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Wednesday, October 01, 2014

Thursday: Unemployment Claims, Q3 Apartment Vacancy Rate

by Calculated Risk on 10/01/2014 08:56:00 PM

An interesting article on foreign buyers of U.S. real estate from Dionne Searceyoct at the NY Times: Indians Join the Wave of Investors in Condos and Homes in the U.S.

Foreign buyers now make up 7 percent of total existing-home sales ... Of those, Indians represent 6 percent of the purchases, spending $5.8 billion, up from $3.9 billion over the same period a year ago and on par with buyers from Britain.

Canadians have long bought American property and still do so in big numbers, with purchases centered for the most part in Arizona, Florida and more recently in Las Vegas. Canada still accounts for the largest share of buyers, but China is the fastest-growing source of clients, according to the realtors’ group.

And Chinese buyers are bigger spenders. Their real estate purchases in the United States nearly doubled from last April to last March, increasing to $22 billion from the previous period. They accounted for nearly a quarter of all international sales in the current period.
• Early, Reis Q3 2014 Apartment Survey of rents and vacancy rates.

• At 8:30 AM, the initial weekly unemployment claims report will be released. The consensus is for claims to increase to 297 thousand from 293 thousand.

• At 10:00 AM, Manufacturers' Shipments, Inventories and Orders (Factory Orders) for August. The consensus is for a 9.4 decrease in August orders.