Greenspan: Worst May Be Past in U.S. Housing

24 10 2006

Former Federal Reserve Chairman Alan Greenspan said the U.S. housing market appears to be emerging from its recent travails and the “worst may well be over.”

“I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out,” Greenspan said at an event in Calgary, Canada, sponsored by BMO Financial Group, according to a transcript BMO made available.

“There is a good chance of coming out of this in good shape, but average housing prices are likely to be down this year relative to 2005. I don’t know, but I think the worst of this may well be over,” he added.

Applications for U.S. home mortgages jumped in the latest week bolstered by increases in refinancing and new home purchases as long-term rates decreased, according to data from the Mortgage Bond Association.

Greenspan, the former Fed chief’s comments suggest a more sanguine view of the U.S. housing market than that offered by current Fed chairman Ben Bernanke, who said last week that the housing market was currently undergoing a “substantial correction.”

Since Greenspan, 80, retired from the Fed upon the expiration of his term in January, he has been giving paid talks to audiences around the world and writing a book to be released next year. He was appointed Fed chairman in 1987 by then- president Ronald Reagan.

Source: Reuter

New Developments in St. Johns County

24 10 2006

Here is summary of new developments coming to St. Johns County:

1. Rivertown, located off CR 210, will be 4,200 acres, have 4,500 homes and 500,000 square feet of non-residential space.

2. Twin Creeks, located along US 1 and I-95, will be 3,500 acres, have 5,000 homes and nearly 3 million square feet of non-residential space.

3. Nocatee, single-family residences in St. Johns County, is bringing 12,579 homes, 4 million square feet of non-residential space and 30,000 people to the area.

4. Aberdeen and Durbin Crossing, located south of Race Track Road, are both underway and infrastructure is being put in right now. Combined they will have 4,516 homes and 310,000 square feet of non-residential space.

5. Silverleaf, located near World Golf Village, will be an enormous project with 7,300 acres, 10,700 homes and 1.7 million square feet of non-residential space.

6. Ashford Mills on SR 210 and SR 16 will offer 2,600 homes and 280,000 square feet of non-residential space.

The following projects are on the drawing board:

7. Durbin, located on Race Track Road and I-95, will be 1,637 acres and have 4,500 homes.

8. Elkton, located on SR 207 and CR 305 will be 2,800 acres, have 2,600 homes and 1,000 multi-family units and 300,000 square feet non-residential space.

9. Lemburg, also known as Cordova Palms, located south of International Golf Boulevard, will be 1,500 acres, have 1,700 multi-family units and 900,000 square feet of non-residential space.

From 1990 to 2003 St. Johns County experienced a growth rate of 47 percent, making it one of the fastest growing county in the nation.

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