Tag Archive for ‘home building’

Consumer Credit Expands, But At A Slower Pace

According to the Federal Reserve Board’s G.19 Consumer Credit report, the total amount of consumer credit outstanding rose by 2.6 percent (SAAR) over the month of April 2017 to $3.82 trillion. Revolving credit, which is largely composed of credit card debt and represents $1.01 trillion, rose by 1.8 percent while non-revolving credit, which encompasses auto and student loans and totals $2.81… Read More ›

Construction Job Openings Jump in April

The count of unfilled jobs in the construction sector climbed in April, rising to the highest level since September of last year. 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) stood at 203,000 in April. The cycle high was 238,000, set in July of last year. The open position rate (job… Read More ›

Mortgage Rates Fall

Following 4 consecutive monthly increases, results from the Mortgage Interest Rate Survey (MIRS) released by the Federal Housing Finance Agency (FHFA) indicate that mortgage rates fell in April 2017, its second consecutive month of declines. Over the month, contract rates on mortgages used to purchase single-family newly constructed homes declined by 10 basis points to 4.02 percent. Despite the decline, rates remain above the… Read More ›

Posts for National Home Remodeling Month

May is National Home Remodeling Month, and Eye on Housing recognized the occasion with a series of posts related to the topic.  As the month draws to a close, below is a summary list of those posts for anyone who may have missed them: Remodeling in 2016: Kitchens Reclaim Top Spot from Baths  May 5, 2017 Desire for New Amenities:… Read More ›

Pending Sales Slump

The Pending Home Sales Index decreased 1.3% in April for a second consecutive monthly decline, and fell 3.3% below its level a year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased to 109.8 in April, down from a revised 111.3 in March. The PHSI decreased… Read More ›

Household Debt Levels Recovered, Composition Shifts

According to the Federal Reserve Bank of New York report, household debt has returned to its previous peak level. Since the recession’s end, consumer installment loans have grown faster than real-estate secured debt and has been shown to be rising faster than household income as well. At the same time however, transition rates into serious delinquency are higher on consumer… Read More ›

Slower Growth for AD&C Loans

The volume of residential construction loans increased by 1.6% during the first quarter of 2017, marking 16 consecutive quarters of growth. However, the growth rate for lending during the fourth quarter of 2016 and the start of 2017 were the slowest since early 2013. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting factor for home building growth, but easing credit conditions and a growing loan… Read More ›

Trends in Delinquency Rates Point to Continued Healing

Following a surprising, but small, increase in the percent of 1-4 family first-lien mortgages that were either 90 or more days delinquent or were in the process of foreclosure over the fourth quarter of 2016, the Mortgage Bankers Association reported that the measure continued its descent in the first quarter of 2017. This measure of delinquency, at least for conforming… Read More ›

April Buyers Chafe at Supply Constraints

Existing home sales declined 2.3% in April as inventory fell year-over-year for the 23rd consecutive month, while the velocity of sales increased to the highest level since the National Association of Realtors (NAR) began tracking the monthly sales timeframe.  At the current sales rate, the April unsold inventory represents a 4.2-month supply, up from the March 3.8-month supply, but down… Read More ›

AD&C Financing Standards Continue to Ease

Over the first quarter of 2017, builders and developers reported easing credit conditions for acquisition, development, and single-family construction (AD&C) loans and the pace of easing quickened. Historically, results from the NAHB’s AD&C Financing Survey have tracked quarterly changes in bank-held residential construction loans. The overall net tightening index based on the AD&C Financing Survey was -25.0 in the first… Read More ›