Bob Nielsen, Chairman of the National Association of Home Builders (NAHB), responding to President Obama’s proposal in a speech today to limit the mortgage interest deduction (MID), said, “Home owners cannot afford higher taxes at a time when the housing market is struggling to recover and contribute to economic growth…. …
NAHB Chairman Refutes Limiting Mortgage Interest Deduction Read More
According to CNNMoney.com/Fortune, the rising prices of commodities, plus the glut of homes on the market with prices falling, will stem the tide of new home construction for several more years. Compared to a year ago, the price of lumber is 17 percent higher, copper is up 32 percent, and …
Statistics Point to Delay in Increased Home Construction Read More
To follow up on a story we reported March 7, HousingWire reports Detroit has so many vacant houses it will bulldoze full blocks and turn the property into urban farming. Stephen Bancroft, executive director of the independent think tank Detroit Office of Foreclosure Prevention and Response (DOFPR), said once a …
HousingWire says mortgage rates rose by only one basis point to 4.87 percent for the average 30-year fixed-rate mortgage (FRM), the third straight week of increases, according to the Freddie Mac Primary Mortgage Market Survey. The average one year ago was 5.21 percent. Rates on 15-year FRMs moved up one …
According to HousingWire, the falling of home prices for the seventh straight month represents the downward pull of distressed homes in the market. The statistics from CoreLogic show with that segment in the equation, prices fell in February 6.7 percent over February a year ago. Remove that segment and the …
Distressed Homes Lower the Price of Homes Nationwide Read More
The National Association of Home Builders documented the contribution of building 100 single family homes in a typical metro area for one year. The year impact includes $21.1 million in local income, $2.2 million in taxes, and 324 jobs. Half of the jobs are in construction, the other half extend …
HousingWire says the Obama administration’s housing scorecard shows gain, but not yet a win. Prime and subprime mortgage delinquencies, and Federal Housing Administration (FHA) delinquencies, all declined from a year ago. The Housing and Urban Development (HUD) and Treasury Departments, also said properties receiving a notice of default declined from …
The nation’s institutional investors are happy to see the latest wave of good economic news. The United States Bureau of Economic Analysis (BEA) reports that for the 4th quarter of 2010, the real gross domestic product (GDP), the value of all goods and services, increased 3.1 percent over the 3rd …
Yahoo!Finance says that although manufacturing grew for the 20th straight month, it cooled off slightly in March compared to February. According to the Labor Department, 17,000 manufacturing jobs were added last month, part of the 216,000 overall jobs added in March. Factory employment has accounted for 200,000 jobs in the …
Manufacturing Sector Grows for Twentieth Straight Month Read More
HousingWire reports the Federal Reserve Bank of Philadelphia said residential building permits declined in Pennsylvania, Delaware and New Jersey between January and February, while nationally this figure was up 3.5 percent. Single-family permits fell 38.1 percent in Pennsylvania, 26.6 percent in New Jersey and 11.1 percent in Delaware, while rising …
Residential Building Permits Fall in Three-State Area Read More
HousingWire.com reports February sales of new homes was well below what several analysts anticipated, falling 17% from January. According to the Census Bureau and HUD, sales were especially down in the northeast, decreasing 57 percent. Although the Mortgage Bankers Association (MBA) saw mortgage applications rise 2.7 percent for last week, …
New Home Sales Fell Last Month to Lowest Recorded Level Read More
StockMarketsReview.com says with the cost of gasoline, food and other commodities going up, inflation is just around the corner. But inflation is a positive sign for manufactured housing communities because it’s an inexpensive housing option, and many of the residents are employed in service-related industries that are somewhat inflation protected. …
CNNMoney.com reports that during the housing boom, adjustable-rate mortgages (ARMs) comprised 70% of the housing market, but currently make up only five percent. Freddie Mac says it will be 10 percent by December. Now they are a bargain at 3.5 percent, while conventional 30-year fixed- rate mortgages are at five …
Bloomberg News reports the producer price index moved up 1.6 percent in February, the most since June 2009, according to Labor Department figures. The article says the combination of higher fuel and food prices coupled with a struggling housing market put a strain on disposable income. The consumer price index …
The National Association of Home Builders (NAHB) reports that housing starts fell 22.5 percent in February, the second slowest pace on record. Permits to build new homes dropped 8.2 percent. Chief economist of NAHB David Crowe, said, “We need to see several months of consistent improvement in economic factors, plus …
Housing Starts and Permits Issued Fall in February Read More
CNNMoney.com says the rental vacancy rate has dropped below 10 percent, and by 2012, may be as low as five percent, according to Peggy Alford of Rent.com. The Commerce Department statistics report that rents have averaged an increase of below one percent a year for a decade. Alford expects them …
Renew Your Lease Now – Rental Rates Starting to Climb Read More
The National Association of Home Builders (NAHB) is anticipating an improved demand for new single-family housing this spring. Their Housing Market Index (HMI) in March showed an increase to 17, one point better than it’s been the last four months, and the highest since May 2010. The NAHB/WellsFargo HMI monthly …
HousingWire.com reports that according to Freddie Mac’s Primary Mortgage Market Survey, the average 30-year fixed-mortgage rate (FMR) was up just one basis point to 4.88 percent for the week ending March 10. Rates broke five percent for the first time this year one month ago. Fifteen year FRMs remained at …
The National Association of Home Builders (NAHB) told the Senate Banking Committee that Congress needs to take action to restore the availability of credit to home buyers and builders. NAHB Chief Economist David Crowe said, “Without access to credit, the residential construction industry will lose more small businesses and experience …
The Federal Reserve Bank of Philadelphia reports that growth in that region’s manufacturing sector picked up in February, according to the respondents to the Business Outlook Survey. Most of the broad indicators showed an improvement over their readings in January, and employment among reporting firms increased. The diffusion index of …
