Data Provider Black Knight to Acquire Top of Mind 2 days ago If you’ve ever wondered how much every home in America is worth combined, the latest Real Estate Analytics report by Zillow will do the math for you. According to the report, the total value of every home in the United States was expected to reach more than $29.6 trillion in 2016, which is a record high and a 5.7 percent increase from 2015. If that isn’t enough to boggle your mind, the combined value of all homes in the nation is more than the GDP of the United States and China put together.“So it’s safe to say the United States housing market is pretty darn valuable—worth more than the entire 2015 market capitalization of every U.S. public company combined (roughly $25 trillion),” Zillow Chief Economist Svenja Gudell said, noting that “the national housing market is really just a collection of smaller, local markets. And on their own, the total value of housing in some of America’s priciest places is eye-popping.”One West Coast city topped the list for its lavish homes. Los Angeles homes, which include celebrity-populated suburbs like Beverly Hills and Malibu, hold the title as America’s most valuable housing market and have a combined total value of more than $2.5 trillion, which is more than double the combined wealth of America’s 50 richest citizens. The Big Apple came in at a close second at less than $2.4 trillion, and is arguably more or less than the GDP of France. The San Francisco Bay area rounds out the top three spots, with a combined housing value of almost $1.3 trillion. The rest of the top ten most valuable metro markets in the U.S. are Washington, D.C., Miami, Chicago, Boston, San Jose, San Diego, and Philadelphia, according to Zillow. On the renters’ side of the market, Americans spent $479 billion on rental properties, which was $18 billion more than they spent in 2015 and $97 billion more than in 2011 during the recession, Zillow reported. Not surprisingly, New Yorkers paid the biggest chunk of change by spending $54.6 billion in rent last year, which was $2.4 billion more than they paid in 2015, according to Zillow. Following New York City were residents of Los Angeles and San Francisco, who spent $38.6 billion and $15.8 billion respectively on rent in 2016.Markets that accumulated more than $10 billion in rent were Chicago ($14.9 billion); Washington, D.C. ($14.4 billion); Miami ($12.3 billion); Dallas ($11.1 billion); Houston ($10.5 billion); and Boston ($10.3 billion). Housing Shows Strength in Numbers Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mirasha Brown is a graduate of Florida A&M University and is pursuing a masters degree at Syracuse University. Born and raised in Florida, she has contributed to public relations and marketing campaigns for Rent The Runway and Billboard. She is a communications specialist with The Five Star and a contributing writer to DS News and the MReport. The Week Ahead: Nearing the Forbearance Exit 2 days ago January 4, 2017 1,638 Views Previous: The Ever-Growing World of Performing Mortgages Next: Banks’ Credit Exposure is Much Less Risky These Days Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Housing Market Los Angeles New York Rent Top Markets Zillow Subscribe Home / Featured / Housing Shows Strength in Numbers Print This Post Demand Propels Home Prices Upward 2 days ago in Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mirasha Brown Related Articles Housing Market Los Angeles New York Rent Top Markets Zillow 2017-01-04 Kendall Baer
Multidecadal meteorological station records and microwave backscatter time-series from the SeaWinds scatterometer onboard QuikSCAT (QSCAT) were used to calculate temporal and spatial trends in surface melting conditions on the Antarctic Peninsula (AP). Four of six long-term station records showed strongly positive and statistically significant trends in duration of melting conditions, including a 95% increase in the average annual positive degree day sum (PDD) at Faraday/Vernadsky, since 1948. A validated, threshold-based melt detection method was employed to derive detailed melt season onset, extent, and duration climatologies on the AP from enhanced resolution QSCAT data during 1999–2009. Austral summer melt on the AP was linked to regional- and synoptic-scale atmospheric variability by respectively correlating melt season onset and extent with November near-surface air temperatures and the October–January averaged index of the Southern Hemisphere Annular Mode (SAM). The spatial pattern, magnitude, and interannual variability of AP melt from observations was closely reproduced by simulations of the regional model RACMO2. Local discrepancies between observations and model simulations were likely a result of the QSCAT response to, and RACMO2 treatment of, ponded surface water, and the relatively crude representation of coastal climate in the 27 km RACMO2 grid.