December 20, 2012 |
Low mortgage rates and job gains are continuing to boost the housing market, with sales of existing homes at the highest level in three years and new housing construction up 21.6% in November from a year earlier. Homes were being sold last month at an annual pace of 5.04 million, the National Assn. of Realtors said in an update Thursday. It was the highest rate of sales for November since 2009, when a federal housing tax credit was about to expire. Excluding that month, sales were the highest since July 2007.
October 21, 2012 |
The nation's commercial real estate recovery will advance in 2013 with modest gains in leasing, rents, and sales prices, industry leaders said in a report. Recent job creation should be enough to increase absorption and push down vacancy rates in the office, industrial and retail sectors. Despite being on a slower-than-normal recovery track, U.S. property sectors and markets have “noticeably” better prospects compared with last year, the report said. Developers, architects, brokers, lenders and other commercial real estate professionals were surveyed for the annual Emerging Trends in Real Estate report released by the industry think tank Urban Land Institute and accounting firm PricewaterhouseCoopers.
July 22, 2012 |
Southern California's long-languishing office market finally managed to utter a convincing peep in the second quarter as stubbornly high vacancy rates dropped a smidgen. It doesn't signal that landlords' troubles are nearly over. Most markets - with a few notable exceptions - are considered quite soft, which means tenants are in a superior bargaining position. Still, overall vacancy in Los Angeles County slipped to 18.6% from 19.1% in last year's second quarter, according to real estate brokerage Cushman & Wakefield.
April 30, 2012 |
The homeownership rate in the U.S. fell to 65.4% in the first quarter, hitting a 15-year low amid still-high foreclosure rates and a stronger market for rents. The rate is lower than the 66% from the fourth quarter and the 66.4% from the first quarter of last year, according to the Census Bureau . The rate hit a high of 69.2% in 2004, before the housing bubble burst. The housing market has been trying to recover ever since. Several reports this month have suggested that the market has turned a corner, with pending home sales up and housing values bottoming . But foreclosure rates are still high (and may continue to increase following a landmark settlement with loan servicers earlier this year)
October 16, 2011 |
Compared with most of the region's white-collar office market, the less corporate environs of Santa Monica and Venice are looking sharp. Technology and entertainment companies that long ago mastered the knack of making money without dressing up are now paying top dollar to rent space in some of Southern California's most desirable neighborhoods. The office vacancy rate in downtown Santa Monica is a mere 4%, a fraction of the county average, said real estate broker Craig Kish of Jones Lang LaSalle.
August 17, 2011 |
When Twitter inventor Jack Dorsey decided to start a new company last year, he bypassed Silicon Valley and set up shop in San Francisco. The 34-year-old, who said he was drawn to the "variety and vibrancy" of city life, is one of a growing number of entrepreneurs resisting the gravitational pull of high-tech's epicenter 30 miles to the south. The result is a dramatic surge in economic activity not seen in San Francisco since the height of the dot-com boom more than a decade ago. It's a rare bright spot in the nation's troubled economy.