Norada Real Estate Investments

2007 Top 20 U.S. Tourism Destinations

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The 2007 annual ranking of the nation's leading tourism destinations compares domestic and international tourism spending, tourism job creation, and the degree to which each city's economic vitality is dependent upon visitors. The results show that a significant gain in international visitors propelled New York City to the top spot in 2007.

Rank City Rank change from 2006
1 New York City +2
2 Orlando -1
3 Las Vegas -1
4 Los Angeles 0
5 Chicago 0
6 San Francisco 0
7 Washington, D.C. +1
8 San Diego -1
9 Miami +3
10 Atlanta -1
11 Phoenix 0
12 Tampa -2
13 Dallas 0
14 Honolulu +1
15 Houston -1
16 Santa Ana +1
17 Boston -1
18 Seattle +2
19 Philadelphia -1
20 Virginia Beach +5

The U.S. City Tourism Impact, recently released by Global Insight, combines domestic and international travel volumes and spending data from D.K. Shifflet & Associates, as well as the U.S. Department of Commerce's Office of Travel and Tourism Industries with metropolitan area economic data and models from Global Insight to rank the most popular tourist destinations in the U.S.

Another Sign of a Market Turnaround?

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Last month resales jumped 3.1% to the highest level in half a year.  Additionally, new home sales jumped 2.1% according to the Commerce Department.  This came as a mild surprise to Wall Street.

Resales were up all around with the West leading the country with a  solid 9.7% increase.  Following that was the Northeast with a 6% gain, the Midwest with a 1% gain and the south with a minor drop of 0.5%.

New home sales showed a similar pattern with the Northeast gaining a 39% increase, the West with a 10% increase and the Midwest with an 8.2% jump.  The south had a drop in new home sales with a 2.5% drop.

Can this be another sign of a market turnaround?  Although this is very good news, we must keep some facts in perspective.  A large number of these sales come from first time home buyers and real estate investors sitting on the fence waiting for a clear signal that prices may have bottomed.

[Read more…]

Resales Up, Rates Down

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There are more signs of improvement in the real estate markets around the country.

Nationally, sales were up by 2% in May with the Midwest reporting a 5.5% increase and 6% in the Northeast. Condo sales also jumped up by 6% nationwide. Even some of the hardest hit markets showed increases including Sacramento, CA, Sarasota, FL and battle Creek, MI.

Mortgage rates took a welcomed dip recently reversing the upticks over the previous weeks. Thirty years fixed rate loans are back under 6.4% and fifteen year rates are under 6%.

It’s going to take more than lower interest rates and increased sales to help the housing market recover, but they are positive signs in the right direction. Along with increased prices in the hardest hit markets we should begin to see the beginning of a recovery.

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