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US home foreclosures continuing to fall, latest data shows
Foreclosures in the United States are continuing to decline with the latest data showing they fell 30% in December year on year, the sixth consecutive month with an annual decrease in foreclosure starts. However, the figures from real estate data firm RealtyTrac also shows that bank repossessions (REOs) in December increased 65% from a year ago, the 10thconsecutive month with an annual increase in REOs. ‘In 2015 we saw a return to normal, healthy foreclosure activity in many markets even as banks continued to clean up some of the last vestiges of distress left over from the last housing crisis,’ said Daren Blomquist, vice president of RealtyTrac. ‘The increase in bank repossessions that we saw for the year was evidence of this clean up phase, which largely involves completing foreclosure on highly distressed, low value properties,’ he explained. ‘Meanwhile, local economic problems became a larger driver of foreclosure activity in 2015 Examples of this are Atlantic City, New Jersey, which posted the nation’s highest metro foreclosure rate for the year, along with several heavy oil-producing markets in Texas and Oklahoma where foreclosure activity increased in 2015, counter to the national trend,’ he added. Counter to the national trend, 24 states and the District of Columbia posted an increase in foreclosure activity in 2015 compared to 2014, including Massachusetts up 55%, Missouri up 50%, Oklahoma up 36%, New York up 24% and Texas up 16%. Among the nation’s 20 largest metro areas, six posted year on year increases in foreclosure activity in 2015. In Boson they were up 44%, up 38% in St. Louis, up 25% in Dallas, up 22% in Detroit, up 9% in New York and up less than 1% in Houston. A total of 569,835 properties started the foreclosure process in 2015, down 11% from 2014 and down 73% from the peak of more than 2.1 million foreclosure starts in 2009 to a 10 year low. Bucking the national trend, foreclosure starts increased in 2015 in 16 states, including Oklahoma up 92%, Massachusetts up 67%, Missouri up 28%, Virginia up 23%, Nevada up 14% and Arkansas up 14%. A total of 449,900 properties were repossessed by lenders in 2015, up 38% from 2014 but still 57% below the peak of nearly 1.1 million bank repossessions (REOs) in 2010. The median price of a bank owned home in 2015 was 41% below the median price of all homes, the biggest bank owned discount nationwide since 2006. ‘That may be surprising to some, but demonstrates that in a healthy real estate market foreclosures are no longer mainstream, but instead are back to being a market niche of properties with problems that many buyers do not want to tackle,’ said Blomquist. Bank repossessions (REOs) increased from a year ago in 41 states and the District of Columbia. Some of the biggest increases were in New Jersey which was up 226%, New York up 194%, Texas up 115%, North Carolina up 108%, and Oregon up 96%. Foreclosures in… Continue reading
US sales to foreigners down but they are buying higher value real estate
Total property sales in the United States to international home buyers have decreased from last year, but in terms of price the sales dollar volume increased 13%, the latest data from estate agents shows. From April 2014 through March 2015 total international sales were estimated at $104 billion, compared to the previous year's estimate of $92.2 billion, according to the figures from the National Association of Realtors. In 2014 sales transaction to buyers outside of the US dropped 10%, possibly due to the strengthening of the US dollar in relation to international currencies and weakening foreign economies, according to NAR chief economist Lawrence Yun. ‘However, the amount of money spent has increased; this means international purchasers in the US have become an upscale group of buyers, spending more money on fewer homes,’ he explained. In 2014 five countries accounted for 51% of all purchases by international buyers. These were led by China, followed by Canada, Mexico, India and the United Kingdom, the data also shows. For the first time, buyers from China exceeded all other countries in terms of units purchased and dollar volume, purchasing an estimated $28.6 billion worth of property. Buyers from Canada followed with $11.2 billion in purchases, followed by India with $7.9 billion, Mexico with $4.9 billion and the UK with $3.8 billion. International buyers tend to purchase more expensive properties with the average purchase price being $499,600, compared to the overall US average house price of $255,600. Chinese buyers typically purchased the most expensive properties, at an average price of $831,800. Some 35% of real estate agents reported working with an international client in 2014, up from 28% in 2013 and 46% said international buyers were seeking main homes, 20% wanted buy to let and 26% was for investment rentals. Global buyers also purchased properties for commercial rentals and as residences for children studying in US educational institutions. Indian buyers were the most likely to purchase a primary residence with 79% doing so, while Canadian buyers were most likely to purchase property as a vacation home with 47% doing so. While international buyer clients purchased property across the nation, four states accounted for half of all international sales: Florida, California, Texas and Arizona. Florida remains the top destination for international buyers with 21% of all foreign purchases, followed by California at 16%, Texas at 8% and Arizona 5%. Chinese buyers tended to gravitate towards the West Coast, which provides ample education, business and trade opportunities, while Canadians seeking winter vacation opportunities focused on the Southwest and Florida. The majority of international purchases, some 55%, were all-cash, compared to about 25% of all purchases made by domestic buyers. Mortgage financing tends to be an issue for non-resident international clients because of a lack of a US based credit history or Social Security number, difficulties in documenting mortgage requirements, and financial profiles that can be different from those normally submitted to financial institutions by domestic residents. Continue reading
World’s First Refinery Turning Farm Waste to Bioethanol Opens
CRESCENTINO, Italy, October 14, 2013 (ENS) – The world’s first commercial-scale refinery to produce bioethanol from agricultural residues and energy crops has opened in northern Italy. When fully implemented, the system will provide 75 million liters of bioethanol annually for the European market. Present at the opening Wednesday were Italy’s Economic Development Minister Flavio Zanonato, local and regional officials and representatives from the European Commission, as well as more than 500 stakeholders from around the world. Beta Renewables new cullulosic ethanol plant in northern Italy (Photo courtesy Novozymes) Situated in fields outside the city of Crescentino, the plant uses wheat straw, rice straw and arundo donax, a high-yielding energy crop grown on marginal land to produce cellulosic ethanol, using enzymes to convert the plant material into fuel. The facility is the result of a collaboration between Beta Renewables, a cellulosic biofuels company based in Tortona, Italy, and Novozymes, the world’s largest producer of industrial enzymes, headquartered in Denmark. The two companies formed a strategic partnership in October 2012, making Novozymes the preferred enzyme supplier for Beta Renewables’ current and future cellulosic biofuel projects. “The advanced biofuels market presents transformational economic, environmental and social opportunities, and with the opening, we pave the way for a green revolution in the chemical sector,” said Beta Renewables Chairman and CEO Guido Ghisolfi. “We will continue to commercially expand Beta Renewables’ core technology throughout the world, and we are very confident at this stage given the demand we see around the globe.” “The opening today presents a leap forward and is truly the beginning of a new era for advanced biofuels,” said Novozymes CEO Peder Holk Nielsen. “Here, at this plant, enabled by Novozymes’ enzymatic technology, we will turn agricultural waste into millions of liters of low-emission green fuel, proving that cellulosic ethanol is no longer a distant dream. It is here, it is happening, and it is ready for large-scale commercialization.” Lignin, a polymer extracted from biomass during the ethanol production process, fuels an attached power plant, which generates enough power to meet the facility’s energy needs. Any excess green electricity will be sold to the local grid. Since 2011, more than US$200 million has been invested in research and development of the technology used to produce cellulosic ethanol at the Crescentino facility with financing from the Texas Pacific Group. Beta Rewables new biorefinery uses waste straw to make bioethanol. (Photo courtesy Novozymes) Beta Renewables says its Proesa™ engineering and production technology used with Novozymes’ Cellic® enzymes represent “the most cost-competitive advanced biofuels platform in existence today.” Proesa belongs to the so-called “second-generation” technologies which allow the use of the sugars present in lignocellulosic biomass to obtain fuel and other chemicals with lower greenhouse gas emissions and at competitive costs compared to fossil fuels such as oil and natural gas. “Investors interested in cellulosic ethanol often ask when the technology will be ready at commercial scale,” said Ghisolfi. “PROESA enables customers to produce advanced biofuel at a cost-competitive price relative to conventional biofuels – at large-scale and today.” “Our complete offering makes cellulosic biofuel projects bankable and replicable,” Ghisolfi said. “With the world’s first commercial plant up and running here in northern Italy, I very much look forward to an exciting journey of establishing an entirely new, and very promising, industry.” A recent study by Bloomberg New Energy Finance concludes that transforming agricultural residues into advanced biofuels could create millions of jobs worldwide, economic growth, reduction of greenhouse gas emissions, and energy security by 2030. But before this can occur, Ghisolfi and Nielsen say government support is necessary to accelerate the deployment of next-generation biorefineries. “Policy makers now need to send clear signals to encourage the necessary investments in advanced biofuels,” said Nielsen. “Stable and predictable blending mandates, incentives for the collection of agricultural residues, and investment support for the first large-scale plants will help move the world substantially in terms of reducing greenhouse gases, stimulating economies, and providing energy security. Continued reliance on fossil fuels is not viable.” Italy’s government is hearing this message. Zanonato and Environment Minister Andrea Orlando responded on the facility’s opening day with a decree that promotes the creation of new biorefineries. The decree simplifies the procedures for authorizing biorefineries, with the dual purpose of promoting them in Italy and facilitating investments in the industry. “The use of this type of biofuel,” said Orlando, “is the solution to get to reach the target of 10 percent to 2020 European directive. The government is working to implement the plan, approved in recent months by the CIPE [the Interministerial Committee for Economic Planning], the decarbonization of the economy and the reduction of CO2 emissions, encouraging measures to promote renewable energy and energy efficiency, low-emission mobility, green chemistry and 2nd generation biofuels.” Continue reading
