construction
Washington (AFP) - Sales of new homes across the United States increased sharply last month, according to fresh government data published Tuesday, though February's numbers were revised lower. There were 693,000 new single-family houses sold last month, the Commerce Department said in a statement, 8.8 percent above the revised February rate of 637,000. The March data were well above market expectations of 670,000 new homes, according to Briefing.com. Meanwhile, the median sales price of new homes sold in March was $430,700, while the average sales price was $524,800. "Home sales surprised to...
AFP
New York (AFP) - A bankrupt New York property developer was indicted on Wednesday for stealing more than $86 million from investors through an elaborate series of schemes dating back to 2015, authorities said. Nir Meir was arrested in the southeastern state of Florida on Monday on a New York state warrant, the Miami-Dade police department confirmed to AFP. Meir, 49, and his accomplices allegedly stole the money from investors, contractors and city authorities, New York prosecutors said. "These indictments depict allegations of widespread fraud within the real estate industry primarily spearhea...
AFP
Washington (AFP) - Sales of new US homes exceeded expectations in December but slumped for all of 2022, according to government data released Thursday, as higher mortgage rates weighed on potential buyers. The interest-sensitive real estate sector has been hit as the central bank lifted the benchmark lending rate seven times last year, in hopes of cooling demand and lowering surging inflation. Sales of new single-family houses ticked up 2.3 percent in December to an annual rate of 616,000, seasonally adjusted, said the Commerce Department. This was better than analysts expected and the compar...
AFP
New York (AFP) - Was he a visionary or a corrupt racist with a god complex? The troubled legacy of Robert Moses, the master builder who shaped New York, comes under scrutiny this fall in a new play starring Ralph Fiennes. Robert Moses was an urban planner who, despite never holding elected office, launched building projects in the early 20th century which transformed New York and inspired cities across the United States. While his vision lives on in New York's vast network of parks, roads and bridges, Moses' name became synonymous with the racist undertones of "urban renewal." The city's amb...
AFP
Fort Myers (United States) (AFP) - Hour by hour, day by day, hurricane-devastated southwest Florida is starting to get back on its feet -- and the workers doing the hard labor are largely undocumented migrants. They have names like Jael, Juan and Francisco Antonio, and they flooded into Florida from other Gulf Coast states, and even from Mexico, to take on work. Many are perpetual nomadic workers, traveling from one natural disaster to another, toiling by day and sleeping in cars and trucks at night. Since Hurricane Ian smashed into southwest Florida on September 28, killing some 125 people a...
AFP
Kansas City (AFP) - A new website, a new presidential trip to the American heartland -- and still President Joe Biden is struggling to turn his successful bid to upgrade the United States' infrastructure into political capital. Biden flew to Kansas City, Missouri on Wednesday on the latest stop of a tour he hopes will finally get Americans excited by the promise of transforming the roads, bridges and other vital links they use every day. "Our 'Building a Better America' tour is going to give us a chance to meet people where they work... and showcase how our bipartisan infrastructure law, which...
AFP
Washington (AFP) - American construction firms slowed the pace of new homebuilding in October, government data said Wednesday, even as real estate prices remain high amid a supply shortage. Housing builds started last month dropped 0.7 percent to a seasonally-adjusted annual rate of 1.52 million units, the Commerce Department reported, which was less than forecast and the second consecutive monthly drop. Single-family homes led the slowdown with a 3.9 percent decline, while construction started on multi-unit buildings increased by 6.8 percent, the report said. The US housing market has been bo...
AFP
Washington (AFP) - US homebuilding accelerated last month, according to government data Tuesday, as construction firms looked to feed the supply-starved real estate market. Housing projects started last month rose 3.9 percent from July to more than 1.6 million, seasonally adjusted, the Commerce Department reported, which was above analysts' forecasts. The United States is seeing a real estate boom as low borrowing rates and the upheavals of the Covid-19 pandemic push people to move, causing a supply shortage that has driven prices up and spurred homebuilding. Multi-unit buildings saw a big inc...
AFP
Beijing (AFP) - A US private equity firm has abandoned a planned $3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal. Blackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing. But its offer had been conditional upon clearance from China's competition authorities, and the parties concluded that the pre-conditions would not be satisfied within a designated time frame, according to a filing to the Hong Kong exchange dated Friday. Both sides have no...
AFP
Miami (AFP) - The search for victims of the Florida apartment building collapse a month ago Saturday is drawing to a close, as rescue teams halted work at the site of the disaster that killed at least 97 people. "It's hard to believe that a month has now passed since perhaps the greatest tragedy in our community's history," Miami-Dade County Mayor Daniella Levine Cava said on Twitter on Saturday. "While the site of the collapse was confined to the size of just one block in a close-knit city, its reverberation has been felt far beyond our county, touching lives all over the world," she added in...
AFP
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