Economics

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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Housing Shows Strength as Sales and Permits Rise

Filed in Disaster Response, Economics by on June 25, 2020 0 Comments
Housing Shows Strength as Sales and Permits Rise

Consistent with NAHB’s forecast, home building data are showing signs of leading an emerging economic rebound. While risks to the outlook remain, the recession appears to have taken a short and sharp downturn.

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Fewer Builders Cutting Home Prices as a Result of the Pandemic

Filed in Economics, Housing Trends by on June 25, 2020 4 Comments
Fewer Builders Cutting Home Prices as a Result of the Pandemic

In a further sign that the housing rebound is gaining momentum, fewer builders are lowering home prices as a result of the COVID-19 pandemic. Last month’s HMI survey revealed that just 22% of builders nationwide cut prices in April 2020. This month’s survey reveals that the share of builders reducing prices to bolster sales dropped even lower in May, down to 15%. For historical context, 49% of builders cut prices in March 2008, in the midst of the last housing recession.

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Remodelers’ Profits Remain Flat

Filed in Economics, Housing Trends, Remodelers by on June 23, 2020 0 Comments
Remodelers’ Profits Remain Flat

The industry-average net profit margin for remodelers was 5.2% in 2018, essentially unchanged from the 5.3% reported in 2015, according to the latest Remodelers’ Cost of Doing Business Study. The report includes a nationwide survey of residential remodeling companies designed to produce profitability benchmarks for that segment of the construction industry.

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New Home Sales Jump in May as Housing Rebound Continues

Filed in Economics by on June 23, 2020 4 Comments
New Home Sales Jump in May as Housing Rebound Continues

In a further sign that the housing market is rebounding from the COVID-19 pandemic, sales of newly built, single-family homes rose 16.6% to a seasonally adjusted annual rate of 676,000 units in May from a downwardly revised reading in April, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The May rate is 12.7% higher than the May 2019 pace.

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FHFA and FHA Extend Foreclosure and Eviction Moratoriums Through August

Filed in Disaster Response, Economics, Housing Finance by on June 17, 2020 2 Comments
FHFA and FHA Extend Foreclosure and Eviction Moratoriums Through August

The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac will extend their moratorium on single-family foreclosures and evictions until at least Aug. 31, 2020.  The foreclosure and eviction moratorium applies to Fannie Mae and Freddie Mac-backed single-family mortgages only. The Federal Housing Administration is also extending its foreclosure and eviction moratorium through the end of August for home owners with FHA-insured single-family mortgages.

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New Housing Numbers Flash Signs of Continued Growth

Filed in Economics by on June 17, 2020 1 Comment
New Housing Numbers Flash Signs of Continued Growth

In a sign that the housing market continues to show forward momentum, single-family permits posted an 11.9 percent gain in May, while total housing starts increased 4.3 percent to a seasonally adjusted annual rate of 974,000 units, according to a report from the U.S. Housing and Urban Development and Commerce Department.

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Builder Confidence Surges in June as Housing Rebound is Underway  

Filed in Economics by on June 16, 2020 293 Comments
Builder Confidence Surges in June as Housing Rebound is Underway   

In a sign that housing stands poised to lead a post-pandemic economic recovery, builder confidence in the market for newly-built single-family homes jumped 21 points to 58 in June, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. Any reading above 50 indicates a positive market.

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Turning Point for the Labor Market

Filed in Disaster Response, Economics by on June 12, 2020 0 Comments
Turning Point for the Labor Market

In a surprisingly positive reading for the labor market, recent jobs data showed the unemployment rate in May declined to 13.3%. The reopening of the economy in most states has led to a rapid reversal for the jobs outlook and the prospects for the beginning of a recovery in the third quarter. Housing data indicate the industry will lead the way in such a rebound…

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Fed Expects Interest Rates to Hold Near Zero Through 2022

Filed in Economics by on June 10, 2020 0 Comments
Fed Expects Interest Rates to Hold Near Zero Through 2022

The Federal Reserve held the federal funds rate at the current 0% to 0.25% range and said it intends to keep its benchmark rate near zero through 2022 as the central bank continues to deploy policy tools to underwrite an emerging recovery for the U.S. economy from the COVID-19 pandemic. 

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