Daily Real Estate News February 27, 2007
Ex-Fed Chief: Recession Likely ComingFormer Federal Reserve Chairman Alan Greenspan warned Monday that a recession might hit by year’s end.
Greenspan, speaking via satellite at VeryGC Global Business Insights 2007 Conference in Tokyo, pointed to stabilizing U.S. profit margins as a sign the recessionary part of the economic cycle isn’t far off. He also warned that the budget deficit, which stood at $247.7 billion in 2006, still remains a concern.
Greenspan also said the slowdown in housing wasn’t to blame. "We are now well into the contraction period, and so far we have not had any major, significant spillover effects on the American economy from the contraction in housing," he said.
Source: Associated Press (02/27/07)
Friday, March 02, 2007
12 U.S. Cities Make Worldwide List of Top Places
American cities continue to be highly regarded by global consumers, with a dozen U.S. cities placing among the top 40 in the 2006 Anholt City Brands Index.
The index is based on a survey of 15,255 adults in 20 countries. Survey respondents were asked to rank 60 cities on nine attributes, ranging from economic and educational opportunity to vibrant lifestyle to amenities.
Internationally, the top 10 cities were: Sydney, London, Paris, Rome, New York, Washington, D.C., San Francisco, Melbourne, Barcelona, and Geneva.
The 12 U.S. cities, along with their ranking, that landed in the top 40 are:
New York City (5)
Washington, D.C. (6)
San Francisco (7)
Los Angeles (15)
Boston (23)
Las Vegas (24)
Seattle (25)
Chicago (27)
Atlanta (28)
Philadelphia (31)
Dallas (38)
New Orleans (39)
U.S. cities generally didn’t rate as high in physical beauty, low pollution, and safety as a number of other international metro areas did. On the other hand, high scores in categories such as business climate, higher education, diversity, and variety of languages spoken added to the U.S. cities’ overall high rankings.
For example, New York was identified as the best place to do business and the easiest city in which to fit in. It ranked third for education. However, it was close to the bottom of list in terms of pollution and cost of living.
New Orleans’ overall low ranking, according to study author Simon Anholt, can be attributed to the widely publicized aftermath of Hurricane Katrina. Still, the Big Easy ranks very high in terms of residents’ friendliness.
— By Camilla McLaughlin for REALTOR® Magazine Online
The index is based on a survey of 15,255 adults in 20 countries. Survey respondents were asked to rank 60 cities on nine attributes, ranging from economic and educational opportunity to vibrant lifestyle to amenities.
Internationally, the top 10 cities were: Sydney, London, Paris, Rome, New York, Washington, D.C., San Francisco, Melbourne, Barcelona, and Geneva.
The 12 U.S. cities, along with their ranking, that landed in the top 40 are:
New York City (5)
Washington, D.C. (6)
San Francisco (7)
Los Angeles (15)
Boston (23)
Las Vegas (24)
Seattle (25)
Chicago (27)
Atlanta (28)
Philadelphia (31)
Dallas (38)
New Orleans (39)
U.S. cities generally didn’t rate as high in physical beauty, low pollution, and safety as a number of other international metro areas did. On the other hand, high scores in categories such as business climate, higher education, diversity, and variety of languages spoken added to the U.S. cities’ overall high rankings.
For example, New York was identified as the best place to do business and the easiest city in which to fit in. It ranked third for education. However, it was close to the bottom of list in terms of pollution and cost of living.
New Orleans’ overall low ranking, according to study author Simon Anholt, can be attributed to the widely publicized aftermath of Hurricane Katrina. Still, the Big Easy ranks very high in terms of residents’ friendliness.
— By Camilla McLaughlin for REALTOR® Magazine Online
Home Prices Fall at Fastest Rate in 14 Years
U.S. home prices fell 0.7 percent in the fourth quarter, according to Standard & Poor’s inaugural release of the national Case-Shiller price index.
This is the fastest rate home prices have fallen since 1992. Overall home prices rose only 0.4 percent last year.
On an inflation-adjusted basis, national home prices are down 1.6 percent in the past year. Prices in the top 10 metro areas are down 2 percent.
Among the 20 cities included in the index, the biggest gains in the past year were in Seattle (up 12.1 percent), Portland (up 9.9 percent) and Charlotte (up 6.7 percent). The biggest losses in the past year were recorded in Detroit (down 5.9 percent), Boston (down 5.1 percent) and San Diego (down 4.2 percent).
Source: Dow Jones Business News (02/27/07)
This is the fastest rate home prices have fallen since 1992. Overall home prices rose only 0.4 percent last year.
On an inflation-adjusted basis, national home prices are down 1.6 percent in the past year. Prices in the top 10 metro areas are down 2 percent.
Among the 20 cities included in the index, the biggest gains in the past year were in Seattle (up 12.1 percent), Portland (up 9.9 percent) and Charlotte (up 6.7 percent). The biggest losses in the past year were recorded in Detroit (down 5.9 percent), Boston (down 5.1 percent) and San Diego (down 4.2 percent).
Source: Dow Jones Business News (02/27/07)