• How Home Building Can Lead a Recovery by Generating Jobs April 2, 2020
    As the U.S. economy struggles under the burden of the coronavirus pandemic, economists are discussing how a recovery might unfold once social distancing and other measures begin to succeed.  A recent NAHB article illustrates the role home building can play in a recovery by generating jobs. The article published updated estimates of the national economic […]
    Paul Emrath
  • Mortgage Rates Fall Back in March April 2, 2020
    Information compiled by Freddie Mac shows that mortgage rates decreased on a monthly basis. As of end of March, the 30-year FRM – Commitment rate, declined by two basis points to 3.45 percent from 3.47 percent in February. The cycle peak was 4.87 percent in 2018 November. Given the market volatility due to the rapidly […]
    Danushka Nanayakkara-Skillington
  • Uncertainty Looms in the Mortgage Market April 1, 2020
    The Mortgage Bankers Association’s latest Weekly Application Survey shows a 15.3% seasonally adjusted rise in loan application volume from the previous week. The Refinance index increased 25.5% from the previous week and was 168% higher than it was the same week one year ago. The Purchase Index decreased 10.8% from one week earlier. The MBA […]
    Litic Murali
  • Consumer Confidence Drops Sharply in March March 31, 2020
    After four consecutive months of gains, consumer confidence fell to near a three-year low in March due to a deterioration in the short-term outlook. The Consumer Confidence Index, reported by the Conference Board, slipped 12.6 points from 132.6 to 120.0 in March, the lowest reading since September 2017, as intensive coronavirus outbreak and extreme volatility […]
    Fan-Yu Kuo
  • Home Price Appreciation Accelerated in January March 31, 2020
    National home prices continued to increase over the first month of 2020, prior to coronavirus outbreak. Price growth will certainly decline as future months’ data is recorded. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 6.2% in January, faster […]
    Jing Fu
  • Pending Home Sales Reach 3-Year High Before Virus Outbreak March 30, 2020
    Following an 5.3% increase in January, pending home sales continued to trend higher in February, supported by low mortgage rates. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI grew 2.4% from 108.9 in January to 111.5 in February, the […]
    Fan-Yu Kuo
  • Texas Led Job Gains in February March 30, 2020
    Year-over-year (YoY), total nonfarm employment increased by 2.4 million jobs on a seasonally adjusted basis (SA), or 1.6% from February 2019 to February 2020. During this time, total nonfarm employment in the Western region increased by 1.8%. The South, Northeast, and Midwest recorded gains at 1.5%, 1.0% and 0.4% respectively, during this time. It is […]
    Danushka Nanayakkara-Skillington
  • What States are Most Reliant on Immigrant Construction Workers March 27, 2020
    Earlier this month, we published a post highlighting a high and rising reliance of construction on immigrant workers. Foreign-born workers now account for almost a quarter of workers in the construction industry, and close to 30% of construction tradesmen. In some states, reliance on foreign-born labor is even more pronounced. Immigrants comprise close to 40% […]
    Natalia Siniavskaia
  • Jobless Claims Soar Amid the COVID-19 Outbreak March 26, 2020
    The U.S. Department of Labor released Unemployment Insurance Weekly Claims Report this morning. Surprising but expected, the weekly initial claims on unemployment insurance surged in the week ending March 21 due to the impact of the COVID-19 crisis. In the week ending March 21, the number of people who applied for unemployment benefits, known as […]
    Jing Fu
  • Survey: Builders Say Coronavirus Hurting Traffic March 25, 2020
    In a survey conducted by NAHB online in recent days, 81 percent of respondents said the coronavirus has had an adverse effect on traffic of prospective buyers.  The survey, which was publicized in various internal NAHB communications and social media, collected 308 responses between March 18 and March 23.  The largest share of responses (51 […]
    Paul Emrath