US home prices surpassed 2006 peak in September
They’re baaaack. After 10 long years, U.S. home prices finally climbed back to the record peak set in mid-2006 before the recession decimated the market.
The average price for a home in September climbed 0.1 percent higher than the peak of July 2006, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Indices.
The new high comes amid a four-year recovery from the nadir of the market in 2012, when prices had fallen 27 percent from their record high, the Wall Street Journal reported. The index remains roughly 16 percent below the peak when adjusted for inflation.
While it’s true that housing has lagged behind other sectors in the economy in the past few years, there are signs that there’s more room to run. In October, single-family housing starts rose 11 percent and the share of first-time buyers climbed to 33 percent from 31 percent a year earlier.
Case-Shiller co-developer Robert Shiller of Yale University said many homeowners who are finally seeing the equity return to their homes will get a psychological boost from the new record in values. Click here to continue reading.
Source: The Real Deal
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A project centered on innovation, the arts and entertainment has been announced in the emerging Little Haiti neighborhood in Miami.
Many small businesses and artists have been priced out of Wynwood and the Design District as developers have paid big bucks for properties there and Little Haiti is one of the neighborhoods picking up those tenants. Right now, Little Haiti is mostly a mix of older single-family homes and industrial properties northwest of downtown.
Tony Cho, who helped attract development to Wynwood as head of Metro 1, has teamed with California venture capital investor Bob Zangrillo, head of Dragon Global, to launch Magic City. The project will rise on 15 acres at the corner of Northeast 62nd street and Northeast 4th Avenue. The sculpture park opened on Wednesday and nightly concerts by the organizers of the III Points music festival will run through Dec. 4.
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Holiday Party 2016 - Coral Gables
Wednesday, December 7, 2016 (6:00 PM to 8:30 PM)