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Lumber Prices Hit 2-Year High, Up 50% Since April

Filed in Disaster Response, Economics by on July 10, 2020 2 Comments
Lumber Prices Hit 2-Year High, Up 50% Since April

The Random Lengths Framing Composite Price hit $523 per 1,000 board feet for the week ending July 10, marking the first time prices have topped the $500 level since July 2018. Indeed, lumber prices have soared 50% since April 17, 2020.

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FHFA Extends Loan Processing Flexibilities Through Aug. 31

Filed in Disaster Response, Housing Finance by on July 9, 2020 0 Comments
FHFA Extends Loan Processing Flexibilities Through Aug. 31

The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until Aug. 31, 2020, to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on July 31.

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IRS Instructs Employers on Reporting COVID Medical & Sick Leave Wages

IRS Instructs Employers on Reporting COVID Medical & Sick Leave Wages

The Internal Revenue Service has released Notice 2020-54, which requires employers to report the amount of qualified sick and family leave wages paid to employees under the Family First Coronavirus Response Act. 

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Residential Construction Hiring Up More Than 300,000 in Last Two Months

Filed in Economics by on July 8, 2020 0 Comments
Residential Construction Hiring Up More Than 300,000 in Last Two Months

The U.S. Department of Labor reported that total payroll employment increased 4.8 million in June as the overall construction sector added 158,000 jobs after a revised increase of 453,000 in May. The number of residential construction jobs rose by 83,200 in June, after an increase of 224,200 in May.

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The Older You Are, the More Likely You Are to Own a Home

Filed in Economics, Homeownership by on July 7, 2020 0 Comments
The Older You Are, the More Likely You Are to Own a Home

A recent study released by the Federal Reserve Board reveals that homeownership rates vary widely by age, race and location. The survey also provides information on the reasons renters choose to rent instead of owning and notes that more than one-third of renters are currently looking to buy a home.

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NAHB Lauds Implementation of U.S.-Mexico-Canada Agreement

Filed in Affordability, Trade by on July 1, 2020 2 Comments
NAHB Lauds Implementation of U.S.-Mexico-Canada Agreement

In a positive development that will provide forward momentum for housing and help address the nation’s growing affordability crisis, the U.S.-Mexico-Canada Agreement (USMCA) went into effect today.

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NAHB and Michigan Builders File Suit to Expand PPP Eligibility

Filed in Construction Industry, Disaster Response, Legal by on June 30, 2020 2 Comments
NAHB and Michigan Builders File Suit to Expand PPP Eligibility

With so many builders unfairly unable to obtain a forgivable loan under the Paycheck Protection Program (PPP), NAHB, along with the HBA of Michigan and HBA of Southeastern Michigan, today filed a lawsuit against the U.S. Department of Treasury and the U.S. Small Business Administration, challenging their decision to apply onerous regulations onto PPP that prevent certain builders and developers from accessing this much-needed source of funding and having those loans forgiven.

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FHA Extends Appraisal Program Through Aug. 31

Filed in Housing Finance by on June 30, 2020 0 Comments
FHA Extends Appraisal Program Through Aug. 31

The Federal Housing Administration (FHA) has announced it will allow exterior-only and desktop appraisals on FHA single-family programs affected by COVID-19 to be extended through Aug. 31.

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IRS Not Extending July 15 Tax Deadline

Filed in Economics by on June 30, 2020 0 Comments
IRS Not Extending July 15 Tax Deadline

The Department of Treasury and IRS has announced the July 15 tax-filing and payment deadline will not be extended a second time due to the coronavirus pandemic. The IRS originally extended the April 15 deadline as a result of the pandemic. However, individuals taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

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Fannie Mae and Freddie Mac Extend Forbearance for Multifamily Property Owners

Filed in Disaster Response, Housing Finance, Multifamily by on June 29, 2020 0 Comments
Fannie Mae and Freddie Mac Extend Forbearance for Multifamily Property Owners

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total forbearance of up to six months.

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