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CONSTRUCTION SPENDING HITS 17-MONTH HIGH IN NOVEMBER WITH MONTHLY GAINS IN ALL SEGMENTS

January 3, 2012 in Associate Membership, Business, Geomatics, Land Surveying, News

CONSTRUCTION SPENDING HITS 17-MONTH HIGH IN NOVEMBER WITH MONTHLY GAINS IN ALL SEGMENTS BUT PUBLIC SPENDING DOWN 5.3 PERCENT COMPARED TO LAST YEAR

Professional Land Surveyor News

Professional Land Surveyor News

Date: January 3, 2012

Both Single- and Multifamily Homebuilding Improve from October and Year Ago; Private Nonresidential Increases from November 2010 are Widespread; Most Public Categories Drop from Year-Earlier Levels

Construction spending totaled $807 billion in November 2011, the highest level since June 2010, as homebuilding, private nonresidential construction and public construction all increased compared to October, the Associated General Contractors of America reported today in an analysis of new Census Bureau data. Association officials cautioned, however, that public spending will drop even further in 2012 because of delays in enacting needed infrastructure bills and planned cuts to many federal construction programs.

“Several segments of construction appear to be climbing out of a hole,” said the association’s chief economist, Ken Simonson. “The new year should reinforce recent year-over-year gains in apartment, power, manufacturing and private transportation construction. But November’s upturns in single-family homebuilding and public construction may not be sustainable.”

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RealtorsTV: National Association of Realtors Video-Existing Home Sales Down But Prices Rise

January 27, 2010 in Associate Membership, Business, Business Videos, Land Surveying, News, Videos

RealtorsTV: National Association of Realtors-Existing Home Sales Down But Prices Rise

Professional Land Surveyor News: National Association of Realtors Reports December Existing-Home Sales Down but Prices Rise; 2009 Sales Up

January 25, 2010 in Associate Membership, Business, Land Surveying, News

Professional Land Surveyor News

Professional Land Surveyor News

December Existing-Home Sales Down but Prices Rise; 2009 Sales Up

Washington, January 25, 2010

After a rising surge from September through November, existing-home sales fell as expected in December after first-time buyers rushed to complete sales before the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 16.7 percent to a seasonally adjusted annual rate1 of 5.45 million units in December from 6.54 million in November, but remain 15.0 percent above the 4.74 million-unit level in December 2008.

For all of 2009 there were 5,156,000 existing-home sales, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008; it was the first annual sales gain since 2005.

Lawrence Yun, NAR chief economist, said there were no surprises in the data. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”

An NAR practitioner survey2 shows first-time buyers purchased 43 percent of homes in December, down from 51 percent in November. Repeat buyers rose to 42 percent of transactions in December from 37 percent in November; the remaining sales were to investors.

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Strong Gain in Existing-Home Sales Maintains Uptrend

August 27, 2009 in Associate Membership, Business, Land Surveying, News

Washington, August 21, 2009

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008.  The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.

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Existing-Home Sales Up Again

July 24, 2009 in Associate Membership, Business, Land Surveying, News

Washington, July 23, 2009

Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate1 of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008.

Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”

A June survey of NAR members shows 37 percent experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85 percent report a perceived reduction in appraisal quality.

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Pending Home Sales Record Fourth Straight Monthly Gain

July 1, 2009 in Associate Membership, Business, Business Videos, Land Surveying, News, Videos

Washington, July 01, 2009

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

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National Association of Realtors Reports Pending Home Sales Up for Three Months in a Row

June 3, 2009 in Associate Membership, Business, Business Videos, Land Surveying, News, Videos

National Association of Realtors Reports Pending Home Sales Up for Three Months in a Row

WASHINGTON, June 02, 2009

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

The Pending Home Sales Index in the Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

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Pulte and Centex to Merge Creating America’s Largest Homebuilding Company

April 8, 2009 in Associate Membership, Business, Land Surveying, News

Pulte and Centex to Merge Creating America’s Largest Homebuilding Company

Combined Organization Positioned For Growth through Segment and Market Diversity, Streamlined Operations, Unmatched Leadership in Customer Satisfaction

Expects to Retire in Excess of $1 Billion of Debt Maturities Prior to Year-End 2009

Expected to Realize Efficiencies and Cost Savings of Approximately $350 Million Annually

Poised for Accelerated Return to Profitability

BLOOMFIELD HILLS, Mich. and DALLAS, April 8 /PRNewswire-FirstCall/ — Pulte Homes, Inc. (NYSE: PHM) and Centex Corporation (NYSE: CTX) announced today that their respective boards of directors have unanimously approved a definitive merger agreement under which Pulte and Centex will combine in a stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt.

In calendar year 2008, Pulte and Centex delivered more than 39,000 closings with combined pro forma revenues of $11.6 billion. The combined company will have the strongest liquidity position among its peer group with more than $3.4 billion of cash as of March 31, 2009. Pulte and Centex ended March with approximately $1.7 billion of cash each.

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