Economics

Labor Market Improvement Follows Housing Strength

Labor Market Improvement Follows Housing Strength

Recent economic data have shown rapid improvement relative to dramatic declines in mid-spring. And housing has led the way.

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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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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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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 5 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 7 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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