DIRS.INFO The most relevant business & tech news

☆ Sales of newly built homes tank in April, as prices and interest rates rise
▼ + stars: | 2024-05-23 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales of newly built homes dropped 4.7% in April compared with March, and dropped a larger 7.7% from the prior year, the U.S. Census said Thursday. Higher mortgage rates are clearly hampering sales. Some of that is due to the mix of homes selling, which is mostly on the higher end of the market. Those buyers are not as influenced by mortgage rates, as they often use all cash. The big production builders have been buying down mortgage rates to help boost sales, but they are able to do that because of their size.

Persons: Peter Boockvar, Robert Dietz, NAHB's Organizations: Spring Barbera Homes, Builders, Toll Brothers, Bleakley Financial, CNBC, National Association of Home Builders, Wells Fargo . Locations: Loudonville , New York, U.S, Horton, Wells Fargo

☆ Trump-era tax cuts set to expire after 2025 — here's what you need to know
▼ + stars: | 2024-05-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

The TCJA reduced federal income tax rates across the board, with the top rate falling to 37% from 39.6%. That would return the federal income tax rates to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. In the meantime, some higher earners have been leveraging lower income tax rates through 2025 by incurring income now, experts say. The standard deduction could fallWhen filing taxes, you claim the standard deduction or itemized deductions, whichever is greater. Before 2018, about 70% of taxpayers claimed the standard deduction, compared with 90% in tax year 2020, according to the Tax Policy Center.

Persons: Donald Trump, Michael M, Erica York, Roth, it's, Gleckman, Robert Dietz Organizations: Santiago, Getty, Tax, Center, Federal Tax, Senate, Bernstein Private Wealth Management, CNBC Locations: Wildwood Beach, Wildwood , New Jersey, California , New Jersey, New York, Minneapolis

☆ Fewer homeowners are remodeling, but demand is still 'solid'
▼ + stars: | 2024-05-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Skynesher | E+ | Getty ImagesFewer homeowners have been taking on remodeling projects, reports show. The Leading Indicator of Remodeling Activity, an outlook measuring home improvement and repair spending on owner-occupied homes, peaked at 17.3% in the third quarter of 2022. The NAHB/Westlake Royal Remodeling Market Index by the National Association of Home Builders reflects a similar decline. In a release for the group's first quarter report, NAHB Remodelers Chair Mike Pressgrove noted that "demand for remodeling remains solid, especially among customers who don't need to finance theirprojects at current interest rates." The increase in home improvement spending, along the decrease in projects, suggests inflation corroded household budgets, according to the home services website.

Persons: Robert Dietz, NAHB, Mike Pressgrove, remodelers, That's, It's, Redfin Organizations: Getty, Westlake Royal, National Association of Home Builders, RMI, NAHB, Homeowners, State, Angi Locations: U.S

☆ Homebuilder sentiment turns positive for the first time since July
▼ + stars: | 2024-03-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuilder sentiment rose 3 points in March to 51 on the National Association of Home Builders/Wells Fargo Housing Market Index. Sentiment also moved into positive territory for the first time since July. Fifty is the line between positive and negative sentiment. "But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes." Regionally, on a three-month moving average, sentiment rose most in the Midwest and West.

Persons: Carl Harris, Robert Dietz Organizations: National Association of Home Builders, West, Builders, Federal Reserve Locations: Wells Fargo, Wichita , Kansas, Midwest

☆ There is still time to reduce your tax bill or boost your refund before year-end. Here are some moves to consider, experts say
▼ + stars: | 2023-12-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Vesna Andjic | E+ | Getty ImagesWith roughly one month left in 2023, there's still time to reduce your tax bill or boost your refund, experts say. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. Make the most of your tax bracketBefore completing a year-end strategy that adds to your income, you should see if you can afford to "run up the income tax brackets," Dietz said. Pretax IRA contributions : You can still make up to $6,500 in pretax IRA contributions ($7,500 for age 50 and older) for 2023, which may offer a deduction. However, you need to check IRA tax break eligibility first.

Persons: Vesna Andjic, there's, Akeiva Ellis, deferrals, Ellis, Robert Dietz, Dietz, It's, Louise Cochrane Organizations: Vanguard, Taxpayers, Bernstein Private Wealth Management, — Locations: Boston, Minneapolis, Alameda , California

☆ How Buying a New Home Could Save You Money
▼ + stars: | 2023-11-19 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

As the median payment on a new mortgage creeps toward $2,200, most buyers are desperate to save cash wherever they can. They’re offering lower mortgage ratesIf slashed prices aren’t enough to get a mortgage payment in your budget, builders have another offer: A lower mortgage rate. (Essentially, the builder prepays the lender the interest for the years the mortgage rate is reduced). NAHB’s data shows that 29% of builders offered mortgage rate buydowns in October. “Many builders are using sales incentives—including mortgage rate buydowns—as a method of addressing housing affordability headwinds,” says Robert Dietz, chief economist at NAHB.

Persons: Aly J, ”, Nick Bailey, Max, Robert Dietz, buydowns —, Lennar, what’s, Angel Conlin, Pat Howard Organizations: Yale, Builders, National Association of Home Builders, “, NAHB, Kin Insurance Locations: Denver, Chicago, “, Policygenius

☆ Homebuilder sentiment drops to lowest point in a year, but falling rates spur some optimism
▼ + stars: | 2023-11-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

High mortgage rates continue to weigh on the nation's homebuilders, leading to an increase in price cuts to lure buyers. But builders are cautiously optimistic about recent signs that interest rates may move lower soon. Homebuilder sentiment fell six points to 34 in November on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Sentiment is down 22 points since July and is now at the lowest level since the end of last year. "In particular, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates close to or below 7.5%," he said.

Persons: Alicia Huey, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Market, Treasury Locations: Wells Fargo

☆ US homebuilder confidence drops for fourth month in a row
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Homebuilder confidence dropped for the fourth month in a row in November as mortgage rates neared 8%. But recent economic data suggests housing conditions may improve in coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34, according to the National Association of Home Builders / Wells Fargo Housing Market Index released Thursday morning. Specificially, Dietz said, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates down closer to or below 7.5%. In November, 60% of builders provided sales incentives of all forms, down slightly from 62% in October.

Persons: ”, Alicia Huey, ” Huey, NAHB, Robert Dietz, NAHB’s, Specificially, Dietz, ” Dietz, Freddie Mac Organizations: DC CNN, National Association of Home Builders, Federal Reserve, Treasury Locations: Washington, Wells Fargo

☆ Homebuilder sentiment drops to 10-month low, as mortgage rates soar
▼ + stars: | 2023-10-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Builder confidence in the market for single-family homes dropped to the lowest level since January, as builders contend with a market dominated by high mortgage rates and costs for financing. The monthly National Association of Home Builders/Wells Fargo Housing Market Index dropped 4 points to 40 in October, and September's read was revised down 1 point. Builders point squarely to mortgage rates, which are now at a 23-year high. Regionally, on a three-month moving average, builder sentiment in the Northeast fell 4 points to 50 and in the Midwest dropped 3 points to 39. In the South it fell 5 points to 49, and in the West it fell 6 points to 41.

Persons: September's, Alicia Huey, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Builders, Midwest, CNBC Locations: Wells Fargo, Birmingham , Alabama, West

☆ Homebuilder confidence drops to the lowest in 10 months as high mortgage rates freeze the housing market
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Stubbornly high mortgage rates have taken a toll on builder sentiment, the group said. AdvertisementAdvertisementHomebuilder confidence just plunged to its lowest mark in 10 months, the National Association of Home Builders announced on Tuesday. The group cited stubbornly high mortgage rates as the primary drag on confidence. On Tuesday, rates on the 30-year fixed mortgage hit 7.92%, according to Mortgage News Daily's index. Buyers and sellers alike have largely been kept on the sidelines as mortgage rates hover near multi-decade highs and moving homes looks unattractive.

Persons: —, Alicia Huey, Robert Dietz, Dietz Organizations: Service, National Association of Home Builders, Market, Mortgage, Builders, Federal Locations: Wells Fargo

☆ Sales of newly built homes reverse course, drop nearly 9% in August
▼ + stars: | 2023-09-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of newly built homes fell 8.7% in August from July, to a seasonally adjusted annualized pace of 675,000 units, according to the U.S. Census Bureau. The Census count is based on signed contracts during the month, and mortgage rates took a sharp jump higher. The median price of a newly built home sold in August was $430,300, a drop of 2% compared with August of last year. Homebuilders have been lowering prices as well as offering more incentives, like buying down mortgage rates. One of the nation's largest homebuilders, Lennar, recently reported strong earnings, but that was for a quarter where mortgage rates hadn't hit their highest yet.

Persons: Imogen Pattison, Homebuilders, Stuart Miller, Miller, Robert Dietz, NAHB's Organizations: . Census, Mortgage News, Capital Economics, National Association of Home Builders

☆ Homebuilder confidence continues to be weighed down by high mortgage rates
▼ + stars: | 2023-09-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Home builder confidence took a hit in September as average mortgage rates for a 30-year fixed-rate loan stayed above 7%. “The two-month decline in builder sentiment coincides with when mortgage rates jumped above 7% and significantly eroded buyer purchasing power,” said Alicia Huey of the NAHB. All three dimensions of the new housing market evaluated saw declines in September: The index gauging current sales conditions fell six points to 51. “High mortgage rates are clearly taking a toll on builder confidence and consumer demand, as a growing number of buyers are electing to defer a home purchase until long-term rates move lower,” said Robert Dietz, NAHB Chief Economist. As mortgage rates stayed above 7% over the last month, more builders cut prices to boost sales, according to NAHB.

Persons: ”, Alicia Huey, Huey, Robert Dietz, That’s Organizations: DC CNN —, National Association of Home Builders, “, NAHB Locations: Washington, Wells Fargo

☆ Homebuilder sentiment goes negative for the first time in 7 months, thanks to higher mortgage rates
▼ + stars: | 2023-09-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

U.S. homebuilders are feeling pessimistic about their business for the first time in seven months, thanks to stubbornly high mortgage rates. Builder confidence in the single-family housing market fell 5 points in September to 45 on the National Association of Home Builders/Wells Fargo Housing Market Index. Current sales conditions fell 6 points to 51, and sales expectations in the next six months also dropped 6 points to 49. Builders cite weaker affordability due to higher mortgage rates. While builders are still benefiting from the lack of supply on the existing sales market, they are also facing hurdles other than higher interest rates.

Persons: Robert Dietz, NAHB's, Alicia Huey Organizations: National Association of Home Builders, Builders Locations: Wells Fargo, Birmingham , Alabama, Midwest, West

☆ US homebuilder confidence falls to lowest since April, says NAHB
▼ + stars: | 2023-09-18 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. REUTERS/Mike Blake/ Acquire Licensing RightsNEW YORK, Sept 18 (Reuters) - U.S. homebuilder confidence fell for a second month in September, with optimism dropping to the lowest since April as high interest rates cut into affordability for prospective buyers. The National Association of Home Builders/Wells Fargo homebuilder sentiment index fell to 45 this month from a reading of 50 in August, when builder sentiment had fallen for the first time since December. Since the Federal Reserve began hiking interest rates in March 2022, mortgage rates have risen, and have held above 7% since early August, the highest level since 2002. Sales expectations among builders fell in September amid lower pricing, with the six-month outlook for home sales falling to 49 from 55 the month prior.

Persons: Mike Blake, Fargo, ”, Robert Dietz, Amina Niasse, Andrea Ricci Organizations: KB, REUTERS, National Association of Home Builders, “, Federal Reserve, Thomson Locations: Valley Center , California, U.S

☆ Opinion | America Has a Mortgage Problem
▼ + stars: | 2023-08-25 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

Indeed, seasonally adjusted sales of new homes rose 31 percent in July from a year earlier, while seasonally adjusted sales of existing homes (a bigger market) fell 17 percent over the same 12 months. The Fed raises rates to cool off the housing market and the inadvertent effect is to increase housing construction. On third glance, though, rate lock really does screw up the housing market. When the inventory of existing homes for sale declines because of rate lock, “the matching process that has to occur becomes more complicated,” he said. In May the inventory of existing homes for sale, 1.08 million, was less than half its average since 1999.

Persons: Robert Dietz, ”, ” Campbell, Princeton’s Markus Brunnermeier Organizations: National Association of Home Builders Locations: U.S, “

☆ U.S. home builder confidence falls for the first time in 2023
▼ + stars: | 2023-08-15 | by ( Safiyah Riddle | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoAug 15 (Reuters) - U.S. home builder confidence weakened in August for the first time this year, according to a report released Tuesday, as record-breaking mortgage rates and still-high housing prices discouraged prospective buyers. The National Association of Home Builders/Wells Fargo Housing Market Index retreated to 50 in August from a 13-month peak of 56 in July. Builder confidence was largely undermined by a drop in prospective buyer traffic, which fell to 34 in Augustfrom a year-long high of 40 in July. Economists polled by Reuters expected builder confidence to remain unchanged at 56. Many current home owners are locked into low mortgage rates, and have been reluctant to put existing homes on the market amidst expensive financing options.

Persons: Mike Blake, ”, Robert Dietz, Safiyah Riddle, Chizu Organizations: KB, REUTERS, National Association of Home Builders, Market, Reuters, Federal, U.S, Thomson Locations: Valley Center , California, U.S, Wells Fargo

☆ Homebuilder sentiment drops sharply, as mortgage rates surge over 7%
▼ + stars: | 2023-08-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Rising mortgage rates are hitting potential homebuyers hard, and that is taking steam out of the homebuilding market. That is the first decline in seven months and the lowest level since May, when sentiment first rose out of negative territory. Mortgage rates are now holding solidly over 7%, hitting 7.24% Monday, according to Mortgage News Daily. Higher mortgage rates and the decline in buyer activity has more builders using sales incentives once again. The share of builders using all types of incentives, including buying down interest rates, rose to 55% in August from 52% in July.

Persons: Alicia Huey, NAHB, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Mortgage News Locations: Wells Fargo, Birmingham , Alabama, Midwest

☆ Construction of new homes fell 8% in the US last month
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Builders are benefiting from the lack of existing homes for sale as owners hunker down, but higher mortgage rates pose a threat, said Odeta Kushi, deputy chief economist at First American Financial Corporation. Holding household income constant, the increase in mortgage rates reduced home-buying power by approximately $10,000, Kushi said. “There remains pent-up demand in the housing market, but higher rates put a strain on affordability,” said Kushi. Builders remain ‘cautiously optimistic’Builder confidence remains high despite concerns about rising rates. The National Association of Home Builders/Wells Fargo Housing Market Index gauges market conditions and looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: ”, Robert Frick, “, it’s, Odeta Kushi, Freddie Mac, Kushi, Alicia Huey, Robert Dietz, Dietz Organizations: DC CNN, Housing, Census, Navy Federal Credit Union, First American Financial Corporation, National Association of Home Builders, NAHB, Federal Reserve, Builders Locations: Washington, Wells Fargo

☆ Homebuilder sentiment rises again in July, but builders warn higher mortgage rates are hurting
▼ + stars: | 2023-07-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Builder sentiment in the market for single-family homes rose 1 point in July to 56, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Builders say low supply in the resale market is driving demand for new construction, but higher mortgage rates and supply-side challenges continue to put pressure on the market. The average rate on the popular 30-year fixed mortgage crossed over 7% briefly in May and then again at the end of June. Those higher rates are straining affordability in the market, where prices for existing homes are rising yet again. Despite higher mortgage rates, however, builders are using fewer incentives.

Persons: Robert Dietz, NAHB's Organizations: National Association of Home Builders, Federal Reserve, . Census Locations: Wells Fargo

☆ Homebuyers rejoice: There are more homes coming soon to a neighborhood near you
▼ + stars: | 2023-06-20 | by ( Alcynna Lloyd | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Housing starts — also known as new home construction — rose at the fastest monthly rate since 2016. As the Fed pauses its rate hikes, mortgage rates are trending lower and consumer sentiment is rising. Between April and May, housing starts rose by the fastest month-over-month rate since 2016. Single-family housing starts increased 18.5% to a seasonally adjusted annualized rate of 997,000 and multi-family housing starts climbed 27.1% to an annualized 634,000 pace. However, as the Fed adjusts its monetary policy and pauses its rate hikes, mortgage rates are trending lower and more homebuyers are returning to the market.

Persons: —, Alicia Huey, Robert Dietz, NAHB, bode, Dietz, it's Organizations: Housing, Service, Census Bureau, Bloomberg, Federal, Builders, National Association of homebuilders, National Association of Home Builders, Federal Reserve Locations: Wells Fargo

☆ US home construction surged in May by the fastest pace in more than a year
▼ + stars: | 2023-06-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home building surged in May, climbing 21.7% from April, as low inventory in the existing home market continued to boost interest in new homes. Housing starts, a measure of new home construction, came in far beyond expectations that they would decline by 0.1%, according to data released Tuesday by the Census Bureau. The number of single‐family units rose in May to 1.631 million, above expectations for 1.40 million and above the revised April estimate of 1.34 million. Building permits, which track the number of new housing units granted permits, also rose in May, after dropping in March and April. The National Association of Home Builders/Wells Fargo Housing Market Index gauges market conditions and looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: ”, Robert Dietz, ” Dietz, Alicia Huey Organizations: DC CNN, Housing, Census, National Association of Home Builders, Federal Reserve Locations: Washington, Wells Fargo

☆ New home construction rose in April after a dip in March
▼ + stars: | 2023-05-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

However, housing starts, a measure of new home construction, were down 22.3% from a year ago, according to data released Wednesday by the Census Bureau. After surging in February following five consecutive months of falling, housing starts fell in March. Single‐family housing starts in April rose 1.6% from the revised March figure, at a seasonally adjusted annual rate of 833,000. Building permits, which track the number of new housing units granted permits, fell in April after also dropping in March. Building permits were down in the Northeast and Midwest, but climbed in the South and West.

☆ Homebuilder sentiment pulls out of negative territory for the first time in nearly a year
▼ + stars: | 2023-05-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

It's the fifth straight month of gains and the first reading of builder sentiment since July that wasn't negative, which would be a reading below 50. With mortgage rates now double what they were a year and a half ago, some potential sellers may be reluctant to trade to another home at a higher rate. Homebuilders also drew more buyers by offering incentives, like buying down mortgage rates. Sentiment in the Midwest rose 2 points to 39. In the South, it increased 3 points to 52, and in the West moved 3 points higher to 41.

☆ Homebuilder sentiment rises in April, as builders grab near-record share of the market
▼ + stars: | 2023-04-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The National Association of Home Builders/Wells Fargo Housing Market Index rose to 45 in April, a one-point gain. Builders in the report cited a lack of listings on the resale market, which gave them an unusually strong edge. Slightly lower mortgage rates are also helping demand — though rates are still higher than they were a year ago. "Builders note that additional declines in mortgage rates, to below 6%, will price-in further demand for housing," said Alicia Huey, NAHB chairman and a custom homebuilder and developer from Birmingham, Alabama. It marked the first time both of the indicators were positive since June, when mortgage rates really took off.

☆ Homebuilders say demand is rising, but they're concerned about a banking fallout
▼ + stars: | 2023-03-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The National Association of Home Builders/Wells Fargo Housing Market Index rose two points to 44. "But given recent instability concerns in the banking system and volatility in interest rates, builders are highly uncertain about the near- and medium-term outlook." Of the index's three components, current sales conditions rose two points to 49, and buyer traffic rose three points to 31. Accordingly, the housing market continues shifting as growing household and family formation continued to drive demand against a chronic supply shortage." In the South it rose five points to 45, and in the West it moved four points higher to 34.

Search resuls for: "Robert Dietz"

25 mentions found