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Grubb & Ellis is one of eight major U.S. corporations – and the only commercial real estate services provider – selected by the U.S. Department of Energy to participate in the pilot program for the Global Superior Energy Performance Partnership.
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Monthly Single-Family Home Sales
In Millions, Seasonally Adjusted Annual Rate
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August 30, 2010
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The big news last week was that home sales plunged more than expected in July following the expiration of the housing tax credit at the end of April. New single-family home sales totaled 276,000 on an annualized basis, the lowest level since the Census Bureau began tracking the data in 1963, while existing single-family sales of 3,370,000 was the lowest level since May 1995. The plunge in sales drove up the supply of available single-family units on the market to 9.1 months for new homes and 11.9 months for existing homes compared with a balanced supply of five to six months. Price signals from the two surveys were mixed, but the just-released S&P/Case Shiller Home Price Index, which is based on repeat sales, paints a more optimistic picture. Sales prices increased by 4.2 percent for the three months ending in June compared with the same period last year. Prices rose in 17 of the 20 cities surveyed led by coastal California markets, including gains of 14.3 percent in San Francisco and 11.2 percent in San Diego. In a normal recovery, the housing market would lead the broader economy because the low interest rates typical in the early stages of a recovery would attract buyers. In the current recovery, high rates of delinquencies and foreclosures and weak job creation are keeping buyers sidelined. The economic recovery, if it is to continue, will have to slog ahead with the housing market in tow.
Source: Census Bureau, National Association of Realtors, Grubb & Ellis
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Visit the 2010 Real Estate Forecast>
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Grubb & Ellis CEO Tom D'Arcy shared his thoughts about the commercial real estate market, as well as the outlook for small business and credit market conditions. |
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Watch D'Arcy on Bloomberg TV.
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We are pleased to announce that we have expanded our service offerings with the launch of Grubb & Ellis Landauer Appraisal & Valuation |
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