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More Than Half of Builders Used Incentives to Boost Sales in May

Filed in Disaster Response, Economics, Home Building by on June 1, 2020 0 Comments
More Than Half of Builders Used Incentives to Boost Sales in May

The NAHB/Wells Fargo Housing Market Index survey conducted in May 2020 reveals that more than half of single-family builders are using incentives to bolster sales and/or limit cancellations. This is essentially the same share of builders that were providing incentives during normal market conditions in 2003. By contrast the percentage of builders providing sales incentives was far higher during the Great Recession.

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Most Vulnerable Housing Markets

Filed in Construction Industry, Economics by on June 1, 2020 0 Comments
Most Vulnerable Housing Markets

Which housing markets are most vulnerable during this downturn brought on by the COVID-19 pandemic? Based on current unemployment trends brought on by the outbreak, an analysis by the American Community Survey (ACS) sheds light on which states are likely to lag when the housing recovery takes hold.

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House Passes Bill to Expand Loan Forgiveness Provisions of PPP Loans

Filed in Capitol Hill, Disaster Response by on May 29, 2020 0 Comments
House Passes Bill to Expand Loan Forgiveness Provisions of PPP Loans

By an overwhelming vote of 417-1, the House on May 28 approved legislation that would liberalize rules under the Paycheck Protection Program (PPP) to give business owners more time to have the loans forgiven by the U.S. government.

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Oklahoma Governor Signs Housing Affordability Bill into Law

Oklahoma Governor Signs Housing Affordability Bill into Law

In a victory for home builders and housing affordability, Oklahoma Governor Kevin Stitt (R) has signed SB 1713 into law. The legislation will limit cities and counties from regulating purely aesthetic building design that would needlessly raise the cost of housing.

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FHFA Releases New Capital Rule for Fannie Mae, Freddie Mac

Filed in Codes and Regulations, Housing Finance by on May 22, 2020 0 Comments
FHFA Releases New Capital Rule for Fannie Mae, Freddie Mac

The Federal Housing Finance Agency (FHFA) today re-proposed a 2018 plan to establish a new regulatory capital framework for Fannie Mae and Freddie Mac. The proposed rule is a critical step toward FHFA’s goal to release the two government-sponsored enterprises from conservatorship.

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OCC Finalizes Rules to Update Community Reinvestment Act Regulations

Filed in Codes and Regulations, Housing Finance by on May 20, 2020 0 Comments
OCC Finalizes Rules to Update Community Reinvestment Act Regulations

The Office of the Comptroller of the Currency (OCC) today announced final rules to update the agency’s regulations under the Community Reinvestment Act (CRA). NAHB submitted comments on the proposed rule issued by the Federal Deposit Insurance Corp. (FDIC) and OCC in April and we are currently examining the 372-page regulation to determine its impact on the housing community.

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Survey: 22% of Builders Lowered Prices in April

Filed in Disaster Response, Economics, Home Building by on May 20, 2020 12 Comments
Survey: 22% of Builders Lowered Prices in April

In recent weeks, there has been anecdotal evidence about builders lowering home prices in the wake of the COVID-19 pandemic, but the latest NAHB/Wells Fargo Housing Market Index (HMI) survey provides factual data: Nationally, about 22% of builders cut home prices in April 2020 in order to bolster sales and/or limit cancellations.

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FHFA Issues Guidance on Home Purchases, Refinancing While in Forbearance

FHFA Issues Guidance on Home Purchases, Refinancing While in Forbearance

The Federal Housing Finance Agency has issued temporary guidance for borrowers looking to buy a home or refinance who are in forbearance or recently ended their forbearance.

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More than 600,000 Construction Layoffs in March

More than 600,000 Construction Layoffs in March

The Bureau of Labor Statistics Job Openings and Labor Turnover Survey data reveals there were 618,000 layoffs in the construction sector in March, a striking increase over the 202,000 total in February and a 245% jump over the 179,000 count in March 2019. It is expected the count will rise even higher when the BLS releases its April data in June.

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Lumber Prices Move Sharply Higher on Rising Demand and Supply Constraints

Filed in Economics by on May 18, 2020 1 Comment
Lumber Prices Move Sharply Higher on Rising Demand and Supply Constraints

Rising demand stemming from a surge of do-it-yourself projects from consumers working at home coupled with restricted supply due to lumber mills operating at a diminished capacity have led to a recent upsurge in lumber prices. The latest Random Lengths Framing Composite Price for the week ending May 15 rose by 6.3% to $406 per thousand board feet — the first time the index topped $400 since March 20, 2020.

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