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News and Discussions in North America

US to curb inflow of illicit money into luxury real estate

by Investment Property News 24-January-2016

The US government will start tracking secret buyers of high-end properties to prevent the flow of illicit money into luxury real estate in America. The government will require title insurance companies to record the identities of buyers and submi...

Housing starts and permits reach record levels in US

by Investment Property News 05-August-2015

Groundbreaking and permits to new build new homes have surged steeply in the US, reaching the highest level in the past eight years, according to the U.S. Commerce Department. This is the strongest recovery in housing starts since 2007-08 financial crisis.    Groundbreakings on new homes surged 26.6%, and permits to build new homes went up 30% year-on-year in June. Economists ...

Rate cut by Canada's central bank fuels housing bubble fears

by Investment Property News 04-August-2015

Canada's central bank has reduced its overnight lending rate to 0.5%, from 0.75%, to counterbalance slumping oil prices.  In response, several Canadian banks have cut their prime rates.  Toronto-Dominion Bank has cut its prime lending rate by 10 basis points to 2.75%. Royal Bank of Canada, TD Bank, Bank of Montreal, Bank of Nova Scotia and Canadian Imperial Bank of Commerce have cut ...

Foreclosure filings drop to low level in US

by Investment Property News 21-January-2015

In yet another sign that US housing markets are recovering after a long spell of slowdown, the number of properties going through foreclosure process dropped 18% year-on-year in 2014 to its lowest level since 2006, according to California-based real estate data firm RealtyTrac.   Nearly 1.12 million foreclosure filings were reported last year, down 61% from the peak of the housing collapse’s aftermath in 2010, when 2.87 million properties were in the process of being forec...

US luxury housing market booms, despite weak market overall

by Investment Property News 05-January-2015

Whether US housing markets continue to recover or not remains a topic for debate – with contradictory statistics coming up every now and then. But one thing is for sure: sales of expensive homes are on a roll. Sales of homes worth $1 million or more went up by 9% in the third quarter last year from the same period in 2013, while the overall market is not responding well to the booming economy, with total sales slipping by 1.2%.   “Million-dollar-home sales will continue to ...

US rents continue to rise, due to low housing inventory

by Investment Property News 03-January-2015

Americans are paying more in rent due to low housing inventory, and a falling homeownership rate. Rents rose by an average of 3% in 2014, according to Zillow, and renters paid an extra $441 billion for apartments and houses, up by $20.6 billion on last year.    One reason for the increase in rents is homeowners' fear of foreclosures. Nearly 5 million homes were foreclosed in the past seven years. Mortgage lending norms are continuously tightening.    ...

Decline in first time home buyers deterring US housing recovery

by Investment Property News 28-November-2014

A decline in first time home buyers is a major reason for the sluggish housing recovery in America, say experts.    Housing starts fell 2.8% in October from a month earlier to a seasonally adjusted annual rate of 1.009 million units, according to the Commerce Department.  The share of first time home buyers has reached a historical low, slowing the otherwise improving real estate markets.   A recent annual surve...

35% jump in foreign purchases of homes in America

by Investment Property News 03-August-2014

U.S. real estate markets are now attracting foreigners in droves.  Nearly $92 billion worth of American homes were bought by foreigners during the year ending March 2014, according to a National Association of Realtors survey - an increase of 35% on the previous year.   Nearly 7% of all homes on the market are being bought by foreigners. Favourable exchange rates and affordable home prices are the top reasons, the survey concluded.  Florida remains the top choice, with 23% of all inter...

Canadian housing price correction would have huge consequences, warns BoC

by Investment Property News 23-June-2014

The housing sector is the key point of vulnerability for Canada’s otherwise stabilizing economy, the Bank of Canada (BoC) has warned, noting that the consequences of a correction in housing prices would likely be huge.   Steep housing price rises in cities like Toronto, Quebec, Winnipeg and Hamilton were singled out as risks by the recent half-yearly BoC's Financial System Review.   "Our analysis shows that household imbalances remain the most important vulnerability ...

Canada's housing agency says halt! Condo construction mortgage insurance ended

by Investment Property News 12-June-2014

Canada’s national housing agency will no longer offer mortgage insurance for condominium construction – a further step by the agency to cool the housing market.   “The changes are a business decision designed to increase market discipline in residential lending while reducing taxpayers’ exposure to the housing sector through CMHC,” the agency said in a statement. “They also support the government’s continued efforts to adjust the housing finan...

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Title: Property news in North America

Description: North American real estate news, statistics, investment activities and reports.