers holding production or non-supervisory jobs are included.

January 2008 earnings of production and non-supervisory workers
on private non-farm payrolls not seasonally adjusted

Industry Average Weekly Earnings $ (£) 12 Month % change
Goods-producing 751.92 (376.71) 3.8
Natural resources and mining 979.2 (490.58) 3.6
Construction 798.12 (399.88) 4.3
Manufacturing 715.1 (358.27) 3.6
Private service-providing 564 (282.56) 3.8
Trade, transportation, and utilities 529.36 (265.21) 3.0
Wholesale trade 759.9 (380.71) 4.4
Retail trade 379.77 (190.26) 0.7
Transportation and
warehousing
659.2 (330.26) 3.5
Utilities 1207.43 (604.92) 4.4
Information 883.37 (442.57) 1.2
Financial activities 717.43 (359.43) 3.2
Professional and business services 714.14 (357.78) 4.1
Education and health services 599.72 (300.46) 4.5
Leisure and hospitality 262.89 (131.71) 4.6
Other services 430.38 (215.62) 4.4

exchange rate used $1.00 = £0.501


USA: Homes Sales Slip in January

5 March, 2008 | United States | No comments

American homeThe American median existing-home price for all housing types was $201,100 (£100,900) in January, down 4.6 percent from a year ago when the median was $210,900 (£105,900). Because the slowdown in sales is greater in high-cost markets, there is a downward pull to the national median from a year ago when there were relatively more sales in higher priced areas.

Price changes within metropolitan areas show that roughly half of the metro areas in the U.S. with price gains, with healthy increases in markets such Buffalo, Peoria and Amarillo.

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, California, said some buyers in high-cost are waiting for higher limits on conventional loans. “Keep in mind the biggest slowdown in home sales last year was in high-cost markets, which were hard-hit by the credit crunch and notably higher interest rates for jumbo loans, but relief is on the way,” he said.

“Once buyers have greater access to higher loan limits, it will take a few months for increased shopping activity to translate into higher sales,” Gaylord said. “We should see some movement of pent-up demand by this summer, but higher loan limits need to be implemented fully and promptly to have maximum benefit.”

Total housing inventory rose 5.5 percent at the end of January to 4.19 million existing homes available for sale, which represents a 10.3-month supply at the current sales pace, up from a 9.7-month supply in December.

Regionally, existing-home sales in the Midwest rose 3.4 percent to an annual pace of 1.20 million in January, but are 20.0 percent below January 2007. The median price in the Midwest was $154,200 (£77,400), down 4.0 percent from a year ago.

Existing-home sales in the South slipped 0.5 percent in January 2007 to a level of 1.95 million and are 22.0 percent below a year ago. The median price in the South was $164,300 (£82,500), which is 5.9 percent lower than January 2007.

In the West, existing-home sales declined 2.1 percent to an annual rate of 930,000 in January and are 28.5 percent below January 2007. The median price in the West was $300,100 (£150,600), down 6.7 percent from a year ago.

Existing-home sales in the Northeast fell 3.6 percent to an annual rate of 810,000 in January, and are 25.7 percent below a year ago. The median price in the Northeast was $270,800 (£135,900), up 3.1 percent from January 2007.

$1.00 =£0.502


USA: Texas Towns in Labour Force Growth

2 March, 2008 | United States | No comments

statue of libertyThree Texas cities had the fastest-growing labour force in the USA from 2000 to 2005, according to the U.S. Census Bureau. For cities with populations of 25,000 or more, Frisco had 73 percent labour force growth, followed by Cedar Park (66 percent) and McKinney (53 percent). These were followed by Carmel, Indiana (50 percent), and Dania Beach, Florida (45 percent).

Cities with populations of 25,000 or more with the lowest rates of unemployment in 2005 were Draper, Utah (1.5 percent); Rancho Palos Verdes, California (1.7 percent); Manhattan Beach, California (1.8 percent); Aliso Viejo, California (1.9 percent); and San Ramon, California. (1.9 percent).

Other highlights from the figure include:

In 2005, New York County, N.Y., led all U.S. counties in personal income per capita at $93,377.

During the same period, St. Bernard Parish, Louisiana had the lowest per capita personal income at $5,148.

In 2005, farm earnings in the U.S. amounted to $51 billion. The top farm-earning counties were all in California: Monterey, Kern, Tulare, Fresno and Ventura.

Between 2000 and 2005, Maricopa County, Arizona, added the most housing units, with an increase of 231,074, but Flagler County, Florida, led all U.S. counties in growth rate with a 60.8 percent increase.

In 2000, Alcona County, Michigan, had the greatest proportion of housing units that were owner-occupied at 89.9 percent, while Bronx County, New York, had the lowest such proportion at 19.6 percent.


USA: Real Earnings Fall in January

22 February, 2008 | United States | No comments

Real average weekly earnings fell by 0.5 percent from December 2007 to January 2008 after seasonal adjustment, according to data released by the Bureau of Labor Statistics of the U.S. Department of Labor. A 0.3 percent decrease in average weekly hours and a 0.4 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers were partially offset by a 0.2 percent increase in average hourly earnings.

Data on average weekly earnings are collected from the payroll reports of private non-farm establishments. Earnings of both full-time and part-time workers holding production or non-supervisory jobs are included.

Before adjustment for seasonal change and inflation, average weekly earnings were $592.74 in January 2008, compared with $573.14 a year earlier.

January 2008 earnings of production and non-supervisory workers
on private non-farm payrolls not seasonally adjusted

Industry Average Weekly Earnings $ (£) 12 Month % change
Goods-producing 755.2 (380.62) 3.4
Natural resources and mining 988.61 (498.26) 6.6
Construction 802.72 (404.57) 3.6
Manufacturing 717.8 (361.77) 3.1
Private service-providing 559.21 (281.84) 3.6
Trade, transportation, and utilities 526.4 (265.31) 2.6
Wholesale trade 759.14 (382.61) 4.8
Retail trade 378.88 (190.96) 0.4
Transportation and
warehousing
659.13 (332.20) 3.1
Utilities 1180.2 (594.82) 4
Information 875.16 (441.08) 1.4
Financial activities 707.65 (356.66) 3
Professional and business services 704.48 (360.10) 4.6
Education and health services 603.61 (304.22) 4.8
Leisure and hospitality 260.84 (131.46) 3.1
Other services 460.68 (232.18) 4.3

exchange rate used $1.00 = £0.504


USA: Unemployment Rate Unchanged

2 February, 2008 | United States | No comments

american flagUnited States non-farm payroll employment, at 138.1 million, and the unemployment rate, at 4.9 percent, were essentially unchanged in January, the Bureau of Labor Statistics has reported. The small January movement in non-farm payroll employment reflected declines in construction and manufacturing and job growth in health care. Average hourly earnings rose by 4 cents, or
0.2 percent, over the month.

Unemployment
The number of unemployed persons (7.6 million) and the unemployment rate (4.9 percent) were
essentially unchanged in January. Over the month, the unemployment rates for all major worker groups showed little or no change: adult men (4.4 percent), adult women (4.2 percent), teenagers (18.0 percent), Asians (3.2 percent), whites (4.4 percent), blacks (9.2 percent), and Hispanics (6.3 percent).

Industry Payroll Employment
In January, total non-farm payroll employment was about unchanged after edging up in
November (60,000) and December (82,000). In 2007, payroll employment increased by an average of
95,000 jobs per month. Both construction and manufacturing employment continued to decline in January,and health care employment rose.

Construction employment decreased by 27,000 in January and has fallen by 284,000 since its peak in September 2006. Over-the-month job losses occurred in residential building (-10,000) and residential speciality trade contractors (-18,000).

Manufacturing lost 28,000 jobs in January. Over the month, small declines occurred among many
durable and nondurable goods industries. Manufacturing has lost 269,000 jobs over the past 12 months.
In the service-providing sector, health care employment continued to grow in January (27,000), about
in line with average monthly gains over the prior 12 months. Within health care, over-the-month job gains occurred in ambulatory health care services (14,000), which includes offices of physicians, and in hospitals (10,000).

Food services employment continued to trend upward in January. From November through January,
food services added an average of 16,000 jobs per month, compared with an average gain of 28,000 jobs for the 12-month period ending in October.

Employment in professional and technical services was little changed in January following a large increase (49,000) in the prior month. In 2007, job growth in this sector totalled 335,000.

In January, employment in financial activities was about unchanged as commercial banking lost 4,000
jobs, and securities, commodity contracts, and investments added 5,000 jobs. Since reaching a peak in
December 2006, employment in financial activities has declined by 99,000.

In January, employment in both wholesale and retail trade was little changed. Within retail trade, employment in food and beverage stores was up by 12,000 over the month.

Weekly Hours

In January, the average workweek for production and non supervisory workers on private non-farm
Payrolls fell by 0.1 hour to 33.7 hours, seasonally adjusted. The manufacturing workweek was unchanged at 41.1 hours, and factory overtime was unchanged at 4.0 hours.

The index of aggregate weekly hours of production and non supervisory workers on non-farm payrolls
declined by 0.3 percent in January to 107.5 (2002=100). The manufacturing index was unchanged at 93.7.

Hourly and Weekly Earnings
Average hourly earnings of production and non-supervisory workers on private non-farm payrolls rose
by 4 cents, or 0.2 percent, in January to $17.75, seasonally adjusted. This followed a gain of 7 cents in
December. Average weekly earnings fell by 0.1 percent in January to $598.18. Over the year, average
hourly earnings rose by 3.7 percent and weekly earnings rose by 3.4 percent.


America: House prices drop 6 percent

25 January, 2008 | United States | No comments

American houseAmerican house sales declined in December following several months of stable activity, with total sales in 2007 at the fifth highest on record, according to the National Association of Realtors. The American median house price for all housing types was $208,400 (£105,300) in December, down 6.0 percent from a year earlier when the median was $221,600 (£111,900).

House sales – including single-family, townhouses, condominiums and co-ops – slipped 2.2 percent to a seasonally adjusted annual rate of 4.89 million units in December from a pace of 5.00 million in November, and are 22.0 percent below the 6.27 million-unit level in December 2006.

For all of 2007 there were 5,652,000 house sales, the fifth highest year on record; however, the total was 12.8 percent below the 6,478,000 transactions recorded in 2006.

Lawrence Yun, NAR chief economist, said the market is experiencing uncharacteristic weakness. “Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate,” he said. “Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.10 percent in December from 6.21 percent in November. Last week, Freddie Mac reported the 30-year fixed rate dropped to 5.69 percent. “Although interest rates on jumbo loans have fallen somewhat, they remain well above conventional mortgage rates,” Yun said. “It isn’t surprising that the share of single-family homes selling for more than $500,000 fell to 12.4 percent of transactions in December from 14.2 percent a year ago.”

Total American housing inventory fell 7.4 percent at the end of December to 3.91 million homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in November. “The fall in inventory in December is encouraging, but inventories remain elevated and buyers have a clear edge over sellers in many markets,” Yun said.

The median single-family house sale price was $206,500 (£104,300) in December, down 6.5 percent from a year earlier.

Regionally house sales in the South slipped 1.0 percent to an annual pace of 1.97 million in December, and are 20.9 percent below December 2006. The median sale price in the South was $173,400 (87,600), down 4.1 percent from a year ago.

House sales in the Midwest declined 1.7 percent in December to a level of 1.16 million and are 20.5 percent below a year ago. The median sale price in the Midwest was $159,800 (£80,700), which is 3.9 percent lower than December 2006.

In the West, house sales fell 2.1 percent to an annual rate of 940,000 in December, and are 24.8 percent below December 2006. The median sale price in the West was $309,800 (£156,500), down 11.1 percent from a year ago.

House sales in the Northeast dropped 4.6 percent to an annual rate of 830,000 in December, and are 22.4 percent below a year ago. The median sale price in the Northeast was $258,600 (£130,600), down 8.9 percent from in December 2006.


America: Top 10 Most Affordable Locations To Live Well

19 January, 2008 | Other News, United States | No comments

MinneapolisForbes.com has looked for affordable locations in America that offer a good quality of life. Minneapolis took the top spot on the list of Most Affordable Places To Live Well. Houses in Minneapolis are relatively affordable, residents enjoy a high quality of life and access to choice arts, leisure and entertainment offerings.

The Methodology
The Forbes rankings incorporate a variety of criteria. They looked at at housing affordability in the country’s 50 largest metros, and considered spending on goods such as energy, clothing and food. To determine quality of life, the Forbes index used 2006 Census figures that measured quality of schools, quality of health care, crime and poverty rates. Finally, Forbes used data from Sperling’s Best Places that identifies the country’s best arts and leisure destinations, measuring a wide range of entertainment options from music venues and museums to professional sports teams and miles of shoreline.

The top ten locations are listed below:

  1. Minneapolis
    The “City of Lakes”. A large variety of companies donate huge sums of money to the city’s schools, cultural institutions and health services. This positively affects the quality of life and the arts and leisure choices. Housing and cost of living are both affordable, but aren’t dramatically below national averages.
  2. Indianapolis
    Indianapolis has a higher percentage of homes available to the median-earning household than any other city. When it comes to arts and leisure activities, Indianapolis may not live up to standards set by New York or Los Angeles, but what is available has an affordable price tag: Indianapolis ranks as the 13th cheapest city to live in.
  3. Cincinnati
    The Queen City is one of the most affordable in the country, in terms of cost of living and housing. Median-earning residents here can afford 76.5% of the homes on the market. Not that they need it (it’s the fifth cheapest city to live in), but housing affordability leaves Cincinnatians with plenty of cash on hand.
  4. St. Louis
    What makes St. Louis a desirable housing market isn’t simply the 76% of homes that are available to the median buyer, but its relatively stability; The area isn’t as bogged down in risky loans and defaults as other Midwestern cities. The Gateway to the West has a strong ratio of parks and restaurants to citizens and is the 15th cheapest city in which to live.
  5. Houston
    One of the country’s fastest-growing cities, Houston has added nearly 1 million new people since 2000. Housing affordability and a strong job market seem enough to lure people from all over the country. The city has invested millions over the last five years in expanding infrastructure by adding trains, bolstering the downtown business district and funding the arts, which has helped the city to centralise. It also helps that on an everyday cost basis, among the cities studied, Houston is the cheapest place to live.
  6. Milwaukee
    Milwaukee has a strong tradition of charitable giving and civic involvement; both have helped create cultural institutions and fund the arts. In Sperling’s Best Places rank, the city is 21st for its combination of museums, sports outlets, libraries, universities and parks. Cost of living sits at about the national average.
  7. Dallas
    Like Houston, Dallas is one of the fastest growing cities in the country, with domestic migrants leading the way. The city itself is a bit more centralised than Houston, has better air quality and better access to public transportation via its DART train. It trails Houston slightly when it comes to cultural institutions like museums, libraries, parks, sports, theatres and universities. Cost of living is slightly higher in Dallas, which was the main reason it ranked behind Houston.
  8. Pittsburgh
    There’s a lot more to Pittsburgh than its post-industrial reputation and the hometown Steelers football team. Institutions like the Carnegie Museum, the Andy Warhol Museum and the Mattress Factory (a contemporary art museum) enrich the city’s art scene. The area’s cost of living is actually a touch above the national average but housing is the 11th most affordable in the country.
  9. Columbus, Ohio
    Home to Ohio State, the biggest university in the country, Columbus offers residents access to the top-notch facilities that come with such a huge institution. The city scores well in health care, based on access to the Ohio State University Medical Centre, especially the James Cancer Hospital and Solove Research Institute, which are top national centres. Cost of living is just below the national average, and 76.4% of homes sold last quarter were available to the median-income earner, making it the seventh most affordable real estate market of the 50 measured.
  10. Atlanta
    Atlanta is a case study in how land use and development can be managed to keep housing prices affordable. More houses have sold in Atlanta over the last five years than just about anywhere else in the country, and it’s the nation’s fastest growing city of more than 5 million people. Quality-of-life rankings and arts and leisure marks are toward the middle, but the city ranks 11th best when it comes to cost of living.

America: House Sales Increase in November

1 January, 2008 | United States | No comments

American homeHouse sales rose slightly in November, indicating a stabilisation in housing in the wake of mortgage disruptions earlier this year, according to the National Association of Realtors. Total house sales – including single-family, townhouses, condominiums and co-ops – rose 0.4 percent to an annual rate of 5.00 million units in November from 4.98 million in October, but still 20.0 percent below the 6.25 million-unit level in November 2006.

Lawrence Yun, NAR chief economist, said the market appeared to be stabilising. “Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilising,” he said. “Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market.”

The American median house price for all housing types was $210,200 (£107,200) in November, down 3.3 percent from November 2006 when the median was $217,300 (£110,900), but there remains a downward drag on the national median as the mix of closed sales has shifted away from expensive markets.

“Just like the weather, there are large local variations in house prices,” Yun said. A quarterly examination of price performance on a metropolitan basis shows nearly two-thirds of metro areas are showing price increases. Among the many metros experiencing healthy local price gains are Farmington, New Mexico; Reading, Pennsylvania; Columbia, South Carolina; and Fargo, North Dakota.

Single-family home sales rose 0.7 percent. The median existing single-family house price was $208,700 (£106,500) in November, down 3.7 percent from a year earlier.

Existing condominium and co-op sales slipped 1.6 percent. The median existing condo price was $221,100 (£112,800), down 0.7 percent from in November 2006.

Regionally, house sales in the West increased 10.3 percent in November to a level of 960,000, but are 25.0 percent below a year ago. The median price in the West was $325,800 (£166,224), which is 6.8 percent lower than November 2006.

In the Midwest, house sales were unchanged at an annual rate of 1.18 million in November, but are 16.9 percent below November 2006. The median price in the Midwest was $163,000 (£83,200), down 0.5 percent from a year ago.

House sales in the South declined 2.0 percent to an annual rate of 1.99 million in November, and are 19.4 percent below a year ago. The median price in the South was $174,200 (£88,900), which is 2.5 percent below November 2006.

House sales in the Northeast fell 3.3 percent to an annual pace of 870,000 in November, and are 19.4 percent below November 2006. The median price in the Northeast was $258,300 (£131,800), down 3.2 percent from a year ago.


Nevada Fastest-Growing State

28 December, 2007 | United States | No comments

Nevada returned to the top as the USA’s fastest-growing state, with a population increase of 2.9 percent between July 1, 2006, and July 1, 2007, according to estimates released today by the U.S. Census Bureau.

Arizona, fastest-growing between 2005 and 2006, slipped to second place.

Meanwhile, Louisiana began to rebound from its post-Hurricane Katrina population loss, gaining nearly 50,000 people from July 1, 2006, to July 1, 2007, for a total population of 4.3 million. The state lost 250,000 residents during the previous one-year period. Texas gained more people than any other state: Its 2006-2007 increase of almost 500,000 was ahead of runner-up California, which added slightly more than 300,000.

California remains the most populous state with about 37 million people.



USA: Thanksgiving Day Facts for November 22nd 2007

22 November, 2007 | United States | No comments

turkeyIn the fall of 1621, the religious separatist Pilgrims held a three-day feast to celebrate a bountiful harvest, an event many regard as the nation’s first Thanksgiving. It eventually became a national holiday in 1863 when President Abraham Lincoln proclaimed the last Thursday of November as a national day of thanksgiving. Later, President Franklin Roosevelt clarified that Thanksgiving should always be celebrated on the fourth Thursday of the month to encourage earlier holiday shopping, never on the occasional fifth Thursday.

Weighing in With a Menu of Culinary Delights

272 million is the preliminary estimate of turkeys raised in the United States in 2007. That’s up 4 percent from 2006. The turkeys produced in 2005 together weighed 7.2 billion pounds and were valued at $3.2 billion.

46 million is the preliminary estimate of turkeys Minnesota expects to raise in 2007. The Gopher State is tops in turkey production. It is followed by North Carolina (39 million), Arkansas (31 million), Virginia (21.5 million), Missouri (21 million) and California (16.8 million). These six states together will probably account for about two-thirds of U.S. turkeys produced in 2007.

690 million pounds is the forecast for U.S. cranberry production in 2007, essentially unchanged from 2006 and 11 percent more than 2005. Wisconsin is expected to lead all states in the production of cranberries, with 390 million pounds, followed by Massachusetts (180 million). New Jersey, Oregon and Washington are also expected to have substantial production, ranging from 18 million to 52 million pounds.

1.6 billion pounds is the total weight of sweet potatoes — another popular Thanksgiving side dish — produced by major sweet potato producing states in 2006. North Carolina (702 million pounds) produced more sweet potatoes than any other state. It was followed by California (381 million pounds). Mississippi and Louisiana also produced large amounts: at least 200 million pounds each.

1 billion pounds is the total pumpkin production of major pumpkin-producing states in 2006. Illinois led the country by producing 492 million pounds of the vined orange gourd. Pumpkin patches in California, Ohio and Pennsylvania also provided plenty of pumpkins: Each state produced at least 100 million pounds. The value of all the pumpkins produced by major pumpkin-producing states was $101 million.

If you prefer cherry pie, you will be pleased to learn that the nation’s forecasted tart cherry production for 2007 totals 294 million pounds. Of this total, the overwhelming majority (230 million) will be produced in Michigan.

1.8 billion bushels is the total volume of wheat — the essential ingredient of bread, rolls and pie crust — produced in the United States in 2006. Kansas and North Dakota accounted for 30 percent of the nation’s wheat production.

841,280 tons is the 2007 contracted production of snap (green) beans in major snap (green) bean-producing states. Of this total, Wisconsin led all states (310,200 tons). Many Americans consider green bean casserole a traditional Thanksgiving dish.

$9.5 million is the value of U.S. imports of live turkeys during the first half of 2007 — 99.5 percent from Canada. USA’s northern neighbour accounted for all of the cranberries the United States imported ($2.2 million). When it comes to sweet potatoes, however, the Dominican Republic was the source of 63 percent ($1.7 million) of total imports ($2.7 million). The United States ran a $4.9 million trade deficit in live turkeys during the period but had surpluses of $9.4 million in cranberries and $15.3 million in sweet potatoes.

The Turkey Industry

$3.6 billion is the value of turkeys shipped in 2002. Arkansas led the way in turkey shipments, with $581.5 million, followed by Virginia and North Carolina. In 2002, poultry businesses whose primary product was turkey totalled 35 establishments, employing about 17,000 people.

$3.86 billion is the 2007 forecast of receipts to farmers from turkey sales. This exceeds the total receipts from sales of products such as rice, peanuts and tobacco.

The Price is Right. 99 cents is the cost per pound of a frozen whole turkey in December 2006.


USA: Mortgage Worries Still Hampering Home Sales

24 October, 2007 | United States | No comments

HousePending sales of existing homes activity will be dampened short-term as mortgage disruptions continue to impact the housing market, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator, fell 6.5 percent to a reading of 85.5 from an upwardly revised 91.4 in July, based on contracts signed in August. It was 21.5 percent below the August 2006 index of 108.9.

Lawrence Yun, NAR senior economist, said the mortgage market impact is quantifiable. “Fewer contracts were being written because of mortgage availability issues, and a separate internal survey of our members shows more than 10 percent of sales contracts fell through at the last moment in August, primarily the result of cancelled loan commitments,” he said. “The volume of activity we’re seeing today is below sustainable market fundamentals because some creditworthy people are trying to buy homes but can’t because of the credit crunch.

“The impact was greater in high-cost markets that are more dependent on jumbo mortgages. In some areas, as much as 30 percent of signed contracts were falling through in August when the credit crunch problem peaked,” Yun said. “The problem has since become less severe, though jumbo loan rates are still higher than they would be under normal conditions. Therefore, sales activity in late fall will better reflect market fundamentals.”

The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalised within one or two months of signing.

Annual changes in the index are more closely related to actual market performance than are month-to-month comparisons. As the relatively new index matures and seasonal adjustment factors are refined, the month-to-month comparisons will become more meaningful.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

The PHSI in the West was down 2.7 percent in August to 80.3 and was 27.1 percent below a year ago.

In the Midwest, the index fell 2.9 percent from July to 78.1 and is 18.0 percent lower than August 2006.

The index in the Northeast fell 8.3 percent in August to 77.3 and was 18.3 percent below a year ago.

In the South, the index dropped 9.5 percent in August to 97.8 and was 21.3 percent below August 2006.


USA: Renters move Four Times More Than Homeowners do

18 October, 2007 | United States | No comments

American homeThe U.S. Census Bureau has released a series of tables on the 40 million Americans who moved between 2005 and 2006, including characteristics of movers by type of move. Published annually at the national and regional levels, these tables reveal trends about migration in the United States.

Some of this year’s findings include the following:

In 2006, 39.8 million United States residents moved within the previous one-year period.

The moving rate remained statistically unchanged from 2005 at 14 percent.

Nearly half of the reasons given for moving were housing related, such as wanting a bigger or smaller house.

The West had the highest moving rate (16 percent), followed by the South (15 percent), the Midwest (13 percent) and the Northeast (10 percent).

Hispanics had the highest moving rate (18 percent), followed by blacks (17 percent), Asians (14 percent) and non-Hispanic whites (12 percent).

In 2006, nearly one-third of all people living in renter-occupied housing units lived elsewhere a year earlier. The moving rate for people living in owner-occupied housing units was 7 percent.

For the population 16 and older, 24 percent of those who were unemployed in 2006 lived in a different place a year earlier. This compares with 14 percent of those who were employed in 2006 and 10 percent for those not in the labour force.

Most movers stayed within the same county (62 percent), while 20 percent moved from a different county within the same state; 14 percent moved from a different state and 3 percent moved from abroad.


USA: August Home Sales Fall

26 September, 2007 | United States | No comments

American homeExisting-home sales fell in August when mortgage availability problems were peaking, according to the National Association of Realtors. Total existing-home sales – including single-family, townhouses, condominiums and co-ops – were down 4.3 percent to a seasonally adjusted annual rate1 of 5.50 million units in August from a level of 5.75 million in July, and are 12.8 percent below the 6.31 million-unit pace in August 2006.

Lawrence Yun, NAR senior economist, expected the decline. “The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through,” he said. “Lower sales contributed to a build-up of unsold inventory.”

Yun expects similar results for home sales in September. “Once we get through these disruptions, we’ll get a better sense of where the actual market is in late fall as conditions begin to normalise,” he said.

The national median existing-home price for all housing types was $224,500 (£109,500) in August, up 0.2 percent from August 2006 when the median was $224,000 (£109,300). The median is a typical market price where half of the homes sold for more and half sold for less.

“Price gains in the Northeast and Midwest were largely offset by a decline in the West, while the median existing-home price in the South was down slightly, demonstrating that all real estate is local,” NAR President, Pat Combs said.

Northeast
Existing-home sales in the Northeast slipped 2.0 percent in August to an annual pace of 1.00 million, and are 5.7 percent below a year ago. The median price was $282,300 (£137,700), up 3.6 percent from August 2006.

South
Existing-home sales in the South eased by 2.7 percent to a level of 2.20 million in August, and are 12.7 percent lower than August 2006. The median existing-home price was $183,500 (£89,500) down 0.7 percent from a year ago.

Midwest
Existing-home sales in the Midwest fell 5.2 percent to an annual rate of 1.28 million in August, and are 10.5 percent below a year ago. The median price was $177,100 (£86,400), up 3.1 percent from August 2006.

West
Existing-home sales in the West dropped 9.8 percent in August to a level of 1.01 million, and are 21.7 percent below August 2006. The median price was $332,300 (£162,100), which is 3.8 percent below a year ago.


United States: More Older Workers

17 September, 2007 | United States | No comments

american flagHighlights from the U.S. Census Bureau’s release of data on key social, economic and housing characteristics for the United States has been released. The data came from more than 7,000 areas, including all congressional districts, cities, and metro areas with a 65,000 population or more. The highlights include:

Older Workers

Nationally, nearly one in four people between the ages of 65 and 74 (23.2 percent) were in the labour force in 2006, an increase from 19.6 percent in 2000. States with some of the lowest rates of older workers in the labour force include West Virginia, Michigan and Arizona.

The highest rates were found in South Dakota, Nebraska and Washington, D.C., all with about one-third of people in this age group in the labour force.

Homeownership

Homeownership has also increased since 2000, with more than two-thirds of all occupied homes (67.3 percent) currently owned by the occupant, compared to 66.2 percent in 2000. In 2006, the highest rates of homeownership were found in Minnesota (76.3), and some of the lowest were found in New York (55.6 percent) and Washington, D.C. (45.8 percent). Among the 20 largest metro areas, Minneapolis-St. Paul shared the top spot with Detroit (75.2 and 74.6 percent, respectively), with St. Louis ranking third (73.1 percent).

Non-English Speakers

In 2006, about 8 million more people spoke a foreign language at home than in 2000. Nationally, one in five over age 5 spoke a language other than English at home, compared to 17.9 percent in 2000. Among states, California (42.5 percent) had the highest percentage in this category, followed by New Mexico (36.5 percent) and Texas (33.8 percent).

Among the 20 largest metro areas, more than half of all people over 5 in Los Angeles spoke a language other than English at home. Miami ranked second in this category followed by San Francisco-Oakland and Riverside, California where about four in 10 spoke a language other than English at home.

Married with Children

The percentage of households that were married-couple families with children under 18 decreased from 23.5 percent in 2000 to 21.6 percent in 2006.

All states, except Connecticut, saw a percentage point decrease in households in this category since 2000. In 2006, Utah had the greatest percentage of married-couple households with children under 18, at 32.3 percent. Other states with high rates included Idaho, California, Texas, New Jersey and Alaska Florida (18.2 percent) and Washington, D.C. (7.3 percent) had some of the lowest.

Additional highlights:

The District of Columbia had a higher percentage of people with a bachelor’s degree or more (46 percent) than any state.

California and Hawaii were the two states with the highest median value of owner-occupied homes (more than $500,000). California cities Newport Beach and Santa Barbara had median home values of about $1 million.

More than half of California homeowners with a mortgage spent 30 percent or more of their household incomes on mortgage payments and other owner costs. Less than a quarter of North Dakota homeowners spent 30 percent or more of their household incomes on mortgage payments other owner costs.