Tag Archive for ‘economics’

Sales of Existing Homes to First-Time Buyers Rise

Existing home sales, as reported by the National Association of Realtors (NAR), rose to the highest pace in six years in May. The report was also notable due to an increase in purchases by first-time buyers, which rose to the highest share experienced since September 2012. The May pace of existing home sales (5.35 million on seasonally adjusted annual basis) was… Read More ›

A Cross-Country Comparison of Homeownership Rates

In the United States, the majority of households own their home. NAHB analysis of international data indicates that the same is true across the European Union (EU). The vast majority of European households own their home as well. However, the incidence of homeownership across the EU is typically greater than the homeownership rate in the United States. The rate of… Read More ›

Consumer Prices in May – Energy Prices Rose Sharply

The Bureau of Labor Statistics (BLS) reported consumer prices increased in May. The Consumer Price Index (CPI) rose at a seasonally adjusted annual rate of 5.5%, a large increase compared to 1.2% in April, and the first three months of this year. Excluding the volatile food and energy components, the “core” CPI rose at a seasonally adjusted annual rate of… Read More ›

Eye on the Economy: Starts Fall but Builder Confidence and Permits on the Rise

The pace of housing construction slowed in May, after a post-winter rebound in April. However, forward-looking indicators, most notably the NAHB/Wells Fargo Housing Market Index and the expansion of housing permits, suggest more growth ahead. The pace of housing starts in May declined 11.1% from an elevated April to a seasonally adjusted annual rate of 1.036 million single-family and multifamily… Read More ›

Housing Starts Readjust

May housing starts fell 11.1% from an elevated April to a seasonally-adjusted annual rate of 1.036 million units. The drop was broad based, falling 5.4% in single-family to an annual rate of 680,000 and multifamily falling 20.2% to 356,000. When viewed from a quarterly average, however, the first two months of the second quarter were better than the first quarter… Read More ›

Builders’ Sentiment Improves

The NAHB/Wells Fargo Housing Market Index for June increased to 59, a five point rise from May and tied for the highest since September 2014. The increase in builder confidence aligns with other recent positive housing news. April starts and permits were up significantly from a depressed March. Single-family starts rose 16.7% from March and were the highest monthly level… Read More ›

SF Default Rates: One of These Things Is Not Like the Others, One of These Things Just Doesn’t Belong

The Financial Accounts of the United States shows continued improvement in the aggregate home equity position of U.S. households. Household holdings of real estate, measured on a not seasonally adjusted basis, totaled $21.104 trillion in the first quarter of 2015, $1.092 trillion higher than its level, $20.012 trillion, in the first quarter of 2014. At the same time, home mortgage debt… Read More ›

Federal Reserve Report on Household Economic Well-Being

According to a Federal Reserve analysis, U.S. households surveyed during October 2014 reported only modest improvements with respect to economic well-being but felt increasingly optimistic about the future. The Survey of Household Economics and Decisionmaking (SHED), first conducted in 2013, complements the triennial Survey of Consumer Finances, the Federal Reserve’s key report on household wealth. Among the housing-focused findings of the report: 74%… Read More ›

Elevated Number of Construction Job Openings for April

The number of open, unfilled construction sector positions has been elevated during 2015, with one measure of job openings for the industry reaching cycle highs. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) declined from 168,000 to 153,000 from March to April. However, the 168,000… Read More ›

Bank-Holdings of Consumer Credit: All of the Eggs are in One Basket

The Federal Reserve Board recently reported that consumer credit outstanding rose by a seasonally adjusted annual rate of 7.3%, $246.5 billion, in April 2015. Consumer credit outstanding now totals $3.385 trillion. For the first time in 13 months and the second time in 87 months, the monthly growth rate of revolving credit outstanding outpaced the increase in non-revolving credit. Revolving credit outstanding… Read More ›