Tag Archive for ‘economics’

Builder Confidence Rises in August

Builder confidence in the market for newly constructed single-family homes in August rose two points to 60 from a downwardly revised reading of 58 in July on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder confidence remains solid in the aftermath of weak GDP reports that were offset by positive job growth in July. Historically low mortgage rates,… Read More ›

Job Openings Rise in Construction

The count of unfilled jobs in the overall construction sector rose in June after setting a post-Great Recession high in March. However, the rate of jobs being added to the residential construction sector has slowed noticeably over the last few months suggesting ongoing labor access issues. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a… Read More ›

Consumer Credit Grows

The Federal Reserve Board reported that consumer credit outstanding grew by a seasonally adjusted annual rate of 4.1% over the month of June 2016, 1.9 percentage points slower than its growth rate in May. Over the second quarter of 2016, consumer credit outstanding expanded by 5.3%, 0.5 percentage points less than the 5.8% rate of growth in the first quarter of 2016…. Read More ›

Nation Inches Closer to a Recovery

For the country as a whole, the NAHB/First American Leading Markets Index (LMI), released today, rose to .97 in the second quarter of 2016, .01 point higher than its upwardly revised level in the first quarter of 2016, .96, and .05 point higher than its level from one year ago, .92. The LMI is now .19 point above its low of… Read More ›

More Banks Tighten Credit Standards on MF Debt

Results from the most recent Senior Loan Officer Opinion Survey (SLOOS) indicate that lending standards on multifamily residential mortgages continue to show signs of tightening and the pace of tightening is growing. The Federal Reserve Board’s SLOOS asks senior loan officers at large banks their opinion on changes in the standards and terms on, and demand for, bank loans to… Read More ›

Private Residential Construction Spending Stalls in June

NAHB analysis of Census Construction Spending data shows that total private residential construction spending for June registered a seasonally adjusted rate of $445.8 billion, virtually unchanged from the May downwardly revised estimate. Private nonresidential construction spending fell for a third consecutive month in June, down by 1.3%. Within private residential construction, spending on single-family and multifamily both declined in June…. Read More ›

June Pending Home Sales Rise on Gains in the Northeast and the Midwest

According to the National Association of Realtors’ Pending Home Sales Index (PHSI), nationwide, signed contracts for existing homes inched up 0.2% over the month of June 2016. The PHSI is forward looking indicator for contracting closings (i.e. existing home sales). June marks the fourth monthly increase in the PHSI over the past five months. Over the year, the PHSI rose… Read More ›

First Time Buyers Arrive

Existing home sales, as reported by the National Association of Realtors (NAR), increased 1.1% in June to the highest level since February 2007, as first-time buyers grabbed a 33% share, the best performance in four years. June existing sales are up 3.0% from the same month a year ago. Total existing home sales in June increased to a seasonally adjusted… Read More ›

Construction Gains in June

The June pace of single-family housing starts increased over a downwardly revised May reading, standing at a seasonally adjusted annual rate of 778,000 according to estimates from the Census Bureau and the Department of Housing and Urban Development. The June rate marks a 13% gain in the pace of single-family construction on a year-over-year basis. Multifamily starts were up slightly in June, rising to 411,000 starts. However,… Read More ›