Immigrants real estate buyers have underpinned the housing market across the United States in the last decade and will continue to drive demand at least until the end of 2020 , according to a new study.
Foreign buyers accounted for most of the growth in property ownership in states traditionally populated by immigrants and offset a decline in purchases by Americans by birth in other areas , according to a report prepared by demographers at the University of South California Mortgage Bankers Association of the country.
Specifically , the number of homeowners in the U.S. who were born in other countries has increased every decade since 1990. Immigrants, representing 13% of the population, constituted 39% of the net growth in homeownership between 2000 and 2010. In the decade from 2010 to 2020 , representing 36 % of this growth, the report projected .
"The group of home buyers is much more diverse than in the past ," said Mike Fratantoni , vice director of research of the association. "The demand for immigrants is far more important nationally ( ... ) of what an ordinary person would ."
Immigrants are more likely to buy a home once they are installed and become more financially stable in the U.S. , usually after having rented for a few years . Among Hispanics who came to the U.S. during the 80's , the home ownership rose from 15 % in 1990 to 53% in 2010, and is projected to reach 61 % by 2020 , the report said.
Although the growth of immigrant populations in California and New York have fallen below their highs of 80 and 90 , respectively , the growth of home purchases by foreigners rose to record rates between 2000 and 2010. During this period , immigrants constituted 82 % jump in home ownership in California and 65 % in New York.
In Texas and Florida, the number of foreign property owners continued to climb between 2000 and 2010 despite the expansion in the immigrant population leveled . In the same decade , immigrants also accounted for a significant share of ownership of real estate in states like Illinois, New Jersey, Pennsylvania, Massachusetts, Ohio and Michigan, the report says .
In the southeastern U.S. , which began to experience a wave of immigration in the 90s , foreigners accounted for 34 % of the increase homeownership in the state of Georgia and 25% in North Carolina during the decade completed in 2010.
Recent immigrants are playing similar to the generation of baby boomers role , as people born in the U.S. is known in the two years following the Second World War and in the 70 and 80 entered the large mass housing market decades , says study co-author John Pitkin , an associate researcher with the group studying population dynamics at the University of southern California.
The Ruy Martins Brazilian , who arrived in Atlanta , Georgia, in 1999 , rented a two-bedroom apartment for two years while working in the construction sector and cleaning houses with his wife. In 2001 , the couple got a mortgage to buy a house with three bedrooms. After that Martins opened a business outsourcing restoring homes for insurance companies , bought a bigger house in 2007 .
"We live a life -style ," said Martins , 41 and father of three children. Now rented the smaller house.
The study of the Mortgage Bankers Association , which is based on census data does not distinguish between legal and illegal immigrants. Undocumented immigrants often get a mortgage using an individual tax identification number , known as ITIN for its acronym in English, or through an intermediary.
The trend toward home ownership among immigrants contributed to a slowdown in rental rates after 2000 , the study found .
However, the rate of home ownership among immigrants remains below that of the native USA: 52.4 % vs 67 %.
And after the housing collapse , a study conducted last year by the Pew Hispanic Center found that the sharp decline in housing prices left 28% of Latino-owned housing, including many immigrants, owing more on mortgage payments than their homes were worth twice the percentage of homeowners in the general population .
Still, " the expansion of demand for real estate among those born outside the U.S. was vital to prevent the recession was even worse ," says the report.
Biyernes, Abril 4, 2014
Miyerkules, Abril 2, 2014
Add the price of housing in Miami
The median sale price of single family homes in Miami rose last March 25.1 % from the same period in 2012 , representing the highest annual increase since 2005, according to data released Monday by the Realtors Association of Miami data .
The condo prices , which have remained stable for 21 consecutive months were 19.3 % higher in March this year than in 2012.
Thus, the average price of a detached house in the "city of the sun" was $ 225,000 in March , 16% higher than in February , while condominiums reached an average sales price of $ 167,000 , ie 1.2 % more than the previous month , said this association realtors in a statement.
The real estate market of Miami " is undergoing a comprehensive strengthening fueled by strong demand and limited supply ," said Natascha Tello , president of the board of the Association of Realtors in this city , one of the most attractive for foreign investors, many Latin American real estate .
In the end, the "local market has seen consistent double digit appreciation for a significant number of months as the housing inventory declines ," reflecting the " demand that exists for any type of property in Miami."
In short , sales of residential properties in Miami -Dade County " increased by 2.7 % in March compared with a year earlier sales" and the list of houses at the end of March fell by 5 % compared to previous year , " at a time when the market was experiencing a housing shortage ."
64 % of all closed sales in that county were made in cash , reflecting the "strong presence of international buyers in the real estate market in Miami."
The condo prices , which have remained stable for 21 consecutive months were 19.3 % higher in March this year than in 2012.
Thus, the average price of a detached house in the "city of the sun" was $ 225,000 in March , 16% higher than in February , while condominiums reached an average sales price of $ 167,000 , ie 1.2 % more than the previous month , said this association realtors in a statement.
The real estate market of Miami " is undergoing a comprehensive strengthening fueled by strong demand and limited supply ," said Natascha Tello , president of the board of the Association of Realtors in this city , one of the most attractive for foreign investors, many Latin American real estate .
In the end, the "local market has seen consistent double digit appreciation for a significant number of months as the housing inventory declines ," reflecting the " demand that exists for any type of property in Miami."
In short , sales of residential properties in Miami -Dade County " increased by 2.7 % in March compared with a year earlier sales" and the list of houses at the end of March fell by 5 % compared to previous year , " at a time when the market was experiencing a housing shortage ."
64 % of all closed sales in that county were made in cash , reflecting the "strong presence of international buyers in the real estate market in Miami."
Martes, Abril 1, 2014
Some large cities at risk of new U.S. housing bubble
The sharp increase in the price of houses in some of the largest cities in the United States point to a possible new housing bubble in those areas , according to Robert Shiller , who helped create an influential indicator of housing prices in the U.S. .
Shiller said that large price increases in Las Vegas , Los Angeles, San Francisco , Miami and Phoenix , driven in part by a large flow of money from outside investors , are a possible sign of future problems .
" There is a risk of bubbles in these cities ," he told Reuters on Wednesday Shiller , co -founder of the home price index S & P / Case- Shiller . " The increase in housing prices has been dramatic. Resembles the beginning of the most recent bubble ," he added .
There is a risk that prices will rise for another year in these areas and then falling back , hurting new buyers trying to compete in markets where low inventories and Wall Street investors bid up prices with their money .
The latest report from the Case- Shiller Standard & Poor's index showed that prices of single-family homes in 20 metropolitan areas in the United States rose 12.1 percent in April , marking the largest annual increase in seven years.
The gains were led by price increases of 24 percent in San Francisco , 22.3 percent in Las Vegas, 21.5 percent in Phoenix, 19 percent in Los Angeles and 13 percent in Miami.
Price increases were the latest sign that the U.S. housing market , a mainstay of the economy, may be in a sustainable recovery from the housing crisis that caused the 2008 financial crisis and subsequent recession.
Shiller said it is still too early to predict how healthy market recovery , and he was not sure if overall prices would continue to rise for another year.
However, he said it was unlikely a collapse of the housing market in the short term , because lending standards have tightened and government oversight of the mortgage industry has been strengthened.
Shiller said that large price increases in Las Vegas , Los Angeles, San Francisco , Miami and Phoenix , driven in part by a large flow of money from outside investors , are a possible sign of future problems .
" There is a risk of bubbles in these cities ," he told Reuters on Wednesday Shiller , co -founder of the home price index S & P / Case- Shiller . " The increase in housing prices has been dramatic. Resembles the beginning of the most recent bubble ," he added .
There is a risk that prices will rise for another year in these areas and then falling back , hurting new buyers trying to compete in markets where low inventories and Wall Street investors bid up prices with their money .
The latest report from the Case- Shiller Standard & Poor's index showed that prices of single-family homes in 20 metropolitan areas in the United States rose 12.1 percent in April , marking the largest annual increase in seven years.
The gains were led by price increases of 24 percent in San Francisco , 22.3 percent in Las Vegas, 21.5 percent in Phoenix, 19 percent in Los Angeles and 13 percent in Miami.
Price increases were the latest sign that the U.S. housing market , a mainstay of the economy, may be in a sustainable recovery from the housing crisis that caused the 2008 financial crisis and subsequent recession.
Shiller said it is still too early to predict how healthy market recovery , and he was not sure if overall prices would continue to rise for another year.
However, he said it was unlikely a collapse of the housing market in the short term , because lending standards have tightened and government oversight of the mortgage industry has been strengthened.
Lunes, Marso 31, 2014
Mortgage applications in the U.S. rise, but rates also
Potential buyers returned to the U.S. housing market last week, mortgage applications climbed , where rates resumed their climb, showed data from an industry group reported Wednesday.
The Mortgage Bankers Association (MBA , for its acronym in English ) said its seasonally adjusted index of mortgage application activity , which includes both refinancing and demand for loans to buy homes rose 0.2 percent in the week ended August 2.
The measurement of loan applications for home purchases , an important indicator of home sales , rose 0.7 percent after falling in four of the last five weeks.
Appetite for mortgages has fallen over the summer , affected by an increase in interest rates due to the Federal Reserve plan to start slow their economic stimulus later this year if the economy moves as expected.
The Fed is currently buying 85,000 million in bonds per month to keep interest rates low .
Cheap mortgage rates have helped boost home purchases and concerns that higher costs may subtract some strength of the housing market recovery have emerged.
The 30-year fixed mortgage rates rose again last week averaging 4.61 percent , 3 basis points higher than the previous week. Rates have risen by more than a percentage point since early May , but still remain low by historical standards.
Increased rates hit demand for refinancing. The refinance index fell 0.1 percent to 2,244.7 and the total share of the total mortgage refinancing activity remained unchanged at 63 percent.
The survey covers over 75 percent of retail residential mortgage applications , according to MBA.
The Mortgage Bankers Association (MBA , for its acronym in English ) said its seasonally adjusted index of mortgage application activity , which includes both refinancing and demand for loans to buy homes rose 0.2 percent in the week ended August 2.
The measurement of loan applications for home purchases , an important indicator of home sales , rose 0.7 percent after falling in four of the last five weeks.
Appetite for mortgages has fallen over the summer , affected by an increase in interest rates due to the Federal Reserve plan to start slow their economic stimulus later this year if the economy moves as expected.
The Fed is currently buying 85,000 million in bonds per month to keep interest rates low .
Cheap mortgage rates have helped boost home purchases and concerns that higher costs may subtract some strength of the housing market recovery have emerged.
The 30-year fixed mortgage rates rose again last week averaging 4.61 percent , 3 basis points higher than the previous week. Rates have risen by more than a percentage point since early May , but still remain low by historical standards.
Increased rates hit demand for refinancing. The refinance index fell 0.1 percent to 2,244.7 and the total share of the total mortgage refinancing activity remained unchanged at 63 percent.
The survey covers over 75 percent of retail residential mortgage applications , according to MBA.
Sabado, Marso 29, 2014
In 2014 the new skyscraper will open contemporary modern architecture
The U.S. government after the attacks of September 11 was devoted to recovering the Big Apple and began construction of a new skyscraper called " One World Trade Center" in the accident , now known as "Ground Zero" .
The building is the tallest in New York and the third in the world , measuring 541 meters , surpassing the Empire State that has 381 meters.
The " One World Trade Center" is being built in Lower Manhattan and will be inaugurated in 2014 , the foundation stone towards their building was laid on July 4, 2004 but the work was stalled until 2006 , because it still arguing about the issue of safety, design and how much is invested in the work.
In 2008 he began to build the base of the tower , which was completed in early 2010 and then continue with the floors for offices . It took five years to lift the structure completely. In May 2013 the skyscraper "One World Trade Center" touched the sky of New York when it was installed the antenna that goes on top of the popular building.
According to information from EFE, the building is the best answer to the terrorists that brought down the Twin Towers on September 11, 2001 .
The " One World Trade Center" also has some specifications related to the history of the United States. 541 meters tall equivalent to 1,776 feet, which is the year of independence of this nation, and the roof will be located at 417 m altitude , which measured the old twin towers.
The architects in charge of the structure are Daniel Libeskind and David Childs and so far have invested 3,000 million, according to the latest official estimates .
the Memorial
" The Memorial " was inaugurated in 2011 to honor and remember the more than 2,700 deaths that were victims of the attacks of September 11, 2001 , as well as the six people killed in the attack on the World Center Trade in February 1993 . Nearly 10 million people have visited the impressive monument .
The design consists of two pools of 4000 square meters , in bronze walls are engraved the names of all persons who died in the attacks , as a powerful reminder of the largest loss of life occurred in the United States.
The work was led by architects Michael Arad and Peter Walker. The names within the monument are divided into 9 groups : on the north pool will find victims of the North Tower of the World Trade Center , Flight 11 and died on 26 February 1993 and on the south pool, those killed in the southern financial center , lifeguard tower, and the victims of flight 77, 193 and 175.
Before entering the " Memorial " , visitors can also watch a photo exhibition of all the fallen , pictures are located in a corridor called "Wall of Faces" . There are some notes of the families of the deceased, personal items and some of the original foundations of the towers and commercial aircraft involved in her tragic accident are also available to the public.
It is expected that by 2014 , also a museum open doors that will complement the " Memorial " , to tell about the history of the events of September 11, 2001 .
The building is the tallest in New York and the third in the world , measuring 541 meters , surpassing the Empire State that has 381 meters.
The " One World Trade Center" is being built in Lower Manhattan and will be inaugurated in 2014 , the foundation stone towards their building was laid on July 4, 2004 but the work was stalled until 2006 , because it still arguing about the issue of safety, design and how much is invested in the work.
In 2008 he began to build the base of the tower , which was completed in early 2010 and then continue with the floors for offices . It took five years to lift the structure completely. In May 2013 the skyscraper "One World Trade Center" touched the sky of New York when it was installed the antenna that goes on top of the popular building.
According to information from EFE, the building is the best answer to the terrorists that brought down the Twin Towers on September 11, 2001 .
The " One World Trade Center" also has some specifications related to the history of the United States. 541 meters tall equivalent to 1,776 feet, which is the year of independence of this nation, and the roof will be located at 417 m altitude , which measured the old twin towers.
The architects in charge of the structure are Daniel Libeskind and David Childs and so far have invested 3,000 million, according to the latest official estimates .
the Memorial
" The Memorial " was inaugurated in 2011 to honor and remember the more than 2,700 deaths that were victims of the attacks of September 11, 2001 , as well as the six people killed in the attack on the World Center Trade in February 1993 . Nearly 10 million people have visited the impressive monument .
The design consists of two pools of 4000 square meters , in bronze walls are engraved the names of all persons who died in the attacks , as a powerful reminder of the largest loss of life occurred in the United States.
The work was led by architects Michael Arad and Peter Walker. The names within the monument are divided into 9 groups : on the north pool will find victims of the North Tower of the World Trade Center , Flight 11 and died on 26 February 1993 and on the south pool, those killed in the southern financial center , lifeguard tower, and the victims of flight 77, 193 and 175.
Before entering the " Memorial " , visitors can also watch a photo exhibition of all the fallen , pictures are located in a corridor called "Wall of Faces" . There are some notes of the families of the deceased, personal items and some of the original foundations of the towers and commercial aircraft involved in her tragic accident are also available to the public.
It is expected that by 2014 , also a museum open doors that will complement the " Memorial " , to tell about the history of the events of September 11, 2001 .
Huwebes, Marso 27, 2014
New home sales rise in U.S.
Sales of new single-family U.S. homes rose in August but remained near their lowest levels of the year, in a sign that a sharp rise in interest rates is weighing on the U.S. economy.
Sales rose 7.9 % to an annual rate of 421,000 units , said Wednesday the Commerce Department .
The pace of sales was in line with analyst expectations and supported the view that an increase in mortgage rates is reducing boost to the housing recovery in the United States.
The August increase did not offset the sharp drop recorded in July, when the sales pace was the weakest since October.
Mortgage rates rose in early May , when the Fed indicated that it was planning to reduce its program of bond purchases .
The Fed surprised financial markets last week when he said remain unchanged its bond purchases for now, when most analysts and investors expected a reduction in the stimulus program. Some members said that the rising cost of credit was one of the factors to make that decision .
The housing market, which has been a major for the U.S. economy since the recession of 2007-2009 ballast seemed to turn early last year when prices began to rise.
Last month, the average selling price of a new home fell to $ 254.600 . This price , which is not adjusted for seasonal swings , has declined every month since May, although it is slightly higher compared to August 2012.
The inventory of new homes for sale rose 3.6 % in August compared with July , leaving stocks of unsold new homes at its highest level since March 2011 .
Sales rose 7.9 % to an annual rate of 421,000 units , said Wednesday the Commerce Department .
The pace of sales was in line with analyst expectations and supported the view that an increase in mortgage rates is reducing boost to the housing recovery in the United States.
The August increase did not offset the sharp drop recorded in July, when the sales pace was the weakest since October.
Mortgage rates rose in early May , when the Fed indicated that it was planning to reduce its program of bond purchases .
The Fed surprised financial markets last week when he said remain unchanged its bond purchases for now, when most analysts and investors expected a reduction in the stimulus program. Some members said that the rising cost of credit was one of the factors to make that decision .
The housing market, which has been a major for the U.S. economy since the recession of 2007-2009 ballast seemed to turn early last year when prices began to rise.
Last month, the average selling price of a new home fell to $ 254.600 . This price , which is not adjusted for seasonal swings , has declined every month since May, although it is slightly higher compared to August 2012.
The inventory of new homes for sale rose 3.6 % in August compared with July , leaving stocks of unsold new homes at its highest level since March 2011 .
Lunes, Marso 24, 2014
Property income returns to Miami
Between July 2012 and July 2013 , Venezuelans accounted for the largest group of foreign buyers of real estate in Miami, with 14 % of the total. Brazil and Argentina ranked second with 11 % each, while Colombians and Canadians were in third place with 8 % each , according to a study by the Association of Realtors Miami.
After the bursting of the financial bubble in 2008 , returned the boom in the construction of apartments , but this time without being driven by cheap credit from banks, but foreign investors , many Latin Americans say Arian Campo -Flores and Conor Connect Dougherty in The Wall Street Journal.
The value of the numerous vacant buildings and towering condos for several years after the bursting of the housing bubble collapsed almost 60 % from its peak to its lowest , according to the Realtors Association of Miami.
And today, almost all units that were vacant were busy and demand exceeds supply . 118 have been proposed apartment towers to the Miami area , of which 35 are already under construction , says real estate consultancy Condo Vultures LLC .
The 41 buildings proposed for downtown Miami added 12,100 units , a figure well below the 22,200 units built between 2003 and 2008 , during the housing boom .
But anyway a significant upturn when you take into account that the construction in the downtown area of the city was virtually paralyzed until 2011, said the report published in the Spanish edition of The Wall Street Journal.
The developers emphasize that the strong international demand has created a new model of financing in cash , in your opinion, is safer than bank loans that fueled the previous boom .
Normally buyers have to pay at least 50% before closing the business, which means that homeowners lose their money if they abandon the transaction.
Under the new payment system , urban developers rely more on deposits from buyers , and less debt to finance the construction , which , they say, puts projects on a more solid foundation .
In addition , construction firms with less experience left out , since banks have become more strict about the initiatives they fund.
After the bursting of the financial bubble in 2008 , returned the boom in the construction of apartments , but this time without being driven by cheap credit from banks, but foreign investors , many Latin Americans say Arian Campo -Flores and Conor Connect Dougherty in The Wall Street Journal.
The value of the numerous vacant buildings and towering condos for several years after the bursting of the housing bubble collapsed almost 60 % from its peak to its lowest , according to the Realtors Association of Miami.
And today, almost all units that were vacant were busy and demand exceeds supply . 118 have been proposed apartment towers to the Miami area , of which 35 are already under construction , says real estate consultancy Condo Vultures LLC .
The 41 buildings proposed for downtown Miami added 12,100 units , a figure well below the 22,200 units built between 2003 and 2008 , during the housing boom .
But anyway a significant upturn when you take into account that the construction in the downtown area of the city was virtually paralyzed until 2011, said the report published in the Spanish edition of The Wall Street Journal.
The developers emphasize that the strong international demand has created a new model of financing in cash , in your opinion, is safer than bank loans that fueled the previous boom .
Normally buyers have to pay at least 50% before closing the business, which means that homeowners lose their money if they abandon the transaction.
Under the new payment system , urban developers rely more on deposits from buyers , and less debt to finance the construction , which , they say, puts projects on a more solid foundation .
In addition , construction firms with less experience left out , since banks have become more strict about the initiatives they fund.
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