Many industries are still recuperating from the impact of the pandemic, but housing has been fortunate to experience a V-shaped recovery. Not only has the Housing Market Index from the National Association of Home Builders recovered to pre-pandemic levels, it has now matched December 1998 for an all-time high in the index’s 35-year history. All three index ... READ MORE >
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Housing market follows the severe contraction of the broader economy
The residential construction and home improvement industries, which were so promising heading into 2020, now will be among those sectors hardest hit by the coronavirus. The National Association of Home Builders’ monthly confidence index was in free fall in April, plunging 42 points month over month to a rating of 30 – the largest decline ever in the 30 ... READ MORE >
Housing was set to soar. Then the coronavirus hit.
Just a few weeks ago, the housing market was poised to take off. Home builders had changed strategy to focus on entry-level homes to serve a growing need in the market. Permits and housing starts were at 10-year highs. Wage growth and unemployment were strong. Interest rates were down to 3.5%, bringing the market back to a level last seen in 2013. It all ... READ MORE >
Americans face housing affordability crisis as paltry inventory sends costs higher
The decline in housing numbers reported for December on Wednesday is tied to the dwindling available supply of housing for purchase. Pending home sales reported by the National Association of Realtors through December 2019 decreased 4.9% month over month; however, the year-over-year comparison shows a 6.8% gain on an unadjusted basis. While low ... READ MORE >
Housing to start 2020 with a bang
When Boeing announced on Monday that it would halt production of its troubled 737 Max in January, it raised the prospect that the economy could take a hit in early 2020. But Tuesday's announcement of stronger-than-expected housing starts could ease some of those concerns. The Commerce Department reported that November housing starts rose by 3.2% in ... READ MORE >
Cautious builders continue to mute housing supply
Key government housing metrics continue to show year-over-year declines. Housing starts fell 11.2% in May, according to the Commerce Department, while permits declined 3.8%. These numbers strongly imply there will be a fall back toward 1.22 million housing completions on an annualized basis in the coming months. Ultimately the housing shortage is not ... READ MORE >
Tenants score win with NY rent regulations; laws could signal broader U.S. trend
On June 11, New York State lawmakers passed landmark new rent laws designed to protect the rights of tenants. Unlike existing tenant regulations, which expire on June 15, the new package of laws will be permanent. The biggest impact will be on rent-regulated apartments, which include both rent-controlled and rent-stabilized units in New York City, where ... READ MORE >