Asian stocks dropped, sending the regional benchmark index to its first decline in three days, as U.S. jobless claims rose more than economists estimated and mining companies fell as oil and metal prices retreated.
View full post on Finance Stories
Total consumer bankruptcy filings were down 13 percent in November compared to October, the American Bankruptcy Institute reported. Still, filings were higher than last year. Mortgage Daily estimates that around 1.5 million consumers will file bankruptcy this year.
View full post on Mortgage Stories
Vancouver, British Columbia, Canada (AHN) – The head of a commission to probe into the decline of sockeye salmon in the Fraser River said Friday British Columbia’s problem with the fish may still return even if the province is enjoying a boom harvest this year.
BC Supreme Court Chief Justice Bruce Cohen, who was tapped to head the commission, issued a preliminary report Friday.
Cohen pointed out that in the past 20 years several investigations had been made on halting the decline of salmon stock in Fraser River.
The investigations have resulted in 30 reports and 700 recommendations, but none were successful in stopping the fish population decline.
The reports, made from 1982 to 2005, were provided to Cohen by the Department of Fisheries and Oceans. Cohen also studied other reports that dealt with more general aspects of West Coast fisheries.
However, Cohen refused to draw a conclusion despite the extensive reports he had reviewed. He said he would only release his official findings and recommendations after the commission has held evidentiary hearings through next spring.
Fisheries Minister Gail Shea estimates this year’s salmon run at over 25 million fish, which is one of the highest on record in a century. Because of the record run, the department allowed the commercial, recreational and First Nations to harvest salmon from Fraser River.
View full post on Economy, Business And Finance Stories
The latest economic and housing market outlook from Freddie Mac predicts this year’s residential originations from all U.S. lenders will come in at $1.4 trillion. Projected activity is a 30 percent decline from 2009′s estimated activity. Next year, Freddie sees production staying at the same level as 2010.
View full post on Mortgage Stories
On August 15, 2006, the US Census Bureau released its annual statistics for various communities. The data for San Diego County revealed some significant shifts from 2000 to 2005 in terms of the total population in San Diego, the percentage of males to females, percentage of people at various ages, and the racial composition of the County.
POPULATION SHIFTS
Total Population = 2,813,833 (CY 2000) vs. 2,824,259 (CY 2005) = 0.4% increase
Of the total population, there were shifts in the percentage of males to females.
Males = 1,415,097 (CY 2000) vs. 1,400,199 (CY 2005) = 1.1% decline.
Females = 1,398,736 (CY 2000) vs. 1,424,060 (CY 2005) = 1.8% increase.
AGE CHANGES
The percentage of people at various age also changed during this time period.
Median Age = 33.2 years (CY 2000) vs. 34.4 years (CY 2005) = 3.6% increase.
Population Under 5 Years of Age = 198,621 (CY 2000) vs. 221,575 (CY 2005) = 11.6% increase.
Population Under 18 Years of Age = 2,090,172 (CY 2000) vs. 2,067,282 (CY 2005) = 1.1% decline.
Population 65 or Older = 313,750 (CY 2000) vs. 310,836 (CY 2005) = 0.9% decline.
RACIAL COMPOSITION
Of individuals who defined themselves as belonging to one-race, the following statistics were provided:
Total Number of “One-Race” Individuals = 2,681,866 (CY 2000) vs. 2,730,721 (CY 2005) = 1.8% increase.
Individuals who defined themselves as belonging to one-race, were further categorized as follows:
White = 1,871,839 (CY 2000) vs. 1,927,166 (CY 2005) = 3% increase.
Black or African American = 161,480 (CY 2000) vs. 140,181 (CY 2005) = 13.2% decrease.
American Indian and Alaska Native = 24,337 (CY 2000) vs. 19,902 (CY 2005) = 18.2% decrease
Asian = 249,802 (CY 2000) vs. 295,926 (CY 2005) = 18.5% increase
Native Hawaiian and Other Pacific Islander = 13,561 (CY 2000) vs. 12,704 (CY 2005) = 6.3% decline.
Other Race = 360,847 (CY 2000) vs. 334,842 (CY 2005) = 7.2% decline.
Of those individuals who defined themselves as belonging to “two-races”, the following statistics were provided:
Total, Two -Race Individuals = 131,967 (CY 2000) vs. 93,538 (CY 2005) = 29.1% decline.
Hispanic or Latino (of any race) = 750,965 (CY 2000) vs. 843,901 (CY 2005) = 12.4% increase.
SHIFTS IN HOUSEHOLD CHARACTERISTICS
Total Household Population = 2,716,820 (CY 2000) vs. 2,824,259 (CY 2005) = 4% increase.
Average Household Size = 2.73 (CY 2000) vs. 2.71 (CY 2005) = 0.7% decrease.
Average family size = 3.29 (CY 2000) vs. 3.33 (CY 2005) = 1.2% increase.
IMPLICATIONS FOR SAN DIEGO REAL ESTATE
If you are interested in buying San Diego real estate, homes, condos or townhouses for sale, then the above information may be useful to you. The information above can help you understand demographic and population shifts that impact supply, demand, and price of real estate and homes for sale in San Diego.
San Diego is one of the most popular areas in the Country because of its moderate climate. In fact, the year-around average weather in San Diego is around 70 degrees Fahrenheit.
San Diego real estate is also popular because of its proximity to the Pacific Ocean, mountains and the US-Mexico border. Bordered by Orange County and Riverside County to the north, and the Mexico to the south, San Diego real estate has hundreds of beachfront properties for sale.
San Diego is the sixth most populated County in the Nation. With this many people, buying real estate in San Diego can be a competitive process depending on the supply and demand of real estate and homes for sale at a particular time.
While interest rates are still relatively low and supply relatively high, buyers at this time may find San Diego real estate a good value.
Those who purchase San Diego real estate enjoy year-around perfect weather, easy access to the Mexico border, a thriving job market, and the pleasures of living close to an ocean.
Whether you are interested in boating, fishing, golfing, tennis or other hobbies, residents and visitors who own San Diego real estate have access to all these activities and more.
Please visit the Census Bureau’s web site for detailed demographic information about San Diego County. The Census Bureau provides key statistics for various communities in its annual American Community Survey (ACS) report.
Value of new residential loans granted nearing positive year-on-year growth
After a lengthy spell of non-stop year-on-year decline spanning beck to June 2007, the =month that the National Credit Act was implemented, the value of new residential mortgage loans granted is steadily nearing a return to positive year-on-year growth. In September 2009, the rate of year-on-year decline had been reduced to -13.8%, and while this still appears to be significant decline, it is significantly better than the -27.5% just one month before, and hugely better than the -62.2% rate of decline as recently as April. On a month-on-month basis, broad growth has been in progress since early-2009.
For the 3rd quarter as a whole, the year-on-year decline was -22.2%, which had more than halved on the -49.6% of the previous quarter, while the quarter-on-quarter growth rate had grown at an impressive rate of +30.3%.
The SARB numbers are beginning to show more concrete confirmation of the increased volumes that we have been feeling since earlier in the year, with September’s R18,8 bn being the highest value of residential grants this year, and more than double that of January. While improving, though, the value remains less than half of the all-time high of R39.5bn reached in May 2007.
The noticeable improvement in value of loans granted since the beginning of the year reflects the positive impact of 5 percentage points’ worth of interest rate cuts since late-2008, banks responding to better environment with some relaxation in lending criteria, and a mildly improving economic growth performance.
Commercial mortgages following a similar trend to residential
In recent years, the trend in commercial property loans granted has also taken on a similar shape over the past two years or so, having shown negative growth since earlier back in 2006, reaching an extreme rate of year-on-year of -86.9% in December 2008.
Much of this weakness may reflect residential development finance, but the commercial property sector has probably also played a major role, with the returns of the major 3 sub-sectors of commercial property, namely retail, industrial and office space all showing significant deteriorations in performance from 2008, as the recession started to bite.
Since the beginning of 2009, however, the year-on-year rate of decline for commercial loans granted has diminished steadily to a mere -11.6% in September, while over the third quarter its quarter-on-quarter growth rate had turned slightly positive to the tune of +5.4%.
The focus of growth has been mainly on loans on existing properties, with the numbers still reflecting tough times for new developments
Breaking new loans granted up in a different fashion, the severe weakness in the new development market, compared to the existing property market, is apparent.
The breakdown of new mortgages by loans on existing buildings, on construction of buildings, and on vacant land, lumps residential and commercial property together. (although residential property is the dominant segment in the mortgage market). Whereas the year-on-year decline in the value of mortgage loans granted on existing buildings has diminished steadily from a low of -56.9% in February 2009 to -17.2% as at September, loans granted for construction of new buildings showed a more extreme -43.4% decline as at September, while vacant land mortgage grants were -71.3% down year-on-year. The weaker state of loans on construction and vacant land confirms the lagging status of the new building market, versus that of the existing market. On the residential side at least, this has much to do with a combination of a weak “existing property” market and a surge in input cost inflation for builders in 2007 and 2008, which opened up a wider gap between new and existing home prices, making it difficult to bring competitively priced new stock to the market.
Capital repayments growth has overtaken payouts growth, which could send total Mortgage loans outstanding into negative growth soon
A noticeable feature of the mortgage market as of late has been the steady recovery in capital repayments, which showed positive year-on-year growth in value in September to the tune of 17.9%, possibly a partial reflection of a more cautious household sector determined to reduce its level of indebtedness in many instances (given that household borrowing for residential purposes is the dominant force in the mortgage market). This is in sharp contrast to mortgage payout value growth, which was still in sharp year-on-year decline at -44.2% as at September (although starting to turn for the better slowly).
The large difference in growth rates between capital repayments and payouts has meant that the value of capital repayments has been catching up to that of payouts. The bygone years of booming growth in new lending had seen the value of capital repayments as a percentage of payouts declining from a 99.7% in March 1999 all the way to 37.9% by November 2008 (although by 2008 the low percentage was more a reflection of financial stress than booming new lending)
This percentage has rebounded sharply in 2009 to record 92.4% at September 2009. The combination of negative growth in payout value and positive growth in capital repayments translates into ongoing decline in year-on-year growth in the value of total mortgage advances outstanding, registering a meagre 3.6% in October and looking increasingly likely to head into negative territory within the next few months. Such is the typical lag between new lending turnarounds and trend changes in growth in the value of outstanding mortgages, the latter being dependent on the relative performances of payouts vs capital repayments.
Outlook
The steady rise in new residential mortgage loans granted is expected to continue until at least mid-2010, where-after one may see some flattening out in the level as the positive impact of the 2009 interest rate cuts wears off. This rise in grants is starting to spill over into an improving payouts situation with something of a lag. Noticeable increase in building loans is only anticipated in the second half of 2010, once the decline in oversupply of existing properties on the market makes new developments viable on a larger scale.
However, in a generally more conservative environment compared with a few years ago, capital repayments growth looks set to outstrip new loan growth for a while, and this is expected to translate into a decline in total value of outstanding mortgage loans over the year of 2010, to the tune of around -5% year-on-year at next year’s end.
Private Hard Money Finance Hard Money Financing Hard Money LoansPowered by Yahoo! Answers
