Home sales strong in 2015; prices up slightly
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- Published on 21 January 2016
- Written by Paul Gordon
Peoria-area home sales were at their highest in eight years in 2015 while prices continued to climb, albeit slightly, according to the Peoria Area Association of Realtors.
There were 5,479 housing units sold in 2015, a 6.6 percent increase from the 5,142 that were sold in 2014.It was the fifth consecutive years sales were higher and it was the most since 5,820 were sold in 2007, the association said.
The year-to-year increase came despite a slight downturn in the fourth quarter, when 1,160 homes were sold compared with 1,209 in the last three months of 2014, the association said.
The average sales price was $145,898 in 2015, compared with $145,449 in 2014, a 0.3 percent increase. The median price, where half the homes sold were high and the rest lower, was up a notch, from $119,000 in 2014 to $120,000.
Inventory of homes for sale decreased slightly in December, down 1.0 percent to 2,416 properties compared to 2,441 from December 2014. Month’s supply of Inventory dropped to 5.3 months from 5.7 months in 2014.
It took less time to sell a home in 2015 in the Peoria area; the average was 86 days versus 87 days in 2014, the association said.
“In 2015, the Peoria area residential real estate market experienced its best year since 2007, setting a higher pace than at any time in the past eight years,” said Becky Peterson, PAAR president. “The biggest news in 2015 was the lack of news on mortgage rate increases, so buyers kept locking in low 30-year fixed rates below 4 percent. Optimism in the nation’s economy, improved wage growth, lower energy prices and lower downpayment mortgage programs introduced earlier this year attracted more homebuyers into the market, making it a strong year for housing.
Peterson noted that sales “lost a little steam in the fourth quarter” and said it may have been attributed to some economic worries by some buyers in certain employment sectors, especially after Caterpillar announced employee cutbacks.
The association said there were 210 new-construction home sales in the area in 2015, down 2.3 percent from 215 sales a year earlier. Peterson said she expects to see gains in new home construction this spring fueled by the demand of buyers for new housing inventory.
Dr. Lawrence Yun, chief economist for the National Association of Realtors, said he expects existing home sales to rise nationally, between 1 percent and 2 percent, in 2016 to about 5.40 million. The national median existing home sale price is expected to rise 5 percent in 2016.
Locally, Peterson said that while winter is typically a slower time of years for sales, “there are many nuggets of optimism moving forward into the new year. We expect housing demand to remain stable driven by the ongoing release of pent-up buyers, including millennial buyers, who are just entering the market and sellers who are realizing equity gains and using it towards the downpayment of their next home. Mortgage rates are still going to be at very attractive levels. Freddie Mac projects that the 30-year fixed-rate mortgage will average below 4.5 percent for 2016 on an annualized basis.”
The average rate on a 30-year fixed-rate mortgage in the North Central region, according to the Federal Home Loan Mortgage Corporation (Freddie Mac), was 3.85 percent in December 2015, the same rate as in December 2014.
“Overall, we are encouraged by the ongoing housing recovery and are optimistic about home sales growth in the new year in the Peoria area. Buyers who are on the fence hesitating on whether to purchase should seriously consider making that move sooner rather than later as the availability of affordable rental properties are only expected to tighten this year as we see rents on the rise. Also, a one percent increase in mortgage rates translates into about a 10 percent reduction in buying power,” said Peterson.
Peoria Area Association of REALTORS® YEAR-END SALES, AVErage & Median Sales Prices
YEAR | HOME SALES | AVE. SALE PRICE | MEDIAN |
2015 2014 |
5,479 5,142 |
$145,898 $145,449 |
$120,000 $119,900 |
2013 | 4,946 | $141,215 | $118,000 |
2012 | 4,928 | $146,292 | $121,900 |
2011 | 4,210 | $137,345 | $115,000 |
2010 | 4,318 | $136,829 | $113,000 |
2009 | 4,491 | $134,304 | $114,500 |
2008 | 5,142 | $138,650 | $114,646 |
2007 | 5,820 | $139,663 | $115,000 |
2006 | 6,139 | $135,675 | $110,000 |
Analyses show Earth's surface temps were the warmest ever
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- Published on 20 January 2016
- Written by PRNewswire
Earth's 2015 surface temperatures were the warmest since modern record keeping began in 1880, according to independent analyses by NASA and the National Oceanic and Atmospheric Administration (NOAA).
Globally averaged temperatures in 2015 shattered the previous mark set in 2014 by 0.23 degrees Fahrenheit (0.13 Celsius). Only once before, in 1998, has the new record been greater than the old record by this much.
The 2015 temperatures continue a long-term warming trend, according to analyses by scientists at NASA's Goddard Institute for Space Studies (GISS) inNew York(GISTEMP). NOAA scientists concur with the finding that 2015 was the warmest year on record based on separate, independent analyses of the data. Because weather station locations and measurements change over time, there is some uncertainty in the individual values in the GISTEMP index. Taking this into account, NASA analysis estimates 2015 was the warmest year with 94 percent certainty.
"Climate change is the challenge of our generation, and NASA's vital work on this important issue affects every person on Earth," said NASA AdministratorCharles Bolden. "Today's announcement not only underscores how critical NASA's Earth observation program is, it is a key data point that should make policy makers stand up and take notice. Now is the time to act on climate."
The planet's average surface temperature has risen about 1.8 degrees Fahrenheit (1.0 degree Celsius) since the late-19th century, a change largely driven by increased carbon dioxide and other human-made emissions into the atmosphere.
Most of the warming occurred in the past 35 years, with 15 of the 16 warmest years on record occurring since 2001. Last year was the first time the global average temperatures were 1 degree Celsius or more above the 1880-1899 average.
Phenomena such as El Niño or La Niña, which warm or cool the tropical Pacific Ocean, can contribute to short-term variations in global average temperature. A warming El Niño was in effect for most of 2015.
"2015 was remarkable even in the context of the ongoing El Niño," said GISS DirectorGavin Schmidt. "Last year's temperatures had an assist from El Niño, but it is the cumulative effect of the long-term trend that has resulted in the record warming that we are seeing."
Weather dynamics often affect regional temperatures, so not every region on Earth experienced record average temperatures last year. For example, NASA and NOAA found that the 2015 annual mean temperature for the contiguous 48 United States was the second warmest on record.
NASA's analyses incorporate surface temperature measurements from 6,300 weather stations, ship- and buoy-based observations of sea surface temperatures, and temperature measurements from Antarctic research stations. These raw measurements are analyzed using an algorithm that considers the varied spacing of temperature stations around the globe and urban heating effects that could skew the conclusions if left unaccounted for. The result of these calculations is an estimate of the global average temperature difference from a baseline period of 1951 to 1980.
NOAA scientists used much of the same raw temperature data, but a different baseline period, and different methods to analyze Earth's polar regions and global temperatures.
GISS is a NASA laboratory managed by the Earth Sciences Division of the agency's Goddard Space Flight Center inGreenbelt, Maryland. The laboratory is affiliated withColumbia University'sEarth Institute and School of Engineering and Applied Science inNew York.
NASA monitors Earth's vital signs from land, air and space with a fleet of satellites, as well as airborne and ground-based observation campaigns. The agency develops new ways to observe and study Earth's interconnected natural systems with long-term data records and computer analysis tools to better see how our planet is changing. NASA shares this unique knowledge with the global community and works with institutions in the United Statesand around the world that contribute to understanding and protecting our home planet.
The full 2015 surface temperature data set and the complete methodology used to make the temperature calculation are available at: http://data.giss.nasa.gov/gistemp/
Cat names new group president; first woman in that role
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- Published on 15 January 2016
- Written by Paul Gordon
Denise Johnson has been elected a group president at Caterpillar Inc., the company announced Friday. She was elected by the company’s board of directors.
Johnson will begin her duties April 1, replacing Group President Ed Rapp, who will retire.
Johnson will be the first group president in Caterpillar’s history. She is currently vice president of the Material Handling & Underground Division.
"Denise leads one of the largest and most complex businesses in the company; her division makes products primarily for the mining, waste and construction industries and employs about 8,000 people in 14 locations spanning four continents,” said Caterpillar Chairman and CEO Doug Oberhleman. “She has successfully managed costs during the mining downturn and been deeply involved in restructuring within Resource Industries, all while gaining market position for multiple products in her portfolio. Denise has accomplished these business results while also delivering outstanding safety and quality metrics.
"Above all, Denise is a leader inside and outside of Caterpillar. Whether she's engaging with employees, strengthening relationships with key mining customers or serving as a strong role model to recruit more female engineers, Denise consistently excels," Oberhelman said.
Johnson joined Caterpillar in 2011 as general manager of Caterpillar's Specialty Products business unit. There she had responsibility for nearly 20 facilities around the world. She came to Caterpillar after a 22-year career with General Motors, where she developed expertise in operations and product management in a series of positions in the United States, Canada and Brazil.
In 2012 she was elected vice president of the Diversified Products Division with responsibility for industries including forestry, paving and on-highway trucks. In 2013, she became vice president of the Integrated Manufacturing Operations Division overseeing major operations in Caterpillar's largest division at the time. She was named to her current role in 2014.
Johnson graduated from Michigan State University with a bachelor's degree in mechanical engineering. She earned dual master's degrees in mechanical engineering and business administration from the Massachusetts Institute of Technology. Johnson is a member of numerous outside boards including The Mosaic Company.
Johnson's successor will be named at a later date, the company said.
Rated PG: Winterfest a success; Alice Cooper and Beach Boys coming to Peoria
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- Published on 19 January 2016
- Written by Paul Gordon
Winterfest, downtown Peoria the ice skating rink that debuted this year, has been deemed a success and will return next year, officials of the event said Tuesday.
Nearly 12,000 people enjoyed the PNC-sponsored Winterfest that ended Monday, the Peoria Civic Center announced.
The rink opened Nov. 30 and wamer-than-usual weather created some havoc early on. But it was crowded pretty much every evening and weekend and more than 11,700 used the rink and sledding area.
“When announced on a sweltering August day, PNC Winterfest optimistically took the bold tagline of ‘Peoria’s Newest Holiday Tradition’. With almost 12,000 people coming out to enjoy the event, that tag line quickly became a reality,” a Civic Center news release said.
Anne Clayton, Civic Center general manager, said, “Central Illinois came out in droves to support PNC Winterfest, and we are already working on our plans for next year. We can’t wait to watch this event grow.”
“Contributing to the mission of the Peoria Civic Center while providing quality entertainment opportunities for residents of Central Illinois proved to be a winning formula,” said Doug Stewart, PNC Bank regional president. “We are very pleased with the achievement.”
Great job to all involved. But how about keeping the rink around through more of the winter? Just sayin’.
Legends in concert in May
There ought to be some good vibrations coming from the Civic Center Theatre in May. That is when The Beach Boys and Alice Cooper will play, the Civic Center announced on Tuesday.
The “Spend the Night With Alice Cooper” tour will hit Peoria on Wednesday, May 4 at 8 p.m. It will be Cooper’s second concert in Peoria.
Tickets are $49.50, $59.50 and $74.50 and will go on sale Friday at 10 a.m. Tickets can be purchased at the Toyota Box Office at the Peoria Civic Center, online at Ticketmaster.com or by calling 1-800-745-3000.
Cooper was a pioneer in rock and roll as theatre, using make-up and costumes and props – including fake blood -- all designed to shock his audiences. But his music was well-liked, as well, as he had success album sales and tours for years.
“With a schedule that includes six months each year on the road, Alice Cooper brings his own brand of rock psycho-drama to fans both old and new, enjoying it as much as the audience does. Known as the architect of shock-rock, Cooper (in both the original Alice Cooper band and as a solo artist) has rattled the cages and undermined the authority of generations of guardians of the status quo, continuing to surprise fans and exude danger at every turn, like a great horror movie, even in an era where CNN can present real life shocking images,” said a news release about the concert.
I don’t know yet if I’ll go see Cooper in concert. Truth is, I’d rather invite to play golf. He is quite the golfer.
Anyway, on Friday, May 13, The Beach Boys , now at more than 50 years in rock and roll, will be at the Civic Center Theatre, starting at 8 p.m. Tickets are $49, $59 and $85 and will go on sale this Friday at 11am. Tickets can be purchased at the Toyota Box Office at the Peoria Civic Center, online at Ticketmaster.com or by calling 1-800-745-3000.
The Beach Boys have always had a sound that was all their own, unmistakable over the radio no matter the age of the listener. I know I remember listening to some of those hits when I was a kid, including “I Get Around,” “California Girls,” “Help Me Rhonda,” “Good Vibrations” and “Barbara Ann.” I still sing to them every time I hear them.
According to the news release, The Beach Boys “have performed more concerts than any major rock band in history.”
I wonder, do any of them play golf?
FrizziToon: Whole Lotto Nothing Goin' On
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- Published on 15 January 2016