Eye On Housing
Household Debt and Credit reports, released by the Federal Reserve Bank of New York, show that mortgage balances, which make up the majority of household debt, increased by $141 billion in the third quarter of 2018 from the previous quarter to reach an outstanding amount of $9.14 trillion. They also show that mortgage originations increased by about $8 billion from… Read More ›
Buoyed by falling mortgage rates, builder confidence in the market for newly-built single-family homes rose two points to 58 in January on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The gradual decline in mortgage rates in recent weeks helped to sustain builder sentiment. Low unemployment, solid job growth and favorable demographics should support housing demand in… Read More ›
Preliminary consumer credit data for November 2018 released by the Federal Reserve Board’s G.19 Consumer Credit report, which exclude loans secured by real estate, indicate an increase in outstanding credit of about 6.75% (seasonally-adjusted annual rate) from the previous month. Revolving credit increased at an annual rate of 5.50%, while nonrevolving credit increased at an annual rate of 7.00%. Revolving… Read More ›
On an annual basis, total nonfarm employment in November increased by 2.5 million jobs, which is a 1.7% increase compared to November 2017. During this time, total nonfarm employment in the Western region increased by 2.3% and in the Southern region by 2.2%. The Midwest and the Northeast recorded the lowest gains at 1.3% during this time. According to the… Read More ›
The count of unfilled jobs in the construction sector decreased in November, as building activity declined with higher interest rates at the end of 2018. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs fell to 278,000 in November. The October estimate was revised up to a cycle… Read More ›
Builder confidence in the market for newly-built single-family homes fell four points to 56 in December on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) as concerns over housing affordability persist. Although this is the lowest HMI reading since May 2015, builder sentiment remains in positive territory. Builders report that consumer demand exists, but customers are hesitating… Read More ›
The third quarter Federal Reserve Flow of Funds report showed continued improvement in the financial position of U.S. households with real estate, as the market value of all owner-occupied residential real estate (household owned) rose to $25.6 trillion. According to NAHB tabulations of the quarterly series, the asset or market value of owner-occupied real estate held by U.S. households increased… Read More ›
According to data from the Census Bureau’s Survey of Construction (SOC), the custom home share declined to 20 percent of all single family homes started in 2017—lowest since mid-2000. Contractor-built or owner-built houses – that together make up the custom home market – are built one at a time for owner occupancy on owner’s land with either the owner or… Read More ›
Preliminary consumer credit data for October 2018 released by the Federal Reserve Board’s G.19 Consumer Credit report indicate an increase in outstanding credit of about 7.75% (SAAR) during the third quarter. Revolving credit increased at an annual rate of 10.75%, while nonrevolving credit increased at an annual rate of 6.75%. Revolving credit plans, which is largely composed of credit card… Read More ›
The count of unfilled jobs in the construction sector increased in October, although the total remained lower than the August estimate, which marked a post-recession high. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs expanded to 292,000 in October. The open position rate (job openings as a… Read More ›