The economic recovery has slowed down a bit in the past month and could be setting up for another Spring Economic Swoon. This morning, ADP reported that private employers created 119,000 jobs in April, below the 155,000 expected, while revising the March figure to 131,000. The job market continues to jump through hurdle after hurdle as employers are loathe to take on additional employees in a somewhat shaky economy. The 2% payroll tax increase coupled with the expiration of the Bush era tax cuts, could be one of the catalysts behind the lower economic numbers. [Read more…]
Case-Shiller Home Price Indices Post Highest Growth Rates Since 2006
Housing markets continue to improve according to the S&P Case Shiller Home Price Indices released April 30 for February’s data.
The Indices consist of a 10-City Composite Index and a 20-City Composite Index with housing markets for each city reported based on a three-month rolling average of home prices.
Case Shiller Posts Highest Growth Rates Since 2006
The data released yesterday comprised the Indices’ highest growth rates since May 2006.
For the 12 months between February 2012 and February 2013, the 10-City Composite Index reports that average home prices posted a gain of 8.6 percent and average home prices for the 20-City Composite Index grew by 9.3 percent on a non-seasonally adjusted basis.
All 20 cities posted a year-over-year gain for at least two consecutive months.
The 10-City Composite Index grew by 0.4 percent between January and February, while the 20-City Composite Index grew by 0.3 percent for the same time period.
16 of the 20 cities reported rising annual growth rates for home sales between January and February 2013, while four cities including Detroit, Miami, Minneapolis and Phoenix saw decreases between -0.1 and -0.4 percent in annual home prices between January and February 2013 readings.
Longer-term readings provide a more positive light, as with the example for Phoenix, Arizona.
The month-to-month reading of annual home prices indicated a decrease, but the reading for Phoenix year over year indicates a + 23.0 percent increase in average home prices.
Ten Metro Areas Gain Double Digits Over Past Year
10 cities posted double-digit year-over-year growth rates; they include Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, San Diego, San Francisco and Tampa.
San Diego and Tampa have joined the double-digit cities in February with average home prices increasing for each city of just over 10 percent.
Phoenix, San Francisco, Las Vegas and Atlanta posted the highest year-over-year gains in average home prices.
Three older cities, New York, Boston and Chicago posted the lowest year-over-year rates in average home price readings.
Atlanta and Dallas achieved the highest annual growth rates since the inception of the 10-City Composite (1991) and the 20-City Composite (2001).
Improving Housing Markets Seen As Beacon Of Economic Recovery
Improving housing markets are considered a leading indicator of overall economic recovery as home ownership typically increases wealth and leads to more spending.
Economists note that while current news for housing markets is good, average home prices remain at 2003 levels, which can be very good for new home buyers.
Shortages of available homes in some areas and news that apartment construction is increasing can impact availability and ultimately, the sale of single-family homes.
7 Fun and Easy Housewarming Gifts for A New Homeowner
Whether you have new neighbors next door or old friends moving across town, a housewarming gift is a great way to show you care.
New owners always appreciate anything that relieves the pressures of moving and settling in to an unfamiliar neighborhood.
Here are seven fun and easy housewarming-gift ideas for your friends moving into their home.
A Door Wreath
You can choose a wreath that fits the season or that is simply attractive on the front door.
Include a wreath door-hanger and storage box so they can easily hang it or put it away.
A Pair of Candlestick Holders
Candlesticks are a simple, yet practical gift for a new Houston home.
They’re perfect for a mantel, dresser or table. Choose attractive candlestick holders that match the house’s decor and include a set of candles to burn.
A Homemade Meal
Moving and getting settled in a new house takes a tremendous amount of time and effort.
This leaves little time to cook nutritious meals.
Bring either a takeout or home-cooked meal along with disposable plates and utensils for a much appreciated housewarming gift.
Fresh Flowers
Nothing makes a room look more inviting than fresh-cut flowers or a lush green plant.
Flowers add a punch of color while plants last longer while still requiring little work.
Choose flowers that fit the season or a plant with full, green leaves that is easy to maintain.
Scented Candles
Not only are they practical, but they also help bring comfort and serenity to the chaos of moving.
Choose a theme for the candles, such as a color or a scent that matches the style.
Include candles of different shapes and sizes and a lighter.
Picture Frames
Keep in mind the house’s décor as you choose a picture frame.
Wood, pewter, bamboo or decorative glass looks great in a casually decorated house.
If the house has a more formal décor, choose crystal or silver.
It’s be fun for your friends to have a place to display their new memories.
There are few experiences that offer the excitement of moving into a new home, and you can add to that excitement and wonder by giving one of these housewarming gift ideas.
And if you want to be the one receiving housewarming gifts by moving to a new home, then call your trusted mortgage professional today for your home loan approval!
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