Cities with higher densities near their core centers do well economically. The term Density refers to the close clustering of people together in communities. Density plays a major role in the advancement of cities and nations in terms of greater energy efficiency, highly skilled and talented people, lots of innovation and high wages. According to an interesting report released by the Atlantic Cities, the recent US Census Data shows that cities with increased activity at their core centers fare well, and people in those cities also tend be happier contrary to the expectation that people are happier in less congested places.
Home Price Trends
Housing Prices continue the trend of modest and steady increases. The FHFA House Price Index increased 0.2% month-over-month. The Pending Home Sales Index of the National Association of Realtors in October is at its highest in five years at 104.8. The New Home Median Sales price has also increased from last year.
According to Lawrence Yun, the Chief Economist of NAR it is the rising consumer confidence about the housing industry and steady job creation that contributed to the rise in the index. Indeed, the overall Consumer Confidence is at 73.7, the highest level since Feb 2008.
The Real GDP increased by 2.7% in the third quarter of 2012 with positive contributions from residential fixed investment, personal consumption expenditures, private inventory investment, federal government spending and exports. The Federal Beige Book released on November 28 shows that Economic Activity expanded in most of the Federal Districts – Chicago, Atlanta, Kansas City, Cleveland, Richmond, Dallas, San Francisco, St. Louis and Mississippi with the exception of Boston and Philadelphia.
Considering that international investors are taking advantage of the current conditions to invest in US Real Estate, it is time for local investors to jump in. According to a report released by NAR, international buyers accounted for more than $82 billion in home sales last year with more than $7 billion coming from Chinese investors.
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