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US residential property price growth moderates for eleventh month in a row
Residential real estate prices saw moderating price growth for an eleventh month in a row, according to the latest figures from property data provider Clear Capital. Nationally, yearly gains decreased from a high of 11.7% in October 2013 to just 7.8% through September 2014. This trend is amplified in the West, where annual gains are cut nearly in half, from highs of 19.5% in October 2013 to 10.9% in September 2014. The firm said that if the ongoing moderation in the West, still the recovery leader, continues at its current pace it will be a foreboding sign of future declines but added that metro market trends will continue to keep buyers on their toes, as national and regional recoveries wane at varying velocities. For example, in Detroit discounted opportunities helped push prices up 21.9% year on year in September. Meanwhile the Hartford MSA saw declines of 1.1% over the quarter and 0.4% over the year, highlighting the type of market performance disparity that characterises the present market. The data also shows that each of the lowest performing 15 markets posted less than a 1% gain over the last quarter. This group remains subject to short term declines which could eventually turn into yearly losses. The report also shows that discounted distressed deals continue to dry up, down from a national high of 38.4% in 2011 to just 16.5% in September 2014. While this is generally a positive sign, Clear Capital points out that distressed sales helped drive the investor demand that kick started the recovery. ‘Historically, we’ve observed rising prices as distressed saturation declined. While reduction of distressed saturation is a healthy move for markets long term, over the short term it removes a key demand segment at a time when full buyer momentum has yet to be established,’ the report explains. It adds that the correlation between drastic declines in price gains and declines in distressed saturation is most visible in the West. Distressed saturation was at an all-time high of 50.5% in 2009 falling to just 12.6% in September 2014. As distressed saturation fell, so did price gains. Yearly price gains in the West have fallen to 10.9%. This nearly 50% drop in price gains since October 2013 is in sync with declines in distressed saturation. Clear Capital also says that future home price gains are more dependent on owner occupied purchases as the rising price floor and dwindling discounted deals leave investors with fewer opportunities and owner occupied demand is in part driven by consumer sentiment, among other key drivers, like jobs. While consumer sentiment levels reached a 14 month high in September, according to the University of Michigan's Consumer Sentiment index, momentum has tempered like home prices. Consumer sentiment yearly growth rates have softened 7% over the last seven months. Each of the last two times consumer sentiment rates have seen negative yearly changes, prices have declined. As housing seeks stability, moderating rates of consumer confidence and price gains foreshadow a third potential dip. ‘Heading into… Continue reading
Government customers urged to avoid cars tomorrow
Government customers urged to avoid cars tomorrow Staff Reporter / 18 February 2014 Parking lots at Dubai Municipality Headquarters to be closed as 64 entities sign up for Car Free Day. Customers of entities participating in tomorrow’s Car Free Day initiative have also been requested to avoid using cars when they visit these departments. Commuters travelling on a Metro train on Car Free Day in Dubai on February 13 last year. — KT file photo As many as 64 government and private departments, ministries and companies are taking part in the 5th edition of Dubai Municipality’s Car Free Day drive. A few schools and universities have also signed up to participate. The Dubai Municipality launched the initiative in 2010 to protect the environment by promoting the use of public transport, especially the Metro and buses, which in turn, reduces road congestion. All parking lots at the Municipality’s headquarters, clinic, pest control section, veterinary section and so on would be shut throughout the day. However, the municipality centres detached to the headquarters are exempted from this, though the employees would ditch their cars to work. Meanwhile the Corporate Marketing and Relations Department of Dubai Municipality announced that the number of people registered online for the green initiative has reached approximately 4,000. Mohammed Al Noori, Director of Corporate Marketing and Relations Department said in a statement: “Civic Body, in collaboration with all major government departments and private companies in the emirate of Dubai, is proud to achieve this level of public awareness supporting the government of Dubai to accomplish its strategic goals in the preservation of environment for a better future. “We expect more people to register on the last day before the event. Our total target of this year was 7,000 to participate in the event. As long as the online registration itself reached 4000, we have great hope to exceed our expectation,” Al Noori said. ‘It’s worth mentioning that the residents of Dubai are well aware of their duty towards the initiatives launched by government departments especially the initiatives of civic body with the aim of achieving its vision to create an excellent city that provides essence of success and comfort of sustainable living,’ he said. “We need to change the attitude of people who are not much aware of the importance of such green initiatives. I am sure majority of the people can do something to spread the great message behind this event through their contacts so as to get the maximum result,” he added. Yousif Murad Salmeen, head of Media Section at Dubai Municipality said the Municipality was fully prepared to mark the event in a sophisticated way. Hussain Nasser Lootah, Director-General of the Dubai Municipality, along with top officials of major government organisations will ride the metro from Etisalat Metro station at 7.30am and will reach to Union station at 7.45am, followed by the inauguration of the huge exhibition of green initiatives and eco-friendly equipment at the car parking area of Dubai Municipality headquarters, Salmeen said. “At 8am, a group of around 100 DM employees will conduct a bicycle rally from Deira City Centre to the DM main building to make a difference in the road culture of the city,” he said. “In addition, there would be a variety of traditional art performances and folk dances alongside the event. Hundred sport bicycles will be distributed to winners from the participants who registered online,” he added. sajila@khaleejtimes.com The participants The participants of this year’s Car Free Day include mainly the Ministry of Environment and Water; Ministry of Public Works; Ministry of Education; Ministry of Culture, Youth and Community Development; Ministry of Social Affairs; Ministry of Justice; Ministry of Economy; Land Department; Etisalat; Dubai Police; GDRFA; DCCI; RTA; Dubai Properties Group; Department of Economic Development; Financial Audit Department; Dubai Mall; Al Bayan; DHA; Dubai Educational Zone; Mohammed bin Rashid Housing; Dubai Healthcare City; Dubai Civil Aviation; American University of Dubai; University of Wollongong Dubai; Emirates Foundation for Cooling Systems; DMI; Dubai Arts and Culture; Al Serkal Group; Radisson Blu Hotel; Public Authority for Youth and Sports Welfare; Department of Finance; Dubai Customs; Department of Islamic Affairs and Charitable Activities; Shaikh Zayed Housing Foundation; Awqaf; Minors Affairs Foundation; Dubai Ambulance Services; Civil Defence; Dubai Police Academy; Dubai Courts; Dubai International Financial Centre; UAE Red Crescent Authority; Emirates Transport; Dubai Government School; University of Dubai; Mohammed bin Rashid School; Umm Suqeim School; Institute of Applied Technology; Holiday Inn; Dubai Sports Council; Al-Ahly; Al Wasl; UAE Football Association; Dubai Sports City; and Al Futtaim. 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Ministry of Education wins top m-Government award
Ministry of Education wins top m-Government award Sadiq Shaban & Muaz Shabandri / 13 February 2014 Shaikh Mohammed recognises top digital initiatives from governments in the Arab region and beyond. The UAE’s push towards mobile technology and innovation received a further boost on Wednesday with the announcement of mobile government awards. As part of the newly launched mobile government vision in the UAE, the Best m-Government Service Awards recognise innovation by federal and government entities. Shaikh Mohammed presenting an award for the Dubai Police to Major-General Khamis Mattar Al Mazeina, Commander-in-Chief of the force, as other officers look on during the award ceremony on the last day of the Government Summit in Dubai on Wednesday. — KT photos by Shihab he UAE Ministry of Education won the top honour at this year’s awards for its application ‘Abnaai’. The app is an integrated portal that targets students and parents. It provides an interactive environment which allows parents to access education-related services anytime and anywhere using smart phones. Speaking with Khaleej Times, Humaid Mohammed Obeid Al Qattami, Minister of Education, said: “I am really happy about the awards. These services have been designed by our children. This is just the beginning; we have to work hard to keep developing education in the UAE.” The awards presented by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, also recognised top digital initiatives from governments in the Arab region and beyond. Students from the UAE universities were also honoured on the occasion. Khalifa University of Science, Technology and Research received the top prize of Dh1 million in the university category. Students from the university received the award for creating an application to reduce waiting time in a queue. Shaikh Mohammed flashing the victory sign along with Vice-Chancellor Dr Tayeb Kamali and students of the Higher Colleges of Technology. An additional Dh1 million was also awarded to the same university for helping the UAE Ministry of Health create an app that provides a directory to all services provided by the ministry. It can be accessed from any mobile platform, and allows direct interaction with the ministry by submitting applications. “Mobile applications are going to touch every single aspect of our lives. The UAE is clearly placed ahead of most countries in the region with healthcare and education being the main focus areas. Beyond what technology can offer, I must add that we have the right mindset. And that is what makes the difference,” Osman Sultan, CEO du, told Khaleej Times . The awards have been constituted to stimulate and encourage government entities to provide creative and innovative solutions via smart phone applications and mobile phones. muaz@khaleejtimes.com sadiq@khaleejtimes.com The winners > The Best M-Government Service Award received 26 entries in the international category. Land and Transport Authority, Singapore, bagged the award for its My Transport Application, a comprehensive transportation App that includes information on all modes of land transportation, information on events and promotions nearby. > With 42 entries from the Arab world, the Ministry of Commerce and Industry – Kuwait clinched the prize for its MOCI application that creates a channel of communication between the citizens and residents of Kuwait and the Ministry of Commerce and Industry in Kuwait. > The winner from Ras Al Khaimah: RAK e-Gov — for RAKPAY – RAK Mobile Payment Gateway, which enables residents to pay Etisalat and utility bills and pay for business licences. > The winner from Ajman: MPDA by Ajman Municipality and Planning Department, an interactive smart channel for the individual and business segments in Ajman. > The winner from Fujairah: smartFUJAIRAH by Fujairah Municipality, an App that runs on Smart phones and tablets, and is a smart services portal for Al Fujairah Municipality, providing access to the municipality’s services at anytime from anywhere. > The winner from Sharjah: Sharjah DPW by Department of Public Works, an App that aims to deliver information and services to individuals and companies securely, smoothly and efficiently by creating an additional communication channel according to high quality standards, that saves time, effort and money for the App users. > The winner from Abu Dhabi: TransAD (The Centre for Regulation of Transport by Hire Cars in the Emirate of Abu Dhabi), a user-friendly taxi booking App that allows customers to book a taxi in the Emirate of Abu Dhabi from different locations determined by the GPS Location of the user’s smart phone. > The winner from Dubai: Dubai Police Application, which features various electronic services that are available in Arabic and English and divided to ‘Traffic Services’ such as ticket payment, ‘Security Services’ such as notification service, community services and public services. > The winner in the University Students Category in the UAE : iQ by Khalifa University of Science, Technology and Research – iQ is a complete queuing system designed to make waiting time in a queue a thing of the past; and MOH by Khalifa University of Science, Technology and Research, an App that provides a complete directory to ministry of health services that can be accessed from any mobile platform, and allows direct interaction with the ministry by submitting applications and finalizing them. > An appreciation award was presented to the Higher Colleges of Technology for presenting the largest number of Applications (43). news@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
