"Nobody, not in academia or any public agency, got this right. The millennial behavior is shocking to many," Ikhrata said. "They're not in a hurry to get their licenses. They don't like to drive as much as we do. They like to carpool, bike and walk if they can. We missed that because none of us expected the technology to move so fast." -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34263-southern-california-was-not-ready-for-millennials
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While Capital Economics is forecasting housing starts to surge by almost 40% over the next few years, reaching 1.5 million by the end of 2017, they’re not so sure the industry will see a return to pre-recession 2006 levels. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34246-will-homebuilding-ever-return-to-the-highs-of-2006
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Shared by Henry Olde Lion, Kharkov Ukraine https://fbcdn-sphotos-d-a.
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First-time buyers boost existing-home sales 5.1% in May
Fueled partly by an increase in the share of sales to first-time buyers, existing-home sales increased in May to their highest pace in nearly six years, according to the National Association of Realtors. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34260-first-time-buyers-boost-existing-home-sales-51-in-may---------------------------------------------------
So why the crazed obsession with this age group?
It’s because we are officially the largest generation, and while we may not have the greatest purchasing power at the moment, that doesn’t mean we won’t eventually.
“Why you’re seeing the fervor now is just where millennials are headed — out from the younger part of their life stage to where they’re in their first profession, they’re getting married, having children and influencing more spending,” said Christine Barton, a senior partner and managing director at the Boston Consulting Group.
-- Brena Swanson in HousingWire http://www.housingwire.com/blogs/1-rewired/post/34265-marketers-are-dissecting-millennials-and-we-dont-like-itAs a result, businesses are terrified that if they don’t snare them now, they’ll miss the chance.
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Taken and shared by Dieter Birr, Kloster Hirsau
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Yesterday, we found out that existing home sales jumped 5.1% to a seasonally adjusted annual rate of 5.35 million. That was the best reading since November 2009, and it easily topped estimates for 5.26 million.
Median home prices also climbed almost 8% from a year earlier, while the “months supply at current sales pace” gauge of inventory sank to 5.1. That’s generally consistent with a modest sellers’ market. The biggest threat on the horizon? Interest rates. Long-term rates are rising fast again, with the 30-year Treasury bond yield hitting a nine-month high of 3.22% today.
-- Mike Larson in Money and Markets newsletter
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“A solid increase in the sales pace in May, actually the fastest pace since a federal-government-initiated first-time-buyer program in November 2009, is consistent with the strong jobs market, historically low layoffs, and rising compensation for workers. Another contributing factor may be relaxed down-payment requirements recently implemented by Fannie Mae and Freddie Mac,” MacEachin said.
He is, however, concerned about prices and the concentration of the sales improvement in the higher price ranges. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/34266-concerns-lurk-beneath-the-good-news-in-may-existing-home-sales
---------------------------------------------------Shared by James Harrison, taken by Bill Meagher, Torre de Belem Lisbon Portugal
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The director of “If Loving You is Wrong” and “The Haves and the Have Nots” is entering the real estate market and listed his home in Atlanta for $25 million, according to an article in Zillow (Z).
The 34,688-square-foot mega-mansion sits on 17 mostly wooded acres along the Chattahoochee River. Its resort-style, infinity-edge pool calls to mind California’s Hearst Castle, while marble arches along a hallway inside the home seem more “Game of Thrones.” -- Brena Swanson in HousingWire http://www.housingwire.com/articles/34269-tyler-perry-lists-atlanta-home-for-25-million
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- Real consumption expenditures have yet to show signs of a significant pickup from a slowdown in winter.
- Business fixed investment fell in 2015Q1 and its current growth appears to be modest. There are tentative signs of moderate improvement in housing market conditions.
- Payroll growth again was solid in May. The unemployment rate, labor force participation rate, and employment-population ratio edged up slightly.
- Inflation remained well below the FOMC's longer-term objective.
- Global sovereign bond yields rose further in the past month. U.S. equity prices and oil prices both fluctuated in narrow ranges. The dollar was little changed on net. -- Federal Reserve Bank of NY http://www.newyorkfed.org/research/snapshot/index.html
Shared by Archilovers, Ecocapsule, Bratislava / Slovakia / 2015
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Sales of new single family houses in May 2015 were 546,000 at a seasonally adjusted annual rate (SAAR), up 2.2 percent from April’s revised rate and up 19.5 percent from May 2014. -- U.S. Department of Commerce
