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February 2015 U.S. Economic Fundamentals

Ally

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News articles for February 2015.
 

Ally

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U.S. border no barrier to Canadian RE hunters

It is likely no surprise to seasoned real estate vets who literally trip over competitors in New York, Chicago and Seattle, but it is still something of a surprise to find that Canadians make up the biggest single investor group when it comes to U.S. real estate.

http://renx.ca/wp-content/uploads/2015/02/15feb5-CBRE-foreign.jpgCanadian investors sunk more than $12 billion Cdn worth of direct investments in the States last year, more than double the amount of investment from oil-rich Norway, No. 2 world economy China or that of Japan and Germany. Canada’s share of the $51 billion of foreign real estate worked out to 26 per cent of the total, according to research out this week from CBRE. No. 2 Norway steered $5.5 billion, or 11 per cent, into the U.S.

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2014 International Buyer Data Nationally and for Florida - National Association of Realtors

2014 Profile of International Home Buying Activity
http://www.realtor.org/reports/profile-of-international-home-buying-activity

2014 Profile of International Home Buyers in Florida

http://www.realtor.org/reports/profile-of-international-home-buyers-in-florida
 

Ally

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Much Stronger Job Growth in
US is Needed If They're Going to See a Healthy Economy Any Time Soon


Today’s job report is a solid start to the new year, and could be a sign that the economy has shifted into a slightly higher gear. At 257,000 jobs a month, we would get to pre-recession labor market health by May 2017 (as shown in the figure below).

The BLS revisions to 2014 payroll employment suggest moderately faster growth than initially reported last year, particularly in the last quarter of 2014. If we were to use the highest rate of growth last year—November’s 423,000 jobs added—in each ensuing month, we would return to 2007 labor market health by April 2016, over a year sooner.

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Why Canada's snowbirds are under U.S. scrutiny

(Reuters) - Canadians who normally head south of their border for warmer weather are keeping closer track of their time in the United States because if they stay too long, they could lose their Canadian health benefits and might owe U.S. income tax.

Just last year, the two countries implemented an agreement to scan passports and share the information, meaning that - unlike past years - America's tax authorities now know exactly how long snowbirds are spending in warmer climes like Florida, California and Arizona.

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U.S. oilfield jobs cull gains pace, more pain ahead

When Ian Sandlin was laid off last week after 13 months working on oil rigs in southeast Texas, he was surprised to have lasted that long.

“I knew it was coming,” he said. “I wasn’t the first to be let go.”

The 27-year-old Houston native is among thousands of workers caught in an accelerating cull of oil field jobs across the once booming U.S. oil industry. Sandlin has since found other off-field work, but his hours and pay have been cut in half and it was not clear how long it would last.

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Condos, townhomes fuel rise in 2014 Phoenix-area home prices

TEMPE, Ariz, -- Prices for single-family homes in the Phoenix area rose 5.4 percent in 2014, according to a report from the W.P. Carey School of Business at Arizona State University. But that was minuscule compared with the median sales prices of townhomes and condominiums.

"The most promising signs in 2014 were for townhomes and condominiums, where both sales volumes and prices were higher than expected," says the report's author, Mike Orr, director or the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

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Is it time to sell your U.S. snowbird property?

For shrewd Canadians who purchased a low-priced snowbird property in the wake of the U.S. housing crash, rising home prices and a weak Canadian dollar are prompting the question: Is it time to sell?

Since the bottom of the market in 2011, real estate prices have risen across the United States, including the states most popular with Canadian snowbirds – Florida, Arizona, California and Texas.

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