US Upturn Brings even Brighter news for the Future

Here in the beautiful Turks and Caicos islands, like in much of the Caribbean, we find our fortunes tied to that of the American Market. So its pleasing to see yet more positive news coming out of the financial site www.bloomberg.com today. Have a look at some more reasons to invest in our real estate market:

Housing starts in the US rose 1.5% to an annual rate of 598,000 last month, taking it to a 9 month high. At the same time, the Federal Reserve Bank of Philadelphia said its general economic index rose from 4.2 to 14.1 in August.

Federal Chairman Ben Bernake has stated his belief that the worst economic depression in seven decades is probably now over, and an unexpected decline in jobless claim is seen as support.

Josep La Vorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York,  went on to offer:  “There is a recovery and it’s going to be sustainable, we just don’t know how fast it is.”

Non-profit groups and households saw their Net worth rise from $51.1 to $53.1 Trillion last quarter. This jump represents the biggest climb in stock prices since 1998. This gain was the first since the third quarter of 2007.

In construction there is also promising signs for our markets here in the Turks and Caicos:

Permits for future construction climbed to a 579,000 annual rate in august. Which is a 2.7% increase. Furthermore, work on multifamily units jumped a massive 25% to a 199,000 rate!

Chief executive of Toll Brothers LTD, Robert Toll, commented: ‘In the last six months, we see a pretty significant change in some markets.” …. People are now concerned with missing the market.”

Please contact out team here at RE/MAX Elite if we can help you with any real estate enquires as we continue to witness slow but steady growth.

This entry was posted on Friday, September 18th, 2009 at 1:22 pm and is filed under Real Estate Market Update. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.