Tag Archive for ‘economics’

An International Comparison of Real Estate Property Taxes

As a share of total taxes collected, real estate property taxes in the United States are responsible for a relatively high share of total government revenues. According to statistics produced by the Organisation for Economic Cooperation and Development (OECD), the average share of total government tax collections due to real estate property taxes (recurrent taxes on immovable property) was 3.347%. In contrast, for the United… Read More ›

Euro Area Mortgage Debt Outstanding Continues to Expand

In the US, the multi-year decline and the more recent moderate recovery in mortgage debt outstanding has been well documented. However, mortgage debt outstanding in the Euro Area has had a different experience. According to the European Mortgage Federation, and documented in Figure 1 below, mortgage debt outstanding has been rising in recent years. After recording year-over-year increases between 2002,… Read More ›

Consumer Prices Increased Broadly in June

The Bureau of Labor Statistics (BLS) reported consumer prices increased broadly in June. The Consumer Price Index (CPI) rose at a seasonally adjusted annual rate of 3.9%, slower than 5.5% in May. Excluding the volatile food and energy components, the “core” CPI rose at a seasonally adjusted annual rate of 2.2% in June. Large swings in energy prices account for… Read More ›

Multifamily Drives June Starts Growth

Total housing starts expanded 9.8% month-over-month in June, reaching a 1.174 million annual starts pace. The strong growth rate was driven by the multifamily sector. According to the estimates from the jointly published Census Bureau and HUD June report, single-family starts were effectively flat, recording a 0.9% monthly decline to a 685,000 seasonally adjusted annual rate. Single-family starts were up 14.7% over the June 2014 pace and, as… Read More ›

Builder Sentiment Reaches New High

The NAHB/Wells Fargo Housing Market Index reached 60 in July and along with the one-point upward revision to June’s index mark a high in the index not seen since November 2005. Two of the three components of the index also rose to levels last seen in late 2005. The index of current sales rose one point from the June level… Read More ›

Consumer Credit Growth Slows

The Federal Reserve Board recently reported that consumer credit outstanding rose by a seasonally adjusted annual rate of 5.7%, $193.0 billion, in May 2015, slower than the 7.6% rate of growth recorded in April 2015. Consumer credit outstanding now totals $3.401 trillion. The expansion of total consumer credit outstanding partly reflected an increase in the outstanding amount of non-revolving consumer credit. Non-revolving… Read More ›

New Study Highlights Importance of Like-Kind Exchange Rules

New academic analysis illustrates the critical role that tax code’s like-kind exchange rules play for the real estate sector. The research was authored by David Ling of the University of Florida and Milena Petrova of Syracuse University, with financial support from the Real Estate Like-Kind Exchange Coalition, which is comprised of organizations representing all sectors of the real estate industry, including… Read More ›

Eye on the Economy: New and Existing Home Sales Increase

As the spring turned to summer, the pace of home sales increased nationwide. The rate of new single-family home sales, as estimated by the Census Bureau, improved to a seasonally adjusted annual rate of 546,000 in May, the fastest pace in seven years and a 2.2% increase over April. New home inventory remained steady at 206,000 units nationwide (completed and… Read More ›

Construction Job Openings Increase in May

The number of open, unfilled construction sector positions rose during the month of May over a slightly downwardly revised estimate for April. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) increased from 137,000 (revised) in April to 149,000 in May. The May estimate is the fourth… Read More ›

Property Tax Collections Total $500 Billion Over Last Four Quarters

According to NAHB tabulations of the Census Bureau’s quarterly data, property taxes constituted 39.5% of state and local tax receipts among major sources over the last four quarters. From the first quarter of 2014 to the end of the first quarter of 2015, sales taxes and individual taxes were responsible for 28% each. At 4.5%, corporate income taxes held the smallest share of state… Read More ›