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These are tough times for the housing market. Meanwhile on Wednesday, the Mortgage Bankers Association said mortgage applications have plunged 28% since last year and are now at the lowest level since late 1996. After two years of a pandemic-fueled housing market frenzy and another year of rising rates and tight inventory, consumers are weary. During the pandemic, as the Federal Reserve moved to lower interest rates, mortgage rates fell to 3% and below, prompting a wave of refinancings. “Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates,” said Joel Kan, deputy chief economist at the Mortgage Bankers Association.

Persons: Freddie Mac’s, ”, Lisa Sturtevant, ” Sturtevant, Joel Kan, Redfin, Niko Voutsinas Organizations: Mortgage Bankers Association, National Association of Home Builders, Housing, Bright MLS, “, Federal Reserve, Mortgage, Association Locations: Washington, Chicago

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☆ 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, “

☆ US home builders ramped up construction in July, beating expectations
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Housing starts, a measure of new-home construction, climbed to a seasonally adjusted annual rate of 1.452 million in the month, beating market expectations of 1.448 million, according to data released Wednesday by the Census Bureau. “Buyers embraced new homes in the first half of this year as a welcome alternative to the massive shortage of existing homes,” Ratiu said. The slight increase in starts suggests builders have some optimism, she said, though it remains to be seen what future mortgage rate increases may mean for the market. “In many cases, even repurchasing their same home at today’s mortgage rates would be out of a typical buyer’s price range.”Mortgage rates are hovering around 7% and interested buyer traffic is slowing down for some builders. The National Association of Home Builders/Wells Fargo Housing Market Index, released Tuesday looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: George Ratiu, “ Buyers, ” Ratiu, “ Homebuilders, ”, “, eeking, Kelly Mangold, ” Mangold, Alicia Huey, Warren Buffett’s Berkshire Hathaway, LEN, Horton Organizations: DC CNN, Housing, Census, “, West, Real Estate Consulting, National Association of Home Builders Locations: Washington, Midwest, West, Wells Fargo, Lennar

☆ US housing starts surge in boost to economy
▼ + stars: | 2023-08-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The sharp rebound in groundbreaking on single-family housing units reported by the Commerce Department on Wednesday was another sign of the economy continuing to defy dire forecasts of a recession. Single-family housing starts, which account for the bulk of homebuilding, jumped 6.7% to a seasonally adjusted annual rate of 983,000 units last month. The increase in groundbreaking was led by the West, where single-family starts soared 28.5%. Overall housing starts increased 3.9% to a rate of 1.452 million units in July. TIGHT SUPPLYDespite the rise in starts, housing supply is likely to remain tight.

Persons: Mike Blake, homebuilding, Christopher Rupkey, Freddie Mac, Nancy Vanden, Daniel Silver, Goldman Sachs, Lucia Mutikani, Chizu Organizations: REUTERS, WASHINGTON, Commerce Department, Federal, National Association of Home Builders, Reuters, Oxford Economics, Treasury, Realtors, U.S, Fed, JPMorgan, Thomson Locations: San Marcos , California, U.S, New York, homebuilding, Nancy Vanden Houten, Midwest

☆ 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

☆ NAHB Vice Chair Carl Harris on where the housing market is headed
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNAHB Vice Chair Carl Harris on where the housing market is headedCarl Harris, first vice chairman of the National Association of Home Builders and a Kansas-based small volume spec and custom home builder, joins 'The Exchange' to discuss builders offering incentives to counter high-interest rates, the housing sector impact of rising mortgage rates, and more.

Persons: Carl Harris Organizations: National Association of Home Builders Locations: Kansas

☆ US new home sales fall, but trend remains strong
▼ + stars: | 2023-07-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary New home sales fall 2.5% in June; up 23.8% year-on-yearMedian new house price drops 4.0% year-on-yearWASHINGTON, July 26 (Reuters) - Sales of new U.S. single-family homes fell in June after three straight monthly increases, but the trend remained strong as an acute shortage of previously owned homes underpins demand. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, would drop to a rate of 725,000 units. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. While the overall the housing market continues to stabilize, higher mortgage rates and the renewed house price appreciation could delay a recovery. The median new house price in June was $415,400, a 4.0% drop from a year ago.

Persons: Conrad DeQuadros, Richard de Chazal, William Blair, Jerome, Powell, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: U.S, Commerce Department, Brean, Reuters, Mortgage, Association, National Association of Home Builders, Federal, Treasury, Thomson Locations: WASHINGTON, New York, U.S, Midwest

☆ US single-family housing starts to drop; building permits hit 12-month high
▼ + stars: | 2023-07-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Summary Single-family housing starts drop 7.0% in JuneSingle-family building permits increase 2.2%Multi-family starts fall 11.6%; permits drop 5.6%WASHINGTON, July 19 (Reuters) - U.S. single-family homebuilding fell in June, but permits for future construction rose to a 12-month high as a severe shortage of previously owned houses for sale supports new construction. The decline in housing starts reported by the Commerce Department on Wednesday partially retraced an abnormally large 18.7% surge in May, which had pushed groundbreaking on single-family housing projects to an 11-month high. Single-family housing starts, which account for the bulk of homebuilding, dropped 7.0% to a seasonally adjusted annual rate of 935,000 units last month. In June, single-family homebuilding fell in the Northeast, Midwest as well as the densely populated South, but jumped 4.6% in the West. Housing starts and building permitsHOUSING STABILIZING"Today's report continues to suggest stabilization," said Murat Tasci, an economist at JPMorgan in New York.

Persons: homebuilding, Mark Palim, Fannie, Freddie Mac, Murat Tasci, Nancy Vanden, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Commerce Department, Builders, Reuters, Federal, National Association of Home Builders, Treasury, Housing, JPMorgan, Oxford Economics, Thomson Locations: WASHINGTON, Fannie Mae, Washington, homebuilding, Northeast, Midwest, Wells Fargo, New York, West, Nancy Vanden Houten, U.S

☆ 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

☆ Construction on new homes snaps uptrend, hitting key source of new supply
▼ + stars: | 2023-07-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Construction on new single-family homes fell 7% to a seasonally adjusted annual rate of 935,000 units. Multifamily housing starts fell 11.6% to 482,000 units, the lowest since December. Meanwhile, multifamily housing starts dropped to 11.6% to 482,000 units, hitting the lowest rate since December. In fact, new construction made up almost a third of active listings in May, while pending sales of existing homes fell 2.7% month to month. But a drop in US bond yields should offer some relief for mortgage rates and the housing market.

Persons: Danushka Organizations: Service, National Association of Home Builders Locations: Wall, Silicon, Federal

☆ US single-family starts drop; building permits hit 12-month high
▼ + stars: | 2023-07-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

☆ 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

☆ The Modern Farmhouse Is Today’s McMansion. And It’s Here to Stay.
▼ + stars: | 2023-07-07 | by ( Ronda Kaysen | More About Ronda Kaysen | ) www.nytimes.com time to read: +2 min

Pottery Barn Kids advertises a modern farmhouse crib, on sale for $600, and Home Depot sells a modern farmhouse outdoor playhouse for $299. “If a builder says, ‘I need three elevations,’ one will always be modern farmhouse,” she said. Ms. Sachs, 32, a stay-at-home mother, and Mr. Sachs, 36, who owns a commercial finance business, doubled down on modern farmhouse soon after they moved into the $1.351 million home. For Ms. Sachs, midcentury modern feels too cold, and the Italianate style she grew up with felt too ornate and uncomfortable. By contrast, modern farmhouse feels like home.

Persons: Jessica Cloe, Kris Jenner, Khloé Kardashian, Deryl Patterson, ‘, ”, Mark Canale, Sachs, “ It’s Organizations: Home Depot, National Association of Home Builders, Housing, Hamptons Locations: Santa Monica, Philadelphia

☆ Morning Bid: Powell patter, UK shock, FedEx warning
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanThe Fed chair has a tricky message to communicate. Powell's colleagues on Tuesday stressed again they would stay the course until inflation is back to its 2% target. UK inflation defied expectations of a slowdown and held at 8.7% in May, while 'core' inflation jumped above 7% for the first time since 1992. In corporate news, FedEx FDX.N shares dropped almost 3% overnight after a profit warning. Events to watch for later on Wednesday:* Federal Reserve Chair Jerome Powell testifies to House Financial Affairs Committee.

Persons: Mike Dolan, Jerome Powell's, rationalises, Powell's, Treasuries, BoE, Sterling recoiled, Rivian, Jerome Powell, Adrian Kugler, Philip Jefferson's, Lisa Cook, Austan Goolsbee, Loretta Mester, Christina Fincher Organizations: Federal Reserve, National Association of Home Builders, Bank of, FedEx FDX.N, Rivals Rivian, European, Financial, Fed Board, Chicago Fed, Cleveland Fed, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Wells Fargo, Britain, Bank of England, China

☆ A rolling recession in the economy is turning into a rolling recovery that should help limit downside in the stock market
▼ + stars: | 2023-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A rolling recession in the economy has turned into a rolling expansion, according to market veteran Ed Yardeni. He said the resilience of underlying sectors of the economy should help limit stock market downside. Now, that rolling recession is turning into a rolling expansion across that should help boost the ongoing economic recovery and help limit any potential downside in the stock market, market veteran Ed Yardeni said in a Tuesday note. "What happens after a rolling recession? Perhaps a rolling expansion as the economic sectors that fell into a recession recover," he said.

Persons: Ed Yardeni, —, Yardeni Organizations: Service, Federal Reserve, National Association of Home Builders, Atlanta Fed, Atlanta 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

☆ 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

☆ New US home construction surges by most in 3 decades in May
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +3 min

Housing starts rose to a seasonally adjusted annual rate of 1.631 million units last month from April's downwardly revised 1.34 million, the Commerce Department said on Tuesday. May's rate was the highest since April 2022, which was then the highest since 2006. Starts rose by double-digit margins in the South, Midwest and West while declining by nearly 19% in the Northeast. Permits for future construction, for instance, rose 5.2% to the highest since October at 1.491 million units, led by a 27.1% surge in the Northeast. Permits for single-family projects rose 4.8% while multi-family were up 7.8%.

Persons: April's, Ben Ayers, Alicia Huey, Dan Burns, Conor Humphries, Andrea Ricci Organizations: Federal Reserve, Housing, April's downwardly, Commerce Department, Reuters, Nationwide, National Association of Home Builders, Mortgage, Association, Thomson Locations: South, Midwest, West, Wells Fargo

☆ US single-family homebuilding, permits rise in April
▼ + stars: | 2023-05-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary Single-family housing starts rise 1.6% in AprilSingle-family building permits increase 3.1%Overall housing starts climb 2.2%; permits fall 1.5%WASHINGTON, May 17 (Reuters) - U.S. single-family homebuilding increased in April, but data for the prior month was revised sharply lower, suggesting that the housing market slump was far from over even as some segments show signs of stabilizing. The rise in single-family housing starts last month reported by the Commerce Department on Wednesday was concentrated in the West, with the rest of the three regions reporting big declines. Single-family housing starts, which account for the bulk of homebuilding, rose 1.6% to a seasonally adjusted annual rate of 846,000 units last month. Single-family housing starts plunged 28.1% on a year-on-year basis in April. The single-family homebuilding backlog increased 4.5% to 139,000 units, while the completions rate for this segment dropped 6.5% to a rate of 971,000 units.

☆ U.S. single-family housing starts rise in April; March revised down
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 17 (Reuters) - U.S. single-family homebuilding increased in April, but data for the prior month was revised sharply lower, suggesting that the embattled housing market was struggling to find a floor, despite a retreat in mortgage rates. Single-family housing starts, which account for the bulk of homebuilding, rose 1.6% to a seasonally adjusted annual rate of 846,000 units last month, the Commerce Department said on Wednesday. Data for March was revised down to show single-family homebuilding falling to a rate of 833,000 units instead of increasing to a pace of 861,000 units as previously reported. A survey on Tuesday showed the National Association of Home Builders/Wells Fargo Housing Market index increased in May to the midpoint mark of 50 for the first time since July 2022 as a dearth of previously owned homes supported new construction. The housing market has taken the biggest hit from the Federal Reserve's fastest monetary policy tightening campaign since the 1980s to tame inflation.

☆ 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.

☆ US consumer spending appears solid early in second quarter
▼ + stars: | 2023-05-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Retail sales excluding automobiles, gasoline, building materials and food services rebounded 0.7% last month, the Commerce Department said. Data for March was revised slightly down to show these so-called core retail sales slipping 0.4% instead of 0.3% as previously reported. Core retail sales correspond most closely with the consumer spending component of gross domestic product. Economists estimated that core retail sales adjusted for inflation rose by about 0.6% in April. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.6%.

☆ Retail sales rose 0.4% in April, less than expected as consumers struggle with inflation
▼ + stars: | 2023-05-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Consumers barely kept up with inflation in April, as retail sales increased but fell short of expectations, the Commerce Department reported Tuesday. The advanced sales report showed an increase of 0.4%, below the Dow Jones estimate for 0.8%. Excluding auto-related figures, sales increased 0.4%, which was in line with expectations. As the numbers are not adjusted for inflation, the headline increase equaled the 0.4% monthly rise in the consumer price index. Miscellaneous store retailers led gainers with a 2.4% increase, while online sales rose 1.2% and health and personal care retailers saw a 0.9% rise.

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