Green Shoots of Recovery in the US?

When we consider how or when the global economy may start to recover we have to look to where the massive slide began - the US. This is where the recovery most likely to affect us here in Ireland is likely to first present itself.

On that basis it is interesting to note the property section of the US Census Bureau's recently released Economic Indicators. 

The latest release says that: "Privately-owned housing starts in February 2009 were at a seasonally adjusted annual rate of 583,000. This is 22.2 percent above the revised January 2009 estimate of 477,000."

The more in-depth document states: 

BUILDING PERMITS

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 547,000. This is 3.0 percent (±3.5%) above the revised January rate of 531,000, but is 44.2 percent (±1.2%) below the revised February 2008 estimate of 981,000. Single-family authorizations in February were at a rate of 373,000; this is 11.0 percent (±2.1%) above the January figure of 336,000. Authorizations of units in buildings with five units or more were at a rate of 156,000 in February.

HOUSING STARTS

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 583,000. This is 22.2 percent (±13.8%) above the revised January estimate of 477,000, but is 47.3 percent (±5.3%) below the revised February 2008 rate of 1,107,000. Single-family housing starts in February were at a rate of 357,000; this is 1.1 percent (±11.0%) above the January figure of 353,000. The February rate for units in buildings with five units or more was 212,000.

HOUSING COMPLETIONS

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 785,000. This is 2.3 percent (±14.8%) above the revised January estimate of 767,000, but is 37.3 percent (±7.7%) below the revised February 2008 rate of 1,251,000. Single-family housing completions in February were at a rate of 505,000; this is 8.2 percent (±11.8%) below the January figure of 550,000. The February rate for units in buildings with five units or more was 268,000.

Ends

Could this be an indication that the bottom has been reached, or are we simply grasping at straws? Only time will tell. Watch this space. 

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.comexperience to your own needs.

___________________________________ 

USA Property Links

For a selection of property in the USA click here.

For a list of agents selling property in the USA click here.

For independent articles on overseas property click here.

For advice on purchasing in the US click here.

For news on the US property market click here.

For new releases and product updates from US agents click here.

For a selection of property exhibitions featuring American property click here.

New US Travel Authorisation Requirements

The Irish Travel Agents Association (ITAA) has reminded travellers intending to enter the USA, that a new requirement for advance travel authorisation came into effect from January 12^th, 2009.

Applying for the new advance travel authorisation is reasonably straightforward (by US standards) involving answering some questions online. From early in the New Year, US authorities will be entitled to refuse access to any Irish visitor who does not have the new travel authorisation. Even so, reports indicate that’s application rate for the new travel authorisation is very low compared with other EU countries.

Simon Nugent, ITAA Chief Executive, commented:

“This new system is nothing to worry about. For many years, people who have travelled to the have been asked to fill in a form during the flight or at immigration in Dublin or Shannon airport. The online ESTA system asks for the same information, just in advance of the trip.

“Many Irish travellers tend to leave formalities to the last minute and ESTA seems to be no exception with reports that our application rate is very low compared to other EU countries. Whilst the vast majority of applications from Visa Waiver Countries are approved instantly, less than half of one per cent of applicants are turned down for one reason or another. If you find yourself in this category then you will need to apply for a visa, and this does take time. That is why we recommend that you and your passport sit down together over the New Year break and apply for ESTA even if you are not sure you will be going to the this year. Once your ESTA is approved it will be valid for two years or until your passport expires, allowing you to travel back and forth to the freely.

“Getting your travel authorisation using the ESTA website is 100% free. However, online companies have sprung up offering to process requests for travel authorisation for a fee, in some cases up to $50! This is an attempt to ‘mug’ travellers online, who may not be aware that the process costs nothing.

“Don’t pay good money for a service that the US Government is giving away for free. The genuine ESTA website is operated by the Department of Homeland Security website and – most importantly – it won’t ask you for any money. The ITAA is advising travellers to apply for travel authorisation direct at http://cbp.gov/xp/cgov/travel/id_visa/esta/

“The advice from the ITAA advice is clear – if you are travelling to the USA from January 12^th, 2009, make sure to get your ESTA travel authorisation well in advance. Set aside ten minutes over the holiday period to log on and sort it out. And, to make sure you have the right ESTA website, log onto www.itaa.ie and follow the link.”

USA Property Links

For a selection of property in the USA click here.

For a list of agents selling property in the USA click here.

For independent articles on overseas property click here.

For advice on purchasing in the US click here.

For news on the US property market click here.

For new releases and product updates from US agents click here.

For a selection of property exhibitions featuring American property click here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Purchasing property in the USA

One of the most popular areas for Irish interest in overseas property over the past year has been the good old US of A. Whether it is the drop in the value of the dollar or the perceived value in this market, purchasing property in the USA has been a real hit with Irish investors.

For this reason we've decided to put a link to some of our most often visited pages when it comes to US property as well as articles, news and advice on the topic of purchasing property in North America. 

Just below that we've put a link to our most often visited pages when it comes to Florida property as well as articles, news and advice on the topic of purchasing property in the 'Sunshine State' which is still the most popular with Irish property enthusiasts.

_______________________ 

For a selection of property in the USA click here. 

For a list of agents selling property in the USA click here.

For independent articles on overseas property click here.

For advice on purchasing in the US click here.

For news on the US property market click here.

For new releases and product updates from US agents click here.

For a selection of property exhibitions featuring American property click here.

Florida Property Links

For a listing of property in Florida click here.

For a listing of Florida Estate Agents click here.

For a listing of Exhibitions showcasing Florida Property click here.

US Foreclosures The New 'Big Thing'

They don't do anything by halves in the US, therefore the following shouldn't come as any great surprise in all honesty. The biggest trend in the US property market these days? Why foreclosure hunting of course - what else would you do in the midst of a full-blown recession and the worst economic crisis since the great depression. 

Business Week reports that foreclosures are up 53% on last year (report is from July but we doubt it's changed much in the past couple of months). US foreclosure website, www.foreclosure.com, is among the most visited sites on searching for the word 'foreclosure', it is visited by 14% of all surfers looking for the topic, and there are lots of them.

It's not all fun and games, however, because any foreclosed property obviously belonged to someone who couldn't afford to pay debts on it beforehand. It is reported that many of those searching for the term 'foreclosure' are desperate homeowners searching for ways in which to avoid having the bank sell their homes. There are some good hints and tips on www.hud.gov if this is your unfortunate plight. 

The Irish though, have no qualms about searching for cheap foreclosed property in the US. It is, in fact, becoming a national hobby. Irish investors are trawling the internet for bargains in what has always been one of its favourite marketplaces - the good old US of A. 

___________________________________________

For a selection of property in the USA click here.

For a list of agents selling property in the USA click here.

For independent articles on overseas property click here.

For advice on purchasing in the US click here.

For news on the US property market click here.

For new releases and product updates from US agents click here.

For a selection of property exhibitions featuring US property click here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.