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Mid-Year Forecast Update
Full Report Now Available
Thank
you for attending the the Mid-Year Forecast event! The
full report and copies of
Jack Kyser's and
Dr. Nancy D. Sidhu's presentations are now available on our
website. |
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U.S. HOUSING STARTS DOWN AGAIN IN JUNE
Total
housing starts fell by -5.0% to 549,000 units (seasonally adjusted
annual rate or SAAR) between May and June. This decrease was the
second in a row and the lowest pace of activity since October 2009.
At 454,000 units SAAR, construction of single-family homes in June
was down by just -0.7% over the May rate. However, the volatile
multi-family sector declined sharply, with starts dropping by
-21.5%% in June to just 95,000 units SAAR, the lowest month since
February 2010 (when only 78,000 units were started).
Full Article |
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California's Resale Housing Market in June
The
California Association of Realtors (CAR) recently released their
June 2010 report for existing home sales and prices in California.
Statewide, sales of existing single-family homes declined by -4.2%
compared with June 2009 to 492,800 units (seasonally adjusted,
annualized rate). Meanwhile, the median price was up by +13.6% to
$311,950. Although prices have been on a rising trend over the last
several months, the median existing home price in California is
still -47.5% below the peak ($594,530) reached in May 2007.
Full Article |
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Global Economic Monitor |
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China:
China's National Bureau of Statistics announced that the Chinese
economy expanded by +10.3% in the second quarter when compared to a
year earlier. China's economy had grown by +11.9% on a year-to-year
basis in the first quarter 2010. The slight slowdown in growth was
exactly what the government desired. The Chinese economy was
beginning to overheat, leading to concerns related to inflation and
a potential real estate bubble. Inflation also cooled off a bit in
the second quarter moving up +2.9% in June after increasing by +3%
in May. Both figures point to a diminished risk of economic
overheating and could translate into the government reducing some of
the recent restrictions on bank lending and property purchases.
Full Article |
