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California new-home market leveling off

August 14th, 2009 10:24 AM

The pace of home sales at California new-home communities continued to level off in June, the California Building Industry Association (CBIA) reported this week.

Sales in new-home communities of 10 units or more declined 26 percent in June 2009 compared with a year ago, the same percentage decline as in the prior month, according to the monthly CBIA/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report. Sales of single-family homes declined 38 percent, while sales of townhomes and “plexes”–duplexes, triplexes, etc.–decreased 16 percent, while sales of condominiums increased by 9 percent.

Compared with the same period last year, the median base price of homes sold declined 5 percent.

“This is still the third highest monthly sales total for the year, with all of the highest monthly totals coming in after the tax credit was enacted,” said Robert Rivinius, CBIA’s President and CEO. “We need to keep this positive momentum going if our state hopes to start climbing out of this recession by year’s end, and we hope lawmakers take note of the success of the new home buyer tax credit and grant an extension when they return to wrap up this year’s legislative session. The tax credit has proven to generate new-home sales, and in turn job generating new-home construction, and getting an extension would go a long way towards putting more people back to work and reinvigorating the overall economy.”

Posted by Kevin Harvey on August 14th, 2009 10:24 AMPost a Comment (0)

Federal Reserve maintains target range for federal funds rate

August 14th, 2009 10:26 AM

The Federal Reserve today announced it will “maintain the target range for the federal funds rate at zero to 0.25 percent, and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”

“Conditions in financial markets have improved further in recent weeks. Household spending has continued to show signs of stabilizing but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit,” according to a statement by the Federal Open Market Committee.

“Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.”

Posted by Kevin Harvey on August 14th, 2009 10:26 AMPost a Comment (0)

California’s popularity fading for new immigrants

August 14th, 2009 10:22 AM

California’s popularity as a destination for immigrants has declined significantly, according to a study recently released by the Public Policy Institute of California (PPIC). In a shift that began in the late 1990s and has accelerated this decade, new arrivals to the U.S. have increasingly chosen to live in states with little history of immigration.California’s immigrant population is still the largest in the nation and continues to increase, but that growth has slowed. The percentage of immigrants choosing to live in the state declined by seven points between 1990 and 2007, from 33 percent of the nation’s immigrants in 1990 to 26 percent in 2007, according to the U.S. Census data analyzed in the study.

This trend is mirrored within the state, with immigrants increasingly likely to settle outside traditional immigrant enclaves. Although Los Angeles is home to far more immigrants than any other county in California, its immigrant population grew by just 1.8 percent per year between 1990 and 2007, compared with 11.9 percent growth per year in Riverside County and 9.9 percent in Kern County.

“Many immigrants—particularly Latinos—are moving to new destinations that have less established social networks but growing economic opportunities,” says Sarah Bohn, PPIC research fellow and author of the study. “Immigrants are increasingly likely to base their decisions about where to live on wages and jobs."

Posted by Kevin Harvey on August 14th, 2009 10:22 AMPost a Comment (0)