Insurers to Be Allowed to Invest in China Real Estate

Filed in archive News on July 20, 2010

© nancyarora2020
Insurers will soon be able to invest in areas such as real estate. The declaration was made by China's insurance regulation agency on Monday. This comes after the sector had most of its investments in less risky areas, resulting in only a small return on assets in the first half.

The scope of investment for insurers will be "steadily widened", according to the Chairman of China Insurance Regulatory Commission, Wu Dingfu. Areas of investment will include equity in unlisted companies as well as real estate investment.

It was noted that insurance products may face a number of factors that may hurt its demand. These factors included the potential decrease in rebates of exports, and even the possible slowing of auto sales and investments in fixed-assets.

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What To Consider When Renting A House

Filed in archive Rental Properties on June 7, 2010

© TheTruthAbout...
If you are looking to rent where you will live, you need to consider several factors. The price, amenities, roommates, whether or not pets are allowed and garage space or laundry facilities are included. You need to look at rental units in the same price range in your area and compare what you getting: is it the location, indoor and outdoor space, or amenities that attract you the most? Of course you need to keep a balance between amenities that you feel are necessary expense versus a "luxury" when determining what you can afford.

When you're still looking for a place consider the location: do you want to be near schools, churches or synagogues, shopping, parks or recreation, or public transportation? Of course you also need to look at the price: can you afford to pay for the rent? Is a security deposit required? Are amenities or utilities part of the rent? ·

Before you sign the lease, check the dates and terms, all costs, and facilities. Make sure you read every detail of the lease, and if you have any questions, ask! Check the condition of the rental unit. Make notes and take pictures of the condition before you move in. Check with the landlord about responsibilities you have for each other.

When you start living in a rental property, make it a point to pay your rent on time. Keep all facilities in good condition. Remember to respect the rights of others, including roommates, your landlord, and your neighbors.

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The Most Cash-Strapped Cities In The US

Filed in archive Cities on June 6, 2010

© jbcurio
If you think Greece and Spain are swamped with debt, think again. Right now, seven American cities have their municipal bonds rated below investment grade. Their debt is seen as more worthless than that of the so-called PIIGS.

Among US cities whose debt has been declared by Moody's Investor Services as below-investment grade are Harrisburg, PA and Woonsocket, RI. Fitch Ratings also included four more cities namely Detroit and Pontiac in Michigan; Harvey, IL; and Littlefield, TX. On the other hand, Standard and Poor's has Central Falls, RI as belonging to the basement as well.

All seven cities named above are struggling with the recession. Many people in these places are unemployed and can't pay their property taxes. Operating expenses continue to go up; pension and debt payments don't go away. And because their credit just keeps getting worse, the cost of borrowing money for projects just goes higher.

Cities are probably going to have to feel the effects of the recession for another couple of years. Central Falls, RI, for example has been recently placed under receivership and Moody's slashed its rating to C - the lowest possible rating before a default. A court-appointed lawyer is now handling the city's finances. Based on and S & P report, Central Falls is having difficulty meeting its pension fund obligations and deficits above 20% of budget in the current fiscal 2010 and fiscal 2011 due to state aid cuts and increases to pension costs abound.

Harrisburg, PA rating just got down three levels to B2 -- five steps below investment grade. Compare this to Greece's government debt rating at A3, which is still investment grade. The PA capital city's controller Dan Miller has already been urging bankruptcy. Since 1937 only 245 municipalities out of over 80,000 have filed for Chapter 9. And cities have to comply with many strict conditions, such as gaining an endorsement from the state proving insolvency to the court, in order to qualify for bankruptcy.

Many experts say that for the economy to really recover, unemployment rates have to go down. Employers hired significantly more people in April and May, but the jobless rate is still around 9%. And that means taxpayers will have a hard time paying their taxes.

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The Most Expensive US Cities To Buy Homes In 2010

Filed in archive Buying a House , Cities on May 25, 2010

© joiseyshowaa
Thinking of buying a home in the US? Take note of the most expensive cities:

1. New York City

Home prices can be amazingly high in the Big Apple, but median income is only $65,000. This makes NYC the country's least affordable major metro area. Median home prices have dropped below $500,000 with more properties having mortgage rates are near historic lows. The housing market is greatly affected by what's going on at Wall Street. When the financial markets go down, so does the housing market.

2. San Francisco

Incomes in the Bay Area have a median of about $98,400 while home prices meet halfway at about $585,000. The housing market has seen a bit of improvement in the last quarter of 2009 in San Francisco, so affordability of new homes is a bit lower these days. Still, home prices are much lower than they were in 2006, when a median-priced house sold for $769,000. There is , however, increasing unemployment which right now stands at 11%.

3. Honolulu

It has been expensive to live the Aloha State's largest city for quite some time now. There is little developable land and most building materials have to be imported from far away. These keep home prices high. Median home prices stand at around $403,000, while median income is about $81,700. Tourism is a big industry here and it has suffered a blow with the US economic recession. Occupancy rates in hotels have dropped for a year and a half but they have been on the again since September 2009. Unemployment in this city is at 5.6% which is well below the national average.

4. Santa Ana, California

Unemployment in Santa Ana is currently at 11.7% which is above the national average. Median prices for homes is at $410,000, while median incomes are only at $87,300. There have been a significant number of foreclosures in this city which will most likely push home prices down again in the future.

5: Los Angeles

There's not much land to build on in this city of 4 million (13 million for the entire metropolis) and so home prices are still high. The median home price in the City of Angels is at $306,000 while the median income is only $62,900. Many homeowners are facing foreclosure problems with unemployment at 11.7%. This has pushed some housing prices down in the last few months.

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The Cheapest US Cities To Buy A House In 2010

Filed in archive Buying a House , Cities on May 24, 2010

© chris.corwin
Here are the metro areas where you can easily buy a median-priced home in the US:

1. (tie): Indianapolis, Indiana

The median home price in this central US city is about $96, 000, while the median income is pegged at $68,700. It is the 33rd largest metro area in the United States, with about 1.7 million people. A foreclosure spell has kept home prices down, with almost 18,400 homes ending up being foreclosed in 2009. The city has pharmaceutical companies, banks government agencies and insurers as important employers, and so the job supply is relatively stable.

2. (tie): Youngstown, Ohio

Homes cost about $69,000 for the middle-income group in Youngstown which has a median income of about $53,500. Youngstown used to be a vibrant, wealthy steel city for many decades. However, the closing of the mill industry in the late 1970s brought down the area's economy, and roughly 40,000 manufacturing jobs have been lost. In March, 14% of workers in the area were idle. The population as a result has dropped, which keeps home prices really low. Interest rates are also at an all-time low - it will only cost you about $296 a month to pay off a 30-year fixed rate mortgage at 5% in this area.

3. Syracuse, New York

Syracuse is a newcomer to this list with a median home price of about $95,000 and a median income of $64,300. It is one of the many Upstate New York cities that grew up along the route of the Erie Canal, which made them wealthy. Syracuse is an important transport hub, where two major interstates crossing here. The area's economy relies more heavily on manufacturing although many of those industries have gone down. Although Syracuse has an unemployment rate of about 8.5%, this is still below the national average of about 9.5%.

4.Dayton, Ohio

The median home price in the hometown of Wilbur and Orville Wright is about $88,000 while median income is about $61,700. Dayton is the site of an important aerospace industry centered on the Wright-Paterson Air Force base. Unfortunately for Dayton, unemployment is currently at 12.3% due to the fall of heavy industry. Most jobs are now found in the service industry. Population has dropped to about 150,000, which has caused a significantly reduced demand in housing. Mortgage rates are very low, making homes super affordable.

5: Grand Rapids, Michigan

Grand Rapids, Michigan has a median home price of about $102,000 and a median income of $62,500. It is a medium-sized city found in western Michigan. During the 19th century most of the nation's hardwood furniture came from this area. You can still find golden oak cabinets, dining tables and chairs crafted in Grand Rapids in a lot of antique stores country. Today, Grand Rapids, MI is still is a leading manufacturer of office furniture.

There used to be a large auto manufacturing industry here but that has declined over the past few decades. The city's economy is now more diversified including health services. However unemployment is still high at about 12.8%.

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