Tag Archive for ‘housing’

Housing Starts Fall in March After a Strong February

Total housing starts declined in March, after a strong pace was recorded in February. Total starts were down almost 7%, falling to a 1.215 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. Single-family starts posted a monthly decline of 6% in March, falling to an 821,000 annual rate. The February annualized rate, 875,000, was the fastest monthly pace since… Read More ›

Builder Confidence Holds Firm in April

Builder confidence in the market for newly-built single-family homes remained solid in April, falling three points to a level of 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) after an unusually high March reading. Builders continue to report significant interest among potential home buyers, with the traffic measure continuing to score above the breakeven level of… Read More ›

The Distribution of Residential Construction Loans Among Banks

Smaller banks, those with assets of less than $10 billion, hold the majority of residential construction loans, according to NAHB analysis of Federal Deposit Insurance Corporation (FDIC) data. Unlike mortgages, a larger proportion of residential construction loans at FDIC-insured institutions are held by banks with assets between $100 million and $10 billion. In addition, a greater proportion of mid-sized banks… Read More ›

Non-Mortgage Consumer Debt Accelerates

The total amount of consumer credit outstanding rose in February 2017 reflecting growth in both non-revolving credit, auto loans and student loans, and revolving credit, mostly credit cards. However, the growth rate of non-revolving credit, which is the larger of the two classes, exceeded the percentage increase of revolving credit. According to the Federal Reserve Board’s Consumer Credit release, the total… Read More ›

Construction Job Openings Post Small Increase

The count of unfilled jobs in the construction sector increased slightly in February, after two months of lower levels of open positions. 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) rose to 169,000 in February. The cycle high is 238,000, set in July of last year. The open position… Read More ›

Leverage Ratios Rise in 2016

Information provided by the Federal Housing Finance Agency (FHFA) indicates that the loan amount relative to the purchase price of the home, leverage or the loan-to-value (LTV) ratio, rose in 2016 to 79.2 percent, 140 basis points above the rate in 2015, 77.8 percent*/**. The increase over 2016 largely reflected growth in the LTV ratio on purchases of previously occupied… Read More ›

Private Construction Spending Hits Cyclical High

NAHB analysis of Census Construction Spending data shows that total private residential construction spending grew 1.8% in February to a seasonally adjusted annual rate of $484.7 billion. It was up by 6.4% from one year earlier and reached the highest level since August 2007. Multifamily construction spending continued its record breaking pace to a seasonally adjusted annual rate of $64.5… Read More ›

Mortgage Rates Rise in February

Results from the Mortgage Interest Rate Survey (MIRS) administered by the Federal Housing Finance Agency (FHFA) indicate that mortgage rates rose in February 2017*. Over the month, contract rates on mortgages used to purchase single-family newly constructed homes increased by 16 basis points to 4.18 percent. Since reaching a low of 3.54 percent in October 2016, contract rates reported by the… Read More ›

Positive Trend for New Home Sales

Contracts for new home sales expanded by 6.1% in February, according to estimates from the joint data release of HUD and the Census Bureau. The growth in sales continues along a positive trend for the market, which is supported by solid job growth, improving household formations, continuing favorable housing affordability conditions, and tight existing home inventory. The seasonally adjusted annual pace for February new single-family… Read More ›