These reports are provided as helpful background to current trends, in both the general economy and in real estate.
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Europe's sovereign debt crises are changing daily, yet are making little progress toward long-term solutions. The only questions are when, how and who will be left holding the bag?
No one deserves less forecasting credibility than the Fed. Over the last two decades, their macroeconomic forecasts have been among the poorest of any forecasters, despite the fact that they are the only forecasters who know macro policy decisions before they are announced.
Global Property Prices and Trends 2011.
A guide to business practices & customs in 60 countries.
Recently, a buyer said they would lease a property from the seller and spend money to improve the property in order to have more equity when they closed," says Matthew G. Cravey, SIOR, CCIM, RECS, of NAI Cravey Real Estate Services in Corpus Christi, Texas. "The seller was so happy to see some cash flow come in and service his debt that it sounded like a great deal to him. That's old school (what we used to do in the '70s); we had owner financing and master leases.
The huge spillage resulting from the April 20 explosion on a BP oil rig in the Gulf of Mexico still has not been stanched, and some observers fear the accident will have a severe effect on tourism and fishing industries in the region. But NAI commercial real estate professionals in Alabama, Florida, Louisiana and Texas believe the accident will not have a material long-term impact on commercial real estate markets in the Gulf Coast states.
As noted earlier, we believe that 3 million to 3.5 million jobs a year will be formed in each of the next three years. In fact, this is roughly the rate at which jobs have been added since March 2010. However, this rate of job creation must be viewed in the context of the nearly 8.4 million jobs lost during the recently concluded recession, and the 1.8 million jobs normally added annually to the U.S. economy.
The Corpus Christi economy suffered slightly from the economic downturn. The petrochemical industry is down, resulting in a decline in the local economy. However, the refineries and related industries are expanding and upgrading in anticipation of the pending increase in oil and gas exploration. The Port of Corpus Christi is doubling in size to meet future demand.
Last fall, we examined how the 2008 recession compared to the six recessions of the last 40 years. At that time we noted that today's recession was the "least worst" of the seven episodes as of that time. Our updated analysis indicates that we are in the midst of the second-worst recessionary period of the last 40 years, and it is worsening quickly.
The 2009 Global Market Report is a unique tool that reviews and summarizes the real estate activities of the past year on more than200 property markets worldwide. As a reference tool, it reviews values, economies, social factors and other conditions that impact a market.